Oncology and Shield Did the Heavy Lifting
Guardant's investor relations release put total revenue at $361.0 million for the quarter ended September 30, 2026, up 36% from $265.2 million a year earlier. Oncology revenue was $231.3 million, up 25%, on about 117,000 oncology tests, up 58%. Screening revenue was $67.6 million, up 180%, on about 83,000 Shield tests, up 246% from 24,000 a year earlier. Biopharma and data revenue was $59.0 million, up 8%. Non-GAAP gross margin was 67%. Non-GAAP net loss was $38.8 million, or $0.29 per share, versus a $48.3 million loss, or $0.39 per share, a year earlier. GAAP net loss was $124.4 million, or $0.93 per share. Free cash flow was a $37.2 million use. Cash, cash equivalents, and restricted cash were about $1.1 billion at quarter-end.
Investing.com put Street consensus near a $0.75 non-GAAP loss per share and about $350.76 million of revenue, so the quarter cleared both lines. Operating highlights in the release included FDA approval of Guardant360 CDx as a companion diagnostic for camizestrant and for imlunestrant with abemaciclib in eligible ESR1-mutated breast-cancer settings, a PMA submission for Guardant360 Tissue, Shield commercial coverage above 80% of eligible lives, and deployment of a lower-COGS, higher-throughput Shield workflow.
Revenue Guidance Up; Free Cash Flow Burn Up Too
Full-year 2026 revenue guidance moved to $1.36 billion to $1.37 billion from $1.34 billion to $1.36 billion, implying growth of 38% to 40%. Screening revenue guidance rose to $233 million to $238 million from $218 million to $230 million, with Shield volume now guided to 285,000 to 290,000 tests. Non-GAAP gross margin is now expected near 65%. Non-GAAP operating expenses moved higher to $1.105 billion to $1.125 billion from $1.080 billion to $1.100 billion. Free-cash-flow burn guidance widened to $205 million to $220 million from $195 million to $205 million.
A beat-and-raise on revenue that still sells off when the cash-burn ceiling moves higher is a familiar pattern in high-growth diagnostics: the Street can clear the top line and still reprice how much cash the commercial build will consume before Shield and oncology scale cover it.
Ten Percent After Hours Against a Seventeen-Percent Monthly Chain
OptionSlam tracked a roughly 17.29% implied move on the November 20 monthly straddle into the report, referencing a pre-earnings close near $168.58. Earnings Watcher listed GH among Thursday's after-close names with an implied move near ±17.5%. An after-hours print near $137.49 is about 10.4% below Thursday's $153.43 close and about 18.4% below Wednesday's $168.58 close, so the combined cash-plus-extended move sits near or past that prepaid monthly band; the extended-hours low near $126.25 would be closer to a 25% gap from Wednesday and would sit further outside. Delayed Cboe quotes are a reference for Friday's open rather than fills: spreads can be wide after a double-digit gap, after-hours stock prints can fade or extend, and equity options do not trade until 9:30 AM ET.
When a Diagnostics Beat Still Pays the Short Side
A name that gaps lower by about 10% after hours after already slipping in the cash session leaves short straddles and iron condors that collected the roughly 17% event premium under directional pressure into Friday's open, especially if the stock holds below the monthly lower break-even measured from Wednesday. Long puts that captured the after-hours move can still lose value once implied volatility resets, particularly if the open stabilizes back inside the prepaid band. Call debit spreads that needed a clean beat-and-rally face a tape that sold a revenue raise on the wider burn guide anyway. Our implied volatility guide covers how post-earnings IV usually compresses, and the OCC options disclosure document explains the risks of standardized options, including assignment.
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*By the OptionsPilot Editorial Team. Published November 5, 2026, 9:18 PM PT. This article is for education only and is not investment advice. Options involve risk and are not suitable for all investors.*
