- Guardant Health Inc's (NASDAQ: GH) Q1 FY22 revenues rose 22% Y/Y to $96.1 million, beating the consensus of $95.70 million.
- Guardant's precision oncology testing revenues grew 32% to $84.1 million, driven by the increase in clinical and biopharma testing.
- Development services and other revenues rose 20% to $12.0 million from $14.9 million in Q1 2021, primarily due to the progression of collaboration projects with biopharmaceutical customers for companion diagnostic development and regulatory approval services.
- The company reported 21,100 tests to clinical customers and 5,100 to biopharmaceutical customers during the quarter, increasing 47% and 45%.
- "We now have more than 11,000 ordering oncologists and are seeing our core base of customers ordering more tests and using more Guardant products each quarter, co-CEO Helmy Eltoukhy said.
- Adjusted EPS loss of $(0.91) came in above the consensus of $(1.21) but deeper than $(0.49) a year ago.
- As of March 31, Guardant held $573.6 million in cash and cash equivalents and $388.7 million in short-term marketable securities.
- Guidance: The company reiterated its FY22 revenue guidance of $460 million - $470 million, up 23% - 26% Y/Y, compared to the consensus of $465.93 million.
- Price Action: GH shares are down 27% at $37.02 during the market session on the last check Friday.
Read at Benzinga