- Revenue Growth Q4 revenue reached $281M (+39% YoY), with full-year revenue hitting $982M (+33% YoY).
- Oncology Expansion Oncology revenue grew 30% to $190M in Q4, with 79,000 tests (+38% YoY) and 30% growth in Guardant360 liquid volumes.
- Shield Screening Success Shield generated $35M in Q4 from 38,000 tests (ASP $850), with gross margins improving to 52% from negative levels at launch.
- Biopharma/Data Momentum Biopharma and data revenue rose 18% to $210M in FY2025, with 25 companion diagnostic approvals globally.
- 2026 Guidance Projects $1.25–1.28B revenue (+27–30% growth), driven by 25–27% oncology revenue growth and 162–174M screening revenue from 210K–225K tests.
Revenue Growth Drivers
The company's oncology business continued to drive growth, with Guardant360 liquid volumes increasing nearly 30%, and Reveal being the fastest-growing oncology product. The Smart Platform is driving a step change in oncology volumes, with new applications and Medicare reimbursement for CRC surveillance contributing to the growth. The data business also delivered strong results, with biopharma and data revenue growing 18% to $210.1 million.
Shield's Extraordinary Growth
Shield, the company's blood-based screening test, has delivered extraordinary growth since its launch, with $35 million in testing revenue in Q4, driven by approximately 38,000 tests. According to AmirAli Talasaz, "Shield is the most successful diagnostic launch in history outside of COVID testing and is positioned to be a significant multiyear growth driver." The company expects Shield revenue to be in the range of $162 million to $174 million in 2026, driven by 210,000 to 225,000 tests.
Valuation and Outlook
With a P/S Ratio of 13.64 and an EV/EBITDA of -40.24, the market is pricing in significant growth expectations for Guardant Health. The company's guidance for 2026 revenue growth of 27% to 30% is in line with analyst estimates. As the company continues to invest in R&D and expand its commercial infrastructure, it's well-positioned to drive long-term growth. The recent acquisition of MetaSight Diagnostics and the launch of a direct-to-consumer pilot for Shield are expected to contribute to the company's growth momentum.
Operational Highlights
The company is making progress in its regulatory strategy, with a potential FDA submission for ADLT pricing in the second half of 2026. The passage of the MCED legislation is a positive development for the field, and Guardant Health is well-positioned to benefit from the growing demand for MCED tests. With a strong track record of innovation and a robust pipeline, Guardant Health is poised for continued growth and success.