Q3 2024 Guardant Health Inc Earnings Call Transcript
Key Points
- Guardant Health Inc (GH) reported a 34% increase in total revenue, reaching a record $191.5 million for Q3 2024.
- The company launched Shield, its first test for the asymptomatic cancer screening market, which has shown strong initial demand.
- Guardant360's ASP reached $3,000, achieving the company's long-term goal four years ahead of schedule.
- The biopharma business saw a 40% year-over-year increase in volumes, contributing to a 34% revenue growth in this segment.
- Guardant Health Inc (GH) achieved positive free cash flow in its Therapy Selection business for the third quarter.
- The company continues to manage volumes for Reveal to minimize cash burn until it becomes gross margin positive, anticipated in 2025.
- International growth, particularly in Japan, has been slower than expected due to structural market challenges.
- Despite strong initial demand, Shield's market share in CRC screening is not yet material.
- The company is still in the early stages of commercialization for Shield, with significant investments planned.
- Reveal's acceleration in volume growth is contingent on achieving CRC surveillance reimbursement, which is still pending.
Hello, everyone, and welcome to the Guardant Health Q3 2024 earnings call. My name is Nadia, and I'll be coordinating the call today. (Operator Instructions)
I will now hand over to your host, Zarak Khurshid, Vice President of Investor Relations, to begin. Zarak, please go ahead.
Thank you. Earlier today, Guardant Health released financial results for the quarter ended September 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 materially differ from those anticipated.
This call will also include a discussion of non-GAAP financial measures, which are adjusted to exclude certain specified items. Additional information
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