Precision oncology company Guardant Health on Thursday reported financial results for its third quarter ended September 30.
Guardant’s third-quarter revenue was $117.4 million, a 24% increase over $94.8 million for the third quarter of 2021. Precision oncology revenue grew 29%, driven predominantly by increases of 42% and 40% in clinical testing volume and biopharma sample volume, respectively, over the prior-year period. Development services and other revenue decreased slightly by 1%.
Gross profit was $76.9 million for the third quarter of 2022, an increase of $12.9 million from $64 million for Q3 2021. Gross margin (gross profit divided by total revenue) was 66%, as compared to 67% for the corresponding prior-year period.
Operating expenses were $221.5 million for the third quarter of 2022, an increase of 29% over $171.3 million for the corresponding prior-year period.
Net loss was $162 million for the third quarter of 2022, as compared to $107.5 million for the corresponding prior-year period. Net loss per share was $1.58 for the third quarter of 2022, compared to $1.06 for the third quarter of 2021.
“Volume growth accelerated sequentially in clinical oncology, propelling us to new records in revenue and volumes. We made additional strides with Guardant Reveal, expanding its use into multiple cancer indications that now include colorectal, lung and breast cancers. In addition, Guardant Infinity, our first smart liquid biopsy offering, has seen a rapid uptake with our biopharma partners. That said, counter to our expectations earlier in the year, clinical volumes continue to be impacted by a challenging backdrop with lingering access restrictions and provider staffing shortages.” Helmy Eltoukhy, co-founder and co-CEO, said in a statement.
Guardant reported distributing 32,400 tests to clinical customers and 6,750 tests to biopharmaceutical customers in the third quarter of 2022, representing increases of 42% and 40%, respectively, over the third quarter of 2021.
Guardant Health currently expects full-year 2022 revenue to be in the range of $440 million to $450 million, growth of 18% to 20% compared to 2021. Previous full-year 2022 revenue guidance was expected to be $460 million to $470 million.