BRISBANE, Calif.--(BUSINESS WIRE)-- CareDx, Inc. (Nasdaq: CDNA) — The Transplant 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, 2023.
Third Quarter 2023 Highlights
- Reported revenue of $67.2 million, an increase of 7% over the second quarter of 2023, excluding approximately $7.8 million related to Medicare claims billing that were held over from the first quarter of 2023 and recognized in second quarter 2023 revenue.
- Grew Testing Services patient results to 38,400, an increase of 2% compared to the second quarter of 2023.
- Achieved revenue of $9.9 million for Digital Solutions and $9.5 million for Products, representing year-over-year growth of 33% for both businesses.
- Achieved the fourth consecutive quarter of collections at over 100% of revenue for Testing Services; collected over $22 million in incremental cash in the past four quarters.
- Maintained a strong balance sheet, with $268.2 million in cash and cash equivalents, and marketable securities, with no debt.
- Received Medicare coverage for HeartCare™ and AlloSure® Lung.
- Raised revenue guidance to $274 to $278 million for the full year 2023.
- SEC has concluded its inquiry and does not intend to recommend an enforcement action against the Company.
“CareDx continues to be well-placed in the transplant market. We are pleased to see a baseline being set in the Testing Services business in Q3 as patient testing volumes appear to have stabilized,” said Alex Johnson, President of Patient and Testing Services, and member of the Office of the CEO at CareDx. “We remain committed to bringing high impact innovation to the transplant clinic, while accelerating our path back to profitability.”
Third Quarter 2023 Financial Results
Revenue for the three months ended September 30, 2023, was $67.2 million, a decrease of 15% compared with $79.4 million in the third quarter of 2022, and an increase of 7% compared with $62.5 million in the second quarter of 2023, excluding approximately $7.8 million related to Medicare claims billing that were held over from the first quarter of 2023 and recognized in second quarter 2023 revenue. Testing services revenue for the quarter was $47.8 million, compared with $64.8 million in the same period in 2022.
Approximately 38,400 AlloSure® and AlloMap® patient results were provided in the quarter, representing a decrease of 18% as compared to the same quarter a year ago, and an increase of 2% compared to the second quarter of 2023.
For the third quarter of 2023, net loss was $23.5 million, compared to a net loss of $16.9 million in the same period of 2022. Basic and diluted net loss per share in the third quarter of 2023 was $0.43, compared to basic and diluted net loss per share of $0.32 in the third quarter of 2022.
Non-GAAP net loss was $9.6 million in the third quarter of 2023, compared to a non-GAAP net loss of $3.4 million in the third quarter of 2022. Basic and diluted non-GAAP net loss per share was $0.18 in the third quarter of 2023, compared to a basic and diluted non-GAAP net loss per share of $0.06 in the third quarter of 2022.
Adjusted EBITDA for the third quarter of 2023 was a loss of $10.9 million, compared to an adjusted EBITDA loss of $2.5 million in the third quarter of 2022.
Cash and cash equivalents and marketable securities were $268.2 million as of September 30, 2023.
2023 Guidance
For the full year 2023, CareDx expects revenue to be in the range of $274 to $278 million.
About CareDx – The Transplant Company™
CareDx, Inc., headquartered in Brisbane, California, is a leading precision medicine solutions company focused on the discovery, development, and commercialization of clinically differentiated, high-value healthcare solutions for transplant patients and caregivers. CareDx offers testing services, products, and digital healthcare solutions along the pre- and post-transplant patient journey, and is the leading provider of genomics-based information for transplant patients. For more information, please visit: www.CareDx.com.
Forward-Looking Statements
This press release includes forward-looking statements, including statements regarding CareDx’s 2023 revenue expectations and the company’s path towards growth. All statements other than statements of historical fact contained in this press release, including statements regarding the future financial position of CareDx, including financial expectations, business strategy and plans and objectives for future operations, are forward-looking statements. These forward-looking statements are based upon information that is currently available to CareDx and its current expectations, speak only as of the date hereof, and are subject to numerous risks and uncertainties, all of which are difficult to predict and many of which are beyond our control, including general economic and market factors, and global economic and marketplace uncertainties, among others discussed in CareDx’s filings with the Securities and Exchange Commission (the “SEC”), including but not limited to, the Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed by CareDx with the SEC on February 27, 2023, the quarterly report on Form 10-Q for the quarter ended March 31, 2023 filed by CareDx with the SEC on May 10, 2023, the quarterly report on Form 10-Q for the quarter ended June 30, 2023 filed by CareDx with the SEC on August 8, 2023, and the quarterly report on Form 10-Q for the quarter ended September 30, 2023 to be filed by CareDx with the SEC on or about November 8, 2023 and other reports that CareDx has filed with the SEC. Any of these may cause CareDx’s actual results, performance, or achievements to differ materially and adversely from those anticipated or implied by CareDx’s forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements. CareDx expressly disclaims any obligation, except as required by law, or undertaking to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.
Use of Non-GAAP Financial Measures
CareDx has presented in this release certain financial information in accordance with U.S. Generally Accepted Accounting Principles (GAAP) and also on a non-GAAP basis, including non-GAAP cost of testing services, non-GAAP cost of product, non-GAAP cost of patient and digital solutions, non-GAAP research and development expenses, non-GAAP sales and marketing expenses, non-GAAP general and administrative expenses, non-GAAP other income, net, non-GAAP income tax expense, non-GAAP gross profit, non-GAAP gross margin (%), non-GAAP net loss, non-GAAP basic and diluted net loss per share, adjusted EBITDA, normalized revenue after adjustment of Impacted March Tests (As defined below¹), normalized revenue for testing services after adjustment of Impacted March Tests, normalized non-GAAP gross margin for testing services after adjustment of Impacted March Tests, and normalized EBITDA after adjustment of Impacted March Tests.
We define non-GAAP net loss and per share results as the GAAP net loss and per share results excluding the impacts of stock-based compensation; changes in estimated fair value of contingent consideration; acquisition-related impairment charges and amortization of purchased intangible assets and related tax effects; costs involved with completing an acquisition; unrealized loss on investments; restructuring charges and certain other charges.
We define adjusted EBITDA as non-GAAP net loss before net interest income, income tax (benefit) expense, depreciation and other expense, net.
We are presenting these non-GAAP financial measures to assist investors in assessing our operating results through the eyes of management and because we believe that these measures provide an additional tool for investors to use in comparing our core business operating results over multiple periods. Management believes this non-GAAP information is useful for investors, when considered in conjunction with CareDx’s GAAP financial statements, because management uses such information internally for its operating, budgeting and financial planning purposes. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of CareDx’s operating results as reported under GAAP. These non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. These non-GAAP financial measures are not necessarily comparable to similarly-titled measures presented by other companies. A reconciliation between GAAP and non-GAAP financial information is provided immediately following the financial tables.
¹ Impacted March Tests represent $7.8 million related to Medicare claims billing that were held over from the first quarter of 2023 and recognized in second quarter 2023 revenue.
CareDx, Inc. Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except share and per share data) |
|||||||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||
2023 |
2022 |
2023 |
2022 |
||||||||||||
Revenue: |
|||||||||||||||
Testing services revenue |
$ |
47,784 |
$ |
64,751 |
$ |
162,982 |
$ |
198,330 |
|||||||
Product revenue |
9,536 |
7,194 |
24,273 |
20,696 |
|||||||||||
Patient and digital solutions revenue |
9,872 |
7,414 |
27,500 |
20,383 |
|||||||||||
Total revenue |
67,192 |
79,359 |
214,755 |
239,409 |
|||||||||||
Operating expenses: |
|||||||||||||||
Cost of testing services |
13,217 |
17,771 |
43,837 |
53,629 |
|||||||||||
Cost of product |
4,750 |
4,736 |
12,742 |
13,022 |
|||||||||||
Cost of patient and digital solutions |
6,566 |
5,794 |
19,807 |
16,071 |
|||||||||||
Research and development |
19,000 |
22,306 |
63,590 |
66,818 |
|||||||||||
Sales and marketing |
18,474 |
22,261 |
63,335 |
72,359 |
|||||||||||
General and administrative |
33,968 |
23,830 |
91,327 |
75,621 |
|||||||||||
Restructuring costs |
— |
— |
848 |
— |
|||||||||||
Total operating expenses |
95,975 |
96,698 |
295,486 |
297,520 |
|||||||||||
Loss from operations |
(28,783 |
) |
(17,339 |
) |
(80,731 |
) |
(58,111 |
) |
|||||||
Other income (expense): |
|||||||||||||||
Interest income, net |
3,171 |
1,225 |
8,708 |
1,892 |
|||||||||||
Change in estimated fair value of common stock warrant liability |
— |
14 |
10 |
89 |
|||||||||||
Other income (expense), net |
2,047 |
(572 |
) |
(198 |
) |
(1,948 |
) |
||||||||
Total other income |
5,218 |
667 |
8,520 |
33 |
|||||||||||
Loss before income taxes |
(23,565 |
) |
(16,672 |
) |
(72,211 |
) |
(58,078 |
) |
|||||||
Income tax benefit (expense) |
80 |
(267 |
) |
24 |
(206 |
) |
|||||||||
Net loss |
$ |
(23,485 |
) |
$ |
(16,939 |
) |
$ |
(72,187 |
) |
$ |
(58,284 |
) |
|||
Net loss per share: |
|||||||||||||||
Basic |
$ |
(0.43 |
) |
$ |
(0.32 |
) |
$ |
(1.34 |
) |
$ |
(1.09 |
) |
|||
Diluted |
$ |
(0.43 |
) |
$ |
(0.32 |
) |
$ |
(1.34 |
) |
$ |
(1.09 |
) |
|||
Weighted-average shares used to compute net loss per share: |
|||||||||||||||
Basic |
54,178,759 |
53,489,418 |
53,891,374 |
53,253,210 |
|||||||||||
Diluted |
54,178,759 |
53,489,418 |
53,891,374 |
53,253,210 |
|||||||||||
CareDx, Inc. Condensed Consolidated Balance Sheets (Unaudited) (In thousands) |
|||||||
September 30, 2023 |
December 31, 2022 |
||||||
Assets |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
$ |
75,980 |
$ |
89,921 |
|||
Marketable securities |
192,204 |
203,168 |
|||||
Accounts receivable |
51,694 |
66,312 |
|||||
Inventory |
17,978 |
19,232 |
|||||
Prepaid and other current assets |
7,310 |
9,216 |
|||||
Total current assets |
345,166 |
387,849 |
|||||
Property and equipment, net |
35,355 |
35,529 |
|||||
Operating leases right-of-use assets |
30,973 |
34,689 |
|||||
Intangible assets, net |
46,455 |
43,051 |
|||||
Goodwill |
40,208 |
37,523 |
|||||
Restricted cash |
582 |
522 |
|||||
Other assets |
2,441 |
3,828 |
|||||
Total assets |
$ |
501,180 |
$ |
542,991 |
|||
Liabilities and stockholders’ equity |
|||||||
Current liabilities: |
|||||||
Accounts payable |
$ |
8,972 |
$ |
9,942 |
|||
Accrued compensation |
16,664 |
16,902 |
|||||
Accrued and other liabilities |
47,038 |
49,131 |
|||||
Total current liabilities |
72,674 |
75,975 |
|||||
Deferred tax liability |
140 |
— |
|||||
Common stock warrant liability |
— |
32 |
|||||
Deferred payments for intangible assets |
4,735 |
2,418 |
|||||
Operating lease liability, less current portion |
29,252 |
33,406 |
|||||
Other liabilities |
245 |
249 |
|||||
Total liabilities |
107,046 |
112,080 |
|||||
Commitments and contingencies |
|||||||
Stockholders’ equity: |
|||||||
Common stock |
52 |
52 |
|||||
Additional paid-in capital |
936,954 |
898,806 |
|||||
Accumulated other comprehensive loss |
(8,670 |
) |
(7,503 |
) |
|||
Accumulated deficit |
(534,202 |
) |
(460,444 |
) |
|||
Total stockholders’ equity |
394,134 |
430,911 |
|||||
Total liabilities and stockholders’ equity |
$ |
501,180 |
$ |
542,991 |
|||
CareDx, Inc. Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) (In thousands) |
|||||||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||
2023 |
2022 |
2023 |
2022 |
||||||||||||
Cost of testing services reconciliation: |
|||||||||||||||
GAAP cost of testing services |
$ |
13,217 |
$ |
17,771 |
$ |
43,837 |
$ |
53,629 |
|||||||
Stock-based compensation expense |
(496 |
) |
(470 |
) |
(1,467 |
) |
(1,055 |
) |
|||||||
Acquisition related-amortization of purchased intangibles |
(329 |
) |
(329 |
) |
(987 |
) |
(987 |
) |
|||||||
Non-GAAP cost of testing services |
$ |
12,392 |
$ |
16,972 |
$ |
41,383 |
$ |
51,587 |
|||||||
Cost of product reconciliation: |
|||||||||||||||
GAAP cost of product |
$ |
4,750 |
$ |
4,736 |
$ |
12,742 |
$ |
13,022 |
|||||||
Stock-based compensation expense |
(301 |
) |
(321 |
) |
(935 |
) |
(851 |
) |
|||||||
Acquisition related-amortization of purchased intangibles |
(408 |
) |
(416 |
) |
(1,242 |
) |
(1,305 |
) |
|||||||
Non-GAAP cost of product |
$ |
4,041 |
$ |
3,999 |
$ |
10,565 |
$ |
10,866 |
|||||||
Cost of patient and digital solutions reconciliation: |
|||||||||||||||
GAAP cost of patient and digital solutions |
$ |
6,566 |
$ |
5,794 |
$ |
19,821 |
$ |
16,071 |
|||||||
Stock-based compensation expense |
(297 |
) |
(299 |
) |
(1,066 |
) |
(882 |
) |
|||||||
Acquisition related-amortization of purchased intangibles |
(265 |
) |
(236 |
) |
(768 |
) |
(709 |
) |
|||||||
Restructuring costs |
— |
— |
(14 |
) |
— |
||||||||||
Non-GAAP cost of patient and digital solutions |
$ |
6,004 |
$ |
5,259 |
$ |
17,973 |
$ |
14,480 |
|||||||
Research and development expenses reconciliation: |
|||||||||||||||
GAAP research and development expenses |
$ |
19,000 |
$ |
22,306 |
$ |
63,835 |
$ |
66,818 |
|||||||
Stock-based compensation expense |
(1,491 |
) |
(2,058 |
) |
(5,157 |
) |
(6,571 |
) |
|||||||
Asset impairments and write-downs |
— |
(340 |
) |
— |
(340 |
) |
|||||||||
Restructuring costs |
— |
— |
(245 |
) |
— |
||||||||||
Non-GAAP research and development expenses |
$ |
17,509 |
$ |
19,908 |
$ |
58,433 |
$ |
59,907 |
|||||||
Sales and marketing expenses reconciliation: |
|||||||||||||||
GAAP sales and marketing expenses |
$ |
18,474 |
$ |
22,261 |
$ |
63,883 |
$ |
72,359 |
|||||||
Stock-based compensation expense |
(3,041 |
) |
(2,672 |
) |
(9,557 |
) |
(9,702 |
) |
|||||||
Acquisition related-amortization of purchased intangibles |
(616 |
) |
(553 |
) |
(1,817 |
) |
(1,702 |
) |
|||||||
Restructuring costs |
— |
— |
(548 |
) |
— |
||||||||||
Non-GAAP sales and marketing expenses |
$ |
14,817 |
$ |
19,036 |
$ |
51,961 |
$ |
60,955 |
|||||||
General and administrative expenses reconciliation: |
|||||||||||||||
GAAP general and administrative expenses |
$ |
33,968 |
$ |
23,830 |
$ |
91,368 |
$ |
75,621 |
|||||||
Stock-based compensation expense |
(7,045 |
) |
(5,380 |
) |
(20,943 |
) |
(15,366 |
) |
|||||||
Change in estimated fair value of contingent consideration |
(1,243 |
) |
(266 |
) |
(1,731 |
) |
(830 |
) |
|||||||
Acquisition related fees and expenses |
(253 |
) |
(58 |
) |
(537 |
) |
(387 |
) |
|||||||
Restructuring costs |
— |
— |
(41 |
) |
— |
||||||||||
Other charges |
(6 |
) |
— |
(64 |
) |
— |
|||||||||
Non-GAAP general and administrative expenses |
$ |
25,421 |
$ |
18,126 |
$ |
68,052 |
$ |
59,038 |
|||||||
Total other income (expense) reconciliation: |
|||||||||||||||
GAAP other income, net |
$ |
5,218 |
$ |
667 |
$ |
8,520 |
$ |
33 |
|||||||
Unrealized loss (gain) on long-term marketable equity securities |
333 |
(271 |
) |
1,190 |
215 |
||||||||||
Asset impairments and write-downs |
— |
500 |
1,000 |
500 |
|||||||||||
Other (income) charges |
(2,109 |
) |
14 |
(2,081 |
) |
32 |
|||||||||
Non-GAAP other income, net |
$ |
3,442 |
$ |
910 |
$ |
8,629 |
$ |
780 |
|||||||
Income tax benefit (expense) reconciliation: |
|||||||||||||||
GAAP income tax benefit (expense) |
$ |
80 |
$ |
(267 |
) |
$ |
24 |
$ |
(206 |
) |
|||||
Tax effect related to amortization of purchased intangibles |
(98 |
) |
(101 |
) |
(299 |
) |
(321 |
) |
|||||||
Non-GAAP income tax expense |
$ |
(18 |
) |
$ |
(368 |
) |
$ |
(275 |
) |
$ |
(527 |
) |
|||
CareDx, Inc. Reconciliation of GAAP to Non-GAAP Gross Profit and Gross Margin (Unaudited) (In thousands, except percentages) |
|||||||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||
2023 |
2022 |
2023 |
2022 |
||||||||||||
Total revenue |
$ |
67,192 |
$ |
79,359 |
$ |
214,755 |
$ |
239,409 |
|||||||
GAAP cost of sales |
24,533 |
28,301 |
76,400 |
82,722 |
|||||||||||
GAAP gross profit |
42,659 |
51,058 |
138,355 |
156,687 |
|||||||||||
Stock-based compensation expense |
1,094 |
1,090 |
3,468 |
2,788 |
|||||||||||
Restructuring costs |
— |
— |
14 |
— |
|||||||||||
Acquisition related-amortization of purchased intangibles |
1,002 |
981 |
2,997 |
3,001 |
|||||||||||
Non-GAAP gross profit |
$ |
44,755 |
$ |
53,129 |
$ |
144,834 |
$ |
162,476 |
|||||||
Non-GAAP gross margin % |
67 |
% |
67 |
% |
67 |
% |
68 |
% |
|||||||
CareDx, Inc. Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) (In thousands, except share and per share data) |
|||||||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||
2023 |
2022 |
2023 |
2022 |
||||||||||||
GAAP net loss |
$ |
(23,485 |
) |
$ |
(16,939 |
) |
$ |
(72,187 |
) |
$ |
(58,284 |
) |
|||
Stock-based compensation expense |
12,671 |
11,200 |
39,125 |
34,427 |
|||||||||||
Asset impairments and write-downs |
— |
840 |
1,000 |
840 |
|||||||||||
Unrealized loss (gain) on long-term marketable equity securities |
333 |
(271 |
) |
1,190 |
215 |
||||||||||
Acquisition related-amortization of purchased intangibles |
1,618 |
1,534 |
4,814 |
4,702 |
|||||||||||
Acquisition related fees and expenses |
253 |
58 |
537 |
387 |
|||||||||||
Change in estimated fair value of contingent consideration |
1,243 |
266 |
1,731 |
830 |
|||||||||||
Restructuring costs and charges |
6 |
— |
912 |
— |
|||||||||||
Tax effect related to amortization of purchased intangibles |
(98 |
) |
(101 |
) |
(299 |
) |
(321 |
) |
|||||||
Other (gains) charges |
(2,109 |
) |
15 |
(2,081 |
) |
32 |
|||||||||
Non-GAAP net loss |
$ |
(9,568 |
) |
$ |
(3,398 |
) |
$ |
(25,258 |
) |
$ |
(17,172 |
) |
|||
GAAP basic and diluted net loss per share |
$ |
(0.43 |
) |
$ |
(0.32 |
) |
$ |
(1.34 |
) |
$ |
(1.09 |
) |
|||
Non-GAAP basic net loss per share |
$ |
(0.18 |
) |
$ |
(0.06 |
) |
$ |
(0.47 |
) |
$ |
(0.32 |
) |
|||
Non-GAAP diluted net loss per share |
$ |
(0.18 |
) |
$ |
(0.06 |
) |
$ |
(0.47 |
) |
$ |
(0.32 |
) |
|||
Shares used in computing non-GAAP basic net loss per share |
54,178,759 |
53,489,418 |
53,891,374 |
53,253,210 |
|||||||||||
Shares used in computing non-GAAP diluted net loss per share |
54,178,759 |
53,489,418 |
53,891,374 |
53,253,210 |
|||||||||||
CareDx, Inc. Reconciliation of Non-GAAP to Adjusted EBITDA (Unaudited) (In thousands) |
|||||||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||
2023 |
2022 |
2023 |
2022 |
||||||||||||
Non-GAAP net loss |
$ |
(9,568 |
) |
$ |
(3,398 |
) |
$ |
(25,258 |
) |
$ |
(17,172 |
) |
|||
Interest income |
(3,171 |
) |
(1,225 |
) |
(8,708 |
) |
(1,892 |
) |
|||||||
Income tax (benefit) expense |
(214 |
) |
368 |
275 |
527 |
||||||||||
Depreciation expense |
2,044 |
1,465 |
5,904 |
3,567 |
|||||||||||
Other (income) expense, net |
(40 |
) |
314 |
79 |
1,112 |
||||||||||
Adjusted EBITDA |
$ |
(10,949 |
) |
$ |
(2,476 |
) |
$ |
(27,708 |
) |
$ |
(13,858 |
) |
|||
CareDx, Inc. Reconciliation of GAAP Revenue to Normalized Revenue After Adjustment of Impacted March Tests (Unaudited) (In thousands) |
|||||||
Three Months Ended |
|||||||
June 30, 2023 |
September 30, 2023 |
||||||
GAAP revenue |
$ |
70,301 |
$ |
67,192 |
|||
AlloSure Kidney Medicare claims (Impacted March Tests) |
(7,771 |
) |
— |
||||
Normalized revenue after adjustment of Impacted March Tests |
$ |
62,530 |
$ |
67,192 |
|||
CareDx, Inc. Reconciliation of GAAP Revenue for Testing Services to Normalized Revenue for Testing Services After Adjustment of Impacted March Tests and Reconciliation of Non-GAAP Gross Margin (%) for Testing Services to Normalized Non-GAAP Gross Margin (%) for Testing Services After Adjustment of Impacted March Tests (Unaudited) (In thousands) |
|||||||
Three Months Ended |
|||||||
June 30, 2023 |
September 30, 2023 |
||||||
GAAP revenue |
$ |
53,414 |
$ |
47,784 |
|||
AlloSure Kidney Medicare claims (Impacted March Tests) |
(7,771 |
) |
— |
||||
Normalized revenue for testing services after adjustment of Impacted March Tests |
$ |
45,643 |
$ |
47,784 |
|||
Non-GAAP cost of testing services |
$ |
14,503 |
$ |
12,392 |
|||
Non-GAAP gross margin for testing services |
73 |
% |
74 |
% |
|||
AlloSure Kidney Medicare claims (Impacted March Tests) |
5 |
% |
— |
% |
|||
Normalized non-GAAP gross margin for testing services (%) after adjustment of Impacted March Tests |
68 |
% |
74 |
% |
|||
CareDx, Inc. Reconciliation of Adjusted EBITDA to Normalized EBITDA After Adjustment of Impacted March Tests (Unaudited) (In thousands) |
|||||||
Three Months Ended |
|||||||
June 30, 2023 |
September 30, 2023 |
||||||
Adjusted EBITDA |
$ |
(10,350 |
) |
$ |
(10,949 |
) |
|
AlloSure Kidney Medicare claims (Impacted March Tests) |
(7,771 |
) |
— |
||||
Normalized EBITDA after adjustment of Impacted March Tests |
$ |
(18,121 |
) |
$ |
(10,949 |
) |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20231108247428/en/
CareDx, Inc.
Media Relations Anna Czene 818-731-2203 aczene@caredx.com
Investor Relations Greg Chodaczek investor@caredx.com
Source: CareDx, Inc.