Q2 2024 Guardant Health Inc Earnings Call Transcript
Key Points
- FDA approval of Shield blood test for colorectal cancer screening in adults aged 45 and older.
- Strong clinical evidence supporting Shield, including publications in leading medical journals.
- Robust revenue growth of 29% year-over-year, reaching $177 million.
- Significant increase in Guardant360 ASP to $2,950-$3,000, driven by improved cash collections.
- Launch of upgraded Guardant360 LVT with a 10 times larger panel, enhancing its competitive edge.
- High cash burn with negative free cash flow of $99.1 million for Q2 2024.
- Continued management of Reveal volumes to minimize cash burn, indicating ongoing financial strain.
- Non-GAAP gross margin excluding screening decreased to 62% from 64% year-over-year.
- Challenges in achieving Medicare Advantage plan reimbursements for Shield.
- High out-of-pocket costs for non-Medicare patients using Shield, potentially limiting its adoption.
Good afternoon. Thank you for attending today's Guardant Health Q2 2024 earnings call. My name is Tamia, and I will be your moderator for today's call. (Operator instructions)
I would now like to pass the conference over to your host, Zarak Khurshid, Vice President of Investor Relations. You may proceed.
Thank you. Earlier today, Guardant Health released financial results for the quarter ended June 30, 2024. Joining me today from Guardant are Helmy Eltoukhy, Co-CEO; AmirAli Talasaz, Co-CEO; and Mike Bell, Chief Financial Officer.
Before we begin, I'd like to remind you that during this call, management will make forward-looking statements within the meaning of federal securities laws. These statements involve material risks and uncertainties that could cause actual results or events to differ materially from those anticipated. This call will also include discussion of non-GAAP financial measures, which are adjusted to exclude certain specified items.
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