Business
CareDx Reports Fourth Quarter and Full Year 2022 Results
BRISBANE, Calif.--(BUSINESS WIRE)-- CareDx, Inc. (Nasdaq: CDNA) – The Transplant Company™ focused on the discovery, development, and commercialization of
About this update from Caredx, Inc.
[{"type":"text","content":" BRISBANE, Calif.--(BUSINESS WIRE)--\nCareDx, 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 financial results for the fourth quarter and full year ended December 31, 2022.\n\nRecent Highlights\n\n\nAchieved full year revenue of $321.8 million, an increase of 9% compared with full year 2021 revenue. Highest ever Q4 revenue of $82.4 million, representing year-over-year growth of 4%.\n\n\nFull year 2022 AlloMap® and AlloSure® testing volumes grew year-over-year by 19% to approximately 182,000 tests. Provided approximately 47,700 AlloMap and AlloSure patient results in the fourth quarter, growing 14% year-over-year. Q4 test volume included 2,300 AlloSure Lung tests.\n\n\nAchieved highest ever cash collections in Q4 at 110% of revenue for testing services, representing an approximately 10% year-over-year increase demonstrating strong operational progress on this key initiative.\n\n\nNew International Society of Heart and Lung Transplantation (ISHLT) guidelines were published, supporting the expanded use of CareDx’s HeartCare solutions, AlloMap and now AlloSure, in routine monitoring of heart transplant patients.\n\n\nCommenced authorized share buyback program of up to $50 million and in Q4 repurchased common stock for approximately $0.6 million. Program demonstrates Board of Directors’ and management’s confidence in the business, cash position and long-term growth opportunities.\n\n\nMaintained strong balance sheet with $293 million cash and cash equivalents, and marketable securities, with no debt.\n\n\n“In 2023 we plan to build on the 3 C’s – catalysts in the pipeline, collections improvements and coverage expansion across the portfolio. We were thrilled to see the first of the C’s make significant progress in Q4, where we achieved our highest ever collections quarter, delivering collections at 110% of testing service revenues,” said Reg Seeto, CEO and President of CareDx. “As we continue to build through the 3 C’s, we remain focused on delivering on adjusted EBITDA profitability in the first half of 2023.”\n\nQ4 2022 Financial Results:\n\nRevenue for the three months ended December 31, 2022 was $82.4 million, an increase of 4% compared with $79.2 million ...