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Guardant Health is a leading precision-oncology company whose blood and tissue tests span advanced-cancer profiling (Guardant360), recurrence monitoring (Reveal) and, critically, early detection via Shield — the first FDA-approved and Medicare-covered blood test for primary colorectal cancer screening. The top-line momentum is genuine: FY2025 revenue grew 32.9% to $982M, accelerating off $564M (FY2023) and $739M (FY2024), and the Shield platform has FDA Breakthrough Device designation for a multi-cancer detection test — a large potential market.

The financial profile, however, is that of an early-stage growth story still far from self-funding. FY2025 net loss was $416M (operating margin -44.5%), operating cash flow was -$185M, and the company has accumulated a -$2.99B retained-earnings deficit that has driven stockholders' equity negative to -$99.3M. R&D of $364M is a third of revenue, reflecting the heavy investment behind Shield's lung and multi-cancer expansion. Cash fell 28% to $378M while long-term debt rose 31.6% to $1.50B — so the balance sheet relies on debt and periodic equity issuance (shares up 6.3%), with dilution an ongoing reality.