Guardant 2Q26: The beat goes on

研报英文原文证据摘录

Guardant 2Q26: The beat goes on

31 July 2026

Estimate Change

Eve Burstein

+1 917 344 8313

US Life Science Tools & Diagnostics eve.burstein@bernsteinsg.com

Louisa QiuGuardant Health Inc +1 917 344 8495

Rating louisa.qiu@bernsteinsg.com

Outperform Specialist Sales

Christian Moore

Price Target +1 917 344 8555

christian.moore@bernsteinsg.com

GH 210.00 USD (200.00 OLD)

Guardant reported a strong 2Q beat and raise after market close on Thursday: Total Close Date 30 Jul 2026

revenues of $335M were 7% above consensus estimates, and adjusted gross margin of

GH Close Price (USD) 152.35

66.6% was 230bps above consensus estimates. The company raised their FY revenue guide

Price Target (USD) 210.00

by $40M at the midpoint, to $1.34B - $1.36B.

Upside/(Downside) 38%

Reveal was possibly the biggest positive surprise for us. Going into the quarter, there 52-Week Range 174.08/40.36

were reasons to be optimistic about volumes: 1) The new(ish) therapy response indications SPX 7,437.63

make a lot of strategic sense for the company - if a doctor initially uses G360 to decide what FYE Dec

drug to put a patient on, it’s not such a hard sell to convince them to monitor that treatment Div Yield NA

with Reveal; and 2) Management split the Salesforce early in the year, so there is now an Market Cap (USD) (M) 20,445

MRD-dedicated team. The >100% volume growth the company cited wasn’t necessarily EV (USD) (M) 21,047

that impressive on its own given the small base, but in our call-back management agreed Performance YTD 1M 6M 12M

that an estimated incremental ~10k tests QoQ was “not way off the mark”. And although Absolute (%) 49.2 1.5 33.6 237.1

management attributed the guidance raise in oncology to a variety of things, given the new SPX (%) 8.6 (0.8) 7.2 16.9

guide increase in volume (11%) vs.