Guardant Health Earnings: Guidance in Line With Expectations, As Shield and Reveal in Focus for 2024

Guardant Health’s results and guidance were in line with our expectations. Full-year revenue was $564 million, or 26% year-on-year growth, and the midpoint of its guidance range for 2024 is $662.5 million, or approximately 17.5% growth. We are maintaining our $47 fair value estimate, and we think shares are undervalued. However, we also reiterate the company’s Very High Morningstar Uncertainty Rating, as key pipeline products, including Shield and Reveal, are not yet derisked, and we think the company is still about 4-5 years away from profitability.