Grade History
| Quarter | Disclosure Quality | Financial Quality |
|---|---|---|
| Q1'25 → | B+ | B+ |
| Q2'25 → | B+ | A |
| Q3'25 → | B+ | A- |
| Q4'25 → | B+ | B |
| Q1'26 → | B+ | B+ |
Promise Ledger · All Quarters
| Marked | Promise | Status | |
|---|---|---|---|
| Q1'26 | ❌ | ACS guideline inclusion expected in near future Still saying 'near term' without timeline progression, suggests delays | missed |
| Q1'26 | ✅ | Core business (ex-screening) to be FCF positive in 2026 Already FCF positive in Q3/Q4 2025, confirmed for full year 2026 | delivered |
| Q1'26 | ✅ | Shield cost per test declining toward $200 at scale Cost down to $420 from $450, trending toward $200 target | delivered |
| Q1'26 | ✅ | Biopharma revenue growth in low double-digit range 17% YoY growth vs 'low double-digit' guidance | exceeded |
| Q1'26 | ⏳ | Complete NovaSeq X transition for G360 Liquid during 2026 On track to complete in May 2026 per management | pending |
| Q1'26 | ✅ | Shield volume sequential increases every quarter with greater increases in back half Q4 to Q1 grew from 38K to 44K tests, guidance implies continued sequential growth | delivered |
| Q4'25 | ✅ | FDA submission for G360 liquid PMA Submitted in Q4, tracking for approval in second half 2026 | delivered |
| Q4'25 | ✅ | Oncology revenue growth of approximately 25% Delivered 26% growth vs 25% guided | exceeded |
| Q4'25 | ✅ | Shield revenue guidance of $71-73M for 2025 Delivered $79.7M, beating high end by $6.7M | exceeded |
| Q4'25 | ⏳ | Quest collaboration launch in Q1 2026 Still on track for later in Q1 launch | pending |
| Q4'25 | ✅ | Submit additional Reveal data packages to MolDx in Q4 Submitted chemo monitoring package, planning CDK4/6 package after publication | delivered |
| Q4'25 | ✅ | Core business (ex-Shield) to reach FCF positive in Q4 2025 Achieved FCF positive one quarter early in Q3, sustained in Q4 | exceeded |
| Q4'25 | ✅ | Shield volume sequential increases every quarter with greater increases in back half Q4 delivered 14K sequential increase, stronger than Q3's 8K | delivered |
| Q3'25 | ✅ | Reveal breast reimbursement submission to MolDx Submitted in Q3 as promised | delivered |
| Q3'25 | ✅ | Shield MCD broader access 'in the near future' Launched nationwide clinical data collection initiative in Q3 | delivered |
| Q3'25 | ✅ | Free cash flow burn $225-235M for full year Maintained guidance despite higher revenues - showing discipline | delivered |
| Q3'25 | ✅ | Non-GAAP gross margin 63-64% for full year Raised to 64-65% on Shield and Reveal margin improvements | exceeded |
| Q3'25 | ✅ | Oncology volume growth greater than 27% for full year Raised to greater than 30%, ahead of prior expectation | exceeded |
| Q3'25 | ✅ | Shield revenue $55-60M for full year 2025 Raised to $71-73M, beating by $13M+ at midpoint | exceeded |
| Q3'25 | ✅ | Core business free cash flow positive by Q4 2025 Delivered in Q3, one quarter ahead of schedule | exceeded |
| Q2'25 | ✅ | Total revenue range $880M-$890M for 2025 Raised to $915M-$925M, second raise this year | exceeded |
| Q2'25 | ❌ | Shield V2 data and potentially launching Shield V2 later this year Now admits 'maybe delayed a little bit' from year-end timeline | missed |
| Q2'25 | ✅ | Reveal breast reimbursement submission expected this year Submitted to MolDx in Q2 as promised | delivered |
| Q2'25 | ✅ | Both R&D and G&A expenses relatively flat vs 2024 Both flat in Q2, confirming operating leverage | delivered |
| Q2'25 | ✅ | Shield would be more back-end loaded due to sales rep ramp Q2 showed acceleration, maintaining H2 weighting in guidance | delivered |
| Q2'25 | ✅ | Total oncology volume to grow greater than 25% Raised to >27% based on Q2 outperformance | exceeded |
| Q2'25 | ✅ | Shield revenue guidance $40M-$45M for 2025 Raised to $55M-$60M - delivered on ADLT pricing and volume acceleration | exceeded |
| Q1'25 | ✅ | Free cash flow burn reduction in 2025 Guided to $225-235M vs $275M in 2024 | delivered |
| Q1'25 | ⏳ | Shield MCD data presentation in scientific conference Q2 2025 Data presented at AACR as promised, now moving to NCI Vanguard study | pending |
| Q1'25 | ✅ | Major tissue test upgrade in 2025 Launched Guardant360 Tissue with comprehensive multi-omic capabilities | delivered |
| Q1'25 | ✅ | Medicare CRC surveillance coverage for Reveal Received coverage at $1,644 rate, effective January 2025 | delivered |
| Q1'25 | ✅ | Reveal gross margin positive with surveillance reimbursement Achieved gross margin positive in Q1, ahead of original timeline | exceeded |
| Q1'25 | ✅ | ADLT status for Shield in 2025 Received ADLT status effective April 1, 2025, increasing Medicare rate to $1,495 | delivered |
| Q1'25 | ❌ | Shield V2 launch by end of 2024 Quietly dropped specific timeline, now says 'potentially launching Shield V2 later this year' | missed |
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