CareDx Q3 Revenues Grow 42 Percent

Original from: Genomeweb

CareDx reported after the close of the market on Thursday that its third quarter revenues rose 42 percent year over year, thanks largely to a 46 percent increase in testing service revenues during the quarter.

For the three months ended Sept. 30, the South San Francisco, California-based molecular diagnostics company reported revenues of $75.6 million, up from $53.4 million during the same period a year earlier and beating the average Wall Street estimate of $74.1 million.

Testing services revenues rose to $66.5 million from $45.5 million in the prior-year quarter, while product revenues rose 20 percent to $6.5 million from $5.4 million. Digital and other revenues rose slightly to $2.6 million from $2.5 million in Q3 2020.

CareDx said testing volumes grew 86 percent year over year, with approximately 40,000 AlloSure blood-based, donor-derived, cell-free DNA tests for organ transplant rejection and AlloMap Heart transplant tests returned to patients in Q3. 

The company also highlighted its launch of AlloSure Lung earlier this month, a donor-derived cell-free DNA test for noninvasive surveillance of lung transplant patients.

"I'm pleased with our strong performance in the third quarter, driven by 86 percent volume growth in testing services," CareDx President and CEO Reg Seeto said in a statement. "We made significant progress toward our goal of OrganCare multi-modality, while continuing our pan-organ leadership in being the first with dd-cfDNA in heart, kidney, and now lung. We remain 100 percent committed to patients, and to transforming the transplant patient journey through innovation."

The firm's Q3 net loss widened to $11.9 million, or $.23 per share, from $2.8 million, or $.06 per share, in Q3 2020. On an adjusted basis, the company reported earnings of $.07 per share for the quarter, beating analysts' consensus expectation for earnings per share of $.01.

CareDx's Q3 R&D costs rose 55 percent to $19.4 million from $12.5 million in the year-ago quarter, and its SG&A expenses rose 49 percent to $40.1 million from $27.0 million.

The company ended the quarter with $353.1 million in cash and cash equivalents and $10.2 million in marketable securities.

For full-year 2021, CareDx raised its revenue guidance to a range of $290 million to $293 million from a previous expectation of $280 million to $290 million. Analysts, on average, are expecting revenues of $290.4 million for the year.

The company's shares fell more than 3 percent to $68.14 in after-hours trading on the Nasdaq.

Source: CareDx Q3 Revenues Grow 42 Percent