CareDx Reports Third Quarter 2024 Results and Raises Revenue Guidance
CareDx reported strong Q3 2024 results with total revenue of $82.9 million, up 23% year-over-year. Testing Services volume increased 16% to 44,600 tests. While reporting a GAAP net loss of $7.4 million, the company achieved non-GAAP net income of $8.0 million and positive adjusted EBITDA of $6.9 million. Cash flow from operations was $12.5 million, with $241 million in cash and no debt. The company raised its 2024 revenue guidance to $327-331 million and adjusted EBITDA guidance to $18-22 million. CMS reaffirmed Medicare coverage for AlloSure® and AlloMap® testing, and surveillance testing mix in kidney showed improvement.
CareDx ha riportato risultati solidi per il terzo trimestre del 2024, con un fatturato totale di 82,9 milioni di dollari, in aumento del 23% rispetto all'anno precedente. Il volume dei Servizi di Test è aumentato del 16%, raggiungendo 44.600 test. Sebbene abbia registrato una perdita netta secondo i principi contabili GAAP di 7,4 milioni di dollari, l'azienda ha ottenuto un reddito netto non-GAAP di 8,0 milioni di dollari e un EBITDA rettificato positivo di 6,9 milioni di dollari. Il flusso di cassa dalle operazioni è stato di 12,5 milioni di dollari, con 241 milioni di dollari in contanti e senza debiti. L'azienda ha rivisto al rialzo le previsioni di fatturato per il 2024 a 327-331 milioni di dollari e le previsioni di EBITDA rettificato a 18-22 milioni di dollari. CMS ha ribadito la copertura Medicare per i test AlloSure® e AlloMap® e il mix di test di sorveglianza nei reni ha mostrato miglioramenti.
CareDx informó resultados sólidos para el tercer trimestre de 2024, con ingresos totales de 82,9 millones de dólares, un aumento del 23% en comparación con el año anterior. El volumen de Servicios de Pruebas aumentó un 16%, alcanzando 44,600 pruebas. Aunque reportó una pérdida neta GAAP de 7,4 millones de dólares, la compañía logró un ingreso neto no GAAP de 8,0 millones de dólares y un EBITDA ajustado positivo de 6,9 millones de dólares. El flujo de caja de las operaciones fue de 12,5 millones de dólares, con 241 millones de dólares en efectivo y sin deudas. La empresa elevó su guía de ingresos para 2024 a 327-331 millones de dólares y la guía de EBITDA ajustado a 18-22 millones de dólares. CMS reafirmó la cobertura de Medicare para las pruebas AlloSure® y AlloMap®, y la mezcla de pruebas de vigilancia en riñones mostró mejoras.
CareDx는 2024년 3분기에 총 수익 8290만 달러로 23% 증가한 강력한 실적을 발표했습니다. 검사 서비스 수량은 16% 증가하여 44,600회 검사되었습니다. GAAP 기준으로 순손실이 740만 달러였지만, 비GAAP 기준으로는 순이익이 800만 달러, 조정 EBITDA가 690만 달러로 긍정적인 결과를 달성했습니다. 운영에서 발생한 현금 흐름은 1250만 달러였고, 현금 2억 4100만 달러와 부채가 없었습니다. 회사는 2024년 수익 가이던스를 3억 2700만에서 3억 3100만 달러로 상향 조정하고 조정 EBITDA 가이던스를 1800만에서 2200만 달러로 설정했습니다. CMS는 AlloSure® 및 AlloMap® 테스트에 대한 Medicare 커버리지를 재확인하였고, 신장에 대한 모니터링 테스트 믹스가 개선되었습니다.
CareDx a annoncé des résultats solides pour le troisième trimestre 2024, avec un chiffre d'affaires total de 82,9 millions de dollars, en hausse de 23 % par rapport à l'année précédente. Le volume des services de tests a augmenté de 16 %, atteignant 44 600 tests. Bien qu'une perte nette selon les normes GAAP de 7,4 millions de dollars ait été annoncée, l'entreprise a réalisé un revenu net non-GAAP de 8,0 millions de dollars et un EBITDA ajusté positif de 6,9 millions de dollars. Le flux de trésorerie des opérations était de 12,5 millions de dollars, avec 241 millions de dollars en liquidités et sans dettes. L'entreprise a révisé à la hausse ses prévisions de revenus pour 2024 à 327-331 millions de dollars et ses prévisions d'EBITDA ajusté à 18-22 millions de dollars. Le CMS a réaffirmé la couverture Medicare pour les tests AlloSure® et AlloMap®, et le mélange de tests de surveillance pour les reins a montré des améliorations.
CareDx hat starke Ergebnisse für das dritte Quartal 2024 gemeldet, mit einem Gesamtumsatz von 82,9 Millionen Dollar, was einem Anstieg von 23% im Jahresvergleich entspricht. Das Volumen der Testdienstleistungen stieg um 16% auf 44.600 Tests. Während ein GAAP-Nettoverlust von 7,4 Millionen Dollar gemeldet wurde, erzielte das Unternehmen ein nicht-GAAP Nettoergebnis von 8,0 Millionen Dollar und ein positives bereinigtes EBITDA von 6,9 Millionen Dollar. Der Cashflow aus dem operativen Geschäft betrug 12,5 Millionen Dollar, mit 241 Millionen Dollar in bar und ohne Schulden. Das Unternehmen hat seine Umsatzprognose für 2024 auf 327-331 Millionen Dollar und die bereinigte EBITDA-Prognose auf 18-22 Millionen Dollar angehoben. CMS bestätigte die Medicare-Abdeckung für die Tests AlloSure® und AlloMap®, und die Überwachungstest-Mischung bei Nieren zeigte Verbesserungen.
- Revenue growth of 23% YoY to $82.9 million
- Testing Services volume up 16% YoY to 44,600 tests
- Positive adjusted EBITDA of $6.9 million vs. loss in Q3 2023
- Strong cash position of $241 million with no debt
- Raised annual revenue guidance to $327-331 million
- Non-GAAP net income of $8.0 million vs. loss in Q3 2023
- CMS reaffirmed Medicare coverage for key testing products
- GAAP net loss of $7.4 million in Q3 2024
Insights
A significant turnaround quarter for CareDx with impressive financial metrics. Revenue grew 23% YoY to
The raised guidance signals management's confidence, with revenue now expected between
The
The launch of next-generation Assign software and QTYPE® enhancements strengthens CareDx's HLA typing portfolio. Strategic hires in operations, commercial and AI leadership positions the company well for continued innovation in transplant care diagnostics.
Third Quarter 2024 Financial Highlights
-
Total revenue of
increased$82.9 million 23% year-over-year -
Testing Services volume of 44,600 tests increased
16% year-over-year -
GAAP net loss of
, non-GAAP net income of$7.4 million , and positive adjusted EBITDA of$8.0 million , a significant improvement from the third quarter 2023$6.9 million -
Cash flow from operations of
. Cash, cash equivalents, and marketable securities of$12.5 million , with no debt$241 million -
Raised annual revenue guidance to
to$327 and adjusted EBITDA to a gain of$331 million to$18 $22 million
Business Highlights
- CMS reaffirmed longstanding Medicare coverage for AlloSure® and AlloMap® Testing
- Surveillance testing mix in kidney began to increase in the second half of September and continued through October
- Hired industry veterans Keith Kennedy, Chief Operating Officer; Jessica Meng, Chief Commercial Officer; and Jing Huang, PhD, Chief Data and AI Officer
- Announced the launch of the next generation of Assign software for AlloSeq™ Tx HLA typing and enhancements to QTYPE® rapid typing solution for deceased donor HLA typing
- DOJ concluded its investigation into CareDx with no finding of wrongdoing
"CareDx had another strong quarter of topline growth and achieved positive adjusted EBITDA for the second consecutive quarter. We raised our annual guidance, and remain focused on ending the year strong,” said John W. Hanna, CareDx President and CEO.
Third Quarter 2024 Financial Results
Total revenue for the three months ended September 30, 2024, was
For the third quarter of 2024 net loss was
Non-GAAP net income was
Adjusted EBITDA income for the third quarter of 2024 was
2024 Guidance
CareDx now expects full year 2024 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, and non-GAAP gross margin and adjusted EBITDA. 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, 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, the quarterly report on Form 10-Q for the quarter ended March 31, 2024 filed by CareDx with the SEC on May 9, 2024, the quarterly report on Form 10-Q for the quarter ended June 30, 2024 filed by CareDx with the SEC on July 31, 2024, the quarterly report on Form 10-Q for the quarter ended September 30, 2024 filed by CareDx with the SEC on November 4, 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 income (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; restructuring charges and certain other charges.
We define adjusted EBITDA as non-GAAP net income (loss) before interest income, income tax expense (benefit), 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. Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except share and per share data) |
|||||||||||||||
|
|
|
|
||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue: |
|
|
|
|
|
|
|
||||||||
Testing services revenue |
$ |
60,807 |
|
|
$ |
47,784 |
|
|
$ |
185,562 |
|
|
$ |
162,982 |
|
Product revenue |
|
10,212 |
|
|
|
9,536 |
|
|
|
29,416 |
|
|
|
24,273 |
|
Patient and digital solutions revenue |
|
11,864 |
|
|
|
9,872 |
|
|
|
32,228 |
|
|
|
27,500 |
|
Total revenue |
|
82,883 |
|
|
|
67,192 |
|
|
|
247,206 |
|
|
|
214,755 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Cost of testing services |
|
13,447 |
|
|
|
13,217 |
|
|
|
41,387 |
|
|
|
43,837 |
|
Cost of product |
|
6,212 |
|
|
|
4,750 |
|
|
|
17,801 |
|
|
|
12,742 |
|
Cost of patient and digital solutions |
|
7,913 |
|
|
|
6,566 |
|
|
|
22,264 |
|
|
|
19,807 |
|
Research and development |
|
17,486 |
|
|
|
19,000 |
|
|
|
55,875 |
|
|
|
63,590 |
|
Sales and marketing |
|
19,802 |
|
|
|
18,474 |
|
|
|
60,634 |
|
|
|
63,335 |
|
General and administrative |
|
28,515 |
|
|
|
33,968 |
|
|
|
83,104 |
|
|
|
91,327 |
|
Restructuring costs |
|
— |
|
|
|
— |
|
|
|
68 |
|
|
|
848 |
|
Total operating expenses |
|
93,375 |
|
|
|
95,975 |
|
|
|
281,133 |
|
|
|
295,486 |
|
Loss from operations |
|
(10,492 |
) |
|
|
(28,783 |
) |
|
|
(33,927 |
) |
|
|
(80,731 |
) |
Other income: |
|
|
|
|
|
|
|
||||||||
Interest income, net |
|
3,001 |
|
|
|
3,171 |
|
|
|
8,712 |
|
|
|
8,708 |
|
Change in estimated fair value of common stock warrant liability |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10 |
|
Other income (expense), net |
|
283 |
|
|
|
2,047 |
|
|
|
(107 |
) |
|
|
(198 |
) |
Total other income |
|
3,284 |
|
|
|
5,218 |
|
|
|
8,605 |
|
|
|
8,520 |
|
Loss before income taxes |
|
(7,208 |
) |
|
|
(23,565 |
) |
|
|
(25,322 |
) |
|
|
(72,211 |
) |
Income tax (expense) benefit |
|
(200 |
) |
|
|
80 |
|
|
|
(139 |
) |
|
|
24 |
|
Net loss |
$ |
(7,408 |
) |
|
$ |
(23,485 |
) |
|
$ |
(25,461 |
) |
|
$ |
(72,187 |
) |
Net loss per share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
(0.14 |
) |
|
$ |
(0.43 |
) |
|
$ |
(0.49 |
) |
|
$ |
(1.34 |
) |
Diluted |
$ |
(0.14 |
) |
|
$ |
(0.43 |
) |
|
$ |
(0.49 |
) |
|
$ |
(1.34 |
) |
Weighted-average shares used to compute net loss per share: |
|
|
|
|
|
|
|
||||||||
Basic |
|
52,903,338 |
|
|
|
54,178,759 |
|
|
|
52,266,106 |
|
|
|
53,891,374 |
|
Diluted |
|
52,903,338 |
|
|
|
54,178,759 |
|
|
|
52,266,106 |
|
|
|
53,891,374 |
|
CareDx, Inc. Condensed Consolidated Balance Sheets (Unaudited) (In thousands) |
|||||||
|
|
|
|
||||
|
September 30, 2024 |
|
December 31, 2023 |
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
95,400 |
|
|
$ |
82,197 |
|
Marketable securities |
|
145,453 |
|
|
|
153,221 |
|
Accounts receivable |
|
66,627 |
|
|
|
51,061 |
|
Inventory |
|
19,263 |
|
|
|
19,471 |
|
Prepaid and other current assets |
|
7,344 |
|
|
|
7,763 |
|
Total current assets |
|
334,087 |
|
|
|
313,713 |
|
Property and equipment, net |
|
34,015 |
|
|
|
35,246 |
|
Operating leases right-of-use assets |
|
25,823 |
|
|
|
29,891 |
|
Intangible assets, net |
|
40,361 |
|
|
|
45,701 |
|
Goodwill |
|
40,336 |
|
|
|
40,336 |
|
Restricted cash |
|
592 |
|
|
|
586 |
|
Other assets |
|
1,771 |
|
|
|
1,353 |
|
Total assets |
$ |
476,985 |
|
|
$ |
466,826 |
|
Liabilities and stockholders’ equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
6,239 |
|
|
$ |
12,872 |
|
Accrued compensation |
|
29,915 |
|
|
|
19,703 |
|
Accrued and other liabilities |
|
45,286 |
|
|
|
45,497 |
|
Total current liabilities |
|
81,440 |
|
|
|
78,072 |
|
Deferred tax liability |
|
202 |
|
|
|
136 |
|
Deferred payments for intangible assets |
|
1,310 |
|
|
|
2,461 |
|
Operating lease liability, less current portion |
|
23,841 |
|
|
|
28,278 |
|
Other liabilities |
|
96,946 |
|
|
|
96,551 |
|
Total liabilities |
|
203,739 |
|
|
|
205,498 |
|
Commitments and contingencies |
|
|
|
||||
Stockholders’ equity: |
|
|
|
||||
Common stock |
|
50 |
|
|
|
49 |
|
Additional paid-in capital |
|
984,627 |
|
|
|
946,511 |
|
Accumulated other comprehensive loss |
|
(7,179 |
) |
|
|
(6,963 |
) |
Accumulated deficit |
|
(704,252 |
) |
|
|
(678,269 |
) |
Total stockholders’ equity |
|
273,246 |
|
|
|
261,328 |
|
Total liabilities and stockholders’ equity |
$ |
476,985 |
|
|
$ |
466,826 |
|
CareDx, Inc. Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) (In thousands) |
|||||||||||||||
|
|
|
|
||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Cost of testing services reconciliation: |
|
|
|
|
|
|
|
||||||||
GAAP cost of testing services |
$ |
13,447 |
|
|
$ |
13,217 |
|
|
$ |
41,387 |
|
|
$ |
43,837 |
|
Stock-based compensation expense |
|
(418 |
) |
|
|
(496 |
) |
|
|
(1,232 |
) |
|
|
(1,467 |
) |
Acquisition related-amortization of purchased intangibles |
|
(329 |
) |
|
|
(329 |
) |
|
|
(987 |
) |
|
|
(987 |
) |
Non-GAAP cost of testing services |
$ |
12,700 |
|
|
$ |
12,392 |
|
|
$ |
39,168 |
|
|
$ |
41,383 |
|
Cost of product reconciliation: |
|
|
|
|
|
|
|
||||||||
GAAP cost of product |
$ |
6,212 |
|
|
$ |
4,750 |
|
|
$ |
17,854 |
|
|
$ |
12,742 |
|
Stock-based compensation expense |
|
(234 |
) |
|
|
(301 |
) |
|
|
(776 |
) |
|
|
(935 |
) |
Acquisition related-amortization of purchased intangibles |
|
(419 |
) |
|
|
(408 |
) |
|
|
(1,250 |
) |
|
|
(1,242 |
) |
Restructuring costs |
|
— |
|
|
|
— |
|
|
|
(53 |
) |
|
|
— |
|
Non-GAAP cost of product |
$ |
5,559 |
|
|
$ |
4,041 |
|
|
$ |
15,775 |
|
|
$ |
10,565 |
|
Cost of patient and digital solutions reconciliation: |
|
|
|
|
|
|
|
||||||||
GAAP cost of patient and digital solutions |
$ |
7,913 |
|
|
$ |
6,566 |
|
|
$ |
22,264 |
|
|
$ |
19,821 |
|
Stock-based compensation expense |
|
(326 |
) |
|
|
(297 |
) |
|
|
(1,048 |
) |
|
|
(1,066 |
) |
Acquisition related-amortization of purchased intangibles |
|
(170 |
) |
|
|
(265 |
) |
|
|
(679 |
) |
|
|
(768 |
) |
Restructuring costs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(14 |
) |
Other income |
|
— |
|
|
|
— |
|
|
|
5 |
|
|
|
— |
|
Non-GAAP cost of patient and digital solutions |
$ |
7,417 |
|
|
$ |
6,004 |
|
|
$ |
20,542 |
|
|
$ |
17,973 |
|
Research and development expenses reconciliation: |
|
|
|
|
|
|
|
||||||||
GAAP research and development expenses |
$ |
17,486 |
|
|
$ |
19,000 |
|
|
$ |
55,890 |
|
|
$ |
63,835 |
|
Stock-based compensation expense |
|
(1,775 |
) |
|
|
(1,491 |
) |
|
|
(5,163 |
) |
|
|
(5,157 |
) |
Restructuring costs |
|
— |
|
|
|
— |
|
|
|
(15 |
) |
|
|
(245 |
) |
Other charges |
|
— |
|
|
|
— |
|
|
|
(25 |
) |
|
|
— |
|
Non-GAAP research and development expenses |
$ |
15,711 |
|
|
$ |
17,509 |
|
|
$ |
50,687 |
|
|
$ |
58,433 |
|
Sales and marketing expenses reconciliation: |
|
|
|
|
|
|
|
||||||||
GAAP sales and marketing expenses |
$ |
19,802 |
|
|
$ |
18,474 |
|
|
$ |
60,634 |
|
|
$ |
63,883 |
|
Stock-based compensation expense |
|
(2,786 |
) |
|
|
(3,041 |
) |
|
|
(8,757 |
) |
|
|
(9,557 |
) |
Acquisition related-amortization of purchased intangibles |
|
(634 |
) |
|
|
(616 |
) |
|
|
(1,895 |
) |
|
|
(1,817 |
) |
Restructuring costs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(548 |
) |
Other charges |
|
— |
|
|
|
— |
|
|
|
(8 |
) |
|
|
— |
|
Non-GAAP sales and marketing expenses |
$ |
16,382 |
|
|
$ |
14,817 |
|
|
$ |
49,974 |
|
|
$ |
51,961 |
|
General and administrative expenses reconciliation: |
|
|
|
|
|
|
|
||||||||
GAAP general and administrative expenses |
$ |
28,515 |
|
|
$ |
33,968 |
|
|
$ |
83,104 |
|
|
$ |
91,368 |
|
Stock-based compensation expense |
|
(8,155 |
) |
|
|
(7,045 |
) |
|
|
(23,232 |
) |
|
|
(20,943 |
) |
Change in estimated fair value of contingent consideration |
|
(232 |
) |
|
|
(1,243 |
) |
|
|
(761 |
) |
|
|
(1,731 |
) |
Acquisition related fees and expenses |
|
— |
|
|
|
(253 |
) |
|
|
(40 |
) |
|
|
(537 |
) |
Restructuring costs and charges |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(41 |
) |
Other (charges) income |
|
— |
|
|
|
(6 |
) |
|
|
22 |
|
|
|
(64 |
) |
Non-GAAP general and administrative expenses |
$ |
20,128 |
|
|
$ |
25,421 |
|
|
$ |
59,093 |
|
|
$ |
68,052 |
|
Total other income (expense) reconciliation: |
|
|
|
|
|
|
|
||||||||
GAAP other income, net |
$ |
3,284 |
|
|
$ |
5,218 |
|
|
$ |
8,605 |
|
|
$ |
8,520 |
|
Unrealized gain on long-term marketable equity securities |
|
— |
|
|
|
333 |
|
|
|
— |
|
|
|
1,190 |
|
Asset impairments and write-downs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,000 |
|
Other charges |
|
— |
|
|
|
(2,109 |
) |
|
|
— |
|
|
|
(2,081 |
) |
Non-GAAP other income, net |
$ |
3,284 |
|
|
$ |
3,442 |
|
|
$ |
8,605 |
|
|
$ |
8,629 |
|
Income tax (expense) benefit reconciliation: |
|
|
|
|
|
|
|
||||||||
GAAP income tax (expense) benefit |
$ |
(200 |
) |
|
$ |
80 |
|
|
$ |
(139 |
) |
|
$ |
24 |
|
Tax effect related to amortization of purchased intangibles |
|
(102 |
) |
|
|
(98 |
) |
|
|
(302 |
) |
|
|
(299 |
) |
Non-GAAP income tax expense |
$ |
(302 |
) |
|
$ |
(18 |
) |
|
$ |
(441 |
) |
|
$ |
(275 |
) |
CareDx, Inc. GAAP and Non-GAAP Operating Expenses (Unaudited) (In thousands) |
|||||||||||
|
|
|
|
||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
GAAP operating expenses: |
|
|
|
|
|
|
|
||||
Research and development |
$ |
17,486 |
|
$ |
19,000 |
|
$ |
55,890 |
|
$ |
63,835 |
Sales and marketing |
|
19,802 |
|
|
18,474 |
|
|
60,634 |
|
|
63,883 |
General and administrative |
|
28,515 |
|
|
33,968 |
|
|
83,104 |
|
|
91,368 |
Total GAAP operating expenses |
$ |
65,803 |
|
$ |
71,442 |
|
$ |
199,628 |
|
$ |
219,086 |
|
|
|
|
|
|
|
|
||||
Non-GAAP operating expenses: |
|
|
|
|
|
|
|
||||
Research and development |
$ |
15,711 |
|
$ |
17,509 |
|
$ |
50,687 |
|
$ |
58,433 |
Sales and marketing |
|
16,382 |
|
|
14,817 |
|
|
49,974 |
|
|
51,961 |
General and administrative |
|
20,128 |
|
|
25,421 |
|
|
59,093 |
|
|
68,052 |
Total Non-GAAP operating expenses |
$ |
52,221 |
|
$ |
57,747 |
|
$ |
159,754 |
|
$ |
178,446 |
CareDx, Inc. Reconciliation of GAAP to Non-GAAP Gross Profit and Gross Margin (Unaudited) (In thousands, except percentages) |
|||||||||||||||
|
|
|
|
||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Total revenue |
$ |
82,883 |
|
|
$ |
67,192 |
|
|
$ |
247,206 |
|
|
$ |
214,755 |
|
GAAP cost of sales |
|
27,572 |
|
|
|
24,533 |
|
|
|
81,505 |
|
|
|
76,400 |
|
GAAP gross profit |
|
55,311 |
|
|
|
42,659 |
|
|
|
165,701 |
|
|
|
138,355 |
|
Stock-based compensation expense |
|
978 |
|
|
|
1,094 |
|
|
|
3,056 |
|
|
|
3,468 |
|
Other income |
|
— |
|
|
|
— |
|
|
|
(5 |
) |
|
|
— |
|
Restructuring costs |
|
— |
|
|
|
— |
|
|
|
53 |
|
|
|
14 |
|
Acquisition related-amortization of purchased intangibles |
|
918 |
|
|
|
1,002 |
|
|
|
2,916 |
|
|
|
2,997 |
|
Non-GAAP gross profit |
$ |
57,207 |
|
|
$ |
44,755 |
|
|
$ |
171,721 |
|
|
$ |
144,834 |
|
Non-GAAP gross margin % |
|
69 |
% |
|
|
67 |
% |
|
|
69 |
% |
|
|
67 |
% |
CareDx, Inc. Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) (In thousands, except share and per share data) |
|||||||||||||||
|
|
|
|
||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
GAAP net loss |
$ |
(7,408 |
) |
|
$ |
(23,485 |
) |
|
$ |
(25,461 |
) |
|
$ |
(72,187 |
) |
Stock-based compensation expense |
|
13,694 |
|
|
|
12,671 |
|
|
|
40,208 |
|
|
|
39,125 |
|
Acquisition related-amortization of purchased intangibles |
|
1,552 |
|
|
|
1,618 |
|
|
|
4,811 |
|
|
|
4,814 |
|
Change in estimated fair value of contingent consideration |
|
232 |
|
|
|
1,243 |
|
|
|
761 |
|
|
|
1,731 |
|
Acquisition related fees and expenses |
|
— |
|
|
|
253 |
|
|
|
40 |
|
|
|
537 |
|
Other (gains) charges |
|
— |
|
|
|
(2,109 |
) |
|
|
6 |
|
|
|
(2,081 |
) |
Restructuring costs and charges |
|
— |
|
|
|
6 |
|
|
|
68 |
|
|
|
912 |
|
Tax effect related to amortization of purchased intangibles |
|
(102 |
) |
|
|
(98 |
) |
|
|
(302 |
) |
|
|
(299 |
) |
Asset impairments and write-downs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,000 |
|
Unrealized loss on long-term marketable equity securities |
|
— |
|
|
|
333 |
|
|
|
— |
|
|
|
1,190 |
|
Non-GAAP net income (loss) |
$ |
7,968 |
|
|
$ |
(9,568 |
) |
|
$ |
20,131 |
|
|
$ |
(25,258 |
) |
|
|
|
|
|
|
|
|
||||||||
GAAP basic and diluted net loss per share |
$ |
(0.14 |
) |
|
$ |
(0.43 |
) |
|
$ |
(0.49 |
) |
|
$ |
(1.34 |
) |
|
|
|
|
|
|
|
|
||||||||
Non-GAAP basic net income (loss) per share |
$ |
0.15 |
|
|
$ |
(0.18 |
) |
|
$ |
0.39 |
|
|
$ |
(0.47 |
) |
Non-GAAP diluted net income (loss) per share |
$ |
0.14 |
|
|
$ |
(0.18 |
) |
|
$ |
0.36 |
|
|
$ |
(0.47 |
) |
|
|
|
|
|
|
|
|
||||||||
Shares used in computing non-GAAP basic net income (loss) per share |
|
52,903,338 |
|
|
|
54,178,759 |
|
|
|
52,266,106 |
|
|
|
53,891,374 |
|
Shares used in computing non-GAAP diluted net income (loss) per share |
|
57,699,624 |
|
|
|
54,178,759 |
|
|
|
55,609,263 |
|
|
|
53,891,374 |
|
CareDx, Inc. Reconciliation of Non-GAAP to Adjusted EBITDA (Unaudited) (In thousands) |
|||||||||||||||
|
|
|
|
||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Non-GAAP net income (loss) |
$ |
7,968 |
|
|
$ |
(9,568 |
) |
|
$ |
20,131 |
|
|
$ |
(25,258 |
) |
Interest income |
|
(3,001 |
) |
|
|
(3,171 |
) |
|
|
(8,712 |
) |
|
|
(8,708 |
) |
Income tax expense (benefit) |
|
302 |
|
|
|
(214 |
) |
|
|
441 |
|
|
|
275 |
|
Depreciation expense |
|
1,919 |
|
|
|
2,044 |
|
|
|
6,024 |
|
|
|
5,904 |
|
Other (income) expense, net |
|
(283 |
) |
|
|
(40 |
) |
|
|
107 |
|
|
|
79 |
|
Adjusted EBITDA |
$ |
6,905 |
|
|
$ |
(10,949 |
) |
|
$ |
17,991 |
|
|
$ |
(27,708 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241104115097/en/
CareDx, Inc.
Media Relations
Anna Czene
818-731-2203
aczene@caredx.com
Investor Relations
Greg Chodaczek
investor@caredx.com
Source: CareDx, Inc.
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