Diagnostics Digest: Key Themes for GH Shield, Reference Labs, and CAI MCED

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Diagnostics Digest: Key Themes for GH Shield, Reference Labs, and CAI MCED

USA | Life Science Tools & Diagnostics EquityJulyResearch1, 2026

Diagnostics Digest: Key Themes for GH Shield,

Reference Labs, and CAI MCED

We review highly-discussed themes across our diagnostics coverage, including

bullish momentum for GH following UNH coverage for Shield, debates on

hospital bad debt/payer mix as a readthrough to the reference labs (DGX and

LH) and the rollout of CAI's MCED test into a contentious 2Q earnings (where

therapy selection volumes remain a key area of investor focus).

Guardant Health (GH, Buy): Shield now covered by UnitedHealth Group. United Healthcare (UNH,

covered by Windley) announced coverage (effective August 1st) for Shield in CRC screening

settings for average-risk patients who meet age requirements, are not up-to-date on CRC screening

(per USPSTF guidelines) and agree to a follow-up colonoscopy if Shield results are abnormal. This

reflects continued commercial momentum for Shield, following ACS inclusion in May, and we are

increasingly optimistic that GH can continue to increase covered lives towards 120M, especially

if other commercial payers follow UHG's decision even without USPSTF guidelines in place. On its

own, UHG coverage could also be a significant revenue driver, given 40M covered lives (we assume

a subset of which will be eligible for Shield), as our previous math indicated a consensus-assumed

7k volume per 1M incremental covered lives.

Quest Diagnostics (DGX, Buy) and Labcorp (LH, Buy): debates on mounting hospital bad debt

and payer mix. Investors have become increasingly vocal on mounting levels of uncompensated

care among hospitals (i.e., April saw a +13.6% y/y increase in bad debt and charity care). This has