Are ACS guidelines akin to the old USPSTF guidelines? Guardant Shield lands into UNH's Commercial Coverage a Year or Two Ahead of Expectations, we reiterate GH with a Buy Rating and as our Top Pick, and raise our PT from $160 to $190

Research evidence excerpt

Are ACS guidelines akin to the old USPSTF guidelines? Guardant Shield lands into UNH's Commercial Coverage a Year or Two Ahead of Expectations, we reiterate GH with a Buy Rating and as our Top Pick, and raise our PT from $160 to $190

LIFE Investment Thesis Guardant Health is the market-leading precision oncology lab company focused on using liquid biopsy (blood tests) through its

flagship liquid biopsy tests under the Guardant360 umbrella. Guardant360 liquid has an extremely well-established commercial

presence since its launch in 2014, and has been used by all NCCN centers. We believe GH dominates the liquid biopsy market and

is well-positioned with its large and comprehensive clinical trials, including its ~20,000 patient prospective ECLIPSE study for early-

cancer detection of CRC. Guardant Health is a pioneer and market leader in liquid biopsies and precision oncology testing, anchoredSCIENCE by its therapy selection test, Guardant360 CDx, and complemented by additional tests including Guardant Reveal, its blood-only

minimal residual disease (MRD) test, Guardant360 Tissue, Guardant360 Response test (monitoring), and GuardantOMNI (CGP

tool for biopharma). We believe GH is well-positioned in the precision oncology landscape, matching patients with personalizedAND

therapies based on its customized molecular profile of its tumors. We expect GH to rapidly expand its product offerings into multiple

cancer types, settings and applications, globally.

Upcoming Catalysts Price Performance

■ We look for GH to expand CMS coverage for Reveal MRD in breast cancer, IO and $160

chemo monitoring likely by YE'26. $140DIAGNOSTIC ■ We think CMS may grant GH Reveal ADLT status, perhaps by YE'26. $120

■ We expect GH to launch Reveal Ultra MRD in the coming months or quarters. $100