Guardant Health at Canaccord Conference: Strategic Growth Unveiled

On Wednesday, 13 August 2025, Guardant Health (NASDAQ:GH) presented at Canaccord Genuity’s 45th Annual Growth Conference. The company, led by Co-CEOs Amir Li Talzaz and Helmi Altuchi, alongside CFO Mike Bell, shared a promising strategic overview marked by significant growth in revenue and clinical volumes. However, challenges remain as they seek to enhance product sensitivity and expand reimbursement.

Key Takeaways

• Guardant Health reported a 31% year-over-year revenue increase for Q2 2025.
• The Shield screening test launch surpassed expectations in volume and gross margins.
• The company plans to expand its sales force to 250 representatives by year-end.
• A breast cancer reimbursement application could open a larger market for the Reveal MRD business.
• An Investor Day is scheduled for late September to discuss financial targets and strategies.

Financial Results

• Overall Revenue: Increased by 31% year-over-year.

• Tissue Products:

- ASP rose from approximately $1,700 to $2,000.

- Medicare reimbursement for RNA elements added about $300 to ASP.

• Shield Screening Test:

- Expected to generate over $50 million in revenue for the year.

- Approximately 70,000 tests anticipated in 2025.

- Q2 gross margin stood at 48%.

- ASP was approximately $925.

- Cost per test decreased from over $1,000 last year to below $500 now.

- Target cost per test is $200 at a scale of 1 million tests per year, with a gross margin target exceeding 60%.

Operational Updates

• Shield Screening Test:

- Strong market demand with deeper ordering depth by accounts.

- Sales force expansion from 100 to over 250 reps by year-end.

- Shield V2 data pending, aiming for improved CRC sensitivity.

- ACS guideline inclusion anticipated by year-end.

• Reveal MRD:

- Fastest-growing product in the portfolio for Q2 2025.

- Surveillance reimbursement received for CRC early in 2025.

- Breast cancer reimbursement application submitted.

• AI Initiatives:

- AI learning engine leveraged with over a million genomic profiles.

- Eleven applications launched in March.

Future Outlook

• Shield:

- Aim to enhance Shield’s performance and expand indications beyond CRC.

- Continued efforts to include Shield in ACS guidelines for CRC.

• Reveal MRD:

- Focus on securing breast cancer reimbursement.

• Investor Day:

- Scheduled for late September to update on financial targets and long-term strategies.

Q&A Highlights

• Shield Launch: The company noted strong market adoption and increased guidance for revenue and volume.
• Shield V2 Data: The company has yet to announce data as it is still under review.
• Competitive Landscape: Guardant Health expressed confidence in its technology amidst CRC screening market developments.
• CRC Screening Market Potential: A large market exists with 120 million eligible individuals, including 50 million unscreened. Blood-based tests are seen as a way to increase screening rates.
• USPSTF Task Force: Guardant Health is monitoring developments but sees significant opportunities regardless of immediate guideline inclusion.

Readers are encouraged to refer to the full transcript below for more detailed insights.

Full transcript - Canaccord Genuity’s 45th Annual Growth Conference:

Kyle Mixon, Life Science Tools and Diagnostics, Canaccord: Hi. Welcome to the Canaccord Genuity Growth Conference. I’m Kyle Mixon. I come for Life Science Tools and Diagnostics for Canaccord. Really pleased to welcome you to a fireside chat with Guardant Health today.

Guardant Health is a leader in liquid or blood based as well as now tissue, you know, testing for oncology across screening, therapy selection and MRD. With the company we have Amir Li Talzaz, co CEO, Helmi Altuchi, co CEO, and then Mike Bell, CFO. Thanks a lot guys for joining us today. So let’s first start with the 02/2025 earnings recap. You guys reported earnings a couple weeks ago.

Really great quarter. Can someone just provide, you know, an overview of some of the highlights there?

Helmi Altuchi, Co-CEO, Guardant Health: Yeah, no, it was a really fantastic quarter. Really, I think all parts of our business really kind of hit a really nice stride. We had clinical volumes on oncology side, really massive growth, you know, 30% year over year. Obviously, overall revenue for the company was 31% year over year and we’re really and then, you know, screening business just continues to really be an amazing launch for us in terms of volumes, in terms of ASP, in terms of gross margins. I don’t think there was a single aspect that really wasn’t knocked out of the park in terms of the readout in in q two, and a lot of it was in the backs of really this this impressive innovation engine that we’re able to sort of keep chugging away at in terms of new apps on Garden three sixty, you know, launch of tissue, v two in terms of our new our new tissue test, and then, you know, continued success of Reveal in terms of MRD and Shield.

Perfect. Do guys want to add anything?

Mike Bell, CFO, Guardant Health: No, I’m good. That

Kyle Mixon, Life Science Tools and Diagnostics, Canaccord: was good, good. Thanks, Holly. So one of the highlights was the tissue kind of performance. ASP was about $2,000 that was three years ahead of schedule, really impressive. You know, how much attributed to how much of that is attributed to the recent RNA feature on tissue?

And yeah, just talk maybe just talk about how you guys are doing in tissue relative to the others in the market. It’s obviously a little bit more mature let’s say than liquid.

Mike Bell, CFO, Guardant Health: Yeah. I mean, I can take the ASP piece. No. I mean, we’ve seen we’ve seen really strong ASP progression and improvements across across all of our products and and tissue, particularly in in q two, which went from roughly around $1,700 per test to now around $2,000 And so actually, Kyle, there are a few moving parts in that ASP. One is at the start of the year, we had an increase in the rate from three thousand one hundred forty to three thousand five hundred and so we’re starting to see now the pull through with Medicare Advantage payers paying at a higher rate.

We’re continuing to make really strong progress with commercial payers so that also was an impact. And then, yeah, sort of mid quarter we upgraded tissue. We added the RNA element to the product. So that’s reimbursed at the moment by Medicare around three hundred dollars. That’s, you know, Medicare So is just a proportion of the test.

So that added a little bit to our ASP. Think when we look forward, there’s still quite a way to go with tissue ASPs. I think again Medicare Advantage pull through and continue to work on the commercial pace so we expect that to continue to improve over the near term.

Helmi Altuchi, Co-CEO, Guardant Health: Yeah in terms of the product itself, we couldn’t be more excited in terms of the reception we’ve seen. It really is the single product out there that has the three legs of this tool that are really required for comprehensive analysis of tumor tissue. When you think about DNA, RNA and methylation, no one who has really this broad methylation footprint. And the beauty of that is it unifies our entire portfolio around this smart platform. And so all these apps that we just launched on March, on the liquid side we’re going to be able to launch on the tissue side as well.

So it’s going to create this cohesive language and really cohesive application framework by which the physicians can truly provide I think better sort of decision support and hopefully outcomes for their patients.

Kyle Mixon, Life Science Tools and Diagnostics, Canaccord: Perfect. And then on the screening side, the shield side, so you’ve continued to of exceed expectations, over $50,000,000 in revenue is expected for the year, think it’s like 70,000 tests or so. You know, you’ve had FDA approval, CMS coverage for about a year or so. What surprised you most thus far about the launch and adoption this first year or so?

Amir Li Talzaz, Co-CEO, Guardant Health: Actually we continue to be, very positively surprised with how this launch is going. At Guardant we always have high expectation from ourselves and our team, but we are even beating our own internal expectations that we had about the strength of this launch. So that’s helped with now multiple rounds of increasing of our guidance for both revenue and volume side. We continue to see a very strong pull by the market about this product. It’s very exciting.

We are surprised actually to really see a very strong depth of ordering by ordering accounts, ordering physicians, which really is an endorsements of how deep this market is, how many unscreened patients are out there in these practices that we are targeting. And we see a lot of room to grow, so it’s going to be exciting 2025 for us.

Kyle Mixon, Life Science Tools and Diagnostics, Canaccord: Perfect. And then on the cost side for Shield, maybe just talk I mean, I think it’s gross margin positive. Right? So talk about what that process has been like and if there’s any near term upside in terms of gross margin for that test.

Mike Bell, CFO, Guardant Health: No. I mean, gross margins are particularly pleasing for Shield. We’ve seen over the past few quarters, you know, the cost per test coming down significantly. This time last year, the cost per test was over a thousand dollars. Now now it’s it’s below $500.

Gross margins have have ticked up, and in in q two, it was we had a 48% gross margin. Also also driven by ASPs. You know, we we had an ASP of around $925. So a really strong start to the to the launch. You know, I think when we look at where we can go with gross margins, really the driver there is gonna be continuing to reduce the cost per test.

And we we have a target target cost per test of around $200. We think when we’re when we’re at scale, roughly a million tests a year, we’ll be at that $202,100 dollar level. We’ve got workflow efficiencies to implement. We’re gonna implement automation. So we’re very confident we can get cost per test significantly lower than where it is now.

And that’s just going to help gross margins. You know, we said at our Investor Day two years ago, know, margin expectation of around 60%. We think with the ASP progression that we’ve got and getting that cost per test to $200 we can get gross margins much higher than than 60% now. So we’re feeling really pleased with where we are.

Kyle Mixon, Life Science Tools and Diagnostics, Canaccord: Yeah. And given all all the, you know, beating expectations with Shield, you’re now expecting to hire 250 sales reps for that business compared to by the end of the year compared to 200 before, which is, like, a pretty material increase. You know, what does that really, you know, afford you in terms of like the growth trajectory, let’s say, especially talking about like in the near term? And then ultimately, I mean, do do you still wanna get 700 reps or so, or do you think like, you know, a thousand makes sense maybe over the next few years?

Amir Li Talzaz, Co-CEO, Guardant Health: Maybe for some of you guys who are kind of near to this space, in this PCP channel we expect to, you know, at steady state to have about 600 to 700 sales rep in the field to target really profitable and valuable PCPs which are out there for CRC screening. We started the year with a 100 people in the field. And we mentioned, you know, based on this actually improved trajectory that we are seeing in terms of adoption, productivity per rep, gross profit that we are generating to accelerate, further accelerate actually building that commercial infrastructure build out. So we said we are gonna end the year with more than 250 reps. Now we are in the hiring process and till we hire these new people, put them in the field, you know, they become productive, they start actually making appointments and stuff.

We don’t expect like material productivity from them really in second half of this year, but it should be a very good growth driver for us as we go to 2026. Awesome. Welcome.

Kyle Mixon, Life Science Tools and Diagnostics, Canaccord: The other, you know, shield topic obviously is the announcement of the version two data. So maybe first, maybe talk about where what those, you know, where that data’s coming from and the samples and just give us some context of, you know, can we can really compare this to Eclipse for example.

Amir Li Talzaz, Co-CEO, Guardant Health: So maybe just a quick background. When we re when we, did our pivotal study Eclipse trial, we decided to continue enrollment of that study to build a treasure up biobank for a garden for test versioning and, you know, having the samples ready for technology upgrades when we have better algorithms or better assays that can potentially improve the performance of the test. So now we have a very deep biobank of many of these samples, pivotal samples that effectively for each test version, we just need to pull them out of our biobank and run run them with a new assay or with a new algorithm. Now, we are very excited that we have our current version of the shield approved by FDA. It’s best in the class in terms of performance, coax profile, and so forth.

We are getting very good market feedback. Having said that, we have initiatives to see if we can improve the performance of AA and CRC, and also add additional indication to the same test. So we talked about shield is becoming a multi cancer detection test, and go well beyond single cancer of colon cancer to at least 10 different cancer types. And that would happen in near future. Now going back to shield v two, it’s a program that we have to see if we can improve CRC in our test.

It’s a test that now we know analytically the performance of the test very well. We know if the sensitivity is two times higher than the current version of the shield which is FDA approved. We don’t expect this two times improvement to change the pre cancer detection based on the biology that we are much more aware of these days than a few years back. But it has potential for CRC sensitivity. We need to see what fraction of CRCs would land within the previous band of we were not detecting them, but now we detect.

And that’s the part that we need to wait for the clinical trial data readout to get unblinded for us to become aware of it. It can improve it or not. And hopefully we get to that point and in near future. It’s a very active program for us and we’ll see what happens. Alright.

Kyle Mixon, Life Science Tools and Diagnostics, Canaccord: And then Amirli, just like clarify and confirm, the the only reason why you haven’t announced the data yet is because it just hasn’t, you know, you’re you haven’t no one’s seen it yet, you know, basically. It’s not like you’re you’ve seen the data and you’re choosing not to share it, right? It’s not that.

Amir Li Talzaz, Co-CEO, Guardant Health: Once we know the study performance data, it would come out shortly after.

Kyle Mixon, Life Science Tools and Diagnostics, Canaccord: Yeah. And the I mean, the assay has more or less been locked down for a while. Right?

Amir Li Talzaz, Co-CEO, Guardant Health: This is the algorithm that we have in place for a while now. So in fact, there’s been a bunch of pipeline development for us to see if there are additional improvements that we can do, again, on the CRC and AA front, in parallel on the multi cancer detection front. So we are excited with some of the progress of the pipeline activities too, but they are not ready for prime time. Let’s just see what happens to this Shield V2 readout and we go from there.

Kyle Mixon, Life Science Tools and Diagnostics, Canaccord: Okay. And in terms of the data, really hard to kind of estimate what that’s gonna look like but it was I think 91% CRC sensitivity back at the Investor Day two years ago. That was for V2, probably different sample set and everything. You know, that’s similar know, Shield V1 when it had the case control studies. It was in that low nineties.

Ultimately the, you know, the prospective CRC sensitivity was like 83%. So I mean in terms of like how investors should think about like a like a bogey for the new sensitivity. Right? I mean, are we expecting, you know, a meaningful, substantial, let’s say, improvement or just, know, a couple points or something like that and that would be a win for you guys?

Amir Li Talzaz, Co-CEO, Guardant Health: Let’s see what the data is going to show like in this competitive landscape. We take any kind of improvement as a step forward for also patient benefit like, you know, any single, any additional sensitivity problem means a larger impact event in stage one performance. But let’s see what the data is gonna show us. We are very confident with the product market fit of the current version of the shield. And hopefully, these pipeline activities would continue to give us upper hand in terms of having the best product in the marketplace.

You know, liquid biopsy and early detection, as it turns out, and we’ve been constantly saying, is not an easy science. So we are very pleased with where we are, and we’ll see how much we can make improvements from current position.

Kyle Mixon, Life Science Tools and Diagnostics, Canaccord: Yeah. And and just as a reminder, you know, Shield has definitely been outperforming liquid biopsy screening for CRC. Obviously just last week we had a deal kind of announced, So you had this company, a major player in screening for colon cancer, provide data for its own internal blood test. The sensitivity was 10 percentage points lower than Shield for example and similar AA, similar specificity. They chose to basically acquire or license a competing test that’s already provided data.

You know, it’s just a little bit less favorable than Shield’s sensitivity and other metrics. So I mean, what’s your response or your reaction to that news, that update I guess? And does that, is that more of a positive for Shield or is that sort of make you a little bit nervous about the long term potential or the overall opportunity of local biopsy in terms of like, you know, the performance that we can kind of ultimately get to?

Amir Li Talzaz, Co-CEO, Guardant Health: The reality is really confirms what we’ve been consistently talking about during the last two, three years that this blood based CRC screening market is real. It’s huge, very big, and could revolutionize the ways that colorectal cancer screening is getting done. And now we we were confident before too, but we are even more confident than before in terms of our open hand, in terms of innovation, technology performance. The cogs profile of the test that Mike actually talked about earlier, some of these technologies do not have very straightforward roadmap to get to a kayaks profile that we are talking about. But we wish our competitors like it.

Would be good for the market development to have like multiple players at some point. We wish them like, and we see what happens. We are continuing our mission of, again, making sure Shield is the best in class product in terms of performance COGS and also indication. We are very excited that in near future, Shield would go well beyond CRC and we would give physicians and patients the option of a multi cancer detection within the same blood test that they are using today for CRC screening.

Kyle Mixon, Life Science Tools and Diagnostics, Canaccord: And then maybe just on that point about the market, what’s like a total market share that liquid biopsy could have in this CRC screening landscape?

Amir Li Talzaz, Co-CEO, Guardant Health: Look, think time would tell, but there are about 120,000,000 people who are eligible for CRC screening in The US. Fifty million people are unscreened, and that’s after having multi decades of having colonoscopy or stool based tests or even the last FDA approved stool test has been market for over ten years. If it was easy to convert this 50,000,000 unscreened patient population to a screening patient population, you should imagine after ten, twenty years these companies would have performed and they would have converted this. So this 50,000,000 people or vast, vast majority of them need a new modality. And I think when you’re talking about a routine, convenient, pleasant blood test for colorectal cancer screening, we can convert a very large fraction of these patients from unscreened to screened.

Maybe I just put a clinical data point out there for you. We’ve done now two randomized studies in two different practices. And we’ve seen that once you put shield blood tests in the menu of CRC screening choices in practices, the rate of screening doubles up. What double up means? It goes from a rate of forty five percent screening to ninety percent screening rate.

And that’s really the promise of this blood test. And when you kind of extrapolate like what this would end in terms of market share, I think the numbers would be very exciting.

Kyle Mixon, Life Science Tools and Diagnostics, Canaccord: And then just a couple more, just one or two more on screening. Do you have any expectation for timelines on the ACS guideline inclusion for Shield as well as maybe the HEDIS, HEDIS measure, inclusion as well?

Amir Li Talzaz, Co-CEO, Guardant Health: So SHIELD today’s guideline recommended by NCCN, which is the voice of oncologist. ACS is American Cancer Society guideline that there are some state level mandates. It’s very powerful, actually guideline body for screening, and we expect that by end of the year. We’ve been very pleased with conversations that our team had with ACS stakeholders during the last couple years, and those positive tone and, you know, is continuing. So that gives us a lot of optimism about potential of inclusion of shield in ACS guideline for CRC screening before end of the year.

Kyle Mixon, Life Science Tools and Diagnostics, Canaccord: And quality measures, do have any thoughts on that? That was helpful for Cologuard.

Amir Li Talzaz, Co-CEO, Guardant Health: Quality measure, actually we are monitoring what’s happening at the HHS front end task force. There are some other initiatives that actually we are pursuing directly with the administration. When you’re looking at CRC screening, innovative tests, there’s some aspects of this, you know, preventative services, early disease diagnosis, which is really matching very well with the agenda of MAHA and what administration is trying to pursue. But we’ll see if any of those efforts come to results and we are monitoring what happens with the task force guideline recommendation, which is typically the prerequisite of HEDIS score upgrades by CMS.

Kyle Mixon, Life Science Tools and Diagnostics, Canaccord: I was gonna ask about the task force to USPSTF. That’s that’s been critical for you guys especially your your cash flow, you know, break even targets as well. You you think you’re gonna hit break hit break even or positive, like, know, after you get the milestone. Know, just theoretically, if you think, primarily, like, if, you know, if if the task force were replaced or if it was, you know, if if there’s big changes there, how does that affect that milestone for you guys? And would you have to look other options to, you know, drive really like accelerated adoption if that’s no longer, you know, the standard, let’s say, that guideline?

Amir Li Talzaz, Co-CEO, Guardant Health: So our team is in touch with administration on the task force front. We are we are monitoring the situation. It looks like the membership, like administration wanna renew the membership membership and the people who are on that council. We are not seeing any sign that they want to actually cancel kind of task force. So we are monitoring the situation to see what happens there.

Having said that, today out of 120,000,000 that I mentioned earlier eligible for CRC screening, about sixty million have coverage for shield. So there is a lot of business for us to mine while we are waiting for task force guideline inclusion, which would broaden the access to other 60,000,000 people. Even with ACS guideline inclusion, we are gonna increase this 60,000,000 to a higher number because of state mandates. So there is a lot of opportunity and business in front of us to mine while we are waiting for task force recommendation and guideline inclusion by them.

Kyle Mixon, Life Science Tools and Diagnostics, Canaccord: Alright. Interesting. So enough on screening for now. Helmy, just on the on the Reveal MRD business, that was the fastest grower in their portfolio in 2Q, I believe. It got, you know, got the surveillance reimbursement in the earlier in 2025 for for CRC.

So what’s been the what are some of the trends and adoption been like for that test since, you know, full reimbursement was given? I think, like, in the past, you were more measured and you were kind of holding back on volumes and so forth and how’s that going now?

Helmi Altuchi, Co-CEO, Guardant Health: No, it’s been great. Obviously MRD is a big market. We’re the largest player in tissue free MRD, really the only company that has reimbursement there in the solid tumors, especially CRC, it has a lot of demand for a product like ours in terms of fast turnaround time, high sensitivity, high specificity. And one of the things that is nice about having that surveillance reimbursement was that essentially the volume pull through, a lot of it is under our control because these are patients that have been tested with Guardant and it’s about essentially following up and making sure they get their three month test or six month test and so on and so forth. And so yeah, we’re seeing good traction there in terms of logistics and execution by the team, in terms of getting those samples in.

We submitted breast just a few weeks ago and that is maybe even the largest indication in MRD. So once we get that, I think we’re going to be in a really good spot for our REVEAL MRD franchise.

Kyle Mixon, Life Science Tools and Diagnostics, Canaccord: Yeah the breast is exciting. So much of your volume today let’s say is breast? Is that going to be a big turning, is that going really flip on a lot of revenue free basically? And also, synergies with the kind of three sixty side of the business, obviously you have a big breast kind of relationships as well. So what’s that like?

Helmi Altuchi, Co-CEO, Guardant Health: Yeah, so breast is just behind CRC. It’s our second largest indication and it’s not something we’ve necessarily been pushing. We’re we’re sort of getting pulled there. We’re seeing a lot of demand. It continues to grow with us us necessarily.

Really investing a lot of sort of promotional effort there. And and so, yeah, we’re we’re very excited about that. And, you know, I think we have data now on IO monitoring with Reveal that’ll be submitted shortly for reimbursement as well. And I think the big turning point there is that once we have reimbursement there, you’ll see this, I think, merging of comprehensive profiling, advanced cancer, and MRD testing. And the beauty of our portfolio is that these products work together very synergistically.

So I think it’s going to be an exciting sort of new paradigm that we’re going to initiate in the coming quarters.

Kyle Mixon, Life Science Tools and Diagnostics, Canaccord: Okay. And could you follow a path similar to the therapy selection side where you were dominant in liquid and then you moved to tissue? Could you do that maybe on the MRD side as well, have like a tumor informed test ultimately?

Helmi Altuchi, Co-CEO, Guardant Health: Yeah, look, I mean we think tissue free market is an enormous market, multi billion dollar market. So many patients are out there that either don’t have tissue in the neoadjuvant adjuvant setting, those that are in the surveillance further out, or in the advanced cancer setting where you just need to be able to monitor these patients and you need to be able to essentially reflex to genomic targets of interest as soon as they progress. The beauty of our platform is that it allows and enables all of that in a very unique and differentiated fashion.

Kyle Mixon, Life Science Tools and Diagnostics, Canaccord: Alright, and quick one on AI because I know that’s like really topical in diagnostics recently. I mean, you guys have some AI based efforts going on. Feel, I think it’s underappreciated honestly when it comes to Guardant. But in terms of looking forward, how can you maybe like integrate AI further and offer like signatures or profiles or whatever to customers to further kind of enhance your competitive offering.

Helmi Altuchi, Co-CEO, Guardant Health: I mean, we already are. These 11 applications we launched in March are off of our null AI learning engine. We have something like close to a million genomic profiles, hundreds of thousands of epigenomic profiles with clinical outcomes data. Think it’s probably the largest dataset, at least in blood by far that I know of. And that has allowed us to essentially sort of train in this sort of internal fashion and move very quickly in this closed feedback loop.

And so I can tell you there’s, you know, these 11 or 14 apps we have out there are just scratching the surface. There’s dozens more apps in the pipeline that will be launched in the coming quarters.

Kyle Mixon, Life Science Tools and Diagnostics, Canaccord: Awesome. And last one, just finally, you have an Investor Day coming up. I think it’s in late September. You know, it’s the first one in two years. A lot’s happened.

You’ve kind of really exceeded expectations in that time frame, I would say. So I’m gonna, you know, first starting with Amirli, how you know, coming out of that Investor Day in September, how do you what do you think will surprise investors and, you know, what will people be focused on kind of heading into 2026?

Amir Li Talzaz, Co-CEO, Guardant Health: Stay tuned. You know, there is exciting stuff happening. I’m looking forward to updating you guys and have conversation about them.

Kyle Mixon, Life Science Tools and Diagnostics, Canaccord: Helmi, anything on your cuts out of the business?

Helmi Altuchi, Co-CEO, Guardant Health: Yeah. Look, I mean, I think we we hit a lot of the targets. I think we set out to hit at the Investor Day two years ago, and and so, you know, this is you know, sometimes people do these Investor Days, and it’s very aspirational, and people kind of forget in terms of, you know, all the stuff they they do. I think for us, we saw that, you know, we made so much progress in just the last two years that it was really worth it for us to go in and update sort of the trajectory of where we’re going over the next five years.

Kyle Mixon, Life Science Tools and Diagnostics, Canaccord: Yeah. And Mike, I guess that’s a confirmation that we’ll see some new like financial targets and and so forth.

Mike Bell, CFO, Guardant Health: I think I mean, obviously, we’ll talk about the financials at the at the Investor Day. And I think I think to help me point, you know, we set a lot of financial targets. I’d say across the board, we’re either on track or ahead of target. So yeah, looking forward to updating on the financials in September.

Kyle Mixon, Life Science Tools and Diagnostics, Canaccord: Great. Okay. Well, thanks a lot guys for joining us. Was great. Appreciate it.

Thank you. Awesome. Thank you. Thank you.

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