Slide 1: Q4 and Full Year 2025 Financial Results
Q4 and Full Year 2025 Financial Results FEB RUARY 24, 2026
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: 2025: Building Durable Leadership in Transplantation
2025: Building Durable Leadership in Transplantation Expanding Commercial Reach, New Products, Evidence, & Infrastructure Commercial Execution Product Innovation & Evidence Operational Excellence Expanded market leadership AlloSure Heart for Pediatrics RCM Automation & AI deployment Across heart, lu
Slide 4: Q4 2025 Financial Highlights
Q4 2025 Financial Highlights Solutions Selling: Delivering Growth, Profitability, & Cash 25% 17% 69% Gross margin* Total revenue growth YoY Testing volume growth YoY • Revenue $108M $6.5M $201M zero • $12M share repurchase Adjusted EBITDA** Cash^ Debt^ Adjusted EBITDA includes a one- Net of $88M sha
Slide 5: Q4 2025 Testing Services
Q4 2025 Testing Services Revenue Growth Fueled by Volume & ASP Expansion Testing Services Revenue Testing Volume $78.4M 53.0K 45.5K $63.8M 23% 17% Growth YoY Growth YoY Q4'24 Q4'25 Q4'24 Q4'25 5
Slide 6: Landmark Third SHORE Study Published
Landmark Third SHORE Study Published Combined Molecular Testing Provides Independent Prognostic Value Beyond Biopsy 59 Centers 1,934 Patients ~3x Higher 30-day risk of graft dysfunction or cardiovascular death when an abnormal HeartCare result occurred any time from 2 months to 5 years post-transpla
Slide 7: RCM Wins Fueling Average Revenue / Test Growth
RCM Wins Fueling Average Revenue / Test Growth Improved Cash Conversion Automation Driving & Reimbursement Quality Scalable RCM Performance Expanded AI-enabled automation across RCM >60% Claim rejection rate Feb’25 to Sep’25 workflows Improvement Emphasis on appeals - now the most automated RCM func
Slide 8: 'Solutions Selling' Strategy is Working
‘Solutions Selling’ Strategy is Working Strong Momentum Across Our Platform Patient & Digital Solutions Lab Products Revenue Revenue $16.8M Continued adoption $13.3M Strong leading indicators $11.4M of integrated $11.4M of newly launched solutions across product AlloSeq Tx11 transplant journey and S
Slide 9: Key Drivers of Growth in 2026
Key Drivers of Growth in 2026 Extending Our Leadership in Precision Diagnostics 1H’26 2H’26 Pipeline ACROBAT Publication Submitted AlloHeme CLIA Readiness Progress Go-to-Market EPIC Aura Integrations AlloSure Lung Personalized Threshold Strategy AlloSeq Nano Launch LIMS Consolidation ImmuneScape – S
Slide 10: Advancing Transplant+ Pipeline: AlloHeme Pivotal Clinical Validation
Advancing Transplant+ Pipeline: AlloHeme Pivotal Clinical Validation Early, Minimally-Invasive Relapse Risk Detection in AML & MDS Post-HCT ALLOHEME TARGET COMMERCIAL TIMELINE Relapses with AlloHeme AlloHeme Identified Relapse a Median Positive (n=34) of 41 Days Before Clinical Detection 2026 • ACRO
Slide 11: Go-To-Market
Go-To-Market Establishing a Platform for Volume Growth & Rapid Product Launches Epic Integrations Epic Enterprise Solution: ~40% reduction in login issues Improved quality of Unified Order-to-Report Platform electronic order data Faster product launches via configurable systems Single platform for p
Slide 12: Evidence Generation
Evidence Generation Driving Adoption of Molecular Testing as the Standard of Care ImmuneScape Observational Intervention Translational Studies Trials Research Kidney Kidney • Collaboration with KOAR HARBOR 10x Genomics HistoMap • Single cell and spatial discovery in transplant Heart Heart • Focus on
Slide 13: Financial Highlights
Care Financial Highlights
Slide 14: Q4 Revenue Performance
Q4 Revenue Performance Strong Q4 Revenue Growth Driven by Testing Volume, Pricing & Continued Expansion Total Revenue Testing Services Patient & Digital Lab Products $108.4M Revenue Revenue Revenue $86.6M $16.8M $78.4M $13.3M $63.8M $11.4M $11.4M 25% 23% 47% 17% Growth YoY Growth YoY Growth YoY Grow
Slide 15: Q4 Non-GAAP Gross Profit & Adjusted EBITDA
Q4 Non-GAAP Gross Profit & Adjusted EBITDA Non-GAAP Gross Profit* Adjusted EBITDA* $74.3M Drivers of improvement Drivers of improvement $9.8M $60.0M • RCM execution $6.7M** • Accelerated revenue growth • Favorable mix shift in lab 24% products 34%** Decline YoY • Operating efficiency Increase YoY **
Slide 16: Q4 Cash Collection & Free Cash Flow
Q4 Cash Collection & Free Cash Flow Cash Collection Corporate Free Cash Flow* $115.8M $20.4M $19.4M $84.3M 37% ~5%** Increase YoY Decline YoY Q4'24 Q4'25 Q4'24 Q4'25 *Corporate free cash flow is defined as Cash from Operations less Capital Expenditures. Refer to Net Cash Provided by Operating Activi
Slide 17: FY 2025 Revenue Performance
FY 2025 Revenue Performance Growth Reflects Higher Testing Volumes & “Solutions Selling” Total Revenue Testing Services Patient & Digital Lab Products $379.8M Revenue Revenue Revenue $333.8M $274.5M $249.4M $56.9M $48.4M $43.6M $40.8M 14% Growth YoY 10% 31% 19% Growth YoY Growth YoY Growth YoY FY 24
Slide 18: FY 2025 Non-GAAP Gross Profit & Adjusted EBITDA
FY 2025 Non-GAAP Gross Profit & Adjusted EBITDA Non-GAAP Gross Profit* Adjusted EBITDA* $31.7M $263.1M Drivers of improvement Drivers of improvement $27.8M $231.7M • Increased average • Strong revenue growth revenue-per-test • Improved gross margin 14% • Higher margin mix shift in lab products 14% •
Slide 19: FY 2025 Cash Collection Drove Free Cash Flow
FY 2025 Cash Collection Drove Free Cash Flow Cash Collection Corporate Free Cash Flow* $405.6M $36.1M $31.6M • Annual $300.8M reduction in Testing Services A/R of • $22.5M Annual DSO 14% Growth YoY improvement $55.7M Patient & Digital Solutions of 42% $49.1M Lab Products FY 25 FY 24 FY 25 *Corporate
Slide 20: Full Year 2026 Guidance
Full Year 2026 Guidance FY’26 Modeling assumptions • Testing services volume growth: 220k to 228k Revenue $420M to $444M • Testing services average revenue-per-test: low $1,400s Adjusted EBITDA* $30M to $45M • LCD Impact: ($7.5M) • Testing Services Revenue: $306M to $326M • Patient & Digital solutio
Slide 21: Thank you
Thank you _)CareDx
Slide 22: Q4 2025 Financial Results
Q4 2025 Financial Results FEB RUARY 24, 2026
Slide 23: Appendix
Care Appendix
Slide 24: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA (In thousands) Q4'25 Q4'24 GAAP net income (loss) $(4,109) $87,697 Stock-based compensation expense 8,090 16,511 Acquisition related-amortization of purchased intangibles 1,621 1,535 Change in estimated fair value of contingent consideration 156 170 Tax effect relat
Slide 25: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA (In thousands) FY25 FY24 GAAP net income (loss) $(21,354) $52,549 Stock-based compensation expense 34,864 66,406 Acquisition related-amortization of purchased intangibles 6,349 6,346 Acquisition related fees and expenses 204 40 Change in estimated fair value of cont
Slide 26: Reconciliation of Non-GAAP Gross Margin
Reconciliation of Non-GAAP Gross Margin (In thousands) Q4'25 Q4'24 GAAP total revenue $108,386 $86,579 GAAP cost of sales 35,512 28,196 GAAP gross profit 72,874 58,383 GAAP gross margin % 67% 67% Stock-based compensation expense 441 650 Acquisition related-amortization of purchased intangibles 950 9
Slide 27: Reconciliation of Non-GAAP Gross Margin
Reconciliation of Non-GAAP Gross Margin (In thousands) FY25 FY24 GAAP total revenue $379,805 $333,785 GAAP cost of sales 123,239 109,696 GAAP gross profit 256,566 224,089 GAAP gross margin % 68% 67% Stock-based compensation expense 2,351 3,706 Acquisition related-amortization of purchased intangible
Slide 28: Net Cash Provided by Operating Activities Reconciliation to Free Cash Flow
Net Cash Provided by Operating Activities Reconciliation to Free Cash Flow (In thousands) Q4'25 Q4'24 FY25 FY24 Net cash provided by operating activities (GAAP) $21,364 $21,889 $42,032 $38,048 Less: item not included in free cash flows Capital expenditures (GAAP) (1,971) (1,522) (5,913) (6,484) Free
Slide 29: Investor Relations
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