PALO ALTO, Calif. - Guardant Health , Inc. (NASDAQ:GH), a leader in precision oncology, announced today the appointment of Roberto A. Mignone as a new member of its board of directors. Mignone, the Founder and Managing Partner of Bridger Management LLC, joins the board with immediate effect, bringing a wealth of expertise in healthcare industry investment and long-term equity strategies.
Mignone's appointment follows the recent FDA approval of Guardant's early-stage colorectal cancer screening product, Shield. His experience in business strategy is expected to further strengthen the company's product offerings and its mission to provide better care for cancer patients globally.
Helmy Eltoukhy, chairman and co-CEO of Guardant Health, expressed confidence in Mignone's ability to contribute to the company's vision, stating that they look forward to the perspective he will bring as they enhance their continuum of care.
With a history that includes co-founding Blue Ridge Capital LLC and serving as co-Vice Chairman at the New York University Langone Medical Center, as well as being a board member at Teva Pharmaceuticals, Mignone's background is well-aligned with Guardant's focus on transforming patient care. The company, founded in 2012, has been at the forefront of utilizing blood and tissue tests, real-world data, and AI analytics to provide insights into disease drivers and improve patient outcomes.
Mignone expressed his inspiration by Guardant Health's innovative approach to addressing the world's most pressing health challenges and his eagerness to contribute to the company's mission of improving care for cancer patients.
The announcement is based on a press release statement from Guardant Health, Inc.
In other recent news, Guardant Health Inc. has announced a $400 million at-the-market equity offering program in partnership with Jefferies LLC. The sales agreement allows the company to sell shares of its common stock at its discretion, subject to market conditions. The company's recent financial performance has been robust, with second-quarter revenue reaching $177.2 million, a 29% increase year-over-year, largely driven by its oncology business.
The company's Shield blood test for colorectal cancer screening received FDA approval and is now included in Medicare coverage. The company anticipates administering over 1 million of these tests by 2028. TD Cowen has retained its Buy rating on Guardant Health's stock and raised its price target from $41.00 to $42.00 following these developments.
Guardant Health has also raised its 2024 guidance by $15 million after an 8% sales increase in the second quarter, which was driven by pharmaceutical collaborations and price adjustments for past tests. Despite a projected negative free cash flow for 2024, the company expects an improvement from 2023. These are recent developments in the company's performance and strategic initiatives.
InvestingPro Insights
As Guardant Health (NASDAQ:GH) welcomes Roberto A. Mignone to its board, investors might be interested in some key financial metrics that shed light on the company's current position. According to InvestingPro data, Guardant Health's market capitalization stands at $2.49 billion, reflecting its significant presence in the precision oncology space.
The company's revenue growth is noteworthy, with a 26.2% increase over the last twelve months as of Q2 2023, reaching $643.81 million. This growth trajectory aligns with the company's ongoing efforts to expand its product offerings, including the recently FDA-approved Shield for early-stage colorectal cancer screening.
However, InvestingPro Tips reveal that Guardant Health is not currently profitable, with analysts not anticipating profitability this year. This is reflected in the company's negative P/E ratio of -6.41 for the last twelve months. Despite this, the company operates with a moderate level of debt and maintains liquid assets that exceed short-term obligations, which could provide financial flexibility as it continues to invest in growth and innovation.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights. Currently, there are 15 more InvestingPro Tips available for Guardant Health, which could provide valuable context for understanding the company's financial health and market position as it moves forward with its new board member and strategic initiatives.
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