Guardant Health, Inc. is a precision oncology company founded in 2012 and headquartered in Palo Alto, California. The company specializes in liquid biopsy-based diagnostic tests for cancer, including Guardant360 (LDT and CDx versions) and GuardantOMNI for advanced-stage cancer patients. It also offers GuardantINFORM, an in-silico research platform, and Guardant Reveal ...Guardant Health, Inc. is a precision oncology company founded in 2012 and headquartered in Palo Alto, California. The company specializes in liquid biopsy-based diagnostic tests for cancer, including Guardant360 (LDT and CDx versions) and GuardantOMNI for advanced-stage cancer patients. It also offers GuardantINFORM, an in-silico research platform, and Guardant Reveal for early-stage cancer treatment selection. In development are LUNAR-2 for early colorectal cancer detection and GuardantConnect, a software platform linking patients to clinical trials. The company provides services to biopharmaceutical companies, including companion diagnostic development and regulatory support. Financially, Guardant Health has a market cap of approximately $22.6 billion, with negative profitability metrics (net margin -38.3%, ROE 211.5% due to negative equity) and significant R&D investment (31.8% of revenue). Key leaders include co-CEOs Helmy Eltoukhy and AmirAli Talasaz. The mission is to conquer cancer with data, aiming to help patients live longer and healthier lives. As of the latest data, the company employs 2,490 people and trades on NASDAQ under the symbol GH.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$982.0M
+32.9%
+11.0%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-416.3M
+4.6%
-7.2%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+64.5%
+6.0%
+0.3%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-44.5%
+25.8%
+4.2%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-42.4%
+28.2%
+3.5%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-233.1M
+15.2%
+2.3%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-23.7%
+36.2%
+12.1%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
-1722.1%
-80.0%
+19.1%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
4.84x
+3.5%
-14.0%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Hello, everyone. Thank you for joining us, and welcome to the Guardant Health Second Quarter 2026 Earnings Call. I will now hand the conference over to Zarak Khurshid, VP of Investor Relations. Zarak, please go ahead.
Zarak Khurshid: Thank you. Earlier today, Guardant Health released financial results for the quarter ended June 30, 2026. Joining me today from Guardant are Co-CEOs, Helmy Eltoukhy and AmirAli Talasaz; and Chief Financial Officer, Mike Bell. Before we begin, I'd like to remind you that during this call, we will be making 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 regarding material risks and uncertainties as well as the non-GAAP financial reconciliation to most directly comparable GAAP financial measures are available in the press release Guardant issued today as well as in our 10-Q and other filings with the SEC. Guardant disclaims any intention or obligation to update or revise financial projections and forward-looking statements, whether because of new information, future events or otherwise, except as required by law. The information in this conference call is accurate only as of the live broadcast. With that, I would like to turn the call over to Helmy.
Helmy Eltoukhy: Thanks, Zarak. Good afternoon, and thank you for joining our second quarter 2026 earnings call. Starting on Slide 3. The platform we have built at Guardant is enabling 4 of the largest opportunities in precision medicine: therapy selection, recurrence monitoring, cancer screening and ultimately, multi-disease screening. Together, these represent nearly $400 billion in potential markets, all powered by the same Smart Platform and that compounding technology data and clinical insights it generates across the disease continuum. Q2 was a landmark quarter in advancing that vision. During the quarter, we received FDA approval for Guardant360 Liquid CDx as well as approval for a higher-throughput, lower-COGS Shield workflow. In addition, we achieved 2 significant Shield milestones, inclusion in the American Cancer Society's colorectal cancer screening guidelines. And just this month, a major coverage decision from UnitedHealth Group. Together with continued broad-based growth across the business, these results demonstrate that we are steadily turning our Smart Platform vision into clinical impact and durable growth. Before I share our results in more detail, I'd like to share a story that illustrates the real-world impact of our tests. Maria was a 46-year-old mother of 2 living with metastatic breast cancer. After surgery, chemotherapy, endocrine therapy and later progression on multiple lines of treatment, her care team faced a …