What happened

Shares of Guardant Health (NASDAQ: GH) were sinking 7.9% as of 3:05 p.m. EST on Thursday. The genomics company didn't report any news that would cause its stock to slide. Instead, Guardant Health's shares were pulled down by the broader market sell-off.

So what

Growth stocks are usually more volatile than the major market indexes. We're seeing that to be the case with Guardant Health today. However, it's best for investors to ignore short-term volatility and focus on the company's long-term business prospects.

Those prospects appear to remain solid for Guardant Health. The company expects 2021 revenue will jump between 26% and 29% year over year. That's less than the 34% growth posted in 2020. However, Guardant Health tends to provide conservative guidance that it ultimately beats.

The overall market for liquid biopsy is huge -- and largely untapped. Guardant Health definitely has an opportunity to grow significantly over the next decade and beyond.

Image source: Getty Images.

Now what

The company's Guardant360 CDx product received a CE mark (which indicates it complies with European Union standards) earlier this week. This is a major milestone for Guardant Health in marketing the product in Europe. Guardant Health also recently launched GuardantREVEAL, a liquid biopsy for the detection of residual and recurrent colorectal cancer. Both of these products should be important to the company's growth in 2021.

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Keith Speights owns shares of Guardant Health. The Motley Fool owns shares of and recommends Guardant Health. The Motley Fool has a disclosure policy.