Cancer test maker Guardant Health (NASDAQ:GH) reached a new 52-week low on Friday after the company reported better-than-expected financials for Q4 2023 but issued in-line guidance, disappointing investors.
Palo Alto, California-based Guardant (GH) recorded $155.1M in revenue for Q4 with ~22% YoY growth, exceeding its initial forecast of $153-$154M early this year as its precision oncology revenue climbed ~25% YoY to $142.2M.
While its gross margin slipped to 60% from 63% in the prior year, its net loss rose ~34% YoY to $187M, mainly due to a one-time legal accrual charge of $83.4M.
For 2023, the company reported $563.9M in revenue with ~25% YoY growth and said its 2024 revenue, excluding screening, could grow 16%–19% to $655M–$670M in line with $669.3M in FactSet consensus.
After the results, Wall Street firms J.P. Morgan and Canaccord Genuity cut their price targets on GH while reiterating bullish views.