NEW YORK (GenomeWeb) – CareDx reported after the close of the market on Friday that its fourth quarter revenues rose 65 percent.
For the three months ended Dec. 31, CareDx reported revenues of $10.9 million, up from $6.6 million in Q4 2015, and in line with analyst estimates for revenues of $10.9 million.
Earlier this month, the company filed notice with the US Securities Exchange Commission that it was unable to file its Form 10-K annual report for 2016 by the April 17 extended deadline. Last month, CareDx reported preliminary revenues of between $10.6 million and $10.9 million for the fourth quarter.
The Q4 revenues reflected sales of Olerup HLA typing products, which CareDx started marketing following its acquisition of Allenex AB in April 2016. Olerup revenues for the quarter were $3.5 million. Revenues from CareDx's AlloMap heart transplant tests rose to $7.4 million from $6.7 million in Q4 2015.
The company's Q4 net loss widened to $15.5 million, or $.73 per share, from $4.8 million, or $.40 per share, a year earlier. On an adjusted basis, the company's Q4 net loss was $.13 per share. Analysts had expected a net loss of $.18 per share.
CareDx's Q4 R&D costs rose 19 percent to $3.2 million from $2.7 million a year earlier. Its SG&A expenses rose 27 percent to $7.1 million from $5.6 million in Q4 2015.
"We have made significant recent progress and are very well positioned for the launch of our exciting new product, AlloSure," CareDx President and CEO Peter Maag said in a statement. "With both pre- and post-transplant products encompassing the continuum of care, we have become a transplant-focused multiproduct genomic information company."
For full-year 2016, CareDx reported revenues rose 44 percent to $40.6 million from $28.1 million in 2015, slightly missing analyst estimates for revenues of $40.7 million.
Revenues from AlloMap for the year were $29.7 million, up from $27.9 million in 2015. Olerup revenues in the year were $10.7 million.
The company's 2016 net loss widened to $39.5 million, or $2.39 per share, from $13.7 million, or $1.16 per share, in 2015. On an adjusted basis, the company's Q4 net loss was $.84 per share. Analysts had expected a net loss of $.91 per share.
CareDx's 2016 R&D costs rose 33 percent to $12.4 million from $9.3 million a year earlier, while its SG&A expenses rose 56 percent to $31.9 million from $20.5 million in Q4 2015.
The company ended the year with $17.3 million in cash and cash equivalents.
For full-year 2017, CareDx said it continues to expect revenues of $45 million to $50 million, excluding any potential revenues from its AlloSure solid organ transplant diagnostic. The company has filed for coverage and reimbursement with the MolDx program at Palmetto and the dossier is currently under technical review. Analysts are expecting 2017 revenues of $47.6 million.
CareDx further reported that it has appointed Michael Bell as chief financial officer, effective April 21, succeeding Charles Constanti. Bell is the former CFO of infectious disease risk analytics company Metabiota and the former CFO of Singulex.
"CareDx is gearing up for the launch of AlloSure, its next-generation post-transplant rejection testing service, while at the same time driving its existing transplantation product lines, AlloMap and Olerup, towards profitability," Maag said. "Michael's broad experience in finance and operations, coupled with his knowledge of the diagnostics industry, will guide our efforts to provide novel diagnostic solutions to transplantation physicians and patients, while delivering value to our shareholders."
The company's shares rose 2 percent to $1.02 in Monday morning trading on the Nasdaq.