Business
CareDx Reports First Quarter 2020 Results
Strategically positioned for long-term growth and success SOUTH SAN FRANCISCO, Calif., April 30, 2020 (GLOBE NEWSWIRE) -- CareDx, Inc. (Nasdaq: CDNA), a
About this update from Caredx, Inc.
[{"type":"text","content":"Strategically positioned for long-term growth and success\nSOUTH SAN FRANCISCO, Calif., April 30, 2020 (GLOBE NEWSWIRE) -- CareDx, Inc. (Nasdaq: CDNA), a leading precision medicine company focused on the discovery, development, and commercialization of clinically differentiated, high-value healthcare solutions for transplant patients and caregivers, today reported financial results for the quarter ended March 31, 2020.\n First Quarter 2020 and Recent Highlights: Achieved total revenue of $38.4 million for the three months ended March 31, 2020, increasing 48% year-over-yearProvided over 15,000 AlloSure Kidney and AlloMap Heart patient resultsRecorded seventh straight quarter of positive adjusted EBITDAStrengthened balance sheet by increasing cash to approximately $80 millionSuccessfully introduced RemoTraC, a service to provide at-home blood draws for transplant patients “We are very pleased with our first quarter results, which reflect strong execution and the continued growth and penetration of our innovative and intelligent solutions for transplant patients and caregivers,” said Peter Maag, CareDx Chief Executive Officer. “Throughout this unprecedented time, our team has shown unrelenting dedication to transforming transplant care and ensuring that foundationally we remain strong and well-positioned for continuous growth.” First Quarter 2020 Financial Results Revenue for the three months ended March 31, 2020 was $38.4 million, compared with $26.0 million in the first quarter of 2019. Testing services revenue for the first quarter was $31.4 million, compared with $21.5 million in the same period of 2019. Product revenue in the three months ended March 31, 2020 was $4.7 million, compared to $4.4 million in the same period of 2019. Digital and other revenue for the first quarter of 2020 was $2.2 million, reflecting our acquisitions of OTTR and XynManagement. For the first quarter of 2020, the net loss was $5.8 million compared to a net loss of $7.5 million in the same period of 2019. Basic and diluted net loss per share was $0.14 in the first quarter of 2020, compared to basic and diluted net loss per share of $0.18 in the first quarter of 2019. Non-GAAP net income was $0.2 million in the first quarter of 2020 compared to $2.2 million non-GAAP net income in the first quarter of 2019. Basic and diluted non-GAAP net income per shar...