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CareDx Preliminary Q4 Revenues up 53 Percent

NEW YORK – CareDx reported on Monday that its preliminary revenues for the fourth quarter of 2019 are expected to be $35.7 million to $36.0 million, an increase of 52 percent to 53 percent compared to the $23.5 million in revenues reported in Q4 2018. Analysts expect the company to report $34.2 million in revenues for Q4.

For the three months ended Dec. 31, 2019, testing revenues are expected to be between $29.0 million to $29.3 million compared with $18.9 million in the same period in 2018. Total AlloSure Kidney and AlloMap Heart patient results provided in the quarter were 14,055.

Product revenues for the quarter are expected to be $5.1 million compared to $4.6 million in the same period in 2018. Digital and other revenues are expected to be $1.6 million compared to $100,000 a year ago.

For full-year 2019, the company is expecting to report revenues of $127.0 million to $127.3 million, a 66 percent increase from revenues of $76.6 million in 2018. On average, analysts expect revenues of $125.4 million for the year.

Testing revenues for the year are expected to be between $104.4 million and $104.7 million compared with $60.3 million in 2018. Product revenues for 2019 are expected to be $18.3 million compared to $15.7 million in 2018. Digital and other revenues are expected to be $4.2 million in 2019 compared to $600,000 in 2018.

Preliminary cash and cash equivalents were $38.2 million as of Dec. 31, 2019.

The South San Francisco, California-based firm also said that effective Jan. 1, 2020, CareDx's board elected CEO Peter Maag to serve as chairman, succeeding Michael Goldberg, who will continue to serve on the board as its lead independent director. Maag will also continue in his current role as CEO.

"2019 was another record year for CareDx with 66 percent revenue growth. We are firmly positioned as the leading provider of genomics-based information in transplantation and have the momentum and capabilities to drive continued innovation and growth in 2019," Maag said in a statement.

CareDx shares rose more than 4 percent to $20.65 in morning trading on the Nasdaq.