Slide 1: The Transplant Solutions Company
The Transplant Solutions Company Click to edit Master title style Click to edit Master text styles APRIL 30, 2025 Patrick G, Kidney Transplant Recipient
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: Q1 2025 Highlights
Q1 2025 Highlights Q1 Business Highlights Q1 Financial Results Testing Services Volume Growth Revenue • Seventh consecutive quarter of sequential testing • Total revenue of $84.7 million increased 18% year-over-year services volume growth • Testing Services volume of approximately 47,100 tests GAAP
Slide 4: Business Highlights
Business Highlights é CareDx
Slide 5: Achieved Seventh Consecutive Quarter of Testing Services Volume Growth Across All Organs
Achieved Seventh Consecutive Quarter of Testing Services Volume Growth Across All Organs +12% +12% 49.9k 45.5k 47.1k 43.7k 44.6k 39.9k 42.1k 37.5k 38.4k Q1 20231 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 1. Drop in Testing Services volume from Q1 2023 to Q2 2023 due to the impa
Slide 6: Key Drivers of Growth in 2025
Key Drivers of Growth in 2025 H 1 2 0 25 H 2 2 0 25 Launch AlloSure Heart Peds Score 7.0 Launch Go to Market Launch AlloSure SPK Launch HistoMap Kidney Strategy XynQAPI IOTA Software Release AlloView Enhancement MTM Program Launch AlloSeq cfDNA publication KOAR – 1st publication Ev
Slide 7: SHORE: HeartCare May Be a Better Predictor of Outcomes than Biopsy
SHORE: HeartCare May Be a Better Predictor of Outcomes than Biopsy KE Y FI ND IN GS Dual-positive HeartCare results prognostic of worse outcomes, even when 113 patients had a dual-positive HeartCare test biopsy is negative and negative biopsy 2 – 6 months post-transplant 100.0% rejection), rejection
Slide 8: SHORE: More Biopsies Not Associated with Improved Outcomes
SHORE: More Biopsies Not Associated with Improved Outcomes KE Y FI ND IN GS Biopsies per Patient 0.8 Biopsies per patient-month 0.7 Biopsy practice at 43 participating SHORE 0.6 0.5 centers ranges from less than 1 every 10 0.4 months, to nearly 10 every 10 months 0.3 0.2 0.1 0.0 Center 1,990 patient
Slide 9: Personalized Care with AlloSure Lung Longitudinal Surveillance Improves Detection of Rejection
Personalized Care with AlloSure Lung Longitudinal Surveillance Improves Detection of Rejection KE Y FI ND IN GS Personalized threshold identifies rejection below the static injury threshold Months Post Transplant Single Lung Transplants: Sensitivity for detecting 0 2 4 6 8 10 12 rejection improved f
Slide 10: Demonstrated Value of AlloSure Lung Surveillance in Detection and Management of Rejection
Demonstrated Value of AlloSure Lung Surveillance in Detection and Management of Rejection KE Y FI ND IN GS Response to Therapy Among 50 Lung Transplant Patients with Acute Cellular Rejection AlloSure Lung effectively identified onset of acute cellular rejection Prior to Rejection Following Treatment
Slide 11: Financial Highlights
Financial Highlights
Slide 12: CareDx Q1 2025 Financial Highlights
CareDx Q1 2025 Financial Highlights TESTING NON-GAAP ADJUSTED REVENUE CASH BALANCE* VOLUME GROSS MARGIN1 EBITDA1 Q1 2025 $84.7 ~47.1K 68.5% $4.6M $231 million positive million YEAR- 18% 12% +150 +$6.4M +$15 OVER-YEAR increase increase basis points million 1. Please refer to GAAP to non-GAAP reconcil
Slide 13: Revenue Growth Across All Businesses – Testing Services
Revenue Growth Across All Businesses – Testing Services Reported Revenue Adjusted Revenue1 +26% +15% $63.0 in millions USD $61.9 $53.8 $50.1 Q1 2024 Q1 2025 Q1 2024 Q1 2025 1. Adjusted revenue excludes a positive $3.7M in Q1 2024 and a negative $1.1M in Q1 2025 in revenue associated with tests done
Slide 14: Revenue Growth Across All Businesses – Digital and Products
Revenue Growth Across All Businesses – Digital and Products Patient & Digital Solutions Lab Products +24% +24% +26% $12.0 in millions USD $10.8 $9.6 $8.6 Q1 2024 Q1 2025 Q1 2024 Q1 2025 14
Slide 15: Non-GAAP Gross Margin Improved 150 Basis Points Year-Over-Year
Non-GAAP Gross Margin Improved 150 Basis Points Year-Over-Year +1.5ppt 67.0% 68.5% Drivers of Improved Gross Margin • ASP expansion in Testing Services • Improved Products and Digital gross margin Q1 2024 Q1 2025 1. Please refer to GAAP to non-GAAP reconciliation for further details in the Appendix.
Slide 16: Operating Leverage and Prudent Expense Management Drives Positive Adjusted EBITDA
Operating Leverage and Prudent Expense Management Drives Positive Adjusted EBITDA +$6.4 $6.4 $4.6 Drivers of Improved EBITDA in millions USD • Strong revenue growth • Improved gross margin • Disciplined operating expenses management -$1.9 Q1 2024 Q1 2025 1. Please refer to GAAP to non-GAAP reconcili
Slide 17: 2025 Guidance
2025 Guidance Revenue Adjusted EBITDA +17% +$21 $370 $31 $334 $28 $316 in millions USD $10 FY2024 FY2024 FY2025 FY2024 FY2024 FY2025 Adjusted* Guidance† Adjusted* Guidance† * FY2024 adjusted revenue and adjusted EBITDA excludes $17 million in revenue associated with tests performed in prior periods
Slide 18: 2025 Guidance Assumptions
2025 Guidance Guide Assumptions Total Revenue $365M – $375M Testing Services • Volume to grow mid-teens year-over-year • Estimate our ASP to be approximately $1,360 per test on a blended basis • No change to Medicare coverage Products & Patient and Digital Solutions • Mid-teens growth year-over-year
Slide 19: és CareDx'
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Slide 20: Appendix
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Slide 21: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA Q1 Q2 Q3 Q4 Q1 2024 2024 2024 2024 2025 in millions USD GAAP Net Income (Loss) (19.9) (4.6) (10.6) 87.7 (10.4) Stock-based compensation expense 16.5 16.4 16.9 16.5 8.9 Acquisition related amortization of purchased intangibles 1.7 1.6 1.6 1.5 1.5 Change in estimated
Slide 22: Reconciliation of Non-GAAP Gross Margin
Reconciliation of Non-GAAP Gross Margin Q1 Q2 Q3 Q4 Q1 2024 2024 2024 2024 2025 in millions USD (except %) Revenue 72.0 92.3 82.9 86.6 84.7 GAAP Cost of Revenue 25.9 28.0 27.6 28.2 28.4 GAAP Gross Profit 46.1 64.3 55.3 58.4 56.3 GAAP Gross Margin % 64.0% 69.7% 66.7% 67.4% 66.4% Non-GAAP Expense: Sto
Slide 23: Reconciliation of Adjusted Revenue
Reconciliation of Adjusted Revenue Q1 Q1 2024 2025 in millions USD (except %) Reported Testing Services Revenue (GAAP) 53.8 61.9 Revenue associated with test reports delivered in prior periods (3.7) 1.1 Adjusted Testing Services Revenue (Non-GAAP) 50.1 63.0 23
Slide 24: The Transplant Solutions Company
The Transplant Solutions Company CO NTAC T U S INVESTOR RELATIONS CORPORATE HQ Caroline Corner 8000 Marina Blvd, investor@caredx.com Brisbane, CA 94005 Click to edit Master title style MEDIA RELATIONS Click to edit Master text styles Anna Czene aczene@caredx.com Kristin J, Stem Cell and Double Lung