CareDx Inc ( (CDNA) ) has released its Q3 earnings. Here is a breakdown of the information CareDx Inc presented to its investors.
CareDx, Inc., based in Brisbane, California, is a precision medicine solutions company specializing in the development of healthcare solutions for transplant patients, offering testing services, products, and digital healthcare solutions. In its third-quarter report for 2024, CareDx announced a notable 23% increase in total revenue year-over-year, amounting to $82.9 million. The company also posted a non-GAAP net income of $8.0 million and a positive adjusted EBITDA of $6.9 million, marking a significant improvement from the previous year.
Key highlights include a 27% increase in Testing Services revenue and a 20% boost in Patient and Digital Solutions revenue. The company experienced a reduction in its GAAP net loss to $7.4 million from $23.5 million in the same quarter last year. Moreover, CareDx reported a healthy cash flow from operations of $12.5 million and maintained a strong cash position with $241 million in cash, cash equivalents, and marketable securities, with no outstanding debt.
Strategically, CareDx announced the reaffirmation of Medicare coverage for its AlloSure® and AlloMap® Testing by CMS and noted an uptick in kidney surveillance testing. Additionally, the company bolstered its executive team with the hiring of key industry veterans and unveiled advancements in its Assign software and QTYPE rapid typing solutions.
Looking ahead, CareDx has raised its annual revenue guidance to a range of $327 to $331 million and adjusted EBITDA guidance to a gain of $18 to $22 million, reflecting its confidence in continued growth and positive financial performance. The company remains focused on maintaining its momentum and delivering strong results for the remainder of the year.
