Guardant will release its audited full-year 2024 results in February 2025. Image credit: Number1411 via Shutterstock.

Guardant Health has reported preliminary full-year 2024 revenues of $737m, reflecting year-over-year (YOY) growth of 31%, during an investor presentation at this year’s JP Morgan Healthcare Conference on 13 January.

The precision oncology company’s projected full-year revenue would beat the full-year earnings guidance it predicted in the $720m-725m range in its previous quarterly earnings report in November.

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Guardant shared that it sold around 206,700 oncology clinical tests – excluding Shield, an in vitro diagnostic (IVD) for colorectal cancer that received US Food and Drug Administration (FDA) in July 2024 – and approximately 40,500 biopharma tests across 2024, representing respective increases of 20% and 35% on 2023.

Guardant co-founder and CEO Helmy Eltoukhy commented: “2024 was an outstanding year for Guardant. We delivered key milestones across the portfolio and completed the upgrade of Guardant360 LDT onto our Smart Liquid Biopsy platform. We finished the year strong with preliminary full-year revenue growth of 31%, driven by strong clinical and biopharma revenue and increasing Guardant360’s average sale price.

“Looking ahead, we believe we are well positioned to continue to drive growth in our oncology business.”

Guardant also shared preliminary 2024 fourth-quarter (Q4) revenues of approximately $200m in the three months ending 31 December 2024, denoting a YOY increase of 29%.

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The company said it sold around 57,300 oncology clinical tests (excluding Shield) in the quarter, and approximately 11,050 biopharma tests, representing respective YOY increases of 24% and 16%.

Guardant’s Q4 2024 was the first full quarter since the FDA approved its Shield blood test. The company estimates that it sold around 6,400 Shield tests during the period, which added approximately $4m to the quarter’s total revenue.

Guardant co-founder and co-CEO Amir Ali Talasaz commented: “We are extremely pleased with the strong traction and support we saw in the first full quarter of the commercial launch of Shield.

“Given this success, we are focused on rapidly growing our commercial infrastructure to capture the massive opportunity ahead.”

Guardant plans to report its Q4 and full-year audited financial results until 31 December 2024 during its February 2025 earnings call.

According to GlobalData analysis, the oncology segment within the IVD market is projected to grow at a CAGR of 7% to a valuation of around $6.1bn by 2030, with the development of automated IVD systems for laboratories and hospitals viewed as key drivers of market growth.