First Quarter Revenue of $84.7 Million, Increased 18% Year-Over-Year

Grew Testing Services Volume to Approximately 47,100, Marking Seventh Consecutive Quarter of Sequential Testing Services Volume Growth

CareDx, Inc. (Nasdaq: CDNA) today reported financial results for the first quarter ended March 31, 2025.

First Quarter Financial Highlights

• Reported first quarter revenue of $84.7 million, increased 18% year-over-year
• Testing services revenue of $61.9 million, increased 15% year-over-year, and testing services volume of approximately 47,100, increased 12% year-over-year
• GAAP net loss of $10.4 million, non-GAAP net income of $5.4 million, and positive adjusted EBITDA of $4.6 million, a significant improvement from the first quarter 2024
• Cash, cash equivalents and marketable securities of $231 million, with no debt, as of March 31, 2025
• Reaffirms full-year 2025 guidance of $365 million to $375 million in revenue and adjusted EBITDA of $29 million to $33 million, and 2027 target of $500 million in revenue and adjusted EBITDA of $100 million

First Quarter Business Highlights

• Seventh consecutive quarter of sequential testing services volume growth
• Launched two expanded indications for AlloSure^® Testing Services – AlloSure Heart for pediatric heart transplant patients under age 15, and AlloSure Kidney for simultaneous pancreas-kidney transplant (SPK) patients
• Submitted second manuscript of the SHORE (Surveillance HeartCare Outcomes Registry) study for publication to further build our evidence for coverage
• Presented AlloHeme™ data at TANDEM and EBMT conferences advancing our pipeline
• Completed the restructuring of our Revenue Cycle Management team to drive ASP growth
• Launched a strategic operations initiative to accelerate growth through enhanced integration with EPIC AURA EMR systems

“We had another strong quarter marked by growth across all organs, led by kidney surveillance testing. Our increased sales footprint had a clear impact, and we saw continued progress in surveillance testing protocol adoption that we anticipate will have an impact in Q2,” said John W. Hanna, CareDx President and CEO. “I am pleased with the progress we continue to make with our pipeline, including the launch of two expanded indications for AlloSure and advancements in our AlloHeme trial for patients with hematologic malignancies presented at two conferences.”

Q1 2025 Financial Results

Total revenue for the three months ended March 31, 2025, was $84.7 million, an increase of 18% compared to $72.0 million for the first quarter of 2024. Testing Services revenue for the first quarter 2025 was $61.9 million, including $1.1 million in write-off for aged receivable, an increase of 15% compared to $53.8 million for the first quarter of 2024. Excluding these aged receivable write-off, non-GAAP adjusted testing services revenue for the first quarter of 2025 was $63.0 million. Patient and Digital Solutions revenue for the first quarter of 2025 was $12.0 million, an increase of 24% compared to $9.6 million for the first quarter of 2024. Product revenue for the first quarter of 2025 was $10.8 million, an increase of 26% compared to $8.6 million for the first quarter of 2024.

For the first quarter of 2025 GAAP net loss was $10.4 million compared to a GAAP net loss of $19.9 million in the first quarter of 2024. Basic and diluted GAAP net loss per share in the first quarter of 2025 was $0.19, compared to basic and diluted GAAP net loss per share of $0.38 in the first quarter of 2024.

Non-GAAP net income was $5.4 million in the first quarter of 2025 compared to a non-GAAP net loss of $1.4 million in the first quarter of 2024. Diluted non-GAAP net income per share was $0.09 in the first quarter of 2025 compared to a diluted non-GAAP net loss per share of $0.03 in the first quarter of 2024. Adjusted EBITDA income for the first quarter of 2025 was $4.6 million compared to an adjusted EBITDA loss of $1.9 million for the first quarter of 2024.

2025 Guidance

For the full year 2025, CareDx expects revenue to be in the range of $365 million to $375 million. CareDx expects full year 2025 adjusted EBITDA gain to be in the range of $29 million to $33 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 expectations regarding the achievement of CareDx’s financial and operational goals and its expectations and prospects for 2025. 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, 2024 filed by CareDx with the SEC on February 28, 2025, the Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 filed by CareDx with the SEC on April 30, 2025, 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 adjusted testing services revenue, 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 income tax expense, non-GAAP net income (loss), non-GAAP basic and diluted net income (loss) per share and adjusted EBITDA. A reconciliation of the forecasted range for adjusted EBITDA for 2025 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.

We define non-GAAP net income (loss) and per share results as the GAAP net loss and per share results excluding the impacts of stock-based compensation; 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 and certain other charges. We define adjusted EBITDA as non-GAAP net income (loss) 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. 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.

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