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CareDx (CDNA) investor relations material
CareDx Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved 25% year-over-year revenue growth in Q4 2025 and 14% for the full year, driven by expanded commercial presence, new product launches, and strong testing volume and pricing expansion.
Introduced innovative products such as AlloSure Heart for Pediatrics, AlloSure Plus, HistoMap Kidney, and advanced digital integrations, enhancing clinical adoption and differentiation.
Advanced infrastructure with automation, AI in revenue cycle management, and Epic Aura integration to streamline operations and improve efficiency.
Strengthened evidence base with multiple published studies, including SHORE and KOAR registries, supporting market leadership in transplant diagnostics.
Ended 2025 with $201 million in cash and no debt after $88 million in share repurchases.
Financial highlights
Q4 2025 revenue was $108.4 million (+25% YoY); full-year revenue reached $380 million (+14% YoY).
Q4 testing services revenue: $78.4 million (+23% YoY), with 53,000 tests performed (+17% YoY); average revenue per test was ~$1,480.
Q4 patient and digital solutions revenue: $17 million (+47% YoY); Q4 lab product revenue: $13 million (+17% YoY).
Q4 non-GAAP gross margin: 69%; full-year non-GAAP gross margin: 69%.
Q4 adjusted EBITDA: $6.5–$7 million (impacted by a one-time bonus); full-year adjusted EBITDA: $31.7–$32 million (+14% YoY).
Outlook and guidance
2026 revenue guidance: $420–$444 million (midpoint +14% YoY), including a $7.5 million headwind from Medicare LCD policy changes.
Testing services revenue expected at $306–$326 million; volume guidance is 220,000–228,000 tests (+12% YoY at midpoint); average revenue per test projected in the low $1,400s.
Patient and digital solutions plus lab products revenue expected at $114–$118 million (+8–12%).
Non-GAAP gross margin expected at 69–71%; adjusted EBITDA guidance is $30–$45 million.
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