Guardant Health Inc. (NASDAQ:GH) stock surged 5.49% in pre-market trading on Friday, following the company's impressive fourth-quarter and full-year 2024 results, which showcased strong revenue growth and promising developments across its product portfolio.

The cancer blood test developer reported a 30% year-over-year increase in revenue for Q4 2024, reaching $202 million. For the full year, revenue grew by 31% to $739 million, driven by robust performance across its clinical and biopharma segments.

One of the key highlights was the significant improvement in the average selling price (ASP) for Guardant's flagship Guardant 360 test, which reached $3,000, four years ahead of the company's target. This achievement was driven by successful reimbursement wins, indicating growing acceptance and adoption of the company's liquid biopsy tests.

Additionally, Guardant Health received FDA approval and Medicare coverage for its Shield blood test for colorectal cancer (CRC), opening up a substantial market opportunity in early cancer detection. The company plans to ramp up its sales force to capitalize on this opportunity, with expectations for strong volume growth in the second half of 2025.

Furthermore, Guardant Health's biopharma segment witnessed a 31% year-over-year revenue growth to $145 million, as the company expanded its partnerships to over 180 biopharma companies, solidifying its position in the precision oncology space.

Analysts from research firms like Stifel Nicolaus, BTIG, and Guggenheim expressed optimism about Guardant Health's prospects, with price target upgrades and reiterations of Buy ratings. The positive sentiment, combined with the company's strong performance and promising outlook, fueled the pre-market stock surge.