Diagnostics: 2Q Earnings Previews for GH, NTRA, CAI, BLLN and QDEL

Research evidence excerpt

Diagnostics: 2Q Earnings Previews for GH, NTRA, CAI, BLLN and QDEL

USA | Life Science Tools & Diagnostics EquityJulyResearch8, 2026

KEY STOCKS FEATURED INCLUDE:Diagnostics: 2Q Earnings Previews for GH,

TICKER RATING PRICE TARGETNTRA, CAI, BLLN and QDEL

NTRA BUY $325.00

Ahead of 2Q earnings, we assess setups across our diagnostics coverage BLLN HOLD $105.00

including GH (Shield bogey), NTRA (Signatera volumes) and CAI (CGP volumes). QDEL HOLD $14.00

We also update models for NTRA (due to a stronger out-year revenue outlook CAI BUY $27.00

following NCCN for MIBC and Japan CRC approval), BLLN (recent oncology GH BUY $150.00

momentum and lapping lockup de-risks terminal value, although valuation

remains fully-priced) and QDEL (China impact in '27), while we recently updated

our model for VCYT.

KEY CHANGES INCLUDE:

Guardant Health (GH, Buy). Shield volumes remain a key KPI for 2Q, with sell-side estimates sitting TICKER RATING PRICE TARGET

at 53.6k. That said, we think the buyside is closer to 55k+, with potential upside from the Quest (DGX) NTRA BUY $325.00 ($275.00)

partnership and sales rep productivity. ACS inclusion is unlikely to influence 2Q estimates, in our

BLLN HOLD $105.00 ($94.00)

view, but we expect commentary on the Shield revenue trajectory over the next year as commercial

payers enter into contracts, including UnitedHealth Group (more here). Similarly, we expect G360 QDEL HOLD $14.00 ($12.50)

Liquid to be a highlight, although the trajectory of ADLT pricing over the next 1-2 years (JEFe 20%

+ upside to '28 revenues - more here) is likely to overshadow 2Q-specific commentary (barring a

major beat/miss). Exhibit 1 - NTRA Quarterly MRD Unit Growth

and Stock Reaction

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4QNatera (NTRA, Buy).