Guardant Health (GH) Goldman Sachs 45th Annual Global Healthcare Conference summary

Business performance and strategic highlights

• Achieved strong Q3 results with significant progress in therapy selection and biopharma engagement, serving 170 biopharma companies and reaching 500 peer-reviewed publications.

• Advanced MRD program with data submission for CRC surveillance and breast cancer not far behind, targeting 15 million cancer survivors.

• Published key screening data in the New England Journal of Medicine and progressed toward FDA approval for Shield.

Shield test regulatory and market outlook

• Received a strong positive AdCom recommendation for Shield as a first-line CRC screening test, with a proposed label noting limited sensitivity for advanced adenomas (13%).

• First-line label enables access to a 65 million-person market, compared to 50 million for second-line; first-line status supports future indication expansions.

• Market opportunity estimated at $8–12 billion depending on label, with spend and operating plans tied to milestone achievements and FDA approval.

Operational efficiency and cost management

• Shield COGS expected to drop below $500 soon after launch, with a roadmap to $200 per test by 2028 through automation and scale.

• S&M efficiency for blood tests is higher than stool tests, with better unit economics and infrastructure leverage.

• Cash burn reduced by $40–60 million year-over-year, driven by higher ASPs and controlled screening spend.