Guardant Health: 2Q26 Recap: Impressive Quarter on All Fronts, Highlighted by +50% Oncology Volume Growth Expectations For the Year; Remain Overweight

研报英文原文证据摘录

Guardant Health: 2Q26 Recap: Impressive Quarter on All Fronts, Highlighted by +50% Oncology Volume Growth Expectations For the Year; Remain Overweight

L, GH

reiterated its guidance for consolidated adj. GMs of 64-65% (vs. Street of 65.0%) Quarterly Forecasts (FYE Dec)

while lifting its adj. opex guide to $1.08-1.10B (vs. Street of $1.07B and prior guide Revenue ($ mn)

of $1.05-1.07B), driven by incremental screening investments. Lastly, GH slightly 2025A 2026E 2027E

raised its FY FCF expectation to -$205M to -$195M (vs. Street of -$190M and prior Q1 203 302A 389

Q2 232 335A 458

guide of -$195M to -$185M). Stepping back, GH is clearly firing on all cylinders Q3 265 356 506

across the business and we were particularly impressed by the substantial step up Q4 281 368 543

in core Oncology volume growth expectations for the year, which management FY 982 1,360 1,896

attributed to the entire portfolio. Additionally, the Shield performance in the Style Exposure

quarter came in well ahead of expectations with further momentum moving

forward likely driven by ACS and further commercial payor coverage. As such, we

reiterate our Overweight rating while rolling forward our DCF to establish a Dec.

‘27 PT of $195 (vs. Dec. ‘26 PT of $185 prior).

• Shield to benefit moving forward from multiple positive updates in the

quarter with management particularly upbeat about the United coverage

decision. Management was upbeat on recent positive Shield updates

experienced intraquarter, namely ACS guideline inclusion and United’s

positive coverage decision, as Shield is now covered for ~70M patients (60%

of the market). The company indicated that the United decision in particular

could provide a tailwind to volume this year, although ASP benefits will take

time.