Slide 1: Q2 2025 Financial Results
• Q2 2025 Financial Results Together in Transplant • August 6, 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: Key Drivers of Growth in 2025
Key Drivers of Growth in 2025 1H’25 2H’25E Launch AlloSure Heart Peds Score 7.0 Launch Go to Market Launch AlloSure SPK Launch HistoMap Kidney Strategy XynQAPI IOTA Software Release AlloSure Plus enhancement AlloSeq cfDNA publication KOAR – 1st publication Evidence Generation SHORE 2nd manuscript su
Slide 4: Q2 2025 Highlights
Q2 2025 Highlights FY 2025 Guidance Update 14% $9.1M 13% • Revenue $367M to $373M vs Adjusted revenue growth* Adjusted EBITDA* Testing volume growth YoY $365M to $375M previously – no change to midpoint $90.5M excludes $3.8M tests Up significantly compared 49,500 tests performed in prior periods to
Slide 5: Testing Services
Testing Services Adjusted Testing Services • Expanded sales team driving growth Revenue ($M)* • Significant expansion of Kidney surveillance protocols $65.9 • Launched AlloSure Plus (previously AlloView) @ WTC $57.7 • Strong reception to AlloSure Heart for Pediatrics launch 14% Growth YoY Q2'24 Q2'2
Slide 6: Testing Services Momentum
Testing Services Momentum Volume growth accelerated YoY & QoQ Growth YoY 49.5K Solid growth across all 3 organ indications 45.5 47.1 43.7 44.6 driven by expansion of field team & productivity 42.1 39.9 8th 37.5 38.4 Consecutive quarter of sequential growth Testing Services Volume 60 Centers with kid
Slide 7: AlloSure Plus to Launch with EPIC Aura Integration
AlloSure Plus to Launch with EPIC Aura Integration AI-Powered Transplant Diagnostics 2 Automated via EPIC Integrated AlloSure & Traditional Tools Using AI-Technology Validated by The Paris Transplant Group 2,051 patients 2,771 biopsies with AlloSure results 20 transplant centers New Study1 Data Pres
Slide 8: Elevated AlloSure Kidney Predicts Graft Loss Risk
Elevated AlloSure Kidney Predicts Graft Loss Risk Patients with elevated AlloSure 15–60 days post-transplant had a 5.7-fold increased risk of graft loss at 3 years 3-Year Cumulative Graft Loss New Data from KOAR Gray’s p< 0.001 1,258 Proportion of patients with graft loss Patients Months since trans
Slide 9: Persistent Elevation in HeartCare Biomarkers Predicts Adverse Outcomes
Persistent Elevation in HeartCare Biomarkers Predicts Adverse Outcomes Results New Data from SHORE Clinical Events in Patients with Persistent GEP/dd- cfDNA Elevation (N=76) 2,240 Rejection (N=8) ACR (N=4) AMR (N=4) Patients Graft dysfunction (N=5) Cardiovascular death (N=1) Incidence of Acute Rejec
Slide 10: Personalized Monitoring with AlloSure Lung
Personalized Monitoring with AlloSure Lung Boosts Predictive Value in Lung Transplants Tracking relative changes in AlloSure Lung improves detection of UCLA Lung subclinical lung allograft injury and infection Transplant Program High diagnostic accuracy in stable lung transplant recipients, Patient
Slide 11: First KOAR Publication
First KOAR Publication Delivering on Evidence Strategy Through Largest Surveillance Study of Its Kind AlloSure Kidney Elevation Significantly Increases Rejection Yield Rejection is more prevalent in patients with elevated AlloSure levels 1,743 Rejection Borderline Surveillance Group For-Cause Group
Slide 12: What to Expect: LCD Draft Policy
What to Expect: LCD Draft Policy 7 /1 9 /2 5 CO MME NT PER IOD 8 /3 1 /2 5 MID-2 02 6 (EST) LCD Policy Update Engaging With Comment LCD Draft Published Data & Advocacy Period Closes Finalized Surveillance testing Preparing written response Written response Medicare rules generally covered without re
Slide 13: Operational Excellence
Operational Excellence Restructured RCM team WINS drive confidence in future testing services ASP growth B E HI N D-T H E- SC E N ES WI NS I M PAC T Accelerating cash collection 100% 100% 160% compared to revenue RCM workflows Insurance eligibility Total appeals volume 105% implemented verifications
Slide 14: Patient & Digital / Lab Products
Patient & Digital / Lab Products Patient & Digital Revenue ($M) Lab Products Revenue ($M) $12.8 $11.8 • XynQAPI software $10.6 $10.7 update ahead of July 1 IOTA program start date 19% Growth YoY 12% Growth YoY Q2'24 Q2'25 Q2'24 Q2'25 14
Slide 15: Financial Highlights
Financial Highlights
Slide 16: Q2 2025 Financial Highlights
Q2 2025 Financial Highlights Adjusted Testing Non-GAAP Adjusted Cash Revenue* Volume Gross Margin* EBITDA* Balance Q2 2025 $90.5M 47.5K 70.4% $9.1M $186M YoY +14% +13% +340bps +$9.4M ($43M) Net of $50M share repurchase * Adjusted for revenue associated with tests performed in prior periods. Refer to
Slide 17: Strong Adjusted Testing Services Revenue Growth
Strong Adjusted Testing Services Revenue Growth Testing Revenue ($M) Adjusted Testing Revenue ($M)* $70.9 $65.9 $62.0 $57.7 (13%) YoY 14%Growth YoY Q2'24 Q2'25 Q2'24 Q2'25 * Adjusted for revenue associated with tests performed in prior periods. Refer to GAAP to non-GAAP reconciliation for further de
Slide 18: Patient & Digital / Lab Products
Patient & Digital / Lab Products Patient & Digital Revenue ($M) Lab Products Revenue ($M) $12.8 $10.7 $11.8 $10.6 19% Growth YoY 12% Growth YoY Q2'24 Q2'25 Q2'24 Q2'25 18
Slide 19: Non-GAAP Gross Margin Improved 340bps YoY
Non-GAAP Gross Margin Improved 340bps YoY Margin expansion across all businesses Non-GAAP Gross Margin* Drivers of improvement 70.4% • Strong revenue growth • Improved pricing • Continued expense discipline +340 bps YoY 67.1% Q2'24 Q2'25 * Adjusted for revenue associated with tests performed in prio
Slide 20: Significant Growth in Adjusted EBITDA YoY
Significant Growth in Adjusted EBITDA YoY Adjusted EBITDA* ($M) Drivers of improvement • Strong revenue growth $9.1 • Improved gross margin • Disciplined operating expense management +$9.4M YoY Q2'24 ($0.3) Q2'25 * Adjusted for revenue associated with tests performed in prior periods. Refer to GAAP
Slide 21: FY 2025 Guidance
FY 2025 Guidance FY'25 revenue Previous Revised guidance drivers • Testing services volume growth: Revenue* $365M to $375M $367M to $373M mid-teens % • Testing services ASP: ~$1,360 Non-GAAP Gross Margin* ~70% ~70% • Patient & Digital solutions growth: low-twenties % Adjusted EBITDA* $29M to $33M $2
Slide 22: Appendix
Appendix
Slide 23: Q2 2025 Revenue
Q2 2025 Revenue ($M) Reported YoY % Adjusted* YoY % * Q2’25 and Q2’24 adjusted total revenue & testing services revenue exclude ($3.8M) and $13.2M, Testing services $62.0 (13%) $65.9 14% respectively, related to tests performed in prior periods Patient & digital $12.8 19% Lab products $11.8 12% Tota
Slide 24: Q2 2025 Non-GAAP Gross Margin
Q2 2025 Non-GAAP Gross Margin Gross margin % Reported YoY bps Adjusted* YoY bps Drivers of improvement • Strong revenue growth Testing services 76.3% (450)bps 77.6% 120bps • Improved pricing Digital & patient 39.5% 280bps • Continued expense discipline Lab products 63.9% 1,700bps Total 69.1% (260)bp
Slide 25: Reconciliation of Adjusted Revenue
Reconciliation of Adjusted Revenue (In thousands) Q2'25 Q2'24 Revenue (GAAP) $86,679 $92,274 Revenue from tests performed in prior periods * 3,827 (13,214) Adjusted revenue (Non-GAAP) $90,506 $79,060 *For the three months ended June 30, 2025, the Company reduced revenue by $3.8 million for tests per
Slide 26: Reconciliation of Adjusted Testing Services Revenue
Reconciliation of Adjusted Testing Services Revenue (In thousands) Q2'25 Q2'24 Testing services revenue (GAAP) $62,033 $70,918 Revenue from tests performed in prior periods * 3,827 (13,214) Adjusted testing services revenue (Non-GAAP) $65,860 $57,704 *For the three months ended June 30, 2025, the Co
Slide 27: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA (In thousands) Q2'25 Q2'24 Non-GAAP net income $5,622 $13,611 Interest income (2,364) (2,826) Income tax (benefit) expense (8) 121 Depreciation expense 2,132 1937 Other (income) expense, net (72) 100 Adjusted EBITDA 5,310 12,943 Revenue from tests performed in prior
Slide 28: Reconciliation of Non-GAAP Gross Margin
Reconciliation of Non-GAAP Gross Margin (In thousands) Q2'25 Q2'24 GAAP total revenue $86,679 $92,274 GAAP cost of sales 28,658 27,999 GAAP gross profit 58,021 64,275 Stock-based compensation expense 626 932 Restructuring costs 338 53 Acquisition related-amortization of purchased intangibles 941 978
Slide 29: Reconciliation of Non-GAAP Gross Margin With Adjusted Revenue
Reconciliation of Non-GAAP Gross Margin With Adjusted Revenue (In thousands) Q2'25 Q2'24 GAAP total revenue $86,679 $92,274 Revenue from tests performed in prior periods * 3,827 (13,214) Adjusted total revenue 90,506 79,060 GAAP cost of sales 28,658 27,999 61,848 51,061 Stock-based compensation expe
Slide 30: Reconciliation of Non-GAAP Gross Margin With Adjusted Testing Services Revenue
Reconciliation of Non-GAAP Gross Margin With Adjusted Testing Services Revenue (In thousands) Q2'25 Q2'24 GAAP testing services revenue $62,033 $70,918 Revenue from tests performed in prior periods * 3,827 (13,214) Adjusted testing services revenue 65,860 57,704 Cost of testing services 15,406 14,30
Slide 31: Investor Relations
INVESTOR RELATIONS Caroline Corner investor@caredx.com MEDIA RELATIONS Natasha Moshirian Wagner nwagner@caredx.com CORPORATE HQ 8000 Marina Blvd, Brisbane, CA 94005