GH: Readthroughs from Latest Peer-Released Blood-Based CRC Data

研报英文原文证据摘录

GH: Readthroughs from Latest Peer-Released Blood-Based CRC Data

nk nonscientific attributes

such as commercial execution, first-mover advantage, and payor/provider relationships should

become more important differentiators in this market, boding favorably for GH, with 300+ screening

sales reps and approaching two years of being on market with an FDA-approved test (in addition

to the benefits of also having both therapy selection with G360 and MRD with Reveal). In addition,

Shield has recently gained traction with commercial payers, being explicitly named for coverage by

UnitedHealth Group (more here), which should also prove advantageous, although, notably, both

GH and the private screening company are endorsed by ACS guidelines (more here).

What to watch from here. GH remains a strong holding and our top pick in diagnostics, with a

viable path to quarterly beats and raises (see 2Q preview here). Competition in blood screening

has been anticipated for a long time (i.e., EXAS shared BLUE-C data in '24 and '25 prior to being

acquired by ABT), and while new assays have yet to render Shield obsolete, we think an accelerating

innovation cycle (i.e., v3 Shield) is possible (in the context of guided Shield cash burn of $220M).

Outside screening, we are watching for G360 Liquid volume momentum following the recent FDA

approval and path to ADLT pricing (which we estimate to be 20% upside to '28 revenues; more here),

in addition to other near-term catalysts, including upcoming MolDx approvals for Reveal (breast,

therapy monitoring), G360 Smart Platform app extension and ESR1 monitoring launch, and the Tycho Peterson * | Equity Analyst

+1 (212) 738-5583 | tpeterson2@jefferies.com

pending launch of Reveal Ultra (tumor-informed MRD).

Matthew Stanton * | Equity Analyst