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Guardant Health Reports Fourth Quarter and Full Year 2023 Financial Results and Provides 2024 Outlook

Full year 2023 revenue growth of 25% driven by clinical volume growth of 39%

Expects full year 2024 revenue to be in the range of $655 to $670 million

Guardant Health, Inc. (Nasdaq: GH), a leading precision oncology company, today reported financial results for the quarter and full year ended December 31, 2023.

Fourth Quarter 2023 Financial Highlights

  • Revenue of $155.1 million for the fourth quarter of 2023, an increase of 22% over the fourth quarter of 2022
  • Reported 46,400 tests to clinical customers and 9,500 tests to biopharmaceutical customers in the fourth quarter of 2023, representing increases of 29% and 16%, respectively, over the fourth quarter of 2022

Full Year 2023 Financial Highlights

  • Revenue of $563.9 million for the full year 2023, an increase of 25% over the full year 2022
  • Reported 172,900 tests to clinical customers and 29,900 tests to biopharmaceutical customers in the full year 2023, representing an increase of 39% and 15%, respectively, over the full year 2022
  • Lowered full year 2023 operating expenses and improved free cash flow compared to full year 2022
  • Ended the year with $1.2 billion in cash, cash equivalents and marketable debt securities

Recent Operating Highlights

  • Improved ASPs with Guardant360 LDT CMS reimbursement increased from $3,500 to $5,000 effective January 1, 2024
  • Published first paper for Shield™ demonstrating improved adherence with blood-based CRC screening
  • Collaborated with US Oncology Network and leading community oncology practices to increase the use of biomarker testing to identify patients who would benefit from therapies
  • Appointed Terilyn Juarez Monroe as chief people officer

“2023 marked another strong year for Guardant. This was underscored by our team’s exceptional execution to deliver strong clinical volumes, which grew nearly 40%,” said Helmy Eltoukhy, co-founder and co-CEO. “We also surpassed an important milestone by achieving cash flow breakeven in our Therapy Selection business by year-end. Looking ahead to 2024, we are well positioned for continued growth across our oncology product portfolio and have a strong foundation to deliver long-term shareholder value.”

“We are continuing to make steady progress with FDA on our PMA submission for Shield and look forward to the upcoming Advisory Committee Panel as the next phase of the review process,” said AmirAli Talasaz, co-founder and co-CEO. “2024 will be a pivotal year for our screening business as we prepare to launch our Shield IVD test following expected FDA approval. We are excited to see the impact our test will have to CRC screening when it is broadly launched later this year.”

Fourth Quarter 2023 Financial Results

Revenue was $155.1 million for the fourth quarter of 2023, a 22% increase from $126.9 million for the corresponding prior year period. Precision oncology revenue grew 25%, to $142.2 million for the fourth quarter of 2023, from $113.8 million for the corresponding prior year period, driven predominantly by an increase in clinical and biopharma testing volume, which grew 29% and 16%, respectively, over the prior year period. Development services and other revenue was $12.9 million for the fourth quarter of 2023, compared to $13.1 million for the corresponding prior year period.

Gross profit, or total revenue less cost of precision oncology testing and cost of development services and other, was $92.5 million for the fourth quarter of 2023, an increase of $12.8 million from $79.8 million for the corresponding prior year period. Gross margin, or gross profit divided by total revenue, was 60%, as compared to 63% for the corresponding prior year period. Precision oncology gross margin was 60% in the fourth quarter of 2023, as compared to 62% in the prior year period. The reduction is primarily due to changes in product mix. Development services and other gross margin was 60% in the fourth quarter of 2023, as compared to 74% in the prior year period. The change is primarily due to the cost of processing an increased volume of Shield LDT tests, for which we are currently booking minimal revenue.

Operating expenses (research and development expense, sales and marketing expense, and general and administrative expense) were $206.6 million for the fourth quarter of 2023, as compared to $225.9 million for the corresponding prior year period. Other operating expense was $83.4 million for the fourth quarter of 2023, related to a non-recurring legal accrual. No such other operating expense was recorded for the corresponding prior year period. Non-GAAP operating expenses were $183.1 million for the fourth quarter of 2023, as compared to $201.2 million for the corresponding prior year period.

Net loss was $187.0 million for the fourth quarter of 2023, as compared to $139.9 million for the corresponding prior year period. Net loss per share was $1.58 for the fourth quarter of 2023, as compared to $1.36 for the corresponding prior year period. The year-over-year increase in net loss is primarily due to the non-recurring $83.4 million legal accrual, partially offset by a $32.0 million year over year improvement in loss from operations, excluding the legal accrual impact, and a $11.7 million increase in interest income.

Non-GAAP net loss was $75.9 million for the fourth quarter of 2023, as compared to $119.6 million for the corresponding prior year period. Non-GAAP net loss per share was $0.64 for the fourth quarter of 2023, as compared to $1.17 for the corresponding prior year period.

Adjusted EBITDA loss was $78.4 million for the fourth quarter of 2023, as compared to a $109.8 million loss for the corresponding prior year period.

Free cash flow for the fourth quarter of 2023 was negative $82.8 million, as compared to negative $100.8 million for the corresponding prior year period. Cash, cash equivalents and marketable debt securities were $1.2 billion as of December 31, 2023.

Full Year 2023 Financial Results

Revenue was $563.9 million for 2023, a 25% increase from $449.5 million for the corresponding prior year period. Precision oncology revenue grew 31%, to $514.2 million for 2023, from $392.0 million for the corresponding prior year period, driven predominantly by an increase in clinical and biopharma testing volume, which grew 39% and 15%, respectively, over the prior year period. Development services and other revenue decreased by 14%, to $49.7 million for 2023, from $57.5 million for the corresponding prior year period, primarily due to the timing and amount of milestones related to our companion diagnostics collaboration projects and other service agreements with biopharmaceutical customers, and a reduction in royalty revenue.

Gross profit, or total revenue less cost of precision oncology testing and cost of development services and other, was $336.9 million for 2023, an increase of $43.7 million from $293.2 million for the corresponding prior year period. Gross margin, or gross profit divided by total revenue, was 60%, as compared to 65% for the corresponding prior year period. Precision oncology gross margin was 60% in the year of 2023, as compared to 62% in the prior year period. The reduction is primarily due to changes in product mix. Development services and other gross margin was 57% in the year of 2023, as compared to 86% in the prior year period. The change is primarily due to the inclusion of the full year 2023 cost of processing Shield LDT samples as part of our screening market development activities, for which we are currently booking minimal revenue, compared to the inclusion of the fourth quarter only cost in 2022.

Operating expenses (research and development expense, sales and marketing expense, and general and administrative expense) were $818.2 million for 2023, as compared to $837.6 million for the corresponding prior year period. Other operating expense was $83.4 million for 2023, related to the non-recurring legal accrual discussed above. No such other operating expense was recorded for the corresponding prior year period. Non-GAAP operating expenses were $729.2 million for 2023, as compared to $736.6 million for the corresponding prior year period.

Net loss was $479.4 million for 2023, as compared to $654.6 million for the corresponding prior year period. Net loss per share was $4.28 for 2023, as compared to $6.41 for the corresponding prior year period. The year-over-year improvement in net loss is primarily due to a $99.8 million fair value adjustment related to the Joint Venture acquisition recorded in 2022, a $87.5 million positive change in unrealized gains and losses, a $63.1 million year over year improvement in loss from operations, excluding the legal accrual impact, and a $29.3 million increase in interest income, partially offset by the $83.4 million legal accrual discussed above, and a $23.8 million increase in impairment on non-marketable equity securities.

Non-GAAP net loss was $352.3 million for 2023, as compared to $435.4 million for the corresponding prior year period. Non-GAAP net loss per share was $3.15 for 2023, as compared to $4.26 for the corresponding prior year period.

Adjusted EBITDA loss was $344.2 million for 2023, as compared to a $403.4 million loss for the corresponding prior year period.

Free cash flow for 2023 was negative $345.5 million, as compared to negative $386.9 million for the corresponding prior year period.

2024 Guidance

Guardant Health expects full year 2024 revenue excluding screening to be in the range of $655 to $670 million, representing growth of 16% to 19% compared to full year 2023, and full year 2024 non-GAAP gross margin excluding screening to be in the range of 60% to 62%. Guardant Health expects total non-GAAP operating expenses to be in the range of $740 to $750 million, representing a 1% to 3% increase compared to full year 2023, and free cash flow to be in the range of negative $320 to $330 million in 2024, an improvement compared to the full year 2023.

Webcast Information

Guardant Health will host a conference call to discuss the fourth quarter and full year 2023 financial results after market close on Thursday, February 22, 2024 at 1:30 pm Pacific Time / 4:30 pm Eastern Time. A webcast of the conference call can be accessed at http://investors.guardanthealth.com. The webcast will be archived and available for replay for at least 90 days after the event.

Non-GAAP Measures

Guardant Health has presented in this release certain financial information in accordance with U.S. Generally Accepted Accounting Principles (GAAP) and also on a non-GAAP basis, including non-GAAP cost of precision oncology testing, non-GAAP cost of development services and other, non-GAAP cost of screening, non-GAAP gross profit, non-GAAP gross profit excluding cost of screening, non-GAAP research and development expense, non-GAAP sales and marketing expense, non-GAAP general and administrative expense, non-GAAP other operating expense, non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss per share, basic and diluted, adjusted EBITDA, and free cash flow.

We define our non-GAAP measures as the applicable GAAP measure adjusted for the impacts of stock-based compensation and related employer payroll tax payments, contingent consideration, amortization of intangible assets, fair value adjustments on marketable equity securities, impairment of non-marketable equity securities and other related assets, fair value adjustments of noncontrolling interest liability, and other non-recurring items.

Adjusted EBITDA is defined as net loss adjusted for interest income; interest expense; other income (expense), net; provision for (benefit from) income taxes; depreciation and amortization expense; stock-based compensation expense and related employer payroll tax payments; contingent consideration; fair value adjustments of noncontrolling interest liability; and other non-recurring items. Free cash flow is defined as net cash used in operating activities in the period less purchase of property and equipment in the period.

We believe that the exclusion of certain income and expenses in calculating these non-GAAP financial measures can provide a useful measure for investors when comparing our period-to-period core operating results, and when comparing those same results to that published by our peers. We exclude certain items because we believe that these income and expenses do not reflect expected future operating performance. Additionally, certain items are inconsistent in amounts and frequency, making it difficult to perform a meaningful evaluation of our current or past operating performance. We use these non-GAAP financial measures to evaluate ongoing operations, for internal planning and forecasting purposes, and to manage our business.

These non-GAAP financial measures are not intended to be considered in isolation from, as substitute for, or as superior to, the corresponding financial measures prepared in accordance with GAAP. There are limitations inherent in non-GAAP financial measures because they exclude charges and credits that are required to be included in a GAAP presentation, and do not present the full measure of our recorded costs against its revenue. In addition, our definition of the non-GAAP financial measures may differ from non-GAAP measures used by other companies.

About Guardant Health

Guardant Health is a leading precision oncology company focused on guarding wellness and giving every person more time free from cancer. Founded in 2012, Guardant is transforming patient care by providing critical insights into what drives disease through its advanced blood and tissue tests, real-world data and AI analytics. Guardant tests help improve outcomes across all stages of care, including screening to find cancer early, monitoring for recurrence in early-stage cancer, and helping doctors select the best treatment for patients with advanced cancer. For more information, visit guardanthealth.com and follow the company on LinkedIn, X (Twitter) and Facebook.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of federal securities laws, including statements relating to Guardant Health’s future results, regulatory approval for products or regarding the potential benefits and advantages of Guardant Health’s platforms, assays and tests, which involve risks and uncertainties that could cause Guardant Health’s actual results to differ materially from the anticipated results and expectations expressed in these forward-looking statements. These statements are based on current expectations, forecasts and assumptions, and actual outcomes and results could differ materially from these statements due to a number of factors. These and additional risks and uncertainties that could affect Guardant Health’s financial and operating results and cause actual results to differ materially from those indicated by the forward-looking statements made in this press release include those discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operation” and elsewhere in its Annual Report on Form 10-K for the year ended December 31, 2023, and any current and periodic reports filed with or furnished to the Securities and Exchange Commission thereafter. The forward-looking statements in this press release are based on information available to Guardant Health as of the date hereof, and Guardant Health disclaims any obligation to update any forward-looking statements provided to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. These forward-looking statements should not be relied upon as representing Guardant Health’s views as of any date subsequent to the date of this press release.

Guardant Health, Inc.

Condensed Consolidated Statements of Operations

(unaudited)

(in thousands, except per share data)

 

Three Months Ended

December 31,

 

Twelve Months Ended

December 31,

 

2023

 

2022

 

2023

 

2022

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

Precision oncology testing

$

142,189

 

 

$

113,797

 

 

$

514,249

 

 

$

392,049

 

Development services and other

 

12,865

 

 

 

13,094

 

 

 

49,699

 

 

 

57,489

 

Total revenue

 

155,054

 

 

 

126,891

 

 

 

563,948

 

 

 

449,538

 

Costs and operating expenses:

 

 

 

 

 

 

 

Cost of precision oncology testing

 

57,417

 

 

 

43,706

 

 

 

205,528

 

 

 

148,199

 

Cost of development services and other

 

5,100

 

 

 

3,415

 

 

 

21,524

 

 

 

8,126

 

Research and development expense

 

89,856

 

 

 

106,578

 

 

 

367,194

 

 

 

373,807

 

Sales and marketing expense

 

79,127

 

 

 

81,423

 

 

 

295,227

 

 

 

299,828

 

General and administrative expense

 

37,665

 

 

 

37,888

 

 

 

155,800

 

 

 

163,956

 

Other operating expense

 

83,400

 

 

 

 

 

 

83,400

 

 

 

 

Total costs and operating expenses

 

352,565

 

 

 

273,010

 

 

 

1,128,673

 

 

 

993,916

 

Loss from operations

 

(197,511

)

 

 

(146,119

)

 

 

(564,725

)

 

 

(544,378

)

Interest income

 

13,888

 

 

 

2,150

 

 

 

35,365

 

 

 

6,069

 

Interest expense

 

(645

)

 

 

(644

)

 

 

(2,578

)

 

 

(2,577

)

Other income (expense), net

 

(3,316

)

 

 

5,281

 

 

 

53,174

 

 

 

(12,778

)

Fair value adjustments of noncontrolling interest liability

 

 

 

 

 

 

 

 

 

 

(99,785

)

Loss before provision for income taxes

 

(187,584

)

 

 

(139,332

)

 

 

(478,764

)

 

 

(653,449

)

(Benefit from) provision for income taxes

 

(541

)

 

 

602

 

 

 

685

 

 

 

1,139

 

Net loss

$

(187,043

)

 

$

(139,934

)

 

$

(479,449

)

 

$

(654,588

)

Net loss per share, basic and diluted

$

(1.58

)

 

$

(1.36

)

 

$

(4.28

)

 

$

(6.41

)

Weighted-average shares used in computing net loss per share, basic and diluted

 

118,508

 

 

 

102,516

 

 

 

111,988

 

 

 

102,178

 

Guardant Health, Inc.

Condensed Consolidated Balance Sheets

(unaudited)

(in thousands, except share and per share data)

 

December 31,

2023

 

December 31,

2022

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

1,133,537

 

 

$

141,647

 

Short-term marketable debt securities

 

35,097

 

 

 

869,584

 

Accounts receivable, net

 

88,783

 

 

 

97,256

 

Inventory, net

 

61,948

 

 

 

51,598

 

Prepaid expenses and other current assets, net

 

27,741

 

 

 

31,509

 

Total current assets

 

1,347,106

 

 

 

1,191,594

 

Property and equipment, net

 

145,096

 

 

 

167,920

 

Right-of-use assets, net

 

157,616

 

 

 

174,001

 

Intangible assets, net

 

8,979

 

 

 

11,727

 

Goodwill

 

3,290

 

 

 

3,290

 

Other assets, net

 

124,334

 

 

 

61,453

 

Total Assets

$

1,786,421

 

 

$

1,609,985

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable and accrued liabilities

$

187,952

 

 

$

175,817

 

Deferred revenue

 

17,965

 

 

 

17,403

 

Total current liabilities

 

205,917

 

 

 

193,220

 

Convertible senior notes, net

 

1,139,966

 

 

 

1,137,391

 

Long-term operating lease liabilities

 

185,848

 

 

 

210,015

 

Other long-term liabilities

 

96,006

 

 

 

9,179

 

Total Liabilities

 

1,627,737

 

 

 

1,549,805

 

Stockholders’ equity:

 

 

 

Common stock, par value of $0.00001 per share; 350,000,000 shares authorized as of December 31, 2023 and December 31, 2022; 121,629,861 and 102,619,383 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively

 

1

 

 

 

1

 

Additional paid-in capital

 

2,304,220

 

 

 

1,742,114

 

Accumulated other comprehensive loss

 

(3,675

)

 

 

(19,522

)

Accumulated deficit

 

(2,141,862

)

 

 

(1,662,413

)

Total Stockholders’ Equity

 

158,684

 

 

 

60,180

 

Total Liabilities and Stockholders’ Equity

$

1,786,421

 

 

$

1,609,985

 

Guardant Health, Inc.

Reconciliation of Selected GAAP Measures to Non-GAAP Measures

(unaudited)

(in thousands, except per share data) 

 

Three Months Ended

December 31,

 

Twelve Months Ended

December 31,

 

2023

 

2022

 

2023

 

2022

 

 

 

 

 

 

 

 

GAAP cost of precision oncology testing

$

57,417

 

 

$

43,706

 

 

$

205,528

 

 

$

148,199

 

Amortization of intangible assets

 

(151

)

 

 

(351

)

 

 

(599

)

 

 

(933

)

Stock-based compensation expense and related employer payroll tax payments

 

(1,164

)

 

 

(1,793

)

 

 

(4,727

)

 

 

(5,575

)

Non-GAAP cost of precision oncology testing

$

56,102

 

 

$

41,562

 

 

$

200,202

 

 

$

141,691

 

 

 

 

 

 

 

 

 

GAAP cost of development services and other

$

5,100

 

 

$

3,415

 

 

$

21,524

 

 

$

8,126

 

Amortization of intangible assets

 

(201

)

 

 

 

 

 

(804

)

 

 

 

Stock-based compensation expense and related employer payroll tax payments

 

(466

)

 

 

 

 

 

(1,857

)

 

 

 

Non-GAAP cost of development services and other

$

4,433

 

 

$

3,415

 

 

$

18,863

 

 

$

8,126

 

 

 

 

 

 

 

 

 

GAAP gross profit

$

92,537

 

 

$

79,770

 

 

$

336,896

 

 

$

293,213

 

Amortization of intangible assets

 

352

 

 

 

351

 

 

 

1,403

 

 

 

933

 

Stock-based compensation expense and related employer payroll tax payments

 

1,630

 

 

 

1,793

 

 

 

6,584

 

 

 

5,575

 

Non-GAAP gross profit

$

94,519

 

 

$

81,914

 

 

$

344,883

 

 

$

299,721

 

 

 

 

 

 

 

 

 

GAAP cost of screening

$

3,453

 

 

$

2,017

 

 

$

13,476

 

 

$

2,017

 

Amortization of intangible assets

 

(201

)

 

 

 

 

 

(804

)

 

 

 

Stock-based compensation expense and related employer payroll tax payments

 

(466

)

 

 

 

 

 

(1,857

)

 

 

 

Non-GAAP cost of screening

$

2,786

 

 

$

2,017

 

 

$

10,815

 

 

$

2,017

 

Non-GAAP gross profit excluding cost of screening

$

97,305

 

 

$

83,931

 

 

$

355,698

 

 

$

301,738

 

 

 

 

 

 

 

 

 

GAAP research and development expense

$

89,856

 

 

$

106,578

 

 

$

367,194

 

 

$

373,807

 

Stock-based compensation expense and related employer payroll tax payments

 

(9,409

)

 

 

(8,071

)

 

 

(35,286

)

 

 

(26,928

)

Contingent consideration

 

(450

)

 

 

(2,577

)

 

 

(2,082

)

 

 

(5,229

)

Non-GAAP research and development expense

$

79,997

 

 

$

95,930

 

 

$

329,826

 

 

$

341,650

 

 

 

 

 

 

 

 

 

GAAP sales and marketing expense

$

79,127

 

 

$

81,423

 

 

$

295,227

 

 

$

299,828

 

Amortization of intangible assets

 

 

 

 

 

 

 

 

 

 

(201

)

Stock-based compensation expense and related employer payroll tax payments

 

(6,438

)

 

 

(7,399

)

 

 

(25,095

)

 

 

(25,666

)

Non-GAAP sales and marketing expense

$

72,689

 

 

$

74,024

 

 

$

270,132

 

 

$

273,961

 

 

 

 

 

 

 

 

 

GAAP general and administrative expense

$

37,665

 

 

$

37,888

 

 

$

155,800

 

 

$

163,956

 

Amortization of intangible assets

 

(339

)

 

 

(339

)

 

 

(1,345

)

 

 

(1,346

)

Stock-based compensation expense and related employer payroll tax payments

 

(7,081

)

 

 

(6,240

)

 

 

(25,098

)

 

 

(37,282

)

Contingent consideration

 

120

 

 

 

(110

)

 

 

(110

)

 

 

(4,305

)

Non-GAAP general and administrative expense

$

30,365

 

 

$

31,199

 

 

$

129,247

 

 

$

121,023

 

 

 

 

 

 

 

 

 

GAAP other operating expense

$

83,400

 

 

$

 

 

$

83,400

 

 

$

 

Non-recurring other operating expense

 

(83,400

)

 

 

 

 

 

(83,400

)

 

 

 

Non-GAAP other operating expense

$

 

 

$

 

 

$

 

 

$

 

 

 

 

 

 

 

 

 

GAAP loss from operations

$

(197,511

)

 

$

(146,119

)

 

$

(564,725

)

 

$

(544,378

)

Amortization of intangible assets

 

691

 

 

 

690

 

 

 

2,748

 

 

 

2,480

 

Stock-based compensation expense and related employer payroll tax payments

 

24,558

 

 

 

23,503

 

 

 

92,063

 

 

 

95,451

 

Contingent consideration

 

330

 

 

 

2,687

 

 

 

2,192

 

 

 

9,534

 

Non-recurring other operating expense

 

83,400

 

 

 

 

 

 

83,400

 

 

 

 

Non-GAAP loss from operations

$

(88,532

)

 

$

(119,239

)

 

$

(384,322

)

 

$

(436,913

)

 

 

 

 

 

 

 

 

GAAP net loss

$

(187,043

)

 

$

(139,934

)

 

$

(479,449

)

 

$

(654,588

)

Amortization of intangible assets

 

691

 

 

 

690

 

 

 

2,748

 

 

 

2,480

 

Stock-based compensation expense and related employer payroll tax payments

 

24,558

 

 

 

23,503

 

 

 

92,063

 

 

 

95,451

 

Contingent consideration

 

330

 

 

 

2,687

 

 

 

2,192

 

 

 

9,534

 

Non-recurring other operating expense

 

83,400

 

 

 

 

 

 

83,400

 

 

 

 

Unrealized losses (gains) on marketable equity securities

 

4,803

 

 

 

(5,437

)

 

 

(79,710

)

 

 

7,793

 

Impairment of non-marketable equity securities and other related assets

 

 

 

 

 

 

 

29,054

 

 

 

5,261

 

Fair value adjustments of noncontrolling interest liability

 

 

 

 

 

 

 

 

 

 

99,785

 

Non-recurring other income

 

(2,631

)

 

 

(1,100

)

 

 

(2,631

)

 

 

(1,100

)

Non-GAAP net loss

$

(75,892

)

 

$

(119,591

)

 

$

(352,333

)

 

$

(435,384

)

 

 

 

 

 

 

 

 

GAAP net loss per share, basic and diluted

$

(1.58

)

 

$

(1.36

)

 

$

(4.28

)

 

$

(6.41

)

Non-GAAP net loss per share, basic and diluted

$

(0.64

)

 

$

(1.17

)

 

$

(3.15

)

 

$

(4.26

)

Weighted-average shares used in computing GAAP and Non-GAAP net loss per share, basic and diluted

 

118,508

 

 

 

102,516

 

 

 

111,988

 

 

 

102,178

 

Guardant Health, Inc.

Reconciliation of GAAP Net Loss to Adjusted EBITDA

(unaudited)

(in thousands) 

 

Three Months Ended

December 31,

 

Twelve Months Ended

December 31,

 

2023

 

2022

 

2023

 

2022

 

 

 

 

 

 

 

 

GAAP net loss

$

(187,043

)

 

$

(139,934

)

 

$

(479,449

)

 

$

(654,588

)

Interest income

 

(13,888

)

 

 

(2,150

)

 

 

(35,365

)

 

 

(6,069

)

Interest expense

 

645

 

 

 

644

 

 

 

2,578

 

 

 

2,577

 

Other expense (income), net

 

3,316

 

 

 

(5,281

)

 

 

(53,174

)

 

 

12,778

 

(Benefit from) provision for income taxes

 

(541

)

 

 

602

 

 

 

685

 

 

 

1,139

 

Depreciation and amortization

 

10,868

 

 

 

10,169

 

 

 

42,881

 

 

 

35,962

 

Stock-based compensation expense and related employer payroll tax payments

 

24,558

 

 

 

23,503

 

 

 

92,063

 

 

 

95,451

 

Contingent consideration

 

330

 

 

 

2,687

 

 

 

2,192

 

 

 

9,534

 

Non-recurring other operating expense

 

83,400

 

 

 

 

 

 

83,400

 

 

 

 

Fair value adjustments of noncontrolling interest liability

 

 

 

 

 

 

 

 

 

 

99,785

 

Adjusted EBITDA

$

(78,355

)

 

$

(109,760

)

 

$

(344,189

)

 

$

(403,431

)

Reconciliation of Free Cash Flow to Net Cash Used in Operating Activities

(unaudited)

(in thousands)

 

Three Months Ended

December 31,

 

Twelve Months Ended

December 31,

 

2023

 

2022

 

2023

 

2022

 

 

 

 

 

 

 

 

Net cash used in operating activities

$

(78,728

)

 

$

(90,749

)

 

$

(324,975

)

 

$

(309,463

)

Purchase of property and equipment

 

(4,077

)

 

 

(10,001

)

 

 

(20,486

)

 

 

(77,461

)

Free cash flow

$

(82,805

)

 

$

(100,750

)

 

$

(345,461

)

 

$

(386,924

)

 

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