Guardant Health Clocks 22% Jump In Q1 Revenues, Reiterates FY22 Guidance

Guardant Health Inc's 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.

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