CareDx(US:CDNA)2025-04-30 20:11CareDx First Quarter 2025 Results Financial Highlights CareDx reported strong Q1 2025 financial performance with 18% revenue growth to $84.7 million, achieving non-GAAP net income of $5.4 million and adjusted EBITDA of $4.6 million, and maintaining a solid $231 million cash position Q1 2025 Key Financial Metrics | Metric | Q1 2025 | Q1 2024 | Change (YoY) | | :--- | :--- | :--- | :--- | | Total Revenue | $84.7M | $72.0M | +18% | | Testing Services Revenue | $61.9M | $53.8M | +15% | | GAAP Net Loss | ($10.4M) | ($19.9M) | 48% Improvement | | Non-GAAP Net Income/(Loss) | $5.4M | ($1.4M) | Significant Improvement | | Adjusted EBITDA | $4.6M | ($1.9M) | Significant Improvement | | Cash & Marketable Securities | $231M | N/A | N/A | - The company reaffirmed its full-year 2025 guidance for revenue of $365 million to $375 million and adjusted EBITDA of $29 million to $33 million and maintained its 2027 target of $500 million in revenue and $100 million in adjusted EBITDA610 Business Highlights CareDx achieved its seventh consecutive quarter of sequential growth in testing services volume, reaching approximately 47,100 tests, while advancing strategic initiatives for AlloSure®, AlloHeme™, and Revenue Cycle Management - Testing services volume grew to approximately 47,100, marking the seventh consecutive quarter of sequential growth16 - Launched two expanded indications for AlloSure® Testing Services: AlloSure Heart for pediatric patients and AlloSure Kidney for simultaneous pancreas-kidney (SPK) transplant patients6 - Advanced the AlloHeme™ pipeline with data presentations at the TANDEM and EBMT conferences46 - Completed the restructuring of the Revenue Cycle Management team to drive Average Selling Price (ASP) growth and launched a strategic initiative to enhance integration with EPIC AURA EMR systems6 Detailed Financial Results Q1 2025 total revenue reached $84.7 million, up 18% YoY, driven by growth across all segments, significantly narrowing GAAP net loss to $10.4 million and achieving non-GAAP net income of $5.4 million Q1 Revenue Breakdown (YoY) | Revenue Segment | Q1 2025 | Q1 2024 | Growth | | :--- | :--- | :--- | :--- | | Testing Services | $61.9M | $53.8M | +15% | | Patient and Digital Solutions | $12.0M | $9.6M | +24% | | Product | $10.8M | $8.6M | +26% | | Total Revenue | $84.7M | $72.0M | +18% | - Testing Services revenue for Q1 2025 included a $1.1 million write-off for aged receivables, with non-GAAP adjusted testing services revenue at $63.0 million excluding this57 Q1 Profitability (YoY) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | GAAP Net Loss | ($10.4M) | ($19.9M) | | GAAP Net Loss per Share | ($0.19) | ($0.38) | | Non-GAAP Net Income/(Loss) | $5.4M | ($1.4M) | | Non-GAAP Diluted Net Income/(Loss) per Share | $0.09 | ($0.03) | | Adjusted EBITDA | $4.6M | ($1.9M) | Financial Statements The financial statements detail an 18% revenue increase and reduced operating loss to $13.4 million, while the balance sheet shows stable total assets at $489.6 million and a strong equity position with no debt Condensed Consolidated Statements of Operations Q1 2025 total revenues were $84.7 million, with operating expenses of $98.1 million, resulting in a $13.4 million loss from operations and a GAAP net loss of $10.4 million, or $0.19 per share Q1 2025 Statement of Operations Highlights (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Revenue | $84,685 | $72,049 | | Total Operating Expenses | $98,059 | $94,615 | | Loss from Operations | ($13,374) | ($22,566) | | Net Loss | ($10,353) | ($19,888) | | Net Loss per Share (Basic & Diluted) | ($0.19) | ($0.38) | Condensed Consolidated Balance Sheets As of March 31, 2025, CareDx held $230.9 million in cash and marketable securities, with total assets of $489.6 million, total liabilities of $110.3 million, and total stockholders' equity of $379.3 million, with no debt Balance Sheet Highlights (in thousands) | Line Item | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $88,745 | $114,689 | | Marketable securities | $142,172 | $145,964 | | Total Assets | $489,638 | $491,050 | | Total Liabilities | $110,289 | $112,617 | | Total Stockholders' Equity | $379,349 | $378,433 | 2025 Guidance CareDx reaffirms its full-year 2025 financial guidance, projecting total revenue between $365 million and $375 million and adjusted EBITDA between $29 million and $33 million Full-Year 2025 Guidance | Metric | Guidance Range | | :--- | :--- | | Revenue | $365M - $375M | | Adjusted EBITDA | $29M - $33M | Non-GAAP Financial Measures & Reconciliations CareDx uses non-GAAP measures like adjusted EBITDA and non-GAAP net income to clarify core operating performance, reporting Q1 2025 non-GAAP net income of $5.4 million and adjusted EBITDA of $4.6 million - The company uses non-GAAP financial measures to assist investors in assessing operating results by excluding items like stock-based compensation, acquisition-related amortization, and litigation settlement expenses1415 Reconciliation of GAAP Net Loss to Non-GAAP Net Income (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | GAAP Net Loss | ($10,353) | ($19,888) | | Stock-based compensation | $8,931 | $16,573 | | Acquisition related-amortization | $1,539 | $1,653 | | Litigation settlement expense | $5,360 | $0 | | Other adjustments | $46 | $214 | | Non-GAAP Net Income (Loss) | $5,424 | ($1,448) | Reconciliation to Adjusted EBITDA (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Non-GAAP Net Income (Loss) | $5,424 | ($1,448) | | Interest income | ($2,784) | ($2,885) | | Income tax expense | $157 | $19 | | Depreciation expense | $2,061 | $2,168 | | Other (income) expense, net | ($295) | $290 | | Adjusted EBITDA | $4,563 | ($1,856) |