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The firm’s precision oncology revenue saw an uptick of 31%, even with a gross margin decrease from 66% to 60%. This decline was attributed to changes in the product mix. Despite this, Guardant Health managed to reach a gross profit of $85.4 million.
Operating expenses for the company have also seen a downward trend, falling to $199 million due to efficiency measures and infrastructure leverage. The net loss stood at $86.1 million, equivalent to $0.73 per share, marking a substantial recovery from the loss experienced the previous year.
In light of these results, Guardant Health has revised its full-year revenue guidance upwards to between $553 and $556 million. This suggests an anticipated growth rate of 23% to 24% over the previous year.
The company’s financial health is further evidenced by its holding of cash and marketable securities worth $1.2 billion. However, it projects a negative free cash flow of $350 million for the year 2023.
Drawing from real-time data provided by InvestingPro, Guardant Health Inc (NASDAQ:GH) has a market capitalization of $3.26 billion. Its revenue over the last twelve months as of Q2 2023 was $510.16 million, with a growth rate of 25%. The company’s gross profit for the same period stood at $315.62 million, indicating a gross profit margin of 61.87%.
InvestingPro Tips suggest that the revenue growth of the company has been accelerating, and five analysts have revised their earnings upwards for the upcoming period. This aligns with the company’s recent upward revision of its full-year revenue guidance. Despite not being profitable in the last twelve months, the company operates with a moderate level of debt, and its liquid assets exceed short-term obligations. This is consistent with the company’s reported holding of cash and marketable securities worth $1.2 billion.
For more insightful tips, consider exploring the InvestingPro platform, which currently offers more than 9 additional tips for Guardant Health Inc.
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