Diagnostics: Looking Closer at Job Listings for GH, NTRA, WGS and BLLN

Research evidence excerpt

Diagnostics: Looking Closer at Job Listings for GH, NTRA, WGS and BLLN

USA | Life Science Tools & Diagnostics EquityMayResearch14, 2026

Diagnostics: Looking Closer at Job Listings for

GH, NTRA, WGS and BLLN

We assess recent job listings for our diagnostics coverage. Key takeaways: 1)

GH is poised to expand the Shield sales force this year (JEFe 150 hires), which

sets up for 2H upside amid productivity gains; 2) WGS listings continue to move

lower, as we think the key debate shifts to whether this can drive OPM leverage

or present risk into competitive entries; 3) BLLN's elevated listings suggest

potential upside from geographic expansion beyond prior guidance.

Data below reflects daily average sales and marketing job listings posted and is reported on a monthly

basis. Historical inputs may fluctuate nominally on a month-to-month basis. For additional takes on job

listings data from Natera, GeneDx and BillionToOne, please continue reading on Page 2.

Guardant Health (GH, Buy). 1Q average daily listings (ADLs) of 111 grew +50% y/y, as management

flagged improving Shield rep productivity as a key driver of the 1Q beat (+2k volumes vs. Street). On

a month-by-month basis, listings were elevated in December '25 through February '26 (120+ ADLs

each month) before tapering to 57 in March and 47 in April. Based on the current number of Shield

listings (n = 17), we expect 1H ADLs to be closer to 75 than the 106 seen in '25, which leads us

to believe that the base case for Shield hires this year is 150 (vs. 200 last year). In this scenario,

consensus estimates imply a rep productivity increase from 500 tests per rep exiting '25 to 700

tests exiting '26, although we continue to highlight that an improvement to 1k tests per rep could