Original from: CareDx

 

CareDx, Inc. (Nasdaq: CDNA) today reported financial results for the fourth quarter and full year ended December 31, 2024.

 

Fourth Quarter Financial Highlights

· Revenue of $86.6 million, increased 32% year-over-year

· Testing services revenue of $63.8 million, increased 37% year-over-year, and testing services volume of approximately 45,500, increased 14% year-over-year

· GAAP net income of $87.7 million, non-GAAP net income of $10.7 million, and positive adjusted EBITDA of $9.8 million, a significant improvement from the fourth quarter 2023

· Cash flow from operations of $21.9 million

 

Fourth Quarter Business Highlights

· Sixth consecutive quarter of sequential testing services volume growth

· AlloSure®Kidney surveillance testing continued to increase in the fourth quarter

· Submitted first manuscript of the Kidney Outcomes Allograft Rejection (KOAR) study for publication

· Published study in the journalTransplant Internationalshows AlloSeq cfDNA highly accurate in detecting organ transplant rejection

 

Full Year 2024 Financial Highlights

· Revenue of $333.8 million, driven by testing services revenue growth of 19% year-over-year

· Testing services revenue of $249.4 million, increased 19% year-over-year, and testing services volume of approximately 176,000, increased 6% year-over-year

· Patient and digital solutions revenue of $43.6 million and product revenue of $40.8 million, representing year-over-year growth of 18% and 22%, respectively

· GAAP net income of $52.5 million, non-GAAP net income of $30.9 million, and positive adjusted EBITDA of $27.8 million

· Cash flow from operations of $38 million

· Cash, cash equivalents, and marketable securities of $261 million, with no debt, as of December 31, 2024

· In February, the Board of Directors authorized a common stock repurchase program of up to $50 million of shares over a period of up to 24 months

 

“2024 was a transformative year for CareDx, positioning the company for long-term profitable growth,” said John W. Hanna, CareDx President and CEO. “We look forward to another year of strong performance in 2025, driven by our focus on testing services volume growth, expansion of payer coverage, and operational excellence as we scale our business.”

 

Q4 2024 Financial Results

Total revenue for the three months ended December 31, 2024, was $86.6 million, an increase of 32% compared to $65.6 for the fourth quarter of 2023. Testing Services revenue for the fourth quarter 2024 was $63.8 million, an increase of 37% compared to $46.7 million for the fourth quarter of 2023. Patient and Digital Solutions revenue for the fourth quarter of 2024 was $11.4 million, an increase of 18% compared to $9.6 million for the fourth quarter 2023. Product revenue for the fourth quarter of 2024 was $11.4 million, an increase of 23% compared to $9.2 million for the fourth quarter 2023.

 

For the fourth quarter of 2024 net income was $87.7 million compared to a net loss of $118.1 million in the fourth quarter of 2023. Diluted net income per share in the fourth quarter of 2024 was $1.51, compared to diluted net loss per share of $2.21 in the fourth quarter of 2023.

 

Non-GAAP net income was $10.7 million in the fourth quarter of 2024, compared to a non-GAAP net loss of $9.3 million in the fourth quarter of 2023. Diluted non-GAAP net income per share was $0.18 in the fourth quarter of 2024, compared to a diluted non-GAAP net loss per share of $0.17 in the fourth quarter of 2023.

 

Adjusted EBITDA income for the fourth quarter of 2024 was $9.8 million, compared to an adjusted EBITDA loss of $10.3 million for the fourth quarter of 2023.

 

Full Year 2024 Financial Results

Total revenue for the full year ended December 31, 2024, was $333.8 million, an increase of 19% compared to $280.3 million in 2023. Testing Services revenue for the full year 2024 was $249.4 million, an increase of 19% compared with $209.7 million in 2023. Patient and Digital Solutions revenue for the full year 2024 was $43.6 million, an increase of 18% compared to $37.1 million in 2023. Product revenue for the full year 2024 was $40.8 million, an increase of 22% compared to $33.5 million in 2023.

 

Net income for the full year 2024 was $52.5 million, including a $96.3 million reversal of a litigation accrual associated with damages related to the alleged infringement of patent ‘544 accrued in the prior year, offset by $66.4 million of stock-based compensation, compared to a net loss of $190.3 million in 2023, which included the aforementioned $96.3 million litigation accrual and $49.1 million of stock-based compensation. Diluted net income per share for the full year 2024 was $0.93, compared to diluted net loss per share of $3.54 in the full year 2023.

 

Non-GAAP net income was $30.9 million for the full year 2024, compared to a non-GAAP net loss of $34.5 million for the full year ended 2023. Diluted non-GAAP net income per share was $0.55 in the full year of 2024, compared to a diluted non-GAAP net loss per share of $0.64 in the full year of 2023.

 

Adjusted EBITDA for the full year of 2024 was a gain of $27.8 million, compared to an adjusted EBITDA loss of $38.0 million for the full year of 2023.

 

Cash and cash equivalents and marketable securities were $261 million as of December 31, 2024.

 

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,” “GAAP and Non-GAAP Operating Expenses”, “Reconciliation of GAAP to Non-GAAP Gross Profit and Gross Margin,” and “Reconciliation of Non-GAAP to Adjusted EBITDA Financial Measures” below.

 

2025 Guidance

For the full year 2025, CareDx expects revenue to be in the range of $365 million to $375 million. CareDx expects full year 2025 adjusted EBITDA gain to be in the range of $29 million to $33 million.