With COVID-19 dominating the world's healthcare concerns for the past year and change, people have been letting a lot of other potential medical concerns slide. One result of that: a drop-off in cancer screenings.
Even so, Guardant Health (NASDAQ: GH) -- a not insubstantial holding in Cathie Wood's ARK Genomics Revolution ETF (NYSEMKT: ARKG) -- was able to grow its first-quarter revenue by 17% year over year to $79 million. The liquid biopsy specialist also enjoyed record clinical volume, increasing the number of tests performed in the quarter by 21% year over year to 18,390, according to the earnings release it delivered May 6.
What management said during that afternoon's conference call offered some hope for the company's future. However, the call also raised some serious concerns about the company's valuation and its ability to become profitable. The latter issues eventually outweighed the former in the minds of investors. After a slight gain on May 7, the market sent all 650,000 plus of Wood's shares in Guardant down by about 10% by the close of the next trading session.
For further details see:
With Expenses Growing Faster Than Revenue, Is This Cathie Wood Stock in Trouble?