GH · CIK 0001576280
What Guardant Health, Inc. told the SEC could break it.
Guardant Health's disclosures center on its dependence on government reimbursement and a single facility. Medicare accounted for more than 10% of total revenue in each of 2023 through 2025, concentrating revenue in one government payer whose economics are set by CMS under PAMA's Clinical Laboratory Fee Schedule — a regime requiring periodic reporting of commercial rates and exposing the company to reimbursement cuts. Operationally, it derives the majority of its revenue from tests run at a single laboratory in seismically active Redwood City, California, so damage or disruption there would jeopardize its ability to perform tests.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- Medicare (payer >10% of revenue)medium
Medicare reimbursement accounted for more than 10% of Guardant's total revenue in each of 2023–2025, concentrating revenue in a single government payer.
“Revenue attributable to Medicare accounted for more than 10% of our total revenue in each of the years ended December 31, 2025, 2024 and 2023.”
SEC filing →As of 2026
Geographic concentration
- single Redwood City, CA laboratorymedium
Guardant derives the majority of its revenue from tests performed at a single laboratory facility in Redwood City, California — a seismically active area; damage there would jeopardize its ability to run tests.
“We currently derive the majority of our revenue from tests performed at a single laboratory facility located in Redwood City, California.”
SEC filing →As of 2026
Regulatory & policy
- CMS / PAMA clinical-lab reimbursement rate-settingmedium
Guardant's economics depend on CMS reimbursement set under PAMA's Clinical Laboratory Fee Schedule, which requires periodic reporting of commercial payer rates and exposes it to rate cuts.
“Under PAMA, laboratories that receive the majority of their Medicare revenue from payments made under the CLFS were required to report to CMS, beginning in 2017 and every three years thereafter (or annually for “advanced diagnostic laboratory tests” (ADLTs)), commercial payer payment rates and volumes for each test they perform.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
“We rely on a limited number of suppliers or, in some cases, sole suppliers, including Illumina Inc., or Illumina, for certain sequencers, reagents, blood tubes and other equipment, software, instruments and materials that we use in our laboratory operations.”
Cited →
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