CareDx
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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.
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Q4 2025 earnings summary24 Feb, 2026

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.

Impact of 2024 litigation reversal on 2025 GAAP?
Quantify Q4 2025 EBITDA without equity comp.
Detail Medicare LCD impact on 2026 revenue guidance.
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Frequently asked questions

CareDx, Inc. discovers, develops, and commercializes diagnostic solutions for transplant patients and caregivers worldwide. It offers UNITY HEART, a precision medicine platform to diagnose the degree of cardiac allograft rejection without the need for a confirmatory endomyocardial biopsy; and UNITY OV, an automated whole blood donor screening system to detect donor-derived cell-free DNA prior to solid organ transplantation and non-invasive as well as categorical monitoring of allograft injury. The company also provides AlloMap heart transplant test that measure mRNA transcripts from 22 genes expressed in immune cells and fibroblasts for personalized patient management; and AlloSure kidney transplant test to measure the amount of a donor specific DNA in a recipient’s bloodstream.

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