47 Transplantation Centers Offering
AlloSure
CareDx, Inc. (NASDAQ:CDNA), a molecular diagnostics company
focused on the discovery, development and commercialization of
clinically differentiated, high-value diagnostic solutions for
transplant patients, today reported financial results for the
fourth quarter and full year ended December 31, 2017.
Recent highlights:
- AlloSure commercially launched on October 9, 2017-- As of
February 28, 2018, 47 U.S. transplant centers providing AlloSure
testing to patients-- Continued progress in Kidney Allograft
Outcomes AlloSure Registry (K-OAR) enrollment, with 9 centers
initiated as clinical trial sites as of February 28,
2018
- Achieved total revenue for the fourth quarter 2017 of $12.5
million-- AlloSure® testing revenue of $0.5 million, representing
282 test results provided to kidney transplant patients-- AlloMap®
testing revenue of $8.1 million, with fourth quarter US test volume
increasing 8% year-over-year to 3,840 tests-- Product revenue of
$3.7 million
- Revenue for the full year ended December 31, 2017 was $48.3
million, an increase of 19% year-over-year
- Announced refinancing of debt with Perceptive Advisors, to be
completed in April 2018
“The initial AlloSure interest and traction we experienced in
the fourth quarter of 2017 continues in 2018,” said Peter Maag,
CareDx President and Chief Executive Officer. “As of February 28,
2018, 47 centers are offering this high-value diagnostic test to
kidney transplant patients across the US. Additionally, we enrolled
our first patients and centers in the K-OAR registry and remain
on-track to initiate 35 centers in this innovative study collecting
longer-term outcome data on kidney transplant patients.”
Maag added, “We believe our new and simplified capital structure
positions CareDx to achieve its financial and operational goals
going forward. I want to thank the entire CareDx team for our 2017
accomplishments and am looking forward to 2018 being another record
year for the company. CareDx is well-positioned to become a leading
provider of diagnostic solutions to the transplant community.”
Fourth Quarter 2017 Financial Results
Revenue for the three months ended December 31, 2017 was $12.5
million, an increase of 15% compared with $10.9 million in the
fourth quarter of 2016. Testing revenue for the quarter was
$8.6 million compared with $7.4 million in the same period of 2016.
Product revenue in the three months ended December 31, 2017 was
$3.7 million, compared to $3.5 million in the same period of
2016.
For the fourth quarter of 2017, the net loss was $31.7 million
compared to a net loss of $15.5 million in the same period of 2016.
The fourth quarter of 2017 net loss includes charges totaling $27.1
million for changes in the estimated fair values of warrant and
derivative liabilities, and contingent consideration. Basic and
diluted net loss per share was $1.13 in the fourth quarter of 2017,
compared to basic and diluted net loss per share of $0.73 in the
fourth quarter of 2016.
Non-GAAP net loss was $2.6 million in the fourth quarter of 2017
compared to $2.7 million in the fourth quarter of 2016. Basic and
diluted non-GAAP net loss per share was $0.09, in the fourth
quarter of 2017 compared to $0.13 in the fourth quarter of
2016.
Cash and cash equivalents were $16.9 million and restricted cash
was $9.6 million as of December 31, 2017. The change in cash and
cash equivalents from $6.0 million as of September 30, 2017, is due
to $19.5 million net cash received from a public offering of common
stock and exercises of common stock warrants and options, partially
offset by approximately $6.5 million net cash used to repay debt,
bank overdraft and deferred purchase obligations, and $2.1 million
net cash used in operating activities.
Full Year 2017 Financial Results
Revenue for the full year ended December 31, 2017 was $48.3
million, an increase of 19% compared with $40.6 million in full
year 2016 revenue. Testing revenue for the year ended
December 31, 2017 was $33.1 million, compared with $29.7 million in
the same period in 2016. Product revenue for the full year 2017 was
$14.6 million, compared to $10.7 million in the same period of
2016.
Net loss for the full year ended December 31, 2017 was $55.5
million compared with a net loss of $39.5 million in 2016. The full
year 2017 net loss includes charges totaling $30.8 million for
changes in the estimated fair values of warrant and derivative
liabilities, and contingent consideration. Basic and diluted net
loss per share were $2.38 compared to $2.39 in the full year
2016.
Non-GAAP net loss was $16.1 million for the full year ended
December 31, 2017 compared to $13.8 million in 2016. Non-GAAP basic
and diluted net loss per share were $0.69 in the full year 2017,
compared to basic and diluted net loss per share of $0.83 in
2016.
For additional information regarding non-GAAP financial measures
discussed herein, please see “Use of Non-GAAP financial Measures”
and “Reconciliation of GAAP to Non-GAAP Financial Measures”
below.
2018 Guidance For the full year 2018, CareDx
expects revenue to be in the range of $61 million to $63 million,
with profitability expected during the second half of the year.
Each of the components of CareDx’s guidance set forth above is an
estimate only and actual performance could differ.
About CareDx CareDx,
Inc., headquartered in Brisbane, California, is a molecular
diagnostics company focused on the discovery, development and
commercialization of clinically differentiated, high-value
diagnostic solutions for transplant recipients. CareDx offers
products across the transplant testing continuum, including AlloMap
and AlloSure for post-transplant surveillance and Olerup SSP®,
Olerup QTYPE®, and Olerup SBT™ for pre-transplant HLA testing.
For more information, please visit: www.CareDx.com.
Forward Looking Statements This press release
includes forward-looking statements, including expectations
regarding the Company’s fiscal 2018 revenue, timing for
profitability, achievement of our financial and operational goals
and prospects. 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, including general economic and
market factors, among others discussed in CareDx’s filings
with the SEC, including the Annual Report on Form 10-K for the
fiscal year ended December 31, 2016 filed by CareDx with the SEC on
April 21, 2017 and the periodic reports that CareDx has
subsequently 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. CareDx expressly disclaims any
obligation, except as required by law, or undertaking to update or
revise any such forward-looking statements.
Use of Non-GAAP Financial MeasuresCareDx has
presented certain financial information in accordance with U.S.
Generally Accepted Accounting Principles (GAAP) and also on a
non-GAAP basis in this release, including non-GAAP net loss and
non-GAAP basic and diluted net loss per share. We define
non-GAAP net loss and per share results as the GAAP net loss and
per share results excluding the impacts of stock-based
compensation; changes in estimated fair value of warrants,
derivative liabilities and contingent consideration; acquisition
related impairment charges and amortization of intangible assets,
purchase accounting adjustments and related tax effects, costs
involved with completing an acquisition; amortization of debt
discount; and certain other financing charges. 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.
CONTACTS:
CareDx, Inc.Sasha KingChief Commercial
Officer415-287-2393sking@caredx.com
Investor RelationsDavid ClairIntegrated Corporate Relations,
Inc.646-277-1266david.clair@icrinc.com
|
CareDx, Inc. |
Consolidated Statements of
Operations |
(In thousands, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
|
2017 |
|
|
|
2016 |
|
|
2017 (1) |
|
2016 (1) |
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
Testing
revenue |
|
$ |
8,621 |
|
|
$ |
7,363 |
|
|
$ |
33,106 |
|
|
$ |
29,680 |
|
Product
revenue |
|
|
3,718 |
|
|
|
3,487 |
|
|
|
14,634 |
|
|
|
10,715 |
|
Collaboration and license revenue |
|
|
164 |
|
|
|
10 |
|
|
|
584 |
|
|
|
236 |
|
Total
revenue |
|
|
12,503 |
|
|
|
10,860 |
|
|
|
48,324 |
|
|
|
40,631 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Cost of
testing |
|
|
3,121 |
|
|
|
2,654 |
|
|
|
12,345 |
|
|
|
10,882 |
|
Cost of
product |
|
|
2,468 |
|
|
|
3,829 |
|
|
|
9,026 |
|
|
|
10,240 |
|
Research
and development |
|
|
3,028 |
|
|
|
3,154 |
|
|
|
12,388 |
|
|
|
12,385 |
|
Sales and
marketing |
|
|
3,061 |
|
|
|
2,622 |
|
|
|
12,808 |
|
|
|
11,166 |
|
General
and administrative |
|
|
4,241 |
|
|
|
4,475 |
|
|
|
18,913 |
|
|
|
20,725 |
|
Goodwill
impairment |
|
|
- |
|
|
|
13,021 |
|
|
|
1,958 |
|
|
|
13,021 |
|
Change in
estimated fair value of contingent consideration |
|
|
871 |
|
|
|
(34 |
) |
|
|
1,180 |
|
|
|
(456 |
) |
Total
operating expenses |
|
|
16,790 |
|
|
|
29,721 |
|
|
|
68,618 |
|
|
|
77,963 |
|
Loss
from operations |
|
|
(4,287 |
) |
|
|
(18,861 |
) |
|
|
(20,294 |
) |
|
|
(37,332 |
) |
Interest
expense |
|
|
(1,697 |
) |
|
|
(509 |
) |
|
|
(5,863 |
) |
|
|
(1,860 |
) |
Other
(expense) income, net |
|
|
(299 |
) |
|
|
1,414 |
|
|
|
(1,490 |
) |
|
|
(1,920 |
) |
Change
in estimated fair value of common stock warrant liability and
derivative liability |
|
|
(26,218 |
) |
|
|
1,529 |
|
|
|
(29,622 |
) |
|
|
(250 |
) |
Loss
before income taxes |
|
|
(32,501 |
) |
|
|
(16,427 |
) |
|
|
(57,269 |
) |
|
|
(41,362 |
) |
Income
tax benefit |
|
|
872 |
|
|
|
718 |
|
|
|
1,709 |
|
|
|
1,606 |
|
Net
loss |
|
|
(31,629 |
) |
|
|
(15,709 |
) |
|
|
(55,560 |
) |
|
|
(39,756 |
) |
Net loss
attributable to noncontrolling interest |
|
|
42 |
|
|
|
(229 |
) |
|
|
(91 |
) |
|
|
(287 |
) |
Net loss
attributable to CareDx, Inc. |
|
$ |
(31,671 |
) |
|
$ |
(15,480 |
) |
|
$ |
(55,469 |
) |
|
$ |
(39,469 |
) |
Net loss
per share attributable to CareDx, Inc.: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
(1.13 |
) |
|
$ |
(0.73 |
) |
|
$ |
(2.38 |
) |
|
$ |
(2.39 |
) |
|
|
|
|
|
|
|
|
|
Diluted |
|
$ |
(1.13 |
) |
|
$ |
(0.73 |
) |
|
$ |
(2.38 |
) |
|
$ |
(2.39 |
) |
|
|
|
|
|
|
|
|
|
Weighted
average shares used to compute net loss per share
attributable to CareDx, Inc.: |
|
|
|
|
|
|
|
|
Basic |
|
|
27,983,033 |
|
|
|
21,270,151 |
|
|
|
23,332,503 |
|
|
|
16,496,911 |
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
27,983,033 |
|
|
|
21,270,151 |
|
|
|
23,332,503 |
|
|
|
16,496,911 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The Consolidated Statements of Operations for the twelve
months ended December 31, 2017 and December 31, 2016 have been
derived from audited financial statements. |
|
|
|
|
|
|
|
|
|
|
|
CareDx, Inc. |
|
Condensed Consolidated Balance
Sheets |
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
December 31, 2017 (1) |
|
December 31, 2016 (1) |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
16,895 |
|
|
$ |
17,258 |
|
|
|
Accounts
receivable |
|
|
2,991 |
|
|
|
2,768 |
|
|
|
Inventory |
|
|
5,529 |
|
|
|
5,461 |
|
|
|
Prepaid
and other assets |
|
|
1,352 |
|
|
|
1,186 |
|
|
|
Total
current assets |
|
|
26,767 |
|
|
|
26,673 |
|
|
|
Property
and equipment, net |
|
|
2,075 |
|
|
|
2,931 |
|
|
|
Intangible assets, net |
|
|
33,139 |
|
|
|
33,124 |
|
|
|
Goodwill |
|
|
12,005 |
|
|
|
13,839 |
|
|
|
Restricted cash |
|
|
9,579 |
|
|
|
143 |
|
|
|
Other
assets |
|
|
- |
|
|
|
20 |
|
|
|
Total
assets |
|
$ |
83,565 |
|
|
$ |
76,730 |
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders’ (deficit)
equity |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts
payable |
|
$ |
3,391 |
|
|
$ |
3,065 |
|
|
|
Accrued
payroll liabilities |
|
|
5,013 |
|
|
|
3,851 |
|
|
|
Accrued
and other liabilities |
|
|
3,735 |
|
|
|
5,320 |
|
|
|
Accrued
royalties |
|
|
- |
|
|
|
263 |
|
|
|
Deferred
revenue |
|
|
39 |
|
|
|
42 |
|
|
|
Deferred
purchase consideration |
|
|
407 |
|
|
|
5,445 |
|
|
|
Derivative liability |
|
|
14,600 |
|
|
|
- |
|
|
|
Current
debt |
|
|
15,721 |
|
|
|
22,846 |
|
|
|
Total
current liabilities |
|
|
42,906 |
|
|
|
40,832 |
|
|
|
Deferred
rent, net of current portion |
|
|
913 |
|
|
|
1,301 |
|
|
|
Deferred
revenue, net of current portion |
|
|
730 |
|
|
|
759 |
|
|
|
Deferred
tax liability |
|
|
4,933 |
|
|
|
6,057 |
|
|
|
Long-term debt, net of current portion |
|
|
18,338 |
|
|
|
1,098 |
|
|
|
Contingent consideration |
|
|
1,672 |
|
|
|
492 |
|
|
|
Common
stock warrant liability |
|
|
18,712 |
|
|
|
5,208 |
|
|
|
Other liabilities |
|
|
1,315 |
|
|
|
1,222 |
|
|
|
Total
liabilities |
|
|
89,519 |
|
|
|
56,969 |
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Common
stock |
|
|
29 |
|
|
|
21 |
|
|
|
Additional paid-in capital |
|
|
264,204 |
|
|
|
235,673 |
|
|
|
Accumulated other comprehensive loss |
|
|
(2,345 |
) |
|
|
(3,659 |
) |
|
|
Accumulated deficit |
|
|
(268,022 |
) |
|
|
(212,553 |
) |
|
|
Total CareDx, Inc.
stockholders' (deficit) equity |
|
|
(6,134 |
) |
|
|
19,482 |
|
|
|
Noncontrolling interest |
|
|
180 |
|
|
|
279 |
|
|
|
Total
stockholders' (deficit) equity |
|
|
(5,954 |
) |
|
|
19,761 |
|
|
|
Total
liabilities and stockholders’ (deficit) equity |
|
$ |
83,565 |
|
|
$ |
76,730 |
|
|
|
|
|
|
|
|
|
|
(1)
The condensed balance sheets at December 31, 2017 and December 31,
2016 have been derived from audited financial statements. |
|
|
|
|
|
|
|
|
|
|
CareDx, Inc. |
Reconciliation of GAAP to Non-GAAP Financial
Measures |
(Unaudited) |
(In thousands, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
Cost of
testing reconciliation: |
|
|
|
|
|
|
|
|
GAAP
cost of testing |
|
$ |
3,121 |
|
|
$ |
2,654 |
|
|
$ |
12,345 |
|
|
$ |
10,882 |
|
Stock-based compensation expense |
|
|
(31 |
) |
|
|
(40 |
) |
|
|
(188 |
) |
|
|
(144 |
) |
Non-GAAP
cost of testing |
|
$ |
3,090 |
|
|
$ |
2,614 |
|
|
$ |
12,157 |
|
|
$ |
10,738 |
|
|
|
|
|
|
|
|
|
|
Cost of
product reconciliation: |
|
|
|
|
|
|
|
|
GAAP
cost of product |
|
$ |
2,468 |
|
|
$ |
3,829 |
|
|
$ |
9,026 |
|
|
$ |
10,240 |
|
Acquisition related-amortization of purchased intangibles |
|
|
(373 |
) |
|
|
(393 |
) |
|
|
(1,466 |
) |
|
|
(1,040 |
) |
Acquisition related-amortization of inventory valuation
adjustment |
|
|
(89 |
) |
|
|
(1,427 |
) |
|
|
(509 |
) |
|
|
(3,926 |
) |
Non-GAAP
cost of product |
|
$ |
2,006 |
|
|
$ |
2,009 |
|
|
$ |
7,051 |
|
|
$ |
5,274 |
|
|
|
|
|
|
|
|
|
|
Research
and development expenses reconciliation: |
|
|
|
|
|
|
|
|
GAAP
research and development expenses |
|
$ |
3,028 |
|
|
$ |
3,154 |
|
|
$ |
12,388 |
|
|
$ |
12,385 |
|
Stock-based compensation expense |
|
|
(126 |
) |
|
|
(115 |
) |
|
|
(405 |
) |
|
|
(437 |
) |
Non-GAAP
research and development expenses |
|
$ |
2,902 |
|
|
$ |
3,039 |
|
|
$ |
11,983 |
|
|
$ |
11,948 |
|
|
|
|
|
|
|
|
|
|
Sales
and marketing expenses reconciliation: |
|
|
|
|
|
|
|
|
GAAP sales and
marketing expenses |
|
$ |
3,061 |
|
|
$ |
2,622 |
|
|
$ |
12,808 |
|
|
$ |
11,166 |
|
Acquisition related-amortization of purchased intangibles |
|
|
(248 |
) |
|
|
(228 |
) |
|
|
(967 |
) |
|
|
(681 |
) |
Stock-based compensation expense |
|
|
(30 |
) |
|
|
(33 |
) |
|
|
(157 |
) |
|
|
(151 |
) |
Non-GAAP
sales and marketing expenses |
|
$ |
2,783 |
|
|
$ |
2,361 |
|
|
$ |
11,684 |
|
|
$ |
10,334 |
|
|
|
|
|
|
|
|
|
|
General and
administrative expenses reconciliation: |
|
|
|
|
|
|
|
|
GAAP general and
administrative expenses |
|
$ |
4,241 |
|
|
$ |
4,475 |
|
|
$ |
18,913 |
|
|
$ |
20,725 |
|
Acquisition related fees and expenses |
|
|
— |
|
|
|
(135 |
) |
|
|
— |
|
|
|
(4,433 |
) |
Stock-based compensation expense |
|
|
(241 |
) |
|
|
(277 |
) |
|
|
(994 |
) |
|
|
(1,213 |
) |
Non-GAAP general and
administrative expenses |
|
$ |
4,000 |
|
|
$ |
4,063 |
|
|
$ |
17,919 |
|
|
$ |
15,079 |
|
|
|
|
|
|
|
|
|
|
Goodwill impairment
reconciliation: |
|
|
|
|
|
|
|
|
GAAP goodwill
impairment |
|
$ |
— |
|
|
$ |
13,021 |
|
|
$ |
1,958 |
|
|
$ |
13,021 |
|
Goodwill
impairment |
|
|
— |
|
|
|
(13,021 |
) |
|
|
(1,958 |
) |
|
|
(13,021 |
) |
Non-GAAP goodwill
impairment |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
Change in estimated
fair value of contingent consideration reconciliation: |
|
|
|
|
|
|
|
|
GAAP change in
estimated fair value of contingent consideration |
|
$ |
871 |
|
|
$ |
(34 |
) |
|
$ |
1,180 |
|
|
$ |
(456 |
) |
Change in
estimated fair value of contingent consideration |
|
|
(871 |
) |
|
|
34 |
|
|
|
(1,180 |
) |
|
|
456 |
|
Non-GAAP change in
estimated fair value of contingent consideration |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
Interest expense
reconciliation: |
|
|
|
|
|
|
|
|
GAAP interest
expense |
|
$ |
(1,697 |
) |
|
$ |
(509 |
) |
|
$ |
(5,863 |
) |
|
$ |
(1,860 |
) |
Amortization of debt discount |
|
|
731 |
|
|
|
40 |
|
|
|
2,098 |
|
|
|
167 |
|
Non-GAAP interest
expense |
|
$ |
(966 |
) |
|
$ |
(469 |
) |
|
$ |
(3,765 |
) |
|
$ |
(1,693 |
) |
|
|
|
|
|
|
|
|
|
Other expense, net
reconciliation: |
|
|
|
|
|
|
|
|
GAAP other expense,
net |
|
$ |
(299 |
) |
|
$ |
1,414 |
|
|
$ |
(1,490 |
) |
|
$ |
(1,920 |
) |
Debt
financing related fees and expenses |
|
|
— |
|
|
|
(785 |
) |
|
|
309 |
|
|
|
2,154 |
|
Loss on
conversion from debt to equity |
|
|
278 |
|
|
|
— |
|
|
|
278 |
|
|
|
— |
|
Non-GAAP other expense,
net |
|
$ |
(21 |
) |
|
$ |
629 |
|
|
$ |
(903 |
) |
|
$ |
234 |
|
|
|
|
|
|
|
|
|
|
Change in estimated
fair value of common stock warrant and derivative liabilities
reconciliation: |
|
|
|
|
|
|
|
|
GAAP change in
estimated fair value of common stock warrant and derivative
liabilities |
|
$ |
(26,218 |
) |
|
$ |
1,529 |
|
|
$ |
(29,622 |
) |
|
$ |
(250 |
) |
Change in
estimated fair value of common stock warrant and derivative
liabilities reconciliation: |
|
|
26,218 |
|
|
|
(1,529 |
) |
|
|
29,622 |
|
|
|
250 |
|
Non-GAAP change in
estimated fair value of common stock warrant and derivative
liabilities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
Income tax benefit
reconciliation: |
|
|
|
|
|
|
|
|
GAAP income tax
benefit |
|
$ |
872 |
|
|
$ |
718 |
|
|
$ |
1,709 |
|
|
$ |
1,606 |
|
Tax
effect related to amortization of purchased intangibles |
|
|
(200 |
) |
|
|
(551 |
) |
|
|
(735 |
) |
|
|
(1,442 |
) |
Non-GAAP income tax
benefit |
|
$ |
672 |
|
|
$ |
167 |
|
|
$ |
974 |
|
|
$ |
164 |
|
|
|
|
|
|
|
|
|
|
Net loss
reconciliation: |
|
|
|
|
|
|
|
|
GAAP net loss
attributable to CareDx, Inc. |
|
$ |
(31,671 |
) |
|
$ |
(15,480 |
) |
|
$ |
(55,469 |
) |
|
$ |
(39,469 |
) |
Acquisition related-amortization of purchased intangibles |
|
|
621 |
|
|
|
621 |
|
|
|
2,433 |
|
|
|
1,721 |
|
Acquisition related-amortization of inventory valuation
adjustment |
|
|
89 |
|
|
|
1,427 |
|
|
|
509 |
|
|
|
3,926 |
|
Tax
effect related to amortization of purchased intangibles |
|
|
(200 |
) |
|
|
(551 |
) |
|
|
(735 |
) |
|
|
(1,442 |
) |
Acquisition related fees and expenses |
|
|
— |
|
|
|
135 |
|
|
|
— |
|
|
|
4,433 |
|
Debt
financing related fees and expenses |
|
|
— |
|
|
|
(785 |
) |
|
|
309 |
|
|
|
2,154 |
|
Amortization of debt discount |
|
|
731 |
|
|
|
40 |
|
|
|
2,098 |
|
|
|
167 |
|
Loss on
conversion from debt to equity |
|
|
278 |
|
|
|
— |
|
|
|
278 |
|
|
|
— |
|
Stock-based compensation expenses |
|
|
428 |
|
|
|
465 |
|
|
|
1,744 |
|
|
|
1,945 |
|
Goodwill
impairment |
|
|
— |
|
|
|
13,021 |
|
|
|
1,958 |
|
|
|
13,021 |
|
Change in
estimated fair value of contingent consideration |
|
|
871 |
|
|
|
(34 |
) |
|
|
1,180 |
|
|
|
(456 |
) |
Change in
estimated fair value of common stock warrant liability and
derivative liability |
|
|
26,218 |
|
|
|
(1,529 |
) |
|
|
29,622 |
|
|
|
250 |
|
Non-GAAP net loss |
|
$ |
(2,635 |
) |
|
$ |
(2,670 |
) |
|
$ |
(16,073 |
) |
|
$ |
(13,750 |
) |
|
|
|
|
|
|
|
|
|
Basic and diluted net
loss per share reconciliation: |
|
|
|
|
|
|
|
|
GAAP basic and diluted
net loss per share attributable to CareDx |
|
$ |
(1.13 |
) |
|
$ |
(0.73 |
) |
|
$ |
(2.38 |
) |
|
$ |
(2.39 |
) |
Acquisition related-amortization of purchased intangibles |
|
|
0.02 |
|
|
|
0.03 |
|
|
|
0.10 |
|
|
|
0.10 |
|
Acquisition related-amortization of inventory valuation
adjustment |
|
|
0.00 |
|
|
|
0.07 |
|
|
|
0.02 |
|
|
|
0.24 |
|
Tax
effect related to amortization purchased intangibles |
|
|
(0.01 |
) |
|
|
(0.03 |
) |
|
|
(0.03 |
) |
|
|
(0.09 |
) |
Acquisition related fees and expenses |
|
|
- |
|
|
|
0.01 |
|
|
|
- |
|
|
|
0.27 |
|
Debt
financing related fees and expenses |
|
|
- |
|
|
|
(0.04 |
) |
|
|
0.01 |
|
|
|
0.13 |
|
Amortization of debt discount |
|
|
0.03 |
|
|
|
0.00 |
|
|
|
0.09 |
|
|
|
0.01 |
|
Loss on
conversion from debt to equity |
|
|
0.01 |
|
|
|
- |
|
|
|
0.01 |
|
|
|
- |
|
Stock-based compensation expenses |
|
|
0.02 |
|
|
|
0.02 |
|
|
|
0.07 |
|
|
|
0.12 |
|
Goodwill
impairment |
|
|
- |
|
|
|
0.61 |
|
|
|
0.08 |
|
|
|
0.79 |
|
Change in
estimated fair value of contingent consideration |
|
|
0.03 |
|
|
|
(0.00 |
) |
|
|
0.05 |
|
|
|
(0.03 |
) |
Change in
estimated fair value of common stock warrant and derivative
liabilities |
|
|
0.94 |
|
|
|
(0.07 |
) |
|
|
1.27 |
|
|
|
0.02 |
|
Non-GAAP basic net loss
per share attributable to CareDx |
|
$ |
(0.09 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.69 |
) |
|
$ |
(0.83 |
) |
|
|
|
|
|
|
|
|
|
Non-GAAP diluted net
loss per share attributable to CareDx |
|
$ |
(0.09 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.69 |
) |
|
$ |
(0.83 |
) |
|
|
|
|
|
|
|
|
|
Non-GAAP adjustment
summary: |
|
|
|
|
|
|
|
|
Cost of
testing |
|
$ |
31 |
|
|
$ |
40 |
|
|
$ |
188 |
|
|
$ |
144 |
|
Cost of
product |
|
|
462 |
|
|
|
1,820 |
|
|
|
1,975 |
|
|
|
4,966 |
|
Research
and development |
|
|
126 |
|
|
|
115 |
|
|
|
405 |
|
|
|
437 |
|
Sales and
marketing |
|
|
278 |
|
|
|
261 |
|
|
|
1,124 |
|
|
|
832 |
|
General
and administrative |
|
|
241 |
|
|
|
412 |
|
|
|
994 |
|
|
|
5,646 |
|
Goodwill
impairment |
|
|
— |
|
|
|
13,021 |
|
|
|
1,958 |
|
|
|
13,021 |
|
Change in
estimated fair value of contingent consideration |
|
|
871 |
|
|
|
(34 |
) |
|
|
1,180 |
|
|
|
(456 |
) |
Interest
expense, net |
|
|
731 |
|
|
|
40 |
|
|
|
2,098 |
|
|
|
167 |
|
Other
(expense) income, net |
|
|
278 |
|
|
|
(785 |
) |
|
|
587 |
|
|
|
2,154 |
|
Change in
estimated fair value of common stock warrant and derivative
liabilities |
|
|
26,218 |
|
|
|
(1,529 |
) |
|
|
29,622 |
|
|
|
250 |
|
Tax
effect related to amortization of purchased intangibles |
|
|
(200 |
) |
|
|
(551 |
) |
|
|
(735 |
) |
|
|
(1,442 |
) |
Total Non-GAAP
adjustment summary: |
|
$ |
29,036 |
|
|
$ |
12,810 |
|
|
$ |
39,396 |
|
|
$ |
25,719 |
|
|
|
|
|
|
|
|
|
|
CareDx (NASDAQ:CDNA)
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From Mar 2024 to Apr 2024
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