Guardant Health Inc. (NASDAQ: GH) reported Q3 EPS of ($1.94), versus ($2.76) reported last year. Revenue for the quarter came in at $21.7 million versus the consensus estimate of $17.5 million.

• Revenues of $21.7 million for the third quarter of 2018, representing a 95% increase over the third quarter of 2017
• Reported 7,027 tests to clinical customers and 2,505 tests to biopharmaceutical customers in the third quarter, representing increases of 14% and 67% respectively, over the third quarter 2017
• Lung cancer study published in JAMA Oncology demonstrated Guardant360 outperformed tissue biopsy alone in identification of targetable mutations
• Awarded Medicare coverage for the Guardant360 assay in non-small cell lung cancer through a local coverage determination from Palmetto GBA, a Medicare Administrative Contractor; successfully received first payment
• Completed initial public offering, raising approximately $249.5 million of net proceeds, after underwriting fees and other expenses

“Our third quarter accomplishments reflect the ongoing strength of our business,” said Helmy Eltoukhy, PhD, Chief Executive Officer. “We are continuing to build proof points for a blood-first paradigm ahead of traditional tissue genotyping, as demonstrated by the study from the University of Pennsylvania which was recently published in JAMA Oncology.”

“In addition, we are pleased with the successful completion of our IPO,” continued Dr. Eltoukhy. “We are grateful for the support of our investors who participated in the offering, and we are focused on the creation of long-term shareholder value through unprecedented access to cancer’s molecular information throughout all stages of the disease.”

GUIDANCE:

Guardant Health Inc. sees FY2018 revenue of $82-84 million, versus the consensus of $74.47 million.

For earnings history and earnings-related data on Guardant Health Inc. (GH) click here.