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 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 2027 at the earliest, which is one year after the company’s estimate of Shield’s inclusion in the U.S. Preventative Services Task Force, or USPSTF, guidelines in 2026.