CareDx Announces Fourth Quarter and Full Year 2023 Financial Results
- CareDx exceeded 2023 revenue guidance with $280.3 million, showcasing growth.
- Testing Services revenue reached $209.7 million, with consistent patient result growth.
- Cash and securities stood at $235.4 million, with no debt, highlighting financial stability.
- Collections exceeded 100% of Testing Services revenue for the fifth consecutive quarter.
- Received Medicare coverage for HeartCare and AlloSure Lung, enhancing market reach.
- Fourth quarter 2023 revenue decreased by 20% due to Medicare Billing Article changes.
- Net loss for the full year 2023 was $190.3 million, including a significant accrual related to patent infringement.
- Adjusted EBITDA for the full year of 2023 was a loss of $38.0 million, indicating financial challenges.
Insights
From a financial standpoint, CareDx's reported revenue of $280.3 million for the full year 2023, which surpassed their own updated guidance, is a positive signal to investors regarding the company's ability to forecast and manage expectations. However, the overall decrease in revenue by 13% compared to the previous year, alongside a 20% decrease in Testing Services revenue, indicates a challenging market environment, potentially influenced by external factors such as Medicare coverage changes. The increase in Patient and Digital Solutions and Product revenues (29% and 15%, respectively) suggests a diversifying revenue stream, which could be a strategic hedge against volatility in their core Testing Services segment.
The significant net loss of $190.3 million, including a substantial accrual for patent infringement damages, is a major concern. Such a loss can impact investor sentiment and the company's financial flexibility. The share buyback program executed in 2023, while typically a sign of confidence in the company's valuation, must be weighed against the potential need for capital to cover operational costs and legal expenses. The positive collections rate over 100% of Testing Services revenue is noteworthy, as it suggests effectiveness in revenue cycle management, but whether this can be sustained in the face of declining Testing Services revenue is uncertain.
Legally, the ongoing judicial review of the January 2024 jury decision concerning patent infringement is a critical issue. The $96.3 million accrual for related damages has materially affected the company's financials, contributing to the net loss. The outcome of this legal process could have significant ramifications for CareDx's future financial health and operational strategies. It is important for investors to monitor this situation closely, as a resolution in favor of CareDx could result in a reversal of some of the accrued expenses, whereas an unfavorable outcome could lead to additional costs or necessitate changes in their product or service offerings.
From a market perspective, the 4% quarter-over-quarter growth in Testing Services patient results indicates a potential rebound or stabilization in this segment, which could be a positive indication of demand for CareDx's testing services. Nevertheless, the 16% year-over-year decrease underscores the challenges faced in the broader competitive landscape or shifts in healthcare reimbursement policies. The 2024 revenue guidance range of $260 million to $274 million suggests a conservative outlook, likely factoring in the current headwinds and uncertainties. Investors should consider the company's strategic initiatives for growth, such as the emphasis on high-value clinical and digital solutions, to assess the potential for CareDx to recover and return to profitability.
Delivered Total Revenue of
Grew Testing Services Results for the Second Quarter in a Row
Fourth Quarter and Full Year 2023 Highlights
-
Reported full year revenue of
$280.3 million -
Reported full year Testing Services revenue of
$209.7 million -
Grew Testing Services patient results for the second quarter in a row to approximately 39,900, an increase of
4% as compared to the third quarter of 2023. -
Reported full year revenue of
$37.1 million $33.5 million 29% and15% , respectively. -
Ended 2023 with cash and cash equivalents, and marketable securities of approximately
$235.4 million -
Achieved the fifth consecutive quarter of collections at over
100% of Testing Services revenue driven by revenue cycle management initiatives. Collected$17 million -
Repurchased 2.9 million shares of common stock for
$27.5 million - Received Medicare coverage for HeartCare and AlloSure Lung.
- CareDx is in the process of seeking judicial review of January 2024 jury decision and monetary damages related to alleged infringement of patent ‘544.
“In 2023, we met our challenges head-on as we navigated the impact of Medicare coverage changes. We reset our operations, strategically reduced our cost structure, and created a growth pathway for the company in the second half of the year, as we continued to focus on care for transplant patients,” said Alex Johnson, President of Patient and Testing Services, and a member of the Office of the CEO at CareDx. “Looking forward to 2024, we are focused on delivering high-value clinical and digital solutions to improve allograft survival, while generating evidence for expanding payer coverage and accelerating our path back to profitability.”
Q4 2023 Financial Results
Revenue for the three months ended December 31, 2023, was
Total AlloSure and AlloMap patient results provided in the fourth quarter 2023 were approximately 39,900, a decrease of
For the fourth quarter of 2023, net loss was
Non-GAAP net loss was
Adjusted EBITDA for the fourth quarter of 2023 was a loss of
Full Year 2023 Financial Results
Total revenue for the full year ended December 31, 2023, was
Net loss for the full year 2023 was
Non-GAAP net loss was
Adjusted EBITDA for the full year of 2023 was a loss of
Cash and cash equivalents and marketable securities were
For additional information regarding non-GAAP financial measures discussed herein, please see “Use of Non-GAAP Financial Measures,” “Reconciliation of GAAP to Non-GAAP Financial Measures,” “Reconciliation of GAAP to Non-GAAP Gross Profit and Gross Margin,” and “Reconciliation of Non-GAAP to Adjusted EBITDA Financial Measures” below.
2024 Guidance
For the full year 2024, CareDx expects revenue to be in the range of
About CareDx – The Transplant Company
CareDx, Inc., headquartered in
Forward-Looking Statements
This press release includes forward-looking statements, including expectations regarding CareDx’s 2024 revenue, CareDx’s plans to seek judicial review of jury decision and historical monetary damages on patent ‘544, CareDx’s focus in 2024 and CareDx’s proposed path to profitability. These forward-looking statements are based upon information that is currently available to CareDx and its current expectations, speak only as of the date hereof, and are subject to numerous risks and uncertainties, all of which are difficult to predict and many of which are beyond our control, including general economic and market factors, and global economic and marketplace uncertainties related to the COVID-19 pandemic, among others discussed in CareDx’s filings with the Securities and Exchange Commission (the “SEC”), including, but not limited to, the Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed by CareDx with the SEC on February 28, 2024, and other reports that CareDx has filed with the SEC. Any of these may cause CareDx’s actual results, performance, or achievements to differ materially and adversely from those anticipated or implied by CareDx’s forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements. CareDx expressly disclaims any obligation, except as required by law, or undertaking to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.
Use of Non-GAAP Financial Measures
CareDx has presented in this release certain financial information in accordance with
We define non-GAAP net loss and per share results as the GAAP net loss and per share results excluding the impacts of stock-based compensation; changes in estimated fair value of contingent consideration; acquisition-related impairment charges and amortization of purchased intangible assets and related tax effects; costs involved with completing an acquisition; unrealized loss on investments; realized gain on investments; restructuring charges and certain other charges. We define adjusted EBITDA as non-GAAP net loss before net interest income, income tax expense, depreciation and other (income) expense, net.
We are presenting these non-GAAP financial measures to assist investors in assessing our operating results through the eyes of management and because we believe that these measures provide an additional tool for investors to use in comparing our core business operating results over multiple periods. Management believes this non-GAAP information is useful for investors, when considered in conjunction with CareDx’s GAAP financial statements, because management uses such information internally for its operating, budgeting and financial planning purposes. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of CareDx’s operating results as reported under GAAP. These non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. These non-GAAP financial measures are not necessarily comparable to similarly titled measures presented by other companies. A reconciliation between GAAP and non-GAAP financial information is provided immediately following the financial tables.
CareDx, Inc. Consolidated Statements of Operations (Unaudited) (In thousands, except share and per share data) |
|||||||||||||||
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Revenue: |
|
|
|
|
|
|
|
||||||||
Testing services revenue |
$ |
46,703 |
|
|
$ |
65,418 |
|
|
$ |
209,685 |
|
|
$ |
263,748 |
|
Product revenue |
|
9,244 |
|
|
|
8,555 |
|
|
|
33,517 |
|
|
|
29,251 |
|
Patient and digital solutions |
|
9,622 |
|
|
|
8,411 |
|
|
|
37,122 |
|
|
|
28,794 |
|
Total revenue |
|
65,569 |
|
|
|
82,384 |
|
|
|
280,324 |
|
|
|
321,793 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Cost of testing services |
|
13,805 |
|
|
|
18,657 |
|
|
|
57,642 |
|
|
|
72,286 |
|
Cost of product |
|
5,637 |
|
|
|
4,617 |
|
|
|
18,379 |
|
|
|
17,639 |
|
Cost of patient and digital solutions |
|
6,171 |
|
|
|
6,216 |
|
|
|
25,978 |
|
|
|
22,287 |
|
Research and development |
|
18,276 |
|
|
|
23,570 |
|
|
|
81,866 |
|
|
|
90,388 |
|
Sales and marketing |
|
19,999 |
|
|
|
23,668 |
|
|
|
83,334 |
|
|
|
96,027 |
|
General and administrative |
|
26,541 |
|
|
|
24,776 |
|
|
|
117,868 |
|
|
|
100,397 |
|
Restructuring costs |
|
1,472 |
|
|
|
— |
|
|
|
2,320 |
|
|
|
— |
|
Litigation expense |
|
96,300 |
|
|
|
— |
|
|
|
96,300 |
|
|
|
— |
|
Total operating expenses |
|
188,201 |
|
|
|
101,504 |
|
|
|
483,687 |
|
|
|
399,024 |
|
Loss from operations |
|
(122,632 |
) |
|
|
(19,120 |
) |
|
|
(203,363 |
) |
|
|
(77,231 |
) |
Other income (expense): |
|
|
|
|
|
|
|
||||||||
Interest income, net |
|
3,159 |
|
|
|
1,870 |
|
|
|
11,867 |
|
|
|
3,762 |
|
Change in estimated fair value of common stock warrant liability |
|
— |
|
|
|
18 |
|
|
|
10 |
|
|
|
107 |
|
Other income (expense), net |
|
1,541 |
|
|
|
(924 |
) |
|
|
1,343 |
|
|
|
(2,872 |
) |
Total other income |
|
4,700 |
|
|
|
964 |
|
|
|
13,220 |
|
|
|
997 |
|
Loss before income taxes |
|
(117,932 |
) |
|
|
(18,156 |
) |
|
|
(190,143 |
) |
|
|
(76,234 |
) |
Income tax expense |
|
(165 |
) |
|
|
(173 |
) |
|
|
(141 |
) |
|
|
(379 |
) |
Net loss |
$ |
(118,097 |
) |
|
$ |
(18,329 |
) |
|
$ |
(190,284 |
) |
|
$ |
(76,613 |
) |
Net loss per share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
(2.21 |
) |
|
$ |
(0.34 |
) |
|
$ |
(3.54 |
) |
|
$ |
(1.44 |
) |
Diluted |
$ |
(2.21 |
) |
|
$ |
(0.34 |
) |
|
$ |
(3.54 |
) |
|
$ |
(1.44 |
) |
Weighted-average shares used to compute net loss per share: |
|
|
|
|
|
|
|
||||||||
Basic |
|
53,388,830 |
|
|
|
53,524,637 |
|
|
|
53,764,705 |
|
|
|
53,321,625 |
|
Diluted |
|
53,388,830 |
|
|
|
53,524,637 |
|
|
|
53,764,705 |
|
|
|
53,321,625 |
|
CareDx, Inc. Consolidated Balance Sheets (In thousands) |
|||||||
|
As of December 31, |
||||||
|
2023 |
|
2022 |
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
82,197 |
|
|
$ |
89,921 |
|
Marketable securities |
|
153,221 |
|
|
|
203,168 |
|
Accounts receivable |
|
51,061 |
|
|
|
66,312 |
|
Inventory |
|
19,471 |
|
|
|
19,232 |
|
Prepaid and other current assets |
|
7,763 |
|
|
|
9,216 |
|
Total current assets |
|
313,713 |
|
|
|
387,849 |
|
Property and equipment, net |
|
35,246 |
|
|
|
35,529 |
|
Operating leases right-of-use assets |
|
29,891 |
|
|
|
34,689 |
|
Intangible assets, net |
|
45,701 |
|
|
|
43,051 |
|
Goodwill |
|
40,336 |
|
|
|
37,523 |
|
Restricted cash |
|
586 |
|
|
|
522 |
|
Other assets |
|
1,353 |
|
|
|
3,828 |
|
Total assets |
$ |
466,826 |
|
|
$ |
542,991 |
|
Liabilities and stockholders’ equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
12,872 |
|
|
$ |
9,942 |
|
Accrued compensation |
|
19,703 |
|
|
|
16,902 |
|
Accrued and other liabilities |
|
45,497 |
|
|
|
49,131 |
|
Total current liabilities |
|
78,072 |
|
|
|
75,975 |
|
Deferred tax liability |
|
136 |
|
|
|
— |
|
Common stock warrant liability |
|
— |
|
|
|
32 |
|
Deferred payments for intangible assets |
|
2,461 |
|
|
|
2,418 |
|
Operating lease liability, less current portion |
|
28,278 |
|
|
|
33,406 |
|
Other liabilities |
|
96,551 |
|
|
|
249 |
|
Total liabilities |
|
205,498 |
|
|
|
112,080 |
|
Commitments and contingencies |
|
|
|
||||
Stockholders’ equity: |
|
|
|
||||
Common stock |
|
49 |
|
|
|
52 |
|
Additional paid-in capital |
|
946,511 |
|
|
|
898,806 |
|
Accumulated other comprehensive loss |
|
(6,963 |
) |
|
|
(7,503 |
) |
Accumulated deficit |
|
(678,269 |
) |
|
|
(460,444 |
) |
Total stockholders’ equity |
|
261,328 |
|
|
|
430,911 |
|
Total liabilities and stockholders’ equity |
$ |
466,826 |
|
|
$ |
542,991 |
|
CareDx, Inc. Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) (In thousands) |
|||||||||||||||
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Cost of testing services reconciliation: |
|
|
|
|
|
|
|
||||||||
GAAP cost of testing services |
$ |
13,805 |
|
|
$ |
18,657 |
|
|
$ |
57,642 |
|
|
$ |
72,286 |
|
Stock-based compensation expense |
|
(387 |
) |
|
|
(474 |
) |
|
|
(1,854 |
) |
|
|
(1,529 |
) |
Acquisition related-amortization of purchased intangibles |
|
(329 |
) |
|
|
(329 |
) |
|
|
(1,316 |
) |
|
|
(1,316 |
) |
Non-GAAP cost of testing services |
$ |
13,089 |
|
|
$ |
17,854 |
|
|
$ |
54,472 |
|
|
$ |
69,441 |
|
Cost of product reconciliation: |
|
|
|
|
|
|
|
||||||||
GAAP cost of product |
$ |
5,750 |
|
|
$ |
4,617 |
|
|
$ |
18,492 |
|
|
$ |
17,639 |
|
Stock-based compensation expense |
|
(230 |
) |
|
|
(269 |
) |
|
|
(1,165 |
) |
|
|
(1,120 |
) |
Acquisition related-amortization of purchased intangibles |
|
(413 |
) |
|
|
(411 |
) |
|
|
(1,655 |
) |
|
|
(1,716 |
) |
Restructuring costs |
|
(113 |
) |
|
|
— |
|
|
|
(113 |
) |
|
|
— |
|
Non-GAAP cost of product |
$ |
4,994 |
|
|
$ |
3,937 |
|
|
$ |
15,559 |
|
|
$ |
14,803 |
|
Cost of patient and digital solutions reconciliation: |
|
|
|
|
|
|
|
||||||||
GAAP cost of patient and digital solutions |
$ |
6,226 |
|
|
$ |
6,216 |
|
|
$ |
26,047 |
|
|
$ |
22,287 |
|
Stock-based compensation expense |
|
(311 |
) |
|
|
(449 |
) |
|
|
(1,377 |
) |
|
|
(1,331 |
) |
Acquisition related-amortization of purchased intangibles |
|
(271 |
) |
|
|
(236 |
) |
|
|
(1,039 |
) |
|
|
(945 |
) |
Restructuring costs |
|
(55 |
) |
|
|
— |
|
|
|
(69 |
) |
|
|
— |
|
Non-GAAP cost of patient and digital solutions |
$ |
5,589 |
|
|
$ |
5,531 |
|
|
$ |
23,562 |
|
|
$ |
20,011 |
|
Research and development expenses reconciliation: |
|
|
|
|
|
|
|
||||||||
GAAP research and development expenses |
$ |
18,617 |
|
|
$ |
23,570 |
|
|
$ |
82,452 |
|
|
$ |
90,388 |
|
Stock-based compensation expense |
|
(1,399 |
) |
|
|
(820 |
) |
|
|
(6,556 |
) |
|
|
(7,391 |
) |
Asset impairments and write-downs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(340 |
) |
Restructuring costs |
|
(341 |
) |
|
|
— |
|
|
|
(586 |
) |
|
|
— |
|
Non-GAAP research and development expenses |
$ |
16,877 |
|
|
$ |
22,750 |
|
|
$ |
75,310 |
|
|
$ |
82,657 |
|
Sales and marketing expenses reconciliation: |
|
|
|
|
|
|
|
||||||||
GAAP sales and marketing expenses |
$ |
20,254 |
|
|
$ |
23,668 |
|
|
$ |
84,137 |
|
|
$ |
96,027 |
|
Stock-based compensation expense |
|
(2,913 |
) |
|
|
(4,701 |
) |
|
|
(12,470 |
) |
|
|
(14,403 |
) |
Acquisition related-amortization of purchased intangibles |
|
(641 |
) |
|
|
(550 |
) |
|
|
(2,457 |
) |
|
|
(2,252 |
) |
Restructuring costs |
|
(255 |
) |
|
|
— |
|
|
|
(803 |
) |
|
|
— |
|
Non-GAAP sales and marketing expenses |
$ |
16,445 |
|
|
$ |
18,417 |
|
|
$ |
68,407 |
|
|
$ |
79,372 |
|
General and administrative expenses reconciliation: |
|
|
|
|
|
|
|
||||||||
GAAP general and administrative expenses |
$ |
123,549 |
|
|
$ |
24,776 |
|
|
$ |
214,917 |
|
|
$ |
100,397 |
|
Stock-based compensation expense |
|
(4,720 |
) |
|
|
(5,413 |
) |
|
|
(25,664 |
) |
|
|
(20,779 |
) |
Change in estimated fair value of contingent consideration |
|
(946 |
) |
|
|
103 |
|
|
|
(2,677 |
) |
|
|
(727 |
) |
Acquisition related fees and expenses |
|
(51 |
) |
|
|
(212 |
) |
|
|
(589 |
) |
|
|
(599 |
) |
Restructuring costs |
|
(708 |
) |
|
|
— |
|
|
|
(749 |
) |
|
|
— |
|
Litigation expense |
|
(96,300 |
) |
|
|
— |
|
|
|
(96,300 |
) |
|
|
— |
|
Other charges |
|
— |
|
|
|
— |
|
|
|
(64 |
) |
|
|
— |
|
Non-GAAP general and administrative expenses |
$ |
20,824 |
|
|
$ |
19,254 |
|
|
$ |
88,874 |
|
|
$ |
78,292 |
|
Total other (expense) income reconciliation: |
|
|
|
|
|
|
|
||||||||
GAAP other expense, net |
$ |
4,700 |
|
|
$ |
964 |
|
|
$ |
13,220 |
|
|
$ |
997 |
|
Unrealized loss on investments |
|
— |
|
|
|
965 |
|
|
|
1,190 |
|
|
|
1,181 |
|
Realized gain on investment |
|
(1,468 |
) |
|
|
— |
|
|
|
(1,468 |
) |
|
|
— |
|
Investment impairment |
|
— |
|
|
|
— |
|
|
|
1,000 |
|
|
|
500 |
|
Other charges (income) |
|
— |
|
|
|
11 |
|
|
|
(2,081 |
) |
|
|
43 |
|
Non-GAAP other income, net |
$ |
3,232 |
|
|
$ |
1,940 |
|
|
$ |
11,861 |
|
|
$ |
2,721 |
|
Income tax expense reconciliation: |
|
|
|
|
|
|
|
||||||||
GAAP income tax expense |
$ |
(165 |
) |
|
$ |
(173 |
) |
|
$ |
(141 |
) |
|
$ |
(379 |
) |
Tax effect related to amortization of purchased intangibles |
|
(99 |
) |
|
|
(98 |
) |
|
|
(398 |
) |
|
|
(419 |
) |
Non-GAAP income tax expense |
$ |
(264 |
) |
|
$ |
(271 |
) |
|
$ |
(539 |
) |
|
$ |
(798 |
) |
CareDx, Inc. GAAP and Non-GAAP Operating Expenses (Unaudited) (In thousands) |
|||||||||||||||
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
GAAP operating expenses: |
|
|
|
|
|
|
|
||||||||
Research and development |
$ |
18,617 |
|
$ |
23,570 |
|
$ |
82,452 |
|
$ |
90,388 |
||||
Sales and marketing |
|
20,254 |
|
|
|
23,668 |
|
|
|
84,137 |
|
|
|
96,027 |
|
General and administrative |
|
123,549 |
|
|
|
24,776 |
|
|
|
214,917 |
|
|
|
100,397 |
|
Total GAAP operating expenses |
$ |
162,420 |
|
|
$ |
72,014 |
|
|
$ |
381,506 |
|
|
$ |
286,812 |
|
|
|
|
|
|
|
|
|
||||||||
Non-GAAP operating expenses: |
|
|
|
|
|
|
|
||||||||
Research and development |
$ |
16,877 |
|
|
$ |
22,750 |
|
|
$ |
75,310 |
|
|
$ |
82,657 |
|
Sales and marketing |
|
16,445 |
|
|
|
18,417 |
|
|
|
68,407 |
|
|
|
79,372 |
|
General and administrative |
|
20,824 |
|
|
|
19,254 |
|
|
|
88,874 |
|
|
|
78,292 |
|
Total Non-GAAP operating expenses |
$ |
54,146 |
|
|
$ |
60,421 |
|
|
$ |
232,591 |
|
|
$ |
240,321 |
|
CareDx, Inc. Reconciliation of GAAP to Non-GAAP Gross Profit and Gross Margin (Unaudited) (In thousands, except percentages) |
|||||||||||||||
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Total revenue |
$ |
65,569 |
|
|
$ |
82,384 |
|
|
$ |
280,324 |
|
|
$ |
321,793 |
|
GAAP cost of sales |
|
25,781 |
|
|
|
29,490 |
|
|
|
102,181 |
|
|
|
112,212 |
|
GAAP gross profit |
|
39,788 |
|
|
|
52,894 |
|
|
|
178,143 |
|
|
|
209,581 |
|
Stock-based compensation expense |
|
928 |
|
|
|
1,192 |
|
|
|
4,396 |
|
|
|
3,980 |
|
Restructuring costs |
|
168 |
|
|
|
— |
|
|
|
182 |
|
|
|
— |
|
Acquisition related-amortization of purchased intangibles |
|
1,013 |
|
|
|
976 |
|
|
|
4,010 |
|
|
|
3,977 |
|
Non-GAAP gross profit |
$ |
41,897 |
|
|
$ |
55,062 |
|
|
$ |
186,731 |
|
|
$ |
217,538 |
|
Non-GAAP gross margin % |
|
64 |
% |
|
|
67 |
% |
|
|
67 |
% |
|
|
68 |
% |
CareDx, Inc. Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) (In thousands, except share and per share data) |
|||||||||||||||
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
GAAP net loss |
$ |
(118,097 |
) |
|
$ |
(18,329 |
) |
|
$ |
(190,284 |
) |
|
$ |
(76,613 |
) |
Stock-based compensation expense |
|
9,960 |
|
|
|
12,126 |
|
|
|
49,086 |
|
|
|
46,553 |
|
Unrealized loss on investments |
|
— |
|
|
|
965 |
|
|
|
1,190 |
|
|
|
1,181 |
|
Realized gain on investments |
|
(1,468 |
) |
|
|
— |
|
|
|
(1,468 |
) |
|
|
— |
|
Acquisition related-amortization of purchased intangibles |
|
1,654 |
|
|
|
1,526 |
|
|
|
6,467 |
|
|
|
6,229 |
|
Acquisition related fees and expenses |
|
51 |
|
|
|
212 |
|
|
|
589 |
|
|
|
599 |
|
Change in estimated fair value of contingent consideration |
|
946 |
|
|
|
(103 |
) |
|
|
2,677 |
|
|
|
727 |
|
Tax effect related to amortization of purchased intangibles |
|
(99 |
) |
|
|
(98 |
) |
|
|
(398 |
) |
|
|
(419 |
) |
Asset impairments and write-downs |
|
— |
|
|
|
— |
|
|
|
1,000 |
|
|
|
840 |
|
Litigation expense |
|
96,300 |
|
|
|
— |
|
|
|
96,300 |
|
|
|
— |
|
Restructuring costs |
|
1,472 |
|
|
|
— |
|
|
|
2,320 |
|
|
|
— |
|
Other charges |
|
— |
|
|
|
11 |
|
|
|
(2,017 |
) |
|
|
43 |
|
Non-GAAP net loss |
$ |
(9,281 |
) |
|
$ |
(3,690 |
) |
|
$ |
(34,538 |
) |
|
$ |
(20,860 |
) |
|
|
|
|
|
|
|
|
||||||||
GAAP basic and diluted net loss per share |
$ |
(2.21 |
) |
|
$ |
(0.34 |
) |
|
$ |
(3.54 |
) |
|
$ |
(1.44 |
) |
|
|
|
|
|
|
|
|
||||||||
Non-GAAP basic net loss per share |
$ |
(0.17 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.64 |
) |
|
$ |
(0.39 |
) |
Non-GAAP diluted net loss per share |
$ |
(0.17 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.64 |
) |
|
$ |
(0.39 |
) |
|
|
|
|
|
|
|
|
||||||||
Shares used in computing non-GAAP basic net loss per share |
|
53,388,830 |
|
|
|
53,524,637 |
|
|
|
53,764,705 |
|
|
|
53,321,625 |
|
Shares used in computing non-GAAP diluted net loss per share |
|
53,388,830 |
|
|
|
53,524,637 |
|
|
|
53,764,705 |
|
|
|
53,321,625 |
|
CareDx, Inc. Reconciliation of Non-GAAP to Adjusted EBITDA Financial Measures (Unaudited) (In thousands) |
|||||||||||||||
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Non-GAAP net loss |
$ |
(9,281 |
) |
|
$ |
(3,690 |
) |
|
$ |
(34,538 |
) |
|
$ |
(20,860 |
) |
Interest income |
|
(3,159 |
) |
|
|
(1,870 |
) |
|
|
(11,867 |
) |
|
|
(3,762 |
) |
Income tax expense |
|
264 |
|
|
|
272 |
|
|
|
539 |
|
|
|
798 |
|
Depreciation expense |
|
1,978 |
|
|
|
1,682 |
|
|
|
7,882 |
|
|
|
5,248 |
|
Other (income) expense, net |
|
(72 |
) |
|
|
(70 |
) |
|
|
7 |
|
|
|
1,041 |
|
Adjusted EBITDA |
$ |
(10,270 |
) |
|
$ |
(3,676 |
) |
|
$ |
(37,977 |
) |
|
$ |
(17,535 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240228248706/en/
CareDx, Inc.
Media Relations
Anna Czene
818-731-2203
aczene@caredx.com
Investor Relations
Greg Chodaczek
investor@CareDx.com
Source: CareDx, Inc.
FAQ
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