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CareDx Q1 Revenues Up 76 Percent

NEW YORK (GenomeWeb) – CareDx reported today that its first quarter revenues grew 76 percent year over year, amid growing sales of its AlloMap heart transplant test.

For the three months ended March 31, CareDx's revenues rose to $11.6 million from $6.6 million in the same period last year, topping analysts' consensus revenues estimate of $11.3 million.

AlloMap revenues were up 22 percent to $7.9 million from $6.5 million, while revenues from the company's Olerup line of HLA typing products — which CareDx picked up through its 2016 acquisition of Allenex AB — came in at $3.7 million.

CareDx's net loss in the quarter narrowed to $5.6 million, or $.26 per share, from $9.8 million, or $.81 per share, a year earlier. On an adjusted basis, the company's loss per share was $.32. Analysts had, on average, been expecting a first-quarter loss per share of $.22.

CareDx posted a slight rise in R&D spending in the quarter to $3.3 million from $3.2 million a year earlier, while SG&A costs were up 31 percent to $9.7 million from $7.4 million.

As of March 31, CareDx had cash and cash equivalents totaling $12.2 million.

Looking ahead, the company said it continues to expect full-year revenues in the range of $45 million to $50 million, excluding any potential revenue from its yet-to-be-launched AlloSure next-generation sequencing-based test for solid organ transplant rejection. Analysts are expecting full-year revenues of $47.4 million.

"We are very pleased with our progress towards AlloSure reimbursement and look forward to soon being able to provide the first and only non-invasive test that uses donor-derived cell free DNA to directly measure organ health and identify the probability of active transplant rejection," CareDx President and CEO Peter Maag said in a statement.

During early morning trading on the Nasdaq, shares of CareDx rose less than 1 percent to $1.10.