Guardant Health, Inc.

Hello everyone, thank you for joining us and welcome to the Gardent Health second quarter 2026 earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, please press star 1 again. I will now hand the conference over to Zarak Khurshid, VP of Investor Relations. Zarak, please go ahead.

Thank you. Earlier today, Garden Health released financial results for the quarter ended June 30th, 2026. Joining me today from Garden are co-CEOs Helmy Eltoukhy and AmirAli Talasaz and Chief Financial Officer Mike Bell. Before we begin, I'd like to remind you that during this call, we will be making forward-looking statements within the meaning of federal securities laws. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated. This call will also include a discussion of non-GAAP financial measures, which are adjusted to exclude certain specified items, additional information regarding material risks and uncertainties, as well as the non-GAAP financial reconciliation to most directly comparable GAAP financial measures are available in the press release GARDEN issued today, as well as in our 10Q and other filings with the SEC. GARDEN disclaims any intention or obligation to update or revise financial projections and forward-looking statements, whether because of new information, future events, or otherwise, except as required by law. The information in this conference call is accurate only as is the live broadcast. With that, I would like to turn the call over to Helmy.

Thanks, Eric. Good afternoon, and thank you for joining our second quarter 2026 earnings call. Starting on slide three, the platform we have built at Gartent is enabling four of the largest opportunities in precision medicine, therapy selection, recurrence monitoring, cancer screening, and ultimately, multi-disease screening. Together, these represent nearly $400 billion in potential markets, all powered by the same smart platform and the compounding technology data and clinical insights to generate across the disease continuum. Q2 was a landmark quarter in advancing that vision. During the quarter, we received FDA approval for GARDEN360 Liquid CDX, as well as approval for a higher throughput, lower COGS SHIELD workflow. In addition, we achieved two significant SHIELD milestones, inclusion in the American Cancer Society's Colorectal Cancer Screening Guidelines, and just this month, a major coverage decision from UnitedHealth Group. Together with continued broad-based growth across the business, these results demonstrate that we are steadily turning our smart platform vision into clinical impact and durable growth. Before I share our results in more detail, I'd like to share a story that illustrates the real-world impact of our tests. Maria was a 46-year-old mother of two living with metastatic breast cancer. After surgery, chemotherapy, endocrine therapy, and later progression on multiple lines of treatment, her care team faced a familiar but frustrating question, what next? Her disease had become harder to control. She was limited from prior biopsies and may not be representative of her current disease and another invasive procedure would have delayed treatment decisions. Our oncologist ordered a GARDEN360 liquid test to provide a comprehensive real-time view of her cancer through a blood draw. The results changed the conversation. Garden 360 Liquid identified homologous recombination deficiency, or HRD, which occurs when cells lose their ability to actively repair double-stranded DNA breaks. Armed with this new biological insight, Maria's care team had greater confidence that her cancer may be more responsive to a DNA damage response strategy as opposed to another empiric chemotherapy. Maria's oncologist shifted her treatment plan to a biomarker-informed approach that included platinum-based therapy, which responded well to, but manageable side effects. Turning to our revenue performance in slide four, we delivered $335 million of revenue in the second quarter, representing 44% year-over-year growth. The growth was strong and broad-based across our oncology, biopharma and data, and screening business lines. Taking a closer look at our oncology business in slide five. Oncology revenue grew 38% year over year, driving Q2 revenue of $219 million. Oncology test volumes rose 63% to approximately 104,000 tests, up from 64,000 in the prior year period, with strength across all products. Turning to slide six. The tremendous 63% growth in oncology volume represented another quarter of acceleration, reflecting the increasing strength of our portfolio across both therapy selection and MRD. Garden360 Liquid year-over-year volume growth accelerated from the first quarter, delivering greater than 30% growth, benefiting from continued smart platform adoption. Garden360 Tissue volume growth also accelerated in the quarter and remains our second fastest growing product. Reveal continues to be our fastest growing product with volume growth accelerating again to more than 100% year over year, reflecting continued strength in MRD and growing adoption of the therapy monitoring use case. Moving to slide seven, I wanted to spend a moment on what we believe is one of our most underappreciated assets, our data. Every patient we test deepens a proprietary data asset that is difficult, if not impossible, for others to replicate. Today that repository spans more than 1.3 million patient tests and over 700,000 epigenetic profiles across more than 100 tumor types. This is the raw fuel that powers Infinity AI, enabling the discovery of novel biological signatures, the development of new clinically actionable smart apps, and the acceleration of drug discovery for our biopharma partners. At ASCO in June, we showcased several innovative new tools built on our Infinity AI platform, and we are seeing a very strong positive response. Turning to slide eight. In May, we received FDA approval for Garden360 Liquid CDX, the most advanced FDA-approved liquid biopsy panel with 100 times more content versus our legacy FDA-approved CDX product. Garden360 Liquid CDX is significant for several reasons. Most notably, it reinforces GARDEN's leadership in the field of liquid CGP testing, with GARDEN 360 Liquid CDX representing the only FDA-approved liquid biopsy test integrating both genomic and epigenomic content. Over time, GARDEN 360 Liquid CDX will help to simplify our therapy selection portfolio by consolidating multiple offerings into a single product. They're also excited by the potential for GARDEN360 Liquid CDX to complement GARDEN360 Tissue to drive greater adoption. We remain on track to obtain ADLT designation for GARDEN360 Liquid CDX in the first half of 2027. In June, we began a phased rollout of GARDEN360 Liquid CDX to our U.S. customers, and we plan to offer widespread availability of the test following ADLT designation. This approach is intended to ensure a smooth reimbursement transition to the new test. The FDA approval in the second quarter represents one of the most significant regulatory milestones in our company's history, and the feedback from customers thus far has been incredibly strong. Turning to slide nine, Reveal continues to perform at an extremely high level with volume growth accelerating for the third quarter in a row to well above 100% year over year. We believe Reveal remains the most validated and highest performing tissue-free MRD solution with a five-day turnaround time. Once again, we experienced strong MRD uptake in the second quarter across major indications, and Reveal therapy monitoring continues to stand out as a major volume growth driver in its second full quarter after launch. Reveal is uniquely suited for therapy monitoring in late-stage cancer, helping predict therapy response months before imaging and with seamless connectivity to GARDEN360 Liquid. It can help physicians to act sooner and with more precision. Late-stage cancer therapy monitoring alone is a multi-million test annual opportunity that remains largely untapped. We continue to be excited about the commercial momentum behind Reveal, and we remain on track to launch Reveal Ultra later this year, which we believe will be the most sensitive tumor-informed MRD test. Turning to slide 10, we continue to make progress advancing our Reveal data and publication pipeline. As a reminder, we have submitted data to MoDX for coverage for breast cancer surveillance, immuno-oncology monitoring, and chemotherapy monitoring, and those initiatives continue to progress. Shifting to our biopharma and data business in slide 11. Revenue grew 9% year-over-year to $61 million, which marks the record quarter. Our companion diagnostic franchise continues to build momentum. We now have 28 CDX approvals, with four added in the first half of this year alone. This reflects the strategic value for a smart platform to leading biopharma companies. During the quarter, we received FDA approval for GARDEN360 CDX as a companion diagnostic for Boehringer-Engelheim's Hermexios, the first targeted therapy approved for adults with HER2 or ERVB2 mutant advanced non-small cell lung cancer as an initial treatment option. We also received FDA approval for GARDEN360 CDX as a companion diagnostic for our venous and Pfizer's Vipano for ER-positive HER2-negative ESO1-mutated advanced breast cancer. We also announced a collaboration with Nuvalent to develop companion diagnostics with an initial focus on garden 360 tissue. With that, I'll now turn the call over to Amir Ali for an update on screening.