2025-06-05-Jefferies-卫士健康（GH）_杰富瑞医疗保健会议第一天_Guardant_Health_8页_107kb

Jefferies maintains a "Buy" rating for Guardant Heath (GH) with a price target of $60 from the current price of $47.7%. Analysts reviewed the company's management team and outlined incremental updates following a fireside chat. Key product developments include:

• G360: Continued rapid quarterly growth, average ASP improvement to $3-3.1k driven by commercial adoption; volumes could double post-ESR1+ detection advancements from SERENA-6.
• Shield: NCCN inclusion for CRC screening, COGS reduced to $ℏ00 with a target of $200 per test at 1M annual volume; sales force expanding from 100 to >200 reps; Shield v2 expected EOY25 with improved sensitivity.
  ‌- Reveal: Anticipated publications in breast cancer and immunoon monitoring-driven indications by next quarter; ASP target of '$1k in '28, with near-term catalysts including reimbursement.
  Additional positive notes include G360's current market share leadership and multi-product traction, with growth driven by commercial efforts and pricing adjustments. The company operates as a leading precision oncology firm in early cancer detection, evaluation implying ~9x estimated 2025 revenues. Risks highlighted include increased competition, payer coverage uncertainty, and regulations for LDT tests. Analysts certify views are independent and compensation not tied to recommendations.

Please see the original report for full disclosures and methodology.