Slide 1: Q3 2025 Financial Results
Q3 2025 Financial Results NOVE MBER 4, 2025
Slide 2: Safe Harbor Statement
Safe Harbor Statement These slides and the accompanying oral presentation contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of histor
Slide 3: Top Tier Health System and Transplant Expertise
Top Tier Health System and Transplant Expertise Added Internationally Renowned Leaders to Board & Executive Team Suresh Gunasekaran Dr. Jeff Teuteberg B OA R D O F D I R EC T O RS CHIE F ME DICAL O FFICE R • Health system executive with over • Leader in transplant medicine with two- two decades of l
Slide 4: Q3 2025 Financial Highlights
Q3 2025 Financial Highlights FY 2025 Guidance Update 21% 13% 71% • Raised revenue guidance Total revenue growth YoY Testing volume growth YoY Gross margin* to $372M to $376M • Raised adjusted EBITDA guidance to $35M to $39M* $15.3M $194M zero Adjusted EBITDA* Cash^ Debt^ Up >2X vs $6.9M last year Ne
Slide 5: Testing Services
Testing Services Revenue Growth Fueled by Volume & ASP Expansion Testing Services Revenue ($M) Testing Volume $72.2 50.3K 13% growth $60.8 YoY 44.6K 19% Growth YoY Q3'24 Q3'25 Q3'24 Q3'25 5
Slide 6: HistoMap Kidney Launch Announcement
HistoMap Kidney Launch Announcement TM Tissue-based molecular test expands kidney innovation leadership • Leverages gene expression profiling for deeper insights Or into immune activity and rejection phenotypes ge g a am an Reje Tissue D • Objectively characterizes rejection type from tissue biopsie
Slide 7: Strong Presence at ASN This Week
Strong Presence at ASN This Week 5 abstracts HIGHL IGHTS: F EAT U RE D A B ST RA CT • Donor kidney volume and AlloSure reliability • Biomarker interpretation in early post-transplant period and delayed graft function • New evidence supporting the use of AlloSure in combination with clinical data to
Slide 8: Landmark Second SHORE Study Published
Landmark Second SHORE Study Published Validates AlloSure Heart for AMR in Heart Transplant Recipients 59 dd-cfDNA Levels Increased with dd-cfDNA Decreased but Remained Increasing AMR Severity Elevated After AMR Episode Resolution Centers 2,240 Patients 92.8% specificity for AMR if AlloSure Heart res
Slide 9: What to Expect: LCD Draft Policy
What to Expect: LCD Draft Policy 7/19/25 Comment Period 8/31/25 Early 2026 (Est) LCD Policy Update Engaged With Submitted Written LCD Draft Published Data & Advocacy Response Finalized Surveillance testing Access response @ Medicare rules generally covered without requiring www.caredx.com/LCD requir
Slide 10: Epic & EMR Integration Progress
Epic & EMR Integration Progress Live at first site Operational improvement Progress continues Pediatric Transplant Center 20% Reduction in order turnaround time 8 Integration projects underway ~10% ~50% Proud to partner with U.S.’ leading pediatric heart transplant program 60% Reduction in specimen
Slide 11: RCM Wins Fueling Average Revenue / Test Growth
RCM Wins Fueling Average Revenue / Test Growth Behind-the-scenes RCM wins Impact Cash collection 100% 100% >200% compared to revenue RCM workflows Insurance eligibility Total appeals volume 150% 124% implemented verifications per patient Dec’24 to Sep’25 100% 108% 100% 60% 600bps 1,300bps 50% Claim
Slide 12: 'Solutions Selling' Strategy is Working
‘Solutions Selling’ Strategy is Working Strong momentum across our platform Patient & Digital Solutions Lab Products Revenue ($M) Revenue ($M) $15.4 • Becoming pharmacy of Innovation at recent $12.5 choice for leading ASHI meeting: $11.9 transplant programs $10.2 • Introduced AlloSeq Tx11 30% 22% •
Slide 13: Key Drivers of Growth in 2025
Key Drivers of Growth in 2025 1H’25 2H’25 Launch AlloSure Heart Peds Score 7.0 Launch Go to Market Launch HistoMap Kidney Launch AlloSure SPK Strategy XynQAPI IOTA Software Release AlloSure Plus enhancement Evidence AlloSeq cfDNA publication KOAR – 1st publication Generation SHORE 2nd manuscript sub
Slide 14: Financial Highlights
Care Financial Highlights
Slide 15: Strong Revenue Performance Across our Platform
Strong Revenue Performance Across our Platform Total Revenue ($M) Testing Services Patient & Digital Lab Products $100.1 Revenue ($M) Revenue ($M) Revenue ($M) $82.9 $72.2 $15.4 $60.8 $12.5 $11.9 $10.2 21% Growth YoY 19% 30% 22% Growth YoY Growth YoY Growth YoY Q3'24 Q3'25 Q3'24 Q3'25 Q3'24 Q3'25 Q3
Slide 16: Non-GAAP Gross Margin and Adjusted EBITDA
Non-GAAP Gross Margin and Adjusted EBITDA Non-GAAP Gross Margin* Adjusted EBITDA* 70.9% $15.3 69.0% Drivers of improvement Drivers of improvement • Increased average • Strong revenue growth revenue-per-test • Improved gross margin +190 • Higher margin mix shift in lab products $6.9 122% • Discipline
Slide 17: Testing Services Cash Collection Drove Free Cash Flow
Testing Services Cash Collection Drove Free Cash Flow Testing Services Cash Collection Corporate Free Cash Flow* $36.1 $90M $19M Reduction in A/R since June 30 $72M Testing services revenue $10.8 233% Growth YoY Q3’25 Q3'24 Q3'25 *Corporate free cash flow is defined as Cash from Operations less Capi
Slide 18: Guidance
Guidance FY’25 Q4’25 Q4'25 revenue assumptions • Testing services volume: Previous Updated Implied 52K to 54K Revenue $367M to $373M $372M to $376M $101M to $105M • Testing services revenue- per-test: $1,400 to $1,420 Non-GAAP • Patient & Digital solutions ~70% unchanged ~70% Gross Margin* revenue:
Slide 19: Q3 2025 Financial Results
Q3 2025 Financial Results NOVE MBER 4, 2025
Slide 20: Appendix
Care Appendix
Slide 21: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA (In thousands) Q3'25 Q3'24 GAAP net income (loss) $1,675 $(10,637) Stock-based compensation expense 8,418 16,923 Acquisition related-amortization of purchased intangibles 1,602 1,552 Change in estimated fair value of contingent consideration - 232 Tax effect related
Slide 22: Reconciliation of Non-GAAP Gross Margin
Reconciliation of Non-GAAP Gross Margin (In thousands) Q3'25 Q3'24 GAAP total revenue $100,055 $82,883 GAAP cost of sales 30,654 27,572 GAAP gross profit 69,401 55,311 GAAP gross margin % 69% 67% Stock-based compensation expense 468 978 Restructuring costs 123 - Acquisition related-amortization of p
Slide 23: Net Cash Provided by Operating Activities Reconciliation to Free Cash Flow
Net Cash Provided by Operating Activities Reconciliation to Free Cash Flow Three Months Ended Nine Months Ended (In thousands) Q3'25 Q3'24 Q3'25 Q3'24 Net cash provided by operating activities (GAAP) $37,358 $12,524 $20,669 $16,159 Less: item not included in free cash flows Capital expenditures (GAA
Slide 24: Investor Relations Contacts
IN VE ST OR RE L AT ION S Caroline Corner investor@caredx.com ME DI A RE L AT ION S Natasha Moshirian Wagner nwagner@caredx.com CO RPORAT E HQ 8000 Marina Blvd, Brisbane, CA 94005