Guardant Health Shares Climb Following Outlook Raise

Dow Jones07-31
 

Shares of Guardant Health are trading higher after the company raised its full-year revenue outlook and reported higher-than-expected sales during the second quarter.

The stock rose 6.1%, to $161.69, on Friday, extending its nearly 60% climb year to date.

The oncology company said late Thursday it now expects revenue of $1.34 billion to $1.36 billion for the year, up from a prior forecast of $1.3 billion to $1.32 billion. Analysts polled by FactSet are expecting $1.31 billion.

The new outlook came as Guardant reported revenue of $335 million in the recent quarter, a 44% jump from last year and ahead of Wall Street models for $314.2 million.

Co-Chief Executive Helmy Eltoukhy attributed the growth primarily to the company's oncology unit. Revenue from the business climbed 38% to $219.1 million, driven by an increase in test volumes, which are up 63% from a year earlier.

Screening revenue came in at $52.9 million, up from $14.8 million a year ago.

Guardant widened its second-quarter loss, though, as investments to expand commercial infrastructure and step up marketing efforts increased operating expenses.

The company reported a loss of $120.1 million, or 90 cents a share, compared with a loss of $99.9 million, or 80 cents a share, a year earlier. On an adjusted basis, the quarterly loss came out to 42 cents a share, compared with analyst views for a loss of 39 cents a share.

 
 

At the request of the copyright holder, you need to log in to view this content

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment