GHMEDIUM SIGNALOPERATIONAL10-K

Guardant Health shows strong 33% revenue growth to $982M but continues burning cash with declining cash position and persistent negative equity.

The company is executing well operationally with meaningful revenue expansion and product portfolio refinements, including rebranding tests and expanding therapeutic monitoring capabilities. However, the 28% decline in cash reserves combined with ongoing negative stockholders' equity of -$99M raises questions about the sustainability of current growth investments and timeline to profitability.

Comparing 2026-02-19 vs 2025-02-20View on EDGAR →
FINANCIAL ANALYSIS

Guardant Health delivered robust top-line growth with 33% revenue increase to $982M, supported by growing receivables (+25%) and increased capex (+38%) indicating business expansion. However, the company continues to burn cash with reserves declining 28% to $378M, while debt increased 32% to $1.5B and stockholders' equity remains negative at -$99M. The overall picture shows a growth company scaling rapidly but still working toward sustainable profitability and positive cash generation.

FINANCIAL STATEMENT CHANGES
Current Assets
Balance Sheet
+38.9%
$1.1B→$1.5B

Current assets grew 38.9% — improving short-term liquidity or inventory/receivables build.

Capital Expenditure
Cash Flow
+37.7%
$35.1M→$48.3M

Capital expenditure jumped 37.7% — major investment cycle underway; assess returns on deployment.

Total Assets
Balance Sheet
+35.5%
$1.5B→$2.0B

Asset base grew 35.5% — expansion through organic growth, acquisitions, or capital deployment.

Current Liabilities
Balance Sheet
+34.2%
$225.6M→$302.7M

Current liabilities surged 34.2% — significant near-term obligations; verify ability to meet short-term debt.

Revenue
P&L
+32.9%
$739.0M→$982.0M

Strong top-line growth of 32.9% — accelerating demand or successful expansion into new markets.

Total Debt
Balance Sheet
+31.6%
$1.1B→$1.5B

Debt increased 31.6% — substantial leverage increase; assess whether deployed for growth or covering losses.

Total Liabilities
Balance Sheet
+30%
$1.6B→$2.1B

Liabilities grew 30% — significant increase in debt or obligations, assess impact on financial flexibility.

Stockholders Equity
Balance Sheet
+28.9%
-$139.6M→-$99.3M

Equity base grew 28.9% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Cash & Equivalents
Balance Sheet
-28%
$525.5M→$378.2M

Cash decreased 28% — monitor burn rate and upcoming capital needs.

Accounts Receivable
Balance Sheet
+25%
$110.3M→$137.8M

Receivables grew 25% — monitor days sales outstanding for collection efficiency.

LANGUAGE CHANGES
NEW — 2026-02-19
PRIOR — 2025-02-20
ADDED
As of February 13, 2026, the registrant had 131,170,441 shares of common stock, $0.00001 par value per share, outstanding.
We are transforming patient care by providing critical insights into what drives disease through our advanced blood and tissue tests, real-world data and AI analytics.
Our tests help improve outcomes across all stages of care, including screening to find cancer early, monitoring for recurrence in early-stage cancer, and treatment selection for patients with advanced cancer.
For patients with advanced-stage cancer, we offer the Guardant360 Liquid test, formerly known as the Guardant360 LDT test, and the Guardant360 CDx test, the first comprehensive liquid biopsy test approved by the U.S.
We also offer the Guardant360 Tissue test for advanced-stage cancer and the Guardant Reveal test to detect residual and recurring disease in early-stage colorectal, breast and lung cancer patients.
+7 more — sign up free →
REMOVED
As of February 14, 2025, the registrant had 123,421,441 shares of common stock, $0.00001 par value per share, outstanding.
We are transforming patient care by providing critical insights into what drives disease through our advanced blood and tissue tests and real-world data.
Our 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 patients with advanced-stage cancer, we have commercially launched Guardant360 laboratory developed test, or LDT, and Guardant360 CDx, the first comprehensive liquid biopsy test approved by the U.S.
We have also launched the Guardant360 TissueNext tissue test for advanced-stage cancer, Guardant Reveal blood test to detect residual and recurring disease in early-stage colorectal, breast and lung cancer patients, and Guardant360 Response blood test to predict patient response to immunotherapy or targeted therapy eight weeks earlier than current standard-of-care imaging.
+7 more — sign up free →
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