Guardant Health's Q2 2025: Unpacking Contradictions in Volume Growth, Medicaid Impact, and Market Strategy

Shield's volume growth drivers, Medicaid impact on cancer testing, Reveal ASP and market strategy, USPSTF recommendations and commercial reimbursement, G360 Liquid product strategy are the key contradictions discussed in Guardant Health's latest 2025Q2 earnings call.



Revenue Growth and Strong Performance Across Business Lines:
- Guardant Health reported revenue of $232 million for Q2 2025, marking a 31% year-over-year increase.
- This growth was driven by strong performance in oncology, screening, and biopharma and data businesses, with oncology revenues increasing by 22% to $159 million.

Oncology Segment Growth and Product Innovation:
- Oncology volumes increased by 30% year-over-year to approximately 64,000 tests in Q2, with Guardant360 Liquid seeing accelerated growth over 20%.
- The growth was attributed to continued product innovation, such as the introduction of 11 new Smart Liquid Biopsy applications, and strong commercial execution.

Biopharma and Data Business Expansion:
- Biopharma and data business revenue grew by 28% year-over-year, reaching $56 million in Q2.
- This growth was supported by deepening relationships with large pharma, new companion diagnostic deals, and high near-term revenue visibility.

Shield Testing Revenue and Market Traction:
- Guardant Health generated $15 million in Shield testing revenue in Q2, marking a significant increase in traction since its commercial launch.
- The growth was driven by strong patient and physician adoption, high adherence rates, and improvements in sales rep productivity.