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Guardant Health Preliminary Q4 Revenues Grow 15 Percent to 17 Percent

NEW YORK – Guardant Health on Monday reported preliminary fourth quarter revenues of between $124 million and $127 million, representing a year-over-year increase of 15 percent to 17 percent and topping analysts' average estimate of $122.7 million.

For the three-month period ended Dec. 31, the Palo Alto, California-based cancer diagnostics firm said that it performed 36,000 tests for clinical customers and 8,200 tests for biopharma customers, increases of 41 percent and 24 percent year over year, respectively.

Guardant also reported preliminary full-year 2022 revenues of $447 million to $450 million, a 20 percent increase over the $373.7 million in revenues it reported in 2021. Full-year 2022 preliminary revenues are at the high end of the guidance range of $440 million to $450 million provided by Guardant in November, which had been adjusted downward from a previous guidance of $460 million to $470 million.

On average, analysts are expecting full-year revenues of $445.2 million.

Guardant said it performed 124,800 tests for clinical customers and 26,000 tests for biopharma customers in 2022, increases of 42 percent and 40 percent from 2021, respectively.

In a statement, Guardant Cofounder and co-CEO Helmy Eltoukhy said that the company is "well positioned for continued strong double-digit revenue growth in 2023," but the company did not provide more detailed guidance.

The company finished the year with cash, cash equivalents, and marketable debt securities of $1.0 billion.

"During the fourth quarter we delivered on a long-term ambition with the positive readout of our ECLIPSE trial," Guardant Cofounder and co-CEO AmirAli Talasaz said in a statement. "We are thrilled with the strong and positive feedback expressed by guideline members, key opinion leaders, and patient advocacy leaders about the performance of the Shield test in the ECLIPSE trial. Fueled by this success, we will expand this test to many other cancer types, including lung cancer, the leading cause of death from cancer."

When Guardant announced the ECLIPSE results in mid-December, the company's stock took a hit as the reported sensitivity of the Shield test for identifying early colorectal cancer came in below earlier expectations but still carried enough weight to support potential US Food and Drug Administration clearance and Medicare reimbursement, according to the company.

In early Monday trading on the Nasdaq, shares of Guardant were up more than 12 percent at $29.15.