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Q2 2026 July 30, 2026 Conquering Cancer with Data
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Certain statements in this presentation and the accompanying oral commentary are forward-looking statements within the meaning of federal securities laws. These statements relate to future events or Guardant Health, Inc. (the “Company”)’s future results and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “would,” “should,” “to,” “target,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential” or other comparable terminology. All statements other than statements of historical fact could be deemed forward-looking, including any expectations regarding the Company's commercial engine as a force multiplier for research and development initiatives; any projections of market opportunities; statements about the Company’s ability to assess potential market opportunities or any statements about the Company’s ability to successfully develop new products and services; any statements regarding expectations for future reimbursement opportunities; any statements regarding the Company’s long-term expectations, including with respect to oncology, liquid biopsy, and other aspects of the Company’s industry; any statements about launching planned new products and additional laboratories, including with respect to Guardant Shield, CGP tissue assay, and laboratories outside the United States; any statements about the Company’s ECLIPSE study; any statements regarding expectations for future regulatory approvals; any statements about historical results that may suggest trends for the Company’s business; any statements of the plans, strategies, and objectives of management for future operations and directions; any statements of expectation or belief regarding future events, opportunities to drive future growth, potential markets or market size, or technology developments; and any statements of assumptions underlying any of the items mentioned. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company's control. These and other important factors may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this presentation are made only as of the date hereof. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see the Company's periodic filings with the Securities and Exchange Commission, including its most recently filed Annual Report on Form 10 -K, and in its other reports filed with or furnished to the Securities and Exchange Commission. Except as required by law, the Company assumes no obligation and does not intend to update these forward- looking statements or to conform these statements to actual results or to changes in the Company's expectations. This presentation also contains estimates and other statistical data made by independent parties and by the Company relating to market size, penetration and growth and other data about the Company's industry, which involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. In addition, projections, assumptions, and estimates of the Company's future performance and the future performance of the markets in which the Company operates are necessarily subject to a high degree of uncertainty and risk. In light of the foregoing, investors are urged not to rely on any forward-looking statement or third-party data in reaching any conclusion or making any investment decision about any securities of the Company. This presentation includes references to certain financial measures that are not calculated in accordance with GAAP. Reconciliation to the most directly comparable GAAP financial measure may be found in the earnings release furnished to the SEC. We define our non-GAAP measures as the applicable GAAP measure adjusted for the impacts of stock-based compensation and related employer payroll tax payments, contingent consideration, amortization of intangible assets, impairment of non-marketable equity securities, gain on extinguishment of convertible notes, and other non-recurring items. Free cash flow is defined as net cash used in operating activities in the period less purchases of property and equipment in the period. Safe harbor and non- GAAP disclosures 2
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Multi-Disease ScreeningCancer Screening MRD Therapy Selection $50B $20B $10B $300B 3 Trailblazing large growth markets powered by our Smart Platform
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Outstanding execution in Q2 driving revenue growth of 44% Oncology Biopharma & Data Screening Licensing & Other Q2 2025 Q2 2026 $232M $335M Revenue 4 +44%
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Multi-product momentum driving strong Oncology revenue and volume growth 5 Q2 2026Q2 2025 $219M $159M Q2 2026Q2 2025 104K 64K Oncology Revenue Oncology Volume +38% +63%
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END OF TEMPLATE Continued acceleration of Oncology volume growth 6 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 104K Guardant360 Liquid y/y volume growth accelerated to >30% driven by Smart Platform Guardant360 Tissue remains second fastest growing Oncology product with volume growth accelerating in Q2 Reveal continues to be the fastest growing Oncology product with volume growth in excess of 100% y/y Oncology Volume Upgrade Wave 2 CRC Surveillance Reimbursement Smart Apps Launch Wave 1 Wave 3 21%Y/Y Growth 24% 25% 30% 40% 38% 47% 63% Therapy Monitoring Launch FDA Approval
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Rapidly scaling data + InfinityAI is fueling innovation and widening competitive moat >1,300,000 PATIENT TESTS >700,000 EPIGENETIC PROFILES >100 TUMOR TYPES Genomics Multi-modal Claims Longitudinal Data EMR Smart Apps New product development Novel biological signatures Real world data generation Faster regulatory approval 7
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8 FDA Approved Most advanced FDA-approved liquid biopsy panel with a 100x expanded footprint Streamlines therapy selection portfolio Unlocks greater potential for Guardant360 Tissue Potential for improved reimbursement through ADLT designation Raising the standard for therapy selection
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9 Reveal Therapy Monitoring gaining significant traction & reshaping late-stage cancer management Best-in-class tissue-free solution 5-day turnaround Predicts therapy response months before scans Seamless connectivity to Guardant360 Liquid allows physicians to act sooner
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END OF TEMPLATE Strong Reveal data pipeline supporting indication expansion 10 Indication Specific Studies 1H 2024 2H 2024 1H 2025 2H 2025 1H 2026 2H 2026 CRC Surveillance COSMOS Breast Surveillance Elliot et al, Ademuyiwa et al IO Monitoring RADIOHEAD, Liang et al Chemo Monitoring RWE CDK4/6 Monitoring Multiple MRD/Surveillance Multiple Submitted for publication Covered by Medicare 5+ Tumor Types Published and submitted to MolDx MolDx is the Molecular Diagnostic Services Program to identify and establish Federal coverage reimbursement for molecular diagnostic tests
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Q2 2025 Q2 2026 $61M $56M Biopharma & Data Revenue FDA approval for Guardant360 CDx as a companion diagnostic for Boehringer Ingelheim’s HERNEXEOS for HER2 (ERBB2)-mutant advanced non-small cell lung cancer FDA approval for Guardant360 CDx as a companion diagnostic for Arvinas and Pfizer’s VEPPANU for ER+/HER2- ESR1 mutated advanced breast cancer Collaboration with Nuvalent to develop companion diagnostics in targeted cancer therapy, with initial emphasis on Guardant360 Tissue 11 9% InfinityAI and Smart Platform deepening strategic partnerships with leading biopharma companies
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Shield is a multi-cancer detection platform Multi-cancer Lung Stomach Pancreatic Prostate Esophageal OvarianLiver Bladder CRC Breast CRC 12 Opt-in rate improved 1Q26 Physician opts in to receive MCD results report Patient authorizes release of medical data When Shield is ordered for CRC screening :
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13 Exceptional commercial execution driving rapid Shield revenue and volume growth Q2 2026Q2 2025 $53M $15M Q2 2026Q2 2025 66K 16K Screening Revenue Screening Volume
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Commercial expansion and key guideline inclusions are driving Shield adoption 14 $4M $6M $15M $24M $35M $42M $53M Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Quarterly Screening Revenue NCCN
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15 Recent Screening highlights Strong volume growth driven by commercial scale, DTC momentum, and Quest collaboration Shield included in the American Cancer Society’s colorectal cancer screening guidelines UnitedHealth Group coverage for Shield in adults 45 or older FDA approval received for higher-throughput, lower-COGS Shield workflow
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DTC and Influencer Campaigns HCP Marketing Nationwide EMR >30 >400 Person Field Force Person Health Systems Team Co-Promote 16 Scaled Shield commercial engine
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17 Coverage begins August 1, 2026 July 2026 Shield guideline inclusion is driving commercial coverage momentum
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Shield is now covered for approximately 70 million people 18 120M Average-risk U.S. individuals eligible for CRC screening $50B U.S. Addressable CRC Screening Market Sources: AACR Study, Cancer Prev Res (2020) 1. Based on internal commercial analysis Medicare (~50M) Commercial (uncovered, ~50M) UnitedHealth (~15M)1 ACS (~5M)1
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19 Workflow Improvement Higher-throughput, lower-COGS Shield workflow enables path to $200 cost per test Establishes the foundation for the scalability in our lab operations FDA Approved
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Q2’26 Q2’25 % Growth Total Revenue $335M $232M 44% Oncology $219M $159M 38% Biopharma & Data $61M $56M 9% Screening $53M $15M 257% Licensing & Other $2M $3M -- Revenue growth driven by Oncology & Screening momentum 20
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21 1. Approximate cost per test based on unaudited results provided on July 30, 2026. Bars not to scale. Reflects non-GAAP figures. Cost Per Test ~$410 ~$200 Q2 2026 Q4 2026 Q4 2028 ~$350 FDA approval advances Shield’s path to $200 cost per test • Workflow Improvement • Future Automation • Scale Efficiencies
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Q2 2026 non-GAAP financial highlights Non-GAAP Measures1 Q2’26 Q2’25 Gross Margin2 67% 66% Total Operating Expense $288M $215M R&D $81M $73M S&M $172M $108M G&A $35M $35M Adjusted EBITDA3 $(56M) $(52M) Free Cash Flow4 $(70M) $(66M) 1. Non-GAAP measures are defined as the applicable GAAP measures adjusted for the impacts of stock-based compensation and related employer payroll tax payments, contingent consideration, amortization of intangible assets, impairment of non-marketable equity securities, gain on extinguishment of convertible notes, and other non-recurring items. Please refer to the relevant non-GAAP tables in the associated press release for reference. 2. Gross margin is defined as gross profit divided by total revenue. 3. Adjusted EBITDA is defined as net loss adjusted for interest income; interest expense; other income (expense), net; provision for income taxes; depreciation and amortization expense; stock-based compensation expense and related employer payroll tax payments; contingent consideration; and other non-recurring items. 4. Free cash flow is defined as net cash used in operating activities in the period less purchase of property and equipment in the period. 5. Cash & investments include cash, cash equivalents, restricted cash & marketable debt securities June 30, 2026 December 31, 2025 Cash & investments5 $1.2B $1.3B 22
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Raising full year guidance on strong Q2 performance Current Guidance $1.34B – $1.36B 36% - 38% y/y growth $1.30B - $1.32B Free Cash Flow ($195M) – ($205M) Non-GAAP Operating Expenses $1.08B – $1.10B Total Oncology Biopharma & Data Screening ~30% y/y growth $218M - $230M Low double-digit growth 270K - 285K Shield volume $186M - $198M 230K - 245K Shield volume 28% - 29% y/y growth Prior GuidanceRevenue Low double-digit growth 32% - 34% y/y growth Non-GAAP Gross Margin 64% – 65% Prior ($185M) – ($195M) 23 Prior $1.05B – $1.07B
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Key catalysts across the continuum of cancer care in 2026 ONCOLOGY SCREENING Guardant360 Liquid FDA approval and launch Transition to NovaSeq X ESR1 monitoring launch Guardant360 Smart Platform app expansion MolDx coverage for Reveal Breast MRD MolDx coverage for Reveal therapy monitoring MolDx submissions in additional tumor types and indications Reveal Ultra launch Therapy Selection MRD ACS guidelines Quest collaboration launch OUS self-pay expansion First major commercial coverage by UHG1 BIOPHARMA & DATA CDx approvals, including SERENA-6 Additional strategic biopharma partnerships InfinityAI data partnerships 1. New catalyst added in July 2026. 24