CareDx Reports Preliminary Revenue Results for Fourth Quarter and Full Year 2023
January 09 2024 - 6:00AM
Business Wire
CareDx, Inc. (Nasdaq: CDNA) – The Transplant Company™ focused on
the discovery, development, and commercialization of clinically
differentiated, high-value healthcare solutions for transplant
patients and caregivers – today reported preliminary financial
results for the fourth quarter and full year ended December 31,
2023.
Fourth Quarter and Full Year 2023 Highlights
- Full year 2023 revenue is expected to be in the range of $279
million to $280 million, which is above the high end of guidance
for fiscal year 2023.
- Testing Services patient results grew for the second quarter in
a row to approximately 39,900, an increase of 4% as compared to the
third quarter of 2023.
- Fourth quarter revenue for Testing Services is expected to be
between $46 million and $47 million, a decrease of 3% as compared
to the third quarter of 2023, which included one-time items
previously discussed during third quarter earnings call.1
- Full year revenue for Patient and Digital Solutions is expected
to be approximately $37 million and for Products is expected to be
approximately $33 million, up 29% and 14% year-over-year,
respectively.
- Repurchased 2.8 million shares of common stock for $26 million
under share buyback program.
- Maintained a strong balance sheet, with approximately $235
million in cash and cash equivalents and marketable securities,
with no debt.
- Achieved the fifth consecutive quarter of collections at over
100% of revenue for Testing Services.
- Supported hundreds of transplant patient advocates on Capitol
Hill urging President Biden and Health and Human Services (HHS)
Secretary Becerra to restore Medicare coverage for molecular blood
testing.
Preliminary revenue for the three months ended December 31,
2023, is expected to be between $65 million and $66 million, a
decrease of approximately 3% compared with $67.2 million in the
third quarter of 2023. Testing services revenue for the fourth
quarter is expected to be between $46 million and $47 million,
compared with $47.8 million in the third quarter of 2023 and
compared with $65.4 million in the same period in 2022. Total
AlloSure® and AlloMap® patient results provided in the fourth
quarter were approximately 39,900. Patient and Digital Solutions
revenue for the fourth quarter is expected to be $9.7 million,
compared to $8.4 million in the same period in 2022. Product
revenue for the fourth quarter is expected to be $9.2 million,
compared to $8.6 million in the same period in 2022.
Preliminary revenue for the full year ended December 31, 2023,
is expected to be between $279 million and $280 million, a decrease
of approximately 13% compared with $321.8 million in 2022,
primarily driven by the impact of the Medicare Billing Article on
Testing Services revenue. Testing services revenue for 2023 is
expected to be between $209 million and $210 million, compared with
$263.7 million in 2022. Patient and Digital Solutions revenue for
2023 is expected to be $37.2 million, compared to $28.8 million in
2022. Product revenue for 2023 is expected to be $33.5 million,
compared to $29.3 million in 2022.
Preliminary cash, cash equivalents, and marketable securities
were approximately $235 million as of December 31, 2023.
“After setting a new volume baseline in Testing Services in the
third quarter of 2023, we finished the year with upward momentum.
The fourth quarter showed a second sequential quarter of patient
testing volume growth,” said Alex Johnson, President of Patient and
Testing Services, and a member of the Office of the Chief Executive
Officer at CareDx. “Our team continues to execute well as we
advance transplant patient care."
The preliminary financial information presented in this press
release is based on CareDx’s current expectations and may be
adjusted as a result of, among other things, the completion of
customary annual audit procedures. CareDx will report its fourth
quarter and full year 2023 financial results, and anticipates
providing 2024 financial guidance during its earnings call for the
fourth quarter of 2023.
About CareDx – The Transplant Company
CareDx, Inc., headquartered in Brisbane, California, is a
leading precision medicine solutions company focused on the
discovery, development, and commercialization of clinically
differentiated, high-value healthcare solutions for transplant
patients and caregivers. CareDx offers testing services, products,
and digital healthcare solutions along the pre- and post-transplant
patient journey, and is the leading provider of genomics-based
information for transplant patients. For more information, please
visit: www.CareDx.com.
Forward Looking Statements
This press release includes forward-looking statements,
including expectations regarding CareDx’s fourth quarter and full
year 2023 revenue, number of patient results, and cash, cash
equivalents, and marketable securities as of December 31, 2023, its
ability to advance transplant patient care, its prospects in 2024,
and its anticipation to report 2023 financial results and provide
2024 financial guidance during its earnings call for the fourth
quarter of 2023. 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, including the completion of the
audit of CareDx’s 2023 financial statements, general economic and
market factors, and global economic and marketplace uncertainties,
among others discussed in CareDx’s filings with the Securities and
Exchange Commission (the “SEC”), including the Annual Report on
Form 10-K for the fiscal year ended December 31, 2022 filed by
CareDx with the SEC on February 27, 2023, the quarterly report on
Form 10-Q for the quarter ended March 31, 2023 filed by CareDx with
the SEC on May 10, 2023, the quarterly report on Form 10-Q for the
quarter ended June 30, 2023 filed by CareDx with the SEC on August
8, 2023, and the quarterly report on Form 10-Q for the quarter
ended September 30, 2023 filed by CareDx with the SEC on November
8, 2023, 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.
CareDx expressly disclaims any obligation, except as required by
law, or undertaking to update or revise any such forward-looking
statements.
Reference
- In the third quarter of 2023, MolDX covered HeartCare® for use
in heart transplant surveillance for the first 12 months
post-transplant. HeartCare tests not meeting the coverage criteria
were not recognized in revenues in the third quarter, post Noridian
adoption of the Billing Article. Lastly, revenues in the third
quarter were positively impacted by a one-time claims settlement
with a large Medicare advantage payer for outstanding claims.
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version on businesswire.com: https://www.businesswire.com/news/home/20240109787708/en/
CareDx, Inc. Media Relations Anna Czene 818-731-2203
aczene@caredx.com
Investor Relations Greg Chodaczek investor@caredx.com
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