Shares of Guardant Health are trading higher after the company raised its full-year revenue outlook and reported higher-than-expected sales during the second quarter.
The stock rose 6.1%, to $161.69, on Friday, extending its nearly 60% climb year to date.
The oncology company said late Thursday it now expects revenue of $1.34 billion to $1.36 billion for the year, up from a prior forecast of $1.3 billion to $1.32 billion. Analysts polled by FactSet are expecting $1.31 billion.
The new outlook came as Guardant reported revenue of $335 million in the recent quarter, a 44% jump from last year and ahead of Wall Street models for $314.2 million.
Co-Chief Executive Helmy Eltoukhy attributed the growth primarily to the company's oncology unit. Revenue from the business climbed 38% to $219.1 million, driven by an increase in test volumes, which are up 63% from a year earlier.
Screening revenue came in at $52.9 million, up from $14.8 million a year ago.
Guardant widened its second-quarter loss, though, as investments to expand commercial infrastructure and step up marketing efforts increased operating expenses.
The company reported a loss of $120.1 million, or 90 cents a share, compared with a loss of $99.9 million, or 80 cents a share, a year earlier. On an adjusted basis, the quarterly loss came out to 42 cents a share, compared with analyst views for a loss of 39 cents a share.
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