Business
CareDx Reports Preliminary Fourth Quarter and Full Year 2020 Results
SOUTH SAN FRANCISCO, Calif., Jan. 11, 2021 (GLOBE NEWSWIRE) -- CareDx, Inc. (Nasdaq: CDNA), a leading precision medicine company focused on the discovery,
About this update from Caredx, Inc.
[{"type":"text","content":"SOUTH SAN FRANCISCO, Calif., Jan. 11, 2021 (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 preliminary financial results for the fourth quarter and full year ended December 31, 2020. Preliminary revenue for the three months ended December 31, 2020 is expected to be between $58.4 million and $58.6 million, an increase of approximately 63% compared with $35.8 million in the fourth quarter of 2019. Testing revenue for the quarter is expected to be between $50.0 million to $50.2 million, compared with $29.1 million in the same period in 2019. Total AlloSure and AlloMap patient results provided in the quarter were approximately 25,100, which includes approximately 1,100 AlloSure Heart patient results since CareDx received Medicare Reimbursement for AlloSure Heart. Product revenue in the three months ended December 31, 2020 is expected to be $5.9 million, compared to $5.1 million in the same period in 2019. Digital & other revenue in the fourth quarter of 2020 is expected to be $2.4 million, compared to $1.6 million in the same period in 2019. Preliminary revenue for the full year ended December 31, 2020 is expected to be between $191.9 million and $192.1 million, an increase of approximately 51% compared with $127.1 million in 2019. Testing revenue for the year ended December 31, 2020 is expected to be between $163.3 million to $163.5 million, compared with $104.6 million in 2019. Product revenue for the full year 2020 is expected to be $19.3 million, compared to $18.3 million in 2019. Digital & other revenue for the full year 2020 is expected to be $9.3 million, compared to $4.2 million in 2019. Preliminary cash, cash equivalents and marketable securities were approximately $224.7 million as of December 31, 2020. “2020 was an outstanding year of growth for CareDx even with the underlying challenges brought upon by COVID-19. Our record fourth quarter results and 2020 revenue growth were driven by our team’s focus on putting patients first,” said Reg Seeto, CareDx President and Chief Executive Officer. “As we look to 2021, we will continue to execute on our winning formula and expand across the transplant patient journey.”...