(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
GUARDANT HEALTH, INC. | |||||||||||
Date: | November 4, 2021 | By: | /s/ Helmy Eltoukhy | ||||||||
Helmy Eltoukhy | |||||||||||
Co-Chief Executive Officer | |||||||||||
Date: | November 4, 2021 | By: | /s/ AmirAli Talasaz | ||||||||
AmirAli Talasaz | |||||||||||
Co-Chief Executive Officer |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Precision oncology testing | $ | 79,272 | $ | 60,384 | $ | 215,605 | $ | 171,621 | |||||||||||||||
Development services and other | 15,507 | 14,185 | 49,940 | 36,793 | |||||||||||||||||||
Total revenue | 94,779 | 74,569 | 265,545 | 208,414 | |||||||||||||||||||
Costs and operating expenses: | |||||||||||||||||||||||
Cost of precision oncology testing | 29,665 | 16,699 | 78,142 | 52,699 | |||||||||||||||||||
Cost of development services and other | 1,151 | 4,488 | 11,348 | 11,429 | |||||||||||||||||||
Research and development expense | 70,968 | 36,245 | 190,200 | 109,580 | |||||||||||||||||||
Sales and marketing expense | 50,228 | 25,095 | 132,282 | 75,225 | |||||||||||||||||||
General and administrative expense | 50,055 | 66,294 | 166,366 | 123,265 | |||||||||||||||||||
Total costs and operating expenses | 202,067 | 148,821 | 578,338 | 372,198 | |||||||||||||||||||
Loss from operations | (107,288) | (74,252) | (312,793) | (163,784) | |||||||||||||||||||
Interest income | 689 | 2,313 | 3,277 | 8,271 | |||||||||||||||||||
Interest expense | (644) | (8) | (1,934) | (30) | |||||||||||||||||||
Other income (expense), net | (187) | 345 | (720) | 2,421 | |||||||||||||||||||
Loss before provision for income taxes | (107,430) | (71,602) | (312,170) | (153,122) | |||||||||||||||||||
Provision for income taxes | 96 | 68 | 289 | 116 | |||||||||||||||||||
Net loss | (107,526) | (71,670) | (312,459) | (153,238) | |||||||||||||||||||
Adjustment of redeemable noncontrolling interest | — | (6,000) | (2,300) | (6,800) | |||||||||||||||||||
Net loss attributable to Guardant Health, Inc. common stockholders | $ | (107,526) | $ | (77,670) | $ | (314,759) | $ | (160,038) | |||||||||||||||
Net loss per share attributable to Guardant Health, Inc. common stockholders, basic and diluted | $ | (1.06) | $ | (0.78) | $ | (3.11) | $ | (1.66) | |||||||||||||||
Weighted-average shares used in computing net loss per share attributable to Guardant Health, Inc. common stockholders, basic and diluted | 101,420 | 99,554 | 101,184 | 96,659 |
September 30, 2021 | December 31, 2020 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 832,370 | $ | 832,977 | |||||||
Short-term marketable securities | 653,601 | 961,903 | |||||||||
Accounts receivable, net | 60,744 | 53,299 | |||||||||
Inventory | 24,739 | 22,716 | |||||||||
Prepaid expenses and other current assets, net | 21,958 | 17,466 | |||||||||
Total current assets | 1,593,412 | 1,888,361 | |||||||||
Long-term marketable securities | 250,226 | 246,597 | |||||||||
Property and equipment, net | 106,156 | 62,782 | |||||||||
Right-of-use assets | 196,436 | 37,343 | |||||||||
Intangible assets, net | 14,698 | 16,155 | |||||||||
Goodwill | 3,290 | 3,290 | |||||||||
Other assets, net | 61,316 | 17,253 | |||||||||
Total Assets | $ | 2,225,534 | $ | 2,271,781 | |||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 15,674 | $ | 7,340 | |||||||
Accrued compensation | 38,838 | 28,280 | |||||||||
Accrued expenses | 40,475 | 22,639 | |||||||||
Deferred revenue | 7,317 | 8,550 | |||||||||
Total current liabilities | 102,304 | 66,809 | |||||||||
Convertible senior notes, net | 1,134,180 | 806,292 | |||||||||
Long-term operating lease liabilities | 216,806 | 41,565 | |||||||||
Other long-term liabilities | 3,424 | 1,520 | |||||||||
Total Liabilities | 1,456,714 | 916,186 | |||||||||
Redeemable noncontrolling interest | 59,400 | 57,100 | |||||||||
Stockholders’ equity: | |||||||||||
Common stock, par value of $0.00001 per share; 350,000,000 shares authorized as of September 30, 2021 and December 31, 2020; 101,623,257 and 100,213,985 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively | 1 | 1 | |||||||||
Additional paid-in capital | 1,626,926 | 1,902,389 | |||||||||
Accumulated other comprehensive income | (593) | 2,697 | |||||||||
Accumulated deficit | (916,914) | (606,592) | |||||||||
Total Stockholders’ Equity | 709,420 | 1,298,495 | |||||||||
Total Liabilities, Redeemable Noncontrolling Interest and Stockholders’ Equity | $ | 2,225,534 | $ | 2,271,781 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
GAAP cost of precision oncology testing | $ | 29,665 | $ | 16,699 | $ | 78,142 | $ | 52,699 | |||||||||||||||
Amortization of intangible assets | (152) | — | (449) | (141) | |||||||||||||||||||
Stock-based compensation expense and related employer payroll tax payments | (762) | (450) | (2,449) | (1,166) | |||||||||||||||||||
Non-GAAP cost of precision oncology testing | $ | 28,751 | $ | 16,249 | $ | 75,244 | $ | 51,392 | |||||||||||||||
GAAP research and development expense | $ | 70,968 | $ | 36,245 | $ | 190,200 | $ | 109,580 | |||||||||||||||
Amortization of intangible assets | — | — | — | (43) | |||||||||||||||||||
Stock-based compensation expense and related employer payroll tax payments | (4,624) | (2,474) | (13,674) | (7,503) | |||||||||||||||||||
Acquisition related expenses | — | — | — | (8,500) | |||||||||||||||||||
Non-GAAP research and development expense | $ | 66,344 | $ | 33,771 | $ | 176,526 | $ | 93,534 | |||||||||||||||
GAAP sales and marketing expense | $ | 50,228 | $ | 25,095 | $ | 132,282 | $ | 75,225 | |||||||||||||||
Stock-based compensation expense and related employer payroll tax payments | (4,127) | (2,379) | (10,554) | (6,374) | |||||||||||||||||||
Non-GAAP sales and marketing expense | $ | 46,101 | $ | 22,716 | $ | 121,728 | $ | 68,851 | |||||||||||||||
GAAP general and administrative expense | $ | 50,055 | $ | 66,294 | $ | 166,366 | $ | 123,265 | |||||||||||||||
Amortization of intangible assets | (339) | (503) | (1,008) | (1,081) | |||||||||||||||||||
Stock-based compensation expense and related employer payroll tax payments | (26,044) | (50,397) | (101,154) | (72,959) | |||||||||||||||||||
Change in fair value of contingent consideration | (970) | (70) | (1,845) | 120 | |||||||||||||||||||
Acquisition related expenses | — | — | — | (1,207) | |||||||||||||||||||
Non-GAAP general and administrative expense | $ | 22,702 | $ | 15,324 | $ | 62,359 | $ | 48,138 | |||||||||||||||
GAAP loss from operations | $ | (107,288) | $ | (74,252) | $ | (312,793) | $ | (163,784) | |||||||||||||||
Amortization of intangible assets | 491 | 503 | 1,457 | 1,265 | |||||||||||||||||||
Stock-based compensation expense and related employer payroll tax payments | 35,557 | 55,700 | 127,831 | 88,002 | |||||||||||||||||||
Change in fair value of contingent consideration | 970 | 70 | 1,845 | (120) | |||||||||||||||||||
Acquisition related expenses | — | — | — | 9,707 | |||||||||||||||||||
Non-GAAP loss from operations | $ | (70,270) | $ | (17,979) | $ | (181,660) | $ | (64,930) | |||||||||||||||
GAAP net loss | $ | (107,526) | $ | (71,670) | $ | (312,459) | $ | (153,238) | |||||||||||||||
Amortization of intangible assets | 491 | 503 | 1,457 | 1,265 | |||||||||||||||||||
Stock-based compensation expense and related employer payroll tax payments | 35,557 | 55,700 | 127,831 | 88,002 | |||||||||||||||||||
Change in fair value of contingent consideration | 970 | 70 | 1,845 | (120) | |||||||||||||||||||
Acquisition related expenses | — | — | — | 9,707 | |||||||||||||||||||
Non-GAAP net loss | $ | (70,508) | $ | (15,397) | $ | (181,326) | $ | (54,384) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
GAAP net loss attributable to Guardant Health, Inc. common stockholders | $ | (107,526) | $ | (77,670) | $ | (314,759) | $ | (160,038) | |||||||||||||||
Amortization of intangible assets | 491 | 503 | 1,457 | 1,265 | |||||||||||||||||||
Stock-based compensation expense and related employer payroll tax payments | 35,557 | 55,700 | 127,831 | 88,002 | |||||||||||||||||||
Change in fair value of contingent consideration | 970 | 70 | 1,845 | (120) | |||||||||||||||||||
Acquisition related expenses | — | — | — | 9,707 | |||||||||||||||||||
Adjustments relating to non-controlling interest | — | 6,000 | 2,300 | 6,800 | |||||||||||||||||||
Non-GAAP net loss attributable to Guardant Health, Inc. common stockholders | $ | (70,508) | $ | (15,397) | $ | (181,326) | $ | (54,384) | |||||||||||||||
GAAP net loss per share attributable to Guardant Health, Inc., common stockholders, basic and diluted | $ | (1.06) | $ | (0.78) | $ | (3.11) | $ | (1.66) | |||||||||||||||
Non-GAAP net loss per share attributable to Guardant Health, Inc., common stockholders, basic and diluted | $ | (0.70) | $ | (0.15) | $ | (1.79) | $ | (0.56) | |||||||||||||||
Weighted-average shares used in computing GAAP and Non-GAAP net loss per share, basic and diluted | 101,420 | 99,554 | 101,184 | 96,659 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
GAAP net loss attributable to Guardant Health, Inc. common stockholders | $ | (107,526) | $ | (77,670) | $ | (314,759) | $ | (160,038) | |||||||||||||||
Interest income | (689) | (2,313) | (3,277) | (8,271) | |||||||||||||||||||
Interest expense | 644 | 8 | 1,934 | 30 | |||||||||||||||||||
Other (income) expense, net | 187 | (345) | 720 | (2,421) | |||||||||||||||||||
Provision for income taxes | 96 | 68 | 289 | 116 | |||||||||||||||||||
Depreciation and amortization | 5,544 | 4,353 | 16,181 | 11,462 | |||||||||||||||||||
Stock-based compensation expense and related employer payroll tax payments | 35,557 | 55,700 | 127,831 | 88,002 | |||||||||||||||||||
Change in fair value of contingent consideration | 970 | 70 | 1,845 | (120) | |||||||||||||||||||
Acquisition related expenses | — | — | — | 9,707 | |||||||||||||||||||
Adjustments relating to non-controlling interest | — | 6,000 | 2,300 | 6,800 | |||||||||||||||||||
Adjusted EBITDA | $ | (65,217) | $ | (14,129) | $ | (166,936) | $ | (54,733) |
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Document and Entity Information Document |
Nov. 04, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Nov. 04, 2021 |
Entity Registrant Name | GUARDANT HEALTH, INC. |
Entity Central Index Key | 0001576280 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-38683 |
Entity Tax Identification Number | 45-4139254 |
Entity Address, Address Line One | 505 Penobscot Dr. |
Entity Address, City or Town | Redwood City |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 94063 |
City Area Code | 855 |
Local Phone Number | 698-8887 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Title of 12(b) Security | Common Stock, $0.00001 par value per share |
Trading Symbol | GH |
Security Exchange Name | NASDAQ |
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