Guardant Health, the Leader in Blood-Based Single Cancer Screening, Has a Long Way to Profitability

Guardant Health is a leader in liquid biopsy. It has market leading platforms in genomics profiling, molecular residual disease, or MRD, testing, and single cancer screening for colorectal cancer, or CRC. It launched Reveal, its MRD test, for CRC in 2021 and a lab-developed test, or LDT, version of Shield, its CRC screening test, in 2022. Although these are promising markets with multi-billion-dollar revenue potential, it is still the early days, and considerable uncertainty surrounds the details of payer coverage and guideline inclusion. We do not expect the company to generate positive cash flows until 2028, or two years after Shield’s potential inclusion in the U.S. Preventive Services Task Force, or USPSTF, guidelines in 2026.