Business
CareDx Reports Second Quarter 2024 Results and Increases Revenue Guidance
BRISBANE, Calif.--(BUSINESS WIRE)-- CareDx, Inc. (Nasdaq: CDNA) – today announced financial results for the second quarter ended June 30, 2024. Second
About this update from Caredx, Inc.
[{"type":"text","content":" BRISBANE, Calif.--(BUSINESS WIRE)--\nCareDx, Inc. (Nasdaq: CDNA) – today announced financial results for the second quarter ended June 30, 2024.\n\n\nSecond Quarter 2024 Financial Highlights\n\n\n\nReported total revenue of $92.3 million, an increase of 31% year-over-year.\n\n\n\nGrew Testing Services volume to 43,700 tests, an increase of 17% year-over-year.\n\n\n\nReported GAAP net loss of $1.4 million, non-GAAP net income of $13.6 million, and positive adjusted EBITDA of $12.9 million, a significant improvement from the second quarter 2023.\n\n\n\nGenerated $18.9 million cash from operations. Ended the quarter with cash, cash equivalents, and marketable securities of approximately $228.9 million, with no debt.\n\n\n\nRaised 2024 guidance for annual revenue to $320 to $328 million and adjusted EBITDA to a gain of $9 to $15 million.\n\n\n\nBusiness Highlights\n\n\n\nIn the first half of 2024, expanded coverage by 27 million lives nationwide.\n\n\n\nPublished SHORE study data demonstrating that HeartCare® outperforms dd-cfDNA alone in identifying allograft rejection.\n\n\n\nNature Medicine publication validates CareDx AlloView™ AI-enabled risk prediction model and demonstrates AlloSure® Kidney detects subclinical rejection in stable patients.\n\n\n\n\"We are pleased to announce another strong quarter, marked by growth across all our businesses. The hard work of our team and their dedication to serving transplant patients over the past year have been instrumental in our performance. As we approach the second half of the year, we remain focused on driving growth,\" said John W. Hanna, CareDx President and CEO.\n\n\nSecond Quarter 2024 Financial Results\n\n\nTotal revenue for the three months ended June 30, 2024, was $92.3 million, an increase of 31% compared to $70.3 million for the second quarter of 2023. Testing Services revenue for the second quarter 2024 was $70.9 million, an increase of 33% compared to $53.4 million for the second quarter of 2023. Testing Services revenue for the second quarter 2024 included $13.2 million for tests performed in prior periods. Patient and Digital Solutions revenue for the second quarter of 2024 was $10.7 million, an increase of 19% compared to $9.0 million for the second quarter 2023. Product revenue for the second quarter of 2024 was $10.6 million, an increase of 35% compared to $7.9 milli...