Guardant Health (GH) Canaccord Genuity's 46th Annual Growth Conference summary

Financial performance and growth

• Achieved strong Q2 2026 results with revenue and volume growth across core products, raising guidance for the year.

• Guardant360 therapy selection test grew over 30% year-over-year, with tissue tests exceeding that growth.

• MRD business, led by Guardant Reveal, saw over 100% year-over-year growth, with new therapy monitoring indication launched.

• Shield screening test experienced 50% quarter-over-quarter and multi-100% year-over-year growth, marking a highly successful launch.

• Oncology volumes overall grew 60% year-over-year, with liquid biopsy up 30%.

Market expansion and product innovation

• Tissue and Reveal products, though smaller contributors now, are rapidly gaining momentum and expected to become sizable segments.

• Reveal Ultra, a tumor-informed MRD test, is set to launch this year, expanding the portfolio to cover both tissue-free and tumor-informed approaches.

• Shield platform is validated for 10 solid tumor types, with FDA approval for colorectal cancer and ongoing trials for lung cancer screening.

• Multi-cancer detection (MCED) opt-in rates are high, building a large U.S. patient database to support future FDA submissions.

• Commercial infrastructure includes over 400 reps, with plans to scale to 600–700, and significant investment in direct-to-consumer campaigns.

Reimbursement, coverage, and cost structure

• UnitedHealth Group provided broad coverage for Shield, a major milestone, with other payers expected to follow in coming years.

• American Cancer Society guideline inclusion triggered state-level mandates and influenced payer decisions.

• Shield's cost of goods sold (COGS) is set to decrease by 15% by year-end, with a target of $200 COGS and $700+ ASP by 2028.

• Guardant360 Liquid CDx received FDA approval, with phased launch tied to ADLT designation, targeting $5,000 ASP in 12–24 months.

• Reveal and tissue products are also on track for ADLT status and expanded reimbursement.