Business
CareDx Reports Second Quarter 2023 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 second quarter ended June 30, 2023.\n\n\nSecond Quarter 2023 Highlights and Other Recent Updates\n\n\n\nCareDx received the industry’s first and only multimodal MolDX approval in transplant with HeartCare for Medicare patients.\n\n\n\nCareDx received the industry’s first and only donor-derived cell-free DNA (dd-cfDNA) MolDX approval for lung transplant patients with AlloSure® Lung for Medicare patients.\n\n\n\nReported revenue of $70.3 million, a decrease of 13% year-over-year due to the impact of the Medicare Billing Article revisions.\n\n\n\nReported testing services revenue of $53.4 million, a decrease of 20% year-over-year. Achieved growth in non-testing services business with revenues of $9.0 million for Patient and Digital Solutions and $7.9 million for Products, representing year-over-year growth of 33% and 17% respectively.\n\n\n\nAchieved over 80% adoption of new test requisition forms (TRFs) by the end of June, two quarters ahead of target.\n\n\n\nDelivered approximately 37,500 patient test results for AlloMap® and AlloSure, a decline of approximately 17% year-over-year, driven by the impact of the Medicare Billing Article revisions and operational adjustments required of customers.\n\n\n\nCollected over $20.0 million in incremental cash, driven by cash collections at 110% of revenue for testing services in the last three quarters.\n\n\n\nMaintained strong balance sheet with $283 million of cash and cash equivalents, and marketable securities, with no debt.\n\n\n\n“We are proud to continue our transplant innovation leadership, as the first and only company to receive Medicare coverage for multimodality in transplantation with HeartCare, and dd-cfDNA in lung with AlloSure Lung,” said Reg Seeto, CEO and President of CareDx. “A key focus for the second quarter was operational execution of the Billing Article revisions and we are pleased to achieve over 80 percent adoption rate for our new TRFs, well ahead of target.”\n\n\nSecond Quarter 2023 Financial Results\n\n\nRevenue for the three months ended June 30, 2023, was $70.3 million...