CareDx Reports Preliminary Revenue Results for Fourth Quarter and Full Year 2023

CareDx, Inc. (Nasdaq: CDNA) – The Transplant Company focused on the discovery, development, and commercialization of clinically differentiated, high-value healthcare solutions for transplant patients and caregivers – today reported preliminary financial results for the fourth quarter and full year ended December 31, 2023.

Fourth Quarter and Full Year 2023 Highlights

• Full year 2023 revenue is expected to be in the range of $279 million to $280 million, which is above the high end of guidance for fiscal year 2023.
• Testing Services patient results grew for the second quarter in a row to approximately 39,900, an increase of 4% as compared to the third quarter of 2023.
• Fourth quarter revenue for Testing Services is expected to be between $46 million and $47 million, a decrease of 3% as compared to the third quarter of 2023, which included one-time items previously discussed during third quarter earnings call.¹
• Full year revenue for Patient and Digital Solutions is expected to be approximately $37 million and for Products is expected to be approximately $33 million, up 29% and 14% year-over-year, respectively.
• Repurchased 2.8 million shares of common stock for $26 million under share buyback program.
• Maintained a strong balance sheet, with approximately $235 million in cash and cash equivalents and marketable securities, with no debt.
• Achieved the fifth consecutive quarter of collections at over 100% of revenue for Testing Services.
• Supported hundreds of transplant patient advocates on Capitol Hill urging President Biden and Health and Human Services (HHS) Secretary Becerra to restore Medicare coverage for molecular blood testing.

Preliminary revenue for the three months ended December 31, 2023, is expected to be between $65 million and $66 million, a decrease of approximately 3% compared with $67.2 million in the third quarter of 2023. Testing services revenue for the fourth quarter is expected to be between $46 million and $47 million, compared with $47.8 million in the third quarter of 2023 and compared with $65.4 million in the same period in 2022. Total AlloSure and AlloMap patient results provided in the fourth quarter were approximately 39,900. Patient and Digital Solutions revenue for the fourth quarter is expected to be $9.7 million, compared to $8.4 million in the same period in 2022. Product revenue for the fourth quarter is expected to be $9.2 million, compared to $8.6 million in the same period in 2022.