Short answer
Guardant Health, Inc. (GH) filed its fiscal 2025 10-K annual report with the SEC on Feb 19, 2026. It reported revenue of $982M (+32.9% year over year) and net income of −$416M.
- Top risk flagged: Medicare reimbursement 10%+ of revenue in 2025, 2024, 2023; risk from CMS regulation changes hindering direct billing
FY2025 key financial metrics · XBRL
- Revenue
- $982M
- +32.9% YoY
- Net income
- −$416M
- +4.6% YoY
- Operating margin
- -44.5%
- +15.5 pp YoY
- EPS (diluted)
- −$3.32
- +6.7% YoY
- ROE
- 419.2%
- +106.7 pp YoY
- Operating cash flow
- −$185M
- +23.0% YoY
Source: XBRL data from the Guardant Health, Inc. (GH) FY2025 10-K on SEC EDGAR. USD.
Guardant Health, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Precision oncology company providing liquid biopsy and blood-based tests for cancer detection, treatment selection, and monitoring across all disease stages
- New emphasis: Expanded Guardant Reveal test for late-stage therapy response monitoring; Shield test granted FDA Breakthrough Device status for multi-cancer detection
- Strategic shift: Migration of key tests (Guardant360 Liquid, Reveal) to proprietary Smart Platform leveraging multiomic data and AI for enhanced sensitivity and insights
- Quantitative highlight: Global expansion includes launch of Guardant360 CDx testing at Policlinico Gemelli in Italy (Dec 2025) and reimbursement approval in Japan (July 2023)
- Noteworthy fact: Shield blood test is first FDA-approved and Medicare-covered primary colorectal cancer screening blood test, now included in NCCN screening guidelines
Management Discussion & Analysis
- Revenue $982.0M in 2025 vs $739.0M in 2024, up $243M or 32.9% YoY
- Net loss improved to $416.3M in 2025 from $436.4M in 2024, margin not explicitly stated
- Best segment: Oncology tests for clinical customers, supported by expanded Medicare coverage and FDA approvals
- Worst segment: Not explicitly stated; overall net losses indicate ongoing high operating expenses
- Cash & equivalents $1.3B as of Dec 31, 2025; capital allocation details on buybacks/dividends not disclosed
- Increased R&D spending on new product innovation and large clinical studies (e.g., Shield post-approval SOLAR study)
- Management outlook highlights focus on international expansion, payer coverage improvements, and reimbursement risks
Risk Factors
- Medicare reimbursement 10%+ of revenue in 2025, 2024, 2023; risk from CMS regulation changes hindering direct billing
- Geopolitical and economic instability, including wars, terrorism, pandemics, may disrupt business and affect operating results
- Limited laboratory capacity and unautomated processes constrain scaling; facility expansion and equipment procurement delays possible
- Competitor Roche-owned Foundation Medicine, Exact Sciences, and others increasing M&A and development efforts in liquid biopsy and genomic profiling
- Revenue concentration: Top 5 biopharmaceutical customers contributed 11% of total revenue in 2025, risking material financial impact if lost
Generated from the filing text; verify against the original. How to read a 10-K
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