Guardant Health, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenue of $191.5 million for the three months ended September 30, 2024, marking a 34% increase from $143.0 million in the same period of 2023. For the nine months ended September 30, 2024, revenue reached $537.2 million, up 31% from $408.9 million year-over-year. The growth was primarily driven by a substantial rise in precision oncology testing revenue, which amounted to $180.6 million for the quarter, a 35% increase from $133.4 million in the prior year.
Despite the revenue growth, Guardant Health reported a net loss of $107.8 million for the third quarter of 2024, compared to a net loss of $86.1 million in the same quarter of 2023. For the nine-month period, the net loss was $325.4 million, up from $292.4 million in the previous year. The increase in losses was attributed to rising operational costs, particularly in sales and marketing, which surged by 42% to $97.9 million for the quarter, and general and administrative expenses, which rose by 36% to $49.1 million.
Total current assets decreased to $1.23 billion as of September 30, 2024, down from $1.35 billion at the end of 2023. Cash, cash equivalents, and restricted cash saw a significant decline from $1.13 billion to $688.4 million during the same period. However, short-term marketable debt securities increased from $35.1 million to $310.7 million, reflecting a strategic shift in asset allocation.
Guardant Health's strategic initiatives included the FDA approval and commercial launch of the Shield blood test for colorectal cancer screening, which became available in August 2024. This test is notable as it is the first FDA-approved blood test for primary colorectal cancer screening, meeting Medicare coverage requirements.
The company also faced challenges, including a jury ruling in November 2023 that found it liable for patent infringement, resulting in an $83.4 million damages award. The company is currently appealing this decision. Additionally, Guardant Health's accumulated deficit increased to $2.47 billion as of September 30, 2024, reflecting ongoing operational losses.
Overall, while Guardant Health demonstrated strong revenue growth, it continues to navigate significant operational challenges and legal issues, impacting its profitability and financial position.
About Guardant Health, Inc.
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