Guardant Health : Q1 2024 Earnings Call - Presentation

Transforming Cancer Care

Q1 2024 Earnings Call

May 9, 2024

Safe harbor and non-GAAP disclosures

Certain statements in this presentation and the accompanying oral commentary are forward-looking statements within the meaning of federal securities laws. These statements relate to future events or Guardant Health, Inc. (the "Company")'s future results and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "would," "should," "to," "target," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential" or other comparable terminology. All statements other than statements of historical fact could be deemed forward-looking, including any expectations regarding the Company's commercial engine as a force multiplier for research and development initiatives; any projections of market opportunities; statements about the Company's ability to assess potential market opportunities or any statements about the Company's ability to successfully develop new products and services; any statements regarding expectations for future reimbursement opportunities; any statements regarding the Company's long-term expectations, including with respect to oncology, liquid biopsy, and other aspects of the Company's industry; any statements about launching planned new products and additional laboratories, including with respect to Guardant Reveal, CGP tissue assay, and laboratories outside the United States; any statements about the Company's ECLIPSE study; any statements regarding expectations for future regulatory approvals; any statements about historical results that may suggest trends for the Company's business; any statements of the plans, strategies, and objectives of management for future operations and directions; any statements of expectation or belief regarding future events, opportunities to drive future growth, potential markets or market size, or technology developments; and any statements of assumptions underlying any of the items mentioned. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and

projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company's control. These and other important factors may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this presentation are made only as of the date hereof. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see the Company's periodic filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2023, and in its other reports filed with or furnished to the Securities and Exchange Commission. Except as required by law, the Company assumes no obligation and does not intend to update these forward-looking statements or to conform these statements to actual results or to changes in the Company's expectations. This presentation also contains estimates and other statistical data made by independent parties and by the Company relating to market size, penetration and growth and other data about the Company's industry, which involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. In addition, projections, assumptions, and estimates of the Company's future performance and the future performance of the markets in which the Company operates are necessarily subject to a high degree of uncertainty and risk. In light of the foregoing, investors are urged not to rely on any forward-looking statement or third-party data in reaching any conclusion or making any investment decision about any securities of the Company.

This presentation includes references to certain financial measures that are not calculated in accordance with GAAP. Reconciliation to the most directly comparable GAAP financial measure may be found in the earnings release furnished to the SEC.

2

Transforming patient lives across the

continuum of cancer care

Therapy Selection

Technology	Market	Biopharma	Attractive
Leader	Leader	Partnerships	Financial Profile

Pipeline of multi-billion dollar revenue opportunities

MRD / Recurrence Monitoring	Screening
1st and only Medicare-reimbursedtissue-free	Spearheading a new category with Shield blood test,
liquid biopsy	demonstrated for CRC and with roadmap to multi-cancer test

3

Robust topline growth driven by

precision oncology revenue

Total Revenue	31%

	$168M	YoY Growth
$129M
Q1 2023	Q1 2024

Precision Oncology Revenue 38%

	$156M	YoY Growth
$113M
Q1 2023	Q1 2024

4

Strong growth in clinical and

biopharma volumes

Clinical Volumes	20%

	46,900	YoY Growth
39,100
Q1 2023	Q1 2024

Biopharma Volumes	37%

	8,450	YoY Growth
6,150
Q1 2023	Q1 2024

5

Q1 Therapy Selection highlights

Generated positive free cash flow in Therapy Selection business

Significant improvement in Guardant360 ASP from recent commercial payer coverage wins

and CMS Guardant360 LDT increase to $5,000

Continued Guardant360 volume growth across all cancer types

More than one third of orders were digital, following increased EMR integrations

Surpassed 500 peer-reviewedpublications highlighting value of technology

6

Partnership to benefit lung cancer patients through expanded NHS study

The Royal Marsden

• Launched new service at The Royal Marsden in England to test advanced NSCLC patients using
  Guardant360
• NHS England study has already enabled >2,000 patients with suspected NSCLC to receive a liquid biopsy at time of diagnosis
• NHS England plans to expand study to test an additional 10,000 patients by March 2025

7

Demonstrating first-of-its-kindcapabilities powered by our Smart Liquid Biopsy Platform

Adverse event prediction

Histologic subtyping

Disease monitoring

Prognostic assessment

Highlights the potential for greater insights from Smart Liquid Biopsy beyond genotyping and therapy monitoring

8

Deep Reveal clinical data pipeline supporting efforts for additional reimbursement

Indication	Specific Studies	1H 2024	2H 2024	1H 2025	2H 2025
CRC Surveillance	COSMOS

BreastMultiple

LungSMC

Pancreatic COSMOS

GastricCOSMOS

Longer term	Phase II	Phase III	Phase III
PEGASUS	TRACC Part C	ACT-3
prospective trials
(Colon)	(CRC)	(Colon)

Submission, under peer-review

9

Publication of ECLIPSE study

validates strength and quality of clinical data

• Publication in the New England Journal of Medicine, the world's leading medical journal
• Endorsement of the clinical data and study quality
• Data meets the benchmark for Medicare reimbursement and to be the first FDA approved, Medicare reimbursed, CRC screening test

https://www.nejm.org/doi/pdf/10.1056/NEJMoa2304714