Friday was a good day to be a Guardant Health (NASDAQ: GH) shareholder. Thanks to an encouraging second-quarter report after market close on Thursday, investors embraced the oncology diagnostics specialist, buying into it enough to send the share price to a gain of almost 4%, in contrast to the slump of the S&P 500 index.
That quarter saw Guardant Health earn slightly more than $109 million in revenue, a meaty 19% improvement over the same period of 2021. This was on the back of a 40% increase in tests to clinical consumers, and 65% growth in the number of tests to biopharmaceutical clients.
Going in the opposite direction was Guardant Health’s bottom line. On an adjusted basis, the company’s net loss for the quarter was nearly $102 million ($1 per share) against the $61 million shortfall of last year’s second quarter.
Still, the specialty healthcare company topped analyst expectations for both metrics. On average, those pundits had been expecting slightly over $105 million in revenue, and $1.21 per share as a net loss.
Guardant’s efforts were bolstered during the quarter by receiving Medicare coverage for its Guardant Reveal colorectal cancer diagnostic kit. The company quoted co-CEO Helmy Eltoukhy as saying, “We expect this to help fuel continued expansion as we look ahead to future product launches in the second half of the year.”
That optimism was reflected in Guardant’s full-year 2022 revenue guidance. The company anticipates it will take in $460 million to $470 million, which would mean 23% to 26% growth over 2021. It did not provide forecasts for any other line items.