Guardant Health Registers 27% Revenue Growth In Q3, Tops Consensus; Backs FY21 Guidance - Guardant Health (NASDAQ:GH)

Guardant Health Inc GH reported Q3 sales of $94.8 million, +27% Y/Y, beating the Wall Street estimate of $92.64 million.
Guardant's Q3 precision oncology revenues grew 31% to $79.3 million, driven by a 27% increase in clinical testing revenue. Development services and other revenues grew 9% to $15.5 million.
The company reported 22,806 tests to clinical customers in Q3, +35% Y/Y. The firm also reported 4,839 tests to biopharmaceutical customers, +58%.
Among recent milestones, Guardant highlighted the initiation of its ORACLE study, designed to evaluate the performance of the Guardant Reveal assay in predicting recurrence across 11 early-stage cancers.
The gross margin declined from 72% to 67%.
The company posted an Adjusted EPS loss of $(0.70) wider than $(0.15) posted a year ago, though ahead of the consensus of $(0.96).
Guardant Health had $1.7 billion in cash and equivalents as of September 30, 2021.
Guidance: Guardant Health reaffirmed its FY21 sales guidance of $360 million - $370 million, against the consensus of $366.68 million.
Price Action: GH shares are trading higher by 3.02% at $118.27 on the last check Friday.