CareDx Announces Fourth Quarter and Full Year 2025 Financial Results

Full Year 2025 Total Revenue of $380 Million Increased 14% Year-Over-Year

Expects Full Year 2026 Revenue of $420 Million to $444 Million

CareDx, Inc. (NASDAQ:CDNA) — The Transplant Company™, a leading precision medicine 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 fourth quarter and full year ended December 31, 2025.

Fourth Quarter 2025 Financial Highlights

• Revenue of $108 million, an increase of 25% year-over-year
• Testing services revenue of $78 million, an increase of 23% year-over-year, and testing services volume of approximately 53,000, an increase of 17% year-over-year
• Patient and digital solutions revenue of $16.8 million and product revenue of $13.3 million, representing year-over-year growth of 47% and 17%, respectively
• Average revenue per test of approximately $1,480 including approximately $5 million in prior period revenue
• GAAP net loss of $4 million, compared to GAAP net income of $88 million for the fourth quarter of 2024
• Adjusted EBITDA of $7 million, compared to $10 million for the fourth quarter of 2024; adjusted EBITDA includes approximately $7 million of operating expenses for compensation in lieu of equity grants for non-executives in the fourth quarter of 2025
• Cash flow from operations of $21.4 million
• Share repurchases of $12 million during the quarter of 773,000 shares at an average price of $15.79 per share

Recent Business Highlights

• Published the third SHORE registry manuscript in the Journal of Heart and Lung Transplantation, reinforcing the clinical evidence for HeartCare and the prognostic value of combined molecular testing
• Advanced Epic Aura integrations, with seven transplant centers live and approximately twenty implementations underway, supporting improved workflow integration across transplant programs
• Launched ImmuneScape™ through a strategic collaboration with 10x Genomics, establishing a multiomics discovery platform to inform next‑generation precision transplant diagnostics
• Announced pivotal validation data for AlloHeme™, advancing CareDx's expansion beyond solid organ transplantation into cell therapy and hematologic malignancies

Full Year 2025 Financial Highlights

• Revenue of $380 million, an increase of 14% year-over-year
• Testing services revenue of $275 million, an increase of 10% year-over-year, and testing services volume of approximately 200,000, an increase of 14% year-over-year
• Patient and digital solutions revenue of $57 million and product revenue of $48 million, representing year-over-year growth of 31% and 19%, respectively
• GAAP net loss of $21 million, non-GAAP net income of $32 million, and adjusted EBITDA of $32 million
• Cash flow from operations of $42 million
• Cash, cash equivalents and marketable securities of approximately $200 million as of December 31, 2025
• Share repurchases of $88 million during the year of 5.8 million shares at an average price of $15.16 per share

"We delivered a strong finish to 2025, reflecting disciplined execution across the business and continued momentum in our core testing services, patient and digital solutions, and lab products," said John W. Hanna, President and CEO of CareDx. "As we enter 2026, we believe we are well positioned to build on this momentum and continue delivering meaningful value for transplant patients, clinicians, and shareholders."

Q4 2025 Financial Results

Total revenue was $108 million, compared to $87 million in the fourth quarter of 2024, an increase of 25%.

Testing services revenue was $78 million, compared to $64 million in the fourth quarter of 2024, an increase of 23%.

Patient and digital solutions revenue was $17 million, compared to $11 million in the fourth quarter of 2024, an increase of 47%.

Product revenue was $13 million, compared to $11 million in the fourth quarter of 2024, an increase of 17%.

GAAP net loss was $4 million, compared to GAAP net income of $88 million in the fourth quarter 2024. Basic and diluted GAAP net loss per share was $0.08, compared to diluted GAAP net income per share of $1.51 in the fourth quarter of 2024.

Non-GAAP net income was $6 million, compared to $11 million in the fourth quarter of 2024. Diluted non-GAAP net income per share was $0.12 compared to $0.18 in the fourth quarter of 2024.

Adjusted EBITDA was $7 million, compared to $10 million in the fourth quarter of 2024. Adjusted EBITDA includes approximately $7 million of operating expenses for compensation in lieu of equity grants for non-executives in the fourth quarter of 2025.

Full Year 2025 Financial Results

Total revenue for the full year ended December 31, 2025, was $380 million, an increase of 14% compared to $334 million in 2024.

Testing services revenue for the full year 2025 was $275 million, an increase of 10% compared with $249 million in 2024. Patient and digital solutions revenue for the full year 2025 was $57 million, an increase of 31% compared to $44 million in 2024. Product revenue for the full year 2025 was $48 million, an increase of 19% compared to $41 million in 2024.

GAAP net loss for the full year 2025 was $21 million, compared to GAAP net income of $53 million in 2024, which included a $96 million reversal of a litigation accrual associated with damages related to the alleged infringement of patent '544 accrued in 2023. Diluted GAAP net loss per share for the full year 2025 was $0.40, compared to diluted GAAP net income per share of $0.93 in the full year 2024.

Non-GAAP net income was $32 million for the full year 2025, compared to a non-GAAP net income of $31 million for the full year ended 2024. Diluted non-GAAP net income per share was $0.58 in the full year of 2025, compared to a diluted non-GAAP net income per share of $0.55 in the full year of 2024.

Adjusted EBITDA for the full year of 2025 was $32 million, compared to adjusted EBITDA of $28 million for the full year of 2024.

Cash and cash equivalents and marketable securities were $201 million as of December 31, 2025, net of $88 million in share repurchases carried out during the year.

For additional information regarding non-GAAP financial measures discussed herein, please see "Use of Non-GAAP Financial Measures," "Reconciliation of GAAP to Non-GAAP Financial Measures," "GAAP and Non-GAAP Operating Expenses", "Reconciliation of GAAP to Non-GAAP Gross Profit and Gross Margin," and "Reconciliation of Non-GAAP to Adjusted EBITDA" below.

2026 Guidance

For the full year 2026, CareDx expects revenue to be in the range of $420 million to $444 million, which includes an estimated 6-month impact of the Medicare LCD of approximately $7.5 million. The Company expects full year 2026 adjusted EBITDA to be in the range of $30 million to $45 million.

About CareDx

CareDx is a precision medicine company dedicated to improving outcomes for transplant patients and advancing organ health. The Company's integrated solutions include non‑invasive molecular testing for heart, kidney, and lung transplants; laboratory products; digital health technologies; and patient solutions that support care before and after transplant. CareDx 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 expectations regarding the achievement of CareDx's financial and operational goals and its expectations and prospects for 2026. 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 CareDx's control, that could cause the actual results to differ materially from those projected, 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, 2025 to be filed by CareDx with the SEC on February 25, 2026, 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 operating expenses, non-GAAP net income, non-GAAP basic and diluted net income per share and adjusted EBITDA. These non-GAAP financial measures are not meant to be considered superior to or a substitute for financial measures calculated in accordance with GAAP, and investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool.

We define non-GAAP net income and per share results as the GAAP net income (loss) and per share results excluding the impacts of stock-based compensation expense; acquisition-related amortization of purchased intangible assets and related tax effects; costs involved with completing an acquisition; changes in estimated fair value of contingent consideration; litigation settlement expense; transformational initiative costs; and certain other charges presented in the reconciliation in this release. We define adjusted EBITDA as non-GAAP net income before interest income, income tax expense, depreciation expense and other (income) 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 where certain items may vary independent of business performance. 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. A reconciliation of the forecasted range for adjusted EBITDA for 2026 is not included in this release due to the number of variables in the projected range and because we are currently unable to quantify accurately certain amounts that would be required to be included in the U.S. GAAP measure or the individual adjustments for such reconciliation.

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CareDx, Inc.

Media Relations

Natasha Moshirian Wagner

[email protected]

Investor Relations

Caroline Corner

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