Business
CareDx Reports Third Quarter 2021 Results; Increases Full Year Revenue Guidance
SOUTH SAN FRANCISCO, Calif., Oct. 28, 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., Oct. 28, 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 financial results for the third quarter ended September 30, 2021. Recent Highlights: Achieved record revenue of $75.6 million for the three months ended September 30, 2021, increasing 42% year-over-yearGrew testing services volume 86% year-over-year, with approximately 40,000 AlloSure and AlloMap patient results provided in the quarter - highlighted by an approximately 90% attach rate for HeartCareAnnounced publication of KidneyCare validation study in Kidney360 – Multicenter study validating AlloMap and demonstrating the complementary value with AlloSure for detecting rejectionReceived first commercial AlloSure Lung coverage, followed by commercial launch of AlloSure Lung, the first dd-cfDNA test available for lung transplant patients, in October “I'm pleased with our strong performance in the third quarter, driven by 86% volume growth in testing services,” said Reg Seeto, President and Chief Executive Officer of CareDx. “We made significant progress toward our goal of OrganCare multi-modality, while continuing our pan-organ leadership in being the first with dd-cfDNA in Heart, Kidney and now Lung. We remain 100% committed to patients, and to transforming the transplant patient journey through innovation.” Third Quarter 2021 Financial Results Revenue for the three months ended September 30, 2021 was $75.6 million, an increase of 42% compared with $53.4 million in the third quarter of 2020. Testing services revenue for the third quarter was $66.5 million, compared with $45.5 million in the same period of 2020. Product revenue in the three months ended September 30, 2021 was $6.5 million, compared to $5.4 million in the same period of 2020. Digital and other revenue for the third quarter of 2021 was $2.6 million. For the third quarter of 2021, net loss was $11.9 million compared to a net loss of $2.8 million in the same period of 2020. Basic and diluted net loss per share was $0.23 in the third quarter of 2021, compared to basic and diluted net loss per share of $0.06 in the third quarter of 2020. Non-GAAP net income was $4.0 mi...