(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 6, 2023 | By: | /s/ Michael Bell | ||||||||
Michael Bell | |||||||||||
Chief Financial Officer | |||||||||||
(Principal Accounting Officer and Principal Financial Officer) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Precision oncology testing | $ | 133,423 | $ | 102,054 | $ | 372,060 | $ | 278,252 | |||||||||||||||
Development services and other | 9,607 | 15,350 | 36,834 | 44,395 | |||||||||||||||||||
Total revenue | 143,030 | 117,404 | 408,894 | 322,647 | |||||||||||||||||||
Costs and operating expenses: | |||||||||||||||||||||||
Cost of precision oncology testing | 53,648 | 39,434 | 148,111 | 104,493 | |||||||||||||||||||
Cost of development services and other | 3,966 | 1,062 | 16,424 | 4,711 | |||||||||||||||||||
Research and development expense | 93,851 | 100,017 | 277,338 | 267,229 | |||||||||||||||||||
Sales and marketing expense | 68,934 | 80,370 | 216,100 | 218,405 | |||||||||||||||||||
General and administrative expense | 36,174 | 41,121 | 118,135 | 126,068 | |||||||||||||||||||
Total costs and operating expenses | 256,573 | 262,004 | 776,108 | 720,906 | |||||||||||||||||||
Loss from operations | (113,543) | (144,600) | (367,214) | (398,259) | |||||||||||||||||||
Interest income | 11,690 | 1,754 | 21,477 | 3,919 | |||||||||||||||||||
Interest expense | (644) | (644) | (1,933) | (1,933) | |||||||||||||||||||
Other income (expense), net | 16,885 | (18,389) | 56,490 | (18,059) | |||||||||||||||||||
Fair value adjustments of noncontrolling interest liability | — | — | — | (99,785) | |||||||||||||||||||
Loss before provision for income taxes | (85,612) | (161,879) | (291,180) | (514,117) | |||||||||||||||||||
Provision for income taxes | 490 | 115 | 1,226 | 537 | |||||||||||||||||||
Net loss | $ | (86,102) | $ | (161,994) | $ | (292,406) | $ | (514,654) | |||||||||||||||
Net loss per share, basic and diluted | $ | (0.73) | $ | (1.58) | $ | (2.66) | $ | (5.04) | |||||||||||||||
Weighted-average shares used in computing net loss per share, basic and diluted | 117,736 | 102,289 | 109,791 | 102,065 |
September 30, 2023 | December 31, 2022 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 457,339 | $ | 141,647 | |||||||
Short-term marketable debt securities | 697,482 | 869,584 | |||||||||
Accounts receivable, net | 88,801 | 97,256 | |||||||||
Inventory, net | 77,036 | 51,598 | |||||||||
Prepaid expenses and other current assets, net | 26,239 | 31,509 | |||||||||
Total current assets | 1,346,897 | 1,191,594 | |||||||||
Property and equipment, net | 147,671 | 167,920 | |||||||||
Right-of-use assets, net | 161,668 | 174,001 | |||||||||
Intangible assets, net | 9,670 | 11,727 | |||||||||
Goodwill | 3,290 | 3,290 | |||||||||
Other assets, net | 128,035 | 61,453 | |||||||||
Total Assets | $ | 1,797,231 | $ | 1,609,985 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable and accrued liabilities | $ | 205,266 | $ | 175,817 | |||||||
Deferred revenue | 21,485 | 17,403 | |||||||||
Total current liabilities | 226,751 | 193,220 | |||||||||
Convertible senior notes, net | 1,139,322 | 1,137,391 | |||||||||
Long-term operating lease liabilities | 192,677 | 210,015 | |||||||||
Other long-term liabilities | 10,182 | 9,179 | |||||||||
Total Liabilities | 1,568,932 | 1,549,805 | |||||||||
Stockholders’ equity: | |||||||||||
Common stock, par value of $0.00001 per share; 350,000,000 shares authorized as of September 30, 2023 and December 31, 2022; 117,849,155 and 102,619,383 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | 1 | 1 | |||||||||
Additional paid-in capital | 2,188,797 | 1,742,114 | |||||||||
Accumulated other comprehensive loss | (5,680) | (19,522) | |||||||||
Accumulated deficit | (1,954,819) | (1,662,413) | |||||||||
Total Stockholders’ Equity | 228,299 | 60,180 | |||||||||
Total Liabilities and Stockholders’ Equity | $ | 1,797,231 | $ | 1,609,985 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
GAAP cost of precision oncology testing | $ | 53,648 | $ | 39,434 | $ | 148,111 | $ | 104,493 | |||||||||||||||
Amortization of intangible assets | (151) | (285) | (448) | (582) | |||||||||||||||||||
Stock-based compensation expense and related employer payroll tax payments | (1,120) | (1,377) | (3,563) | (3,782) | |||||||||||||||||||
Non-GAAP cost of precision oncology testing | $ | 52,377 | $ | 37,772 | $ | 144,100 | $ | 100,129 | |||||||||||||||
GAAP cost of development services and other | $ | 3,966 | $ | 1,062 | $ | 16,424 | $ | 4,711 | |||||||||||||||
Amortization of intangible assets | $ | (201) | $ | — | $ | (603) | $ | — | |||||||||||||||
Stock-based compensation expense and related employer payroll tax payments | $ | (437) | $ | — | $ | (1,391) | $ | — | |||||||||||||||
Non-GAAP cost of development services and other | $ | 3,328 | $ | 1,062 | $ | 14,430 | $ | 4,711 | |||||||||||||||
GAAP research and development expense | $ | 93,851 | $ | 100,017 | $ | 277,338 | $ | 267,229 | |||||||||||||||
Stock-based compensation expense and related employer payroll tax payments | (8,611) | (7,256) | (25,877) | (18,857) | |||||||||||||||||||
Contingent consideration | (531) | (355) | (1,632) | (2,652) | |||||||||||||||||||
Non-GAAP research and development expense | $ | 84,709 | $ | 92,406 | $ | 249,829 | $ | 245,720 | |||||||||||||||
GAAP sales and marketing expense | $ | 68,934 | $ | 80,370 | $ | 216,100 | $ | 218,405 | |||||||||||||||
Amortization of intangible assets | — | (67) | — | (201) | |||||||||||||||||||
Stock-based compensation expense and related employer payroll tax payments | (5,137) | (6,643) | (18,657) | (18,267) | |||||||||||||||||||
Non-GAAP sales and marketing expense | $ | 63,797 | $ | 73,660 | $ | 197,443 | $ | 199,937 | |||||||||||||||
GAAP general and administrative expense | $ | 36,174 | $ | 41,121 | $ | 118,135 | $ | 126,068 | |||||||||||||||
Amortization of intangible assets | (339) | (339) | (1,006) | (1,007) | |||||||||||||||||||
Stock-based compensation expense and related employer payroll tax payments | (6,794) | (5,955) | (18,017) | (31,042) | |||||||||||||||||||
Contingent consideration | (220) | (390) | (230) | (4,195) | |||||||||||||||||||
Non-GAAP general and administrative expense | $ | 28,821 | $ | 34,437 | $ | 98,882 | $ | 89,824 | |||||||||||||||
GAAP loss from operations | $ | (113,543) | $ | (144,600) | $ | (367,214) | $ | (398,259) | |||||||||||||||
Amortization of intangible assets | 691 | 691 | 2,057 | 1,790 | |||||||||||||||||||
Stock-based compensation expense and related employer payroll tax payments | 22,099 | 21,231 | 67,505 | 71,948 | |||||||||||||||||||
Contingent consideration | 751 | 745 | 1,862 | 6,847 | |||||||||||||||||||
Non-GAAP loss from operations | $ | (90,002) | $ | (121,933) | $ | (295,790) | $ | (317,674) | |||||||||||||||
GAAP net loss | $ | (86,102) | $ | (161,994) | $ | (292,406) | $ | (514,654) | |||||||||||||||
Amortization of intangible assets | 691 | 691 | 2,057 | 1,790 | |||||||||||||||||||
Stock-based compensation expense and related employer payroll tax payments | 22,099 | 21,231 | 67,505 | 71,948 | |||||||||||||||||||
Contingent consideration | 751 | 745 | 1,862 | 6,847 | |||||||||||||||||||
Unrealized gains on marketable equity securities | (16,634) | 13,230 | (84,513) | 13,230 | |||||||||||||||||||
Impairment of non-marketable equity securities and other related assets | — | 5,261 | 29,054 | 5,261 | |||||||||||||||||||
Fair value adjustments of noncontrolling interest liability | — | — | — | 99,785 | |||||||||||||||||||
Non-GAAP net loss | $ | (79,195) | $ | (120,836) | $ | (276,441) | $ | (315,793) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
GAAP net loss per share, basic and diluted | $ | (0.73) | $ | (1.58) | $ | (2.66) | $ | (5.04) | |||||||||||||||
Non-GAAP net loss per share, basic and diluted | $ | (0.67) | $ | (1.18) | $ | (2.52) | $ | (3.09) | |||||||||||||||
Weighted-average shares used in computing GAAP and Non-GAAP net loss per share, basic and diluted | 117,736 | 102,289 | 109,791 | 102,065 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
GAAP net loss | $ | (86,102) | $ | (161,994) | $ | (292,406) | $ | (514,654) | |||||||||||||||
Interest income | (11,690) | (1,754) | (21,477) | (3,919) | |||||||||||||||||||
Interest expense | 644 | 644 | 1,933 | 1,933 | |||||||||||||||||||
Other (income) expense, net | (16,885) | 18,389 | (56,490) | 18,059 | |||||||||||||||||||
Provision for income taxes | 490 | 115 | 1,226 | 537 | |||||||||||||||||||
Depreciation and amortization | 11,037 | 9,807 | 32,013 | 25,793 | |||||||||||||||||||
Stock-based compensation expense and related employer payroll tax payments | 22,099 | 21,231 | 67,505 | 71,948 | |||||||||||||||||||
Contingent consideration | 751 | 745 | 1,862 | 6,847 | |||||||||||||||||||
Fair value adjustments of noncontrolling interest liability | — | — | — | 99,785 | |||||||||||||||||||
Adjusted EBITDA | $ | (79,656) | $ | (112,817) | $ | (265,834) | $ | (293,671) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net cash used in operating activities | $ | (77,791) | $ | (78,160) | $ | (246,247) | $ | (218,714) | |||||||||||||||
Purchase of property and equipment | (2,372) | (21,726) | (16,409) | (67,460) | |||||||||||||||||||
Free cash flow | $ | (80,163) | $ | (99,886) | $ | (262,656) | $ | (286,174) |
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Document and Entity Information Document |
Nov. 06, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Nov. 06, 2023 |
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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