(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: | August 4, 2022 | By: | /s/ Michael Bell | ||||||||
Michael Bell | |||||||||||
Chief Financial Officer | |||||||||||
(Principal Accounting Officer and Principal Financial Officer) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Precision oncology testing | $ | 92,062 | $ | 72,604 | $ | 176,198 | $ | 136,333 | |||||||||||||||
Development services and other | 17,082 | 19,497 | 29,045 | 34,433 | |||||||||||||||||||
Total revenue | 109,144 | 92,101 | 205,243 | 170,766 | |||||||||||||||||||
Costs and operating expenses: | |||||||||||||||||||||||
Cost of precision oncology testing | 34,375 | 24,887 | 65,059 | 48,477 | |||||||||||||||||||
Cost of development services and other | 2,352 | 5,040 | 3,649 | 10,197 | |||||||||||||||||||
Research and development expense | 85,455 | 63,724 | 167,212 | 119,232 | |||||||||||||||||||
Sales and marketing expense | 73,603 | 47,716 | 138,035 | 82,054 | |||||||||||||||||||
General and administrative expense | 43,680 | 48,376 | 84,947 | 116,311 | |||||||||||||||||||
Total costs and operating expenses | 239,465 | 189,743 | 458,902 | 376,271 | |||||||||||||||||||
Loss from operations | (130,321) | (97,642) | (253,659) | (205,505) | |||||||||||||||||||
Interest income | 1,387 | 1,037 | 2,165 | 2,588 | |||||||||||||||||||
Interest expense | (645) | (644) | (1,289) | (1,290) | |||||||||||||||||||
Other income (expense), net | 378 | (243) | 330 | (533) | |||||||||||||||||||
Fair value adjustments of noncontrolling interest liability | (99,785) | — | (99,785) | — | |||||||||||||||||||
Loss before provision for income taxes | (228,986) | (97,492) | (352,238) | (204,740) | |||||||||||||||||||
Provision for income taxes | 446 | 83 | 422 | 193 | |||||||||||||||||||
Net loss | (229,432) | (97,575) | (352,660) | (204,933) | |||||||||||||||||||
Adjustment of redeemable noncontrolling interest | — | — | — | (2,300) | |||||||||||||||||||
Net loss attributable to Guardant Health, Inc. common stockholders | $ | (229,432) | $ | (97,575) | $ | (352,660) | $ | (207,233) | |||||||||||||||
Net loss per share attributable to Guardant Health, Inc. common stockholders, basic and diluted | $ | (2.25) | $ | (0.96) | $ | (3.46) | $ | (2.05) | |||||||||||||||
Weighted-average shares used in computing net loss per share attributable to Guardant Health, Inc. common stockholders, basic and diluted | 102,047 | 101,172 | 101,950 | 101,064 |
June 30, 2022 | December 31, 2021 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 215,169 | $ | 492,202 | |||||||
Short-term marketable securities | 638,521 | 440,546 | |||||||||
Accounts receivable, net | 95,276 | 97,652 | |||||||||
Inventory | 59,890 | 30,674 | |||||||||
Prepaid expenses and other current assets, net | 28,283 | 53,052 | |||||||||
Total current assets | 1,037,139 | 1,114,126 | |||||||||
Long-term marketable securities | 382,575 | 698,034 | |||||||||
Property and equipment, net | 163,362 | 124,461 | |||||||||
Right-of-use assets, net | 183,703 | 189,443 | |||||||||
Intangible assets, net | 13,108 | 14,207 | |||||||||
Goodwill | 3,290 | 3,290 | |||||||||
Other assets, net | 70,560 | 60,938 | |||||||||
Total Assets | $ | 1,853,737 | $ | 2,204,499 | |||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 36,971 | $ | 17,580 | |||||||
Accrued compensation | 38,672 | 42,496 | |||||||||
Accrued expenses | 77,157 | 45,285 | |||||||||
Noncontrolling interest liability | — | 78,000 | |||||||||
Deferred revenue | 14,955 | 11,326 | |||||||||
Total current liabilities | 167,755 | 194,687 | |||||||||
Convertible senior notes, net | 1,136,105 | 1,134,821 | |||||||||
Long-term operating lease liabilities | 221,503 | 226,053 | |||||||||
Other long-term liabilities | 9,287 | 3,933 | |||||||||
Total Liabilities | 1,534,650 | 1,559,494 | |||||||||
Stockholders’ equity: | |||||||||||
Common stock, par value of $0.00001 per share; 350,000,000 shares authorized as of June 30, 2022 and December 31, 2021; 102,186,856 and 101,767,446 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively | 1 | 1 | |||||||||
Additional paid-in capital | 1,703,832 | 1,657,593 | |||||||||
Accumulated other comprehensive loss | (24,261) | (4,764) | |||||||||
Accumulated deficit | (1,360,485) | (1,007,825) | |||||||||
Total Stockholders’ Equity | 319,087 | 645,005 | |||||||||
Total Liabilities and Stockholders’ Equity | $ | 1,853,737 | $ | 2,204,499 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
GAAP cost of precision oncology testing | $ | 34,375 | $ | 24,887 | $ | 65,059 | $ | 48,477 | |||||||||||||||
Amortization of intangible assets | (149) | (149) | (297) | (297) | |||||||||||||||||||
Stock-based compensation expense and related employer payroll tax payments | (1,229) | (888) | (2,405) | (1,687) | |||||||||||||||||||
Non-GAAP cost of precision oncology testing | $ | 32,997 | $ | 23,850 | $ | 62,357 | $ | 46,493 | |||||||||||||||
GAAP research and development expense | $ | 85,455 | $ | 63,724 | $ | 167,212 | $ | 119,232 | |||||||||||||||
Stock-based compensation expense and related employer payroll tax payments | (6,191) | (4,659) | (11,601) | (9,050) | |||||||||||||||||||
Contingent consideration | (177) | — | (2,297) | — | |||||||||||||||||||
Non-GAAP research and development expense | $ | 79,087 | $ | 59,065 | $ | 153,314 | $ | 110,182 | |||||||||||||||
GAAP sales and marketing expense | $ | 73,603 | $ | 47,716 | $ | 138,035 | $ | 82,054 | |||||||||||||||
Amortization of intangible assets | (134) | — | (134) | — | |||||||||||||||||||
Stock-based compensation expense and related employer payroll tax payments | (6,054) | (3,493) | (11,624) | (6,427) | |||||||||||||||||||
Non-GAAP sales and marketing expense | $ | 67,415 | $ | 44,223 | $ | 126,277 | $ | 75,627 | |||||||||||||||
GAAP general and administrative expense | $ | 43,680 | $ | 48,376 | $ | 84,947 | $ | 116,311 | |||||||||||||||
Amortization of intangible assets | (336) | (336) | (668) | (669) | |||||||||||||||||||
Stock-based compensation expense and related employer payroll tax payments | (12,252) | (25,735) | (25,087) | (75,110) | |||||||||||||||||||
Contingent consideration | (1,415) | (875) | (3,805) | (875) | |||||||||||||||||||
Acquisition related expenses | 63 | — | — | — | |||||||||||||||||||
Non-GAAP general and administrative expense | $ | 29,740 | $ | 21,430 | $ | 55,387 | $ | 39,657 | |||||||||||||||
GAAP loss from operations | $ | (130,321) | $ | (97,642) | $ | (253,659) | $ | (205,505) | |||||||||||||||
Amortization of intangible assets | 619 | 485 | 1,099 | 966 | |||||||||||||||||||
Stock-based compensation expense and related employer payroll tax payments | 25,726 | 34,775 | 50,717 | 92,274 | |||||||||||||||||||
Contingent consideration | 1,592 | 875 | 6,102 | 875 | |||||||||||||||||||
Acquisition related expenses | (63) | — | — | — | |||||||||||||||||||
Non-GAAP loss from operations | $ | (102,447) | $ | (61,507) | $ | (195,741) | $ | (111,390) | |||||||||||||||
GAAP net loss | $ | (229,432) | $ | (97,575) | $ | (352,660) | $ | (204,933) | |||||||||||||||
Amortization of intangible assets | 619 | 485 | 1,099 | 966 | |||||||||||||||||||
Stock-based compensation expense and related employer payroll tax payments | 25,726 | 34,775 | 50,717 | 92,274 | |||||||||||||||||||
Contingent consideration | 1,592 | 875 | 6,102 | 875 | |||||||||||||||||||
Acquisition related expenses | (63) | — | — | — | |||||||||||||||||||
Fair value adjustments of noncontrolling interest liability | 99,785 | — | 99,785 | — | |||||||||||||||||||
Non-GAAP net loss | $ | (101,773) | $ | (61,440) | $ | (194,957) | $ | (110,818) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
GAAP net loss attributable to Guardant Health, Inc. common stockholders | $ | (229,432) | $ | (97,575) | $ | (352,660) | $ | (207,233) | |||||||||||||||
Amortization of intangible assets | 619 | 485 | 1,099 | 966 | |||||||||||||||||||
Stock-based compensation expense and related employer payroll tax payments | 25,726 | 34,775 | 50,717 | 92,274 | |||||||||||||||||||
Contingent consideration | 1,592 | 875 | 6,102 | 875 | |||||||||||||||||||
Acquisition related expenses | (63) | — | — | — | |||||||||||||||||||
Fair value adjustments of noncontrolling interest liability | 99,785 | — | 99,785 | — | |||||||||||||||||||
Adjustment of redeemable noncontrolling interest | — | — | — | 2,300 | |||||||||||||||||||
Non-GAAP net loss attributable to Guardant Health, Inc. common stockholders | $ | (101,773) | $ | (61,440) | $ | (194,957) | $ | (110,818) | |||||||||||||||
GAAP net loss per share attributable to Guardant Health, Inc., common stockholders, basic and diluted | $ | (2.25) | $ | (0.96) | $ | (3.46) | $ | (2.05) | |||||||||||||||
Non-GAAP net loss per share attributable to Guardant Health, Inc., common stockholders, basic and diluted | $ | (1.00) | $ | (0.61) | $ | (1.91) | $ | (1.10) | |||||||||||||||
Weighted-average shares used in computing GAAP and Non-GAAP net loss per share, basic and diluted | 102,047 | 101,172 | 101,950 | 101,064 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
GAAP net loss attributable to Guardant Health, Inc. common stockholders | $ | (229,432) | $ | (97,575) | $ | (352,660) | $ | (207,233) | |||||||||||||||
Interest income | (1,387) | (1,037) | (2,165) | (2,588) | |||||||||||||||||||
Interest expense | 645 | 644 | 1,289 | 1,290 | |||||||||||||||||||
Other (income) expense, net | (378) | 243 | (330) | 533 | |||||||||||||||||||
Provision for income taxes | 446 | 83 | 422 | 193 | |||||||||||||||||||
Depreciation and amortization | 8,785 | 5,627 | 15,986 | 10,637 | |||||||||||||||||||
Stock-based compensation expense and related employer payroll tax payments | 25,726 | 34,775 | 50,717 | 92,274 | |||||||||||||||||||
Contingent consideration | 1,592 | 875 | 6,102 | 875 | |||||||||||||||||||
Acquisition related expenses | (63) | — | — | — | |||||||||||||||||||
Fair value adjustments of noncontrolling interest liability | 99,785 | — | 99,785 | — | |||||||||||||||||||
Adjustment of redeemable noncontrolling interest | — | — | — | 2,300 | |||||||||||||||||||
Adjusted EBITDA | $ | (94,281) | $ | (56,365) | $ | (180,854) | $ | (101,719) |
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Document and Entity Information Document |
Aug. 04, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Aug. 04, 2022 |
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 | 3100 Hanover Street |
Entity Address, City or Town | Palo Alto |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 94304 |
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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