Delivered Total Revenue of $280.3 Million, Exceeding the High End of Updated Guidance for 2023

Grew Testing Services Results for the Second Quarter in a Row

CareDx, Inc. (Nasdaq: CDNA) today reported financial results for the fourth quarter and full year ended December 31, 2023.

Fourth Quarter and Full Year 2023 Highlights

  • Reported full year revenue of $280.3 million, exceeding the high end of updated guidance for 2023.
  • Reported full year Testing Services revenue of $209.7 million and delivered approximately 165,700 patient results in 2023.
  • Grew Testing Services patient results for the second quarter in a row to approximately 39,900, an increase of 4% as compared to the third quarter of 2023.
  • Reported full year revenue of $37.1 million for Patient and Digital Solutions and $33.5 million for Product, representing year-over-year growth of 29% and 15%, respectively.
  • Ended 2023 with cash and cash equivalents, and marketable securities of approximately $235.4 million, with no debt.
  • Achieved the fifth consecutive quarter of collections at over 100% of Testing Services revenue driven by revenue cycle management initiatives. Collected $17 million in cash over its revenue in 2023.
  • Repurchased 2.9 million shares of common stock for $27.5 million under share buyback program in 2023.
  • Received Medicare coverage for HeartCare and AlloSure Lung.
  • CareDx is in the process of seeking judicial review of January 2024 jury decision and monetary damages related to alleged infringement of patent ‘544.

“In 2023, we met our challenges head-on as we navigated the impact of Medicare coverage changes. We reset our operations, strategically reduced our cost structure, and created a growth pathway for the company in the second half of the year, as we continued to focus on care for transplant patients,” said Alex Johnson, President of Patient and Testing Services, and a member of the Office of the CEO at CareDx. “Looking forward to 2024, we are focused on delivering high-value clinical and digital solutions to improve allograft survival, while generating evidence for expanding payer coverage and accelerating our path back to profitability.”

Q4 2023 Financial Results

Revenue for the three months ended December 31, 2023, was $65.6 million, a decrease of 20% compared with $82.4 million for the fourth quarter of 2022. Testing Services revenue for the fourth quarter 2023 was $46.7 million, a decrease of 29% compared with $65.4 million in the same period in 2022. Testing Services revenue was negatively impacted due to the Medicare Billing Article changes.

Total AlloSure and AlloMap patient results provided in the fourth quarter 2023 were approximately 39,900, a decrease of 16% as compared to the same quarter a year ago, and an increase of 4% compared to the third quarter of 2023. Patient and Digital Solutions revenue for the fourth quarter 2023 was $9.6 million, compared to $8.4 million in the same period in 2022, an increase of 14%. Product revenue for the fourth quarter 2023 was $9.2 million, compared to $8.6 million in the same period in 2022, an increase of 8%.

For the fourth quarter of 2023, net loss was $118.1 million, including $96.3 million accrual associated with damages related to alleged infringement of patent ‘544, compared to a net loss of $18.3 million in the fourth quarter of 2022. Basic and diluted net loss per share in the fourth quarter of 2023 was $2.21, compared to basic and diluted net loss per share of $0.34 in the fourth quarter of 2022.

Non-GAAP net loss was $9.3 million in the fourth quarter of 2023, compared to a non-GAAP net loss of $3.7 million in the fourth quarter of 2022. Basic and diluted non-GAAP net loss per share was $0.17 in the fourth quarter of 2023, compared to a basic and diluted non-GAAP net loss per share of $0.07 in the fourth quarter of 2022.

Adjusted EBITDA for the fourth quarter of 2023 was a loss of $10.3 million, compared to an adjusted EBITDA loss of $3.7 million in the fourth quarter of 2022.

Full Year 2023 Financial Results

Total revenue for the full year ended December 31, 2023, was $280.3 million, a decrease of 13% compared with $321.8 million in 2022. Testing Services revenue for the full year 2023 was $209.7 million, compared with $263.7 million in 2022, a decrease of 20%. Patient and Digital Solutions revenue for the full year 2023 was $37.1 million, compared to $28.8 million in 2022, an increase of 29%. Product revenue for the full year 2023 was $33.5 million, compared to $29.3 million in 2022, an increase of 15%.

Net loss for the full year 2023 was $190.3 million, including $96.3 million accrual associated with damages related to alleged infringement of patent ‘544, compared to a net loss of $76.6 million in 2022. Basic and diluted net loss per share for the full year 2023 was $3.54, compared to basic and diluted net loss per share of $1.44 in the full year 2022.

Non-GAAP net loss was $34.5 million for the full year 2023, compared to a non-GAAP net loss of $20.9 million for the full year ended 2022. Basic and diluted non-GAAP net loss per share was $0.64 in the full year of 2023, compared to a basic and diluted non-GAAP net loss per share of $0.39 in the full year of 2022.

Adjusted EBITDA for the full year of 2023 was a loss of $38.0 million, compared to an adjusted EBITDA loss of $17.5 million for the full year of 2022.

Cash and cash equivalents and marketable securities were $235.4 million as of December 31, 2023. Reduced cash used in operations from $25.2 million in 2022 to $18.4 million in 2023.

For additional information regarding non-GAAP financial measures discussed herein, please see “Use of Non-GAAP Financial Measures,” “Reconciliation of GAAP to Non-GAAP Financial Measures,” “Reconciliation of GAAP to Non-GAAP Gross Profit and Gross Margin,” and “Reconciliation of Non-GAAP to Adjusted EBITDA Financial Measures” below.

2024 Guidance

For the full year 2024, CareDx expects revenue to be in the range of $260 million to $274 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 CareDx’s 2024 revenue, CareDx’s plans to seek judicial review of jury decision and historical monetary damages on patent ‘544, CareDx’s focus in 2024 and CareDx’s proposed path to profitability. 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 our control, including general economic and market factors, and global economic and marketplace uncertainties related to the COVID-19 pandemic, 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, 2023 filed by CareDx with the SEC on February 28, 2024, 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 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 net loss, non-GAAP basic and diluted net loss per share, adjusted EBITDA, and non-GAAP operating expenses.

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 contingent consideration; acquisition-related impairment charges and amortization of purchased intangible assets and related tax effects; costs involved with completing an acquisition; unrealized loss on investments; realized gain on investments; restructuring charges and certain other charges. We define adjusted EBITDA as non-GAAP net loss before net interest income, income tax expense, depreciation 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.

CareDx, Inc.

Consolidated Statements of Operations

(Unaudited)

(In thousands, except share and per share data)

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

2023

 

2022

 

2023

 

2022

Revenue:

 

 

 

 

 

 

 

Testing services revenue

$

46,703

 

 

$

65,418

 

 

$

209,685

 

 

$

263,748

 

Product revenue

 

9,244

 

 

 

8,555

 

 

 

33,517

 

 

 

29,251

 

Patient and digital solutions

 

9,622

 

 

 

8,411

 

 

 

37,122

 

 

 

28,794

 

Total revenue

 

65,569

 

 

 

82,384

 

 

 

280,324

 

 

 

321,793

 

Operating expenses:

 

 

 

 

 

 

 

Cost of testing services

 

13,805

 

 

 

18,657

 

 

 

57,642

 

 

 

72,286

 

Cost of product

 

5,637

 

 

 

4,617

 

 

 

18,379

 

 

 

17,639

 

Cost of patient and digital solutions

 

6,171

 

 

 

6,216

 

 

 

25,978

 

 

 

22,287

 

Research and development

 

18,276

 

 

 

23,570

 

 

 

81,866

 

 

 

90,388

 

Sales and marketing

 

19,999

 

 

 

23,668

 

 

 

83,334

 

 

 

96,027

 

General and administrative

 

26,541

 

 

 

24,776

 

 

 

117,868

 

 

 

100,397

 

Restructuring costs

 

1,472

 

 

 

 

 

 

2,320

 

 

 

 

Litigation expense

 

96,300

 

 

 

 

 

 

96,300

 

 

 

 

Total operating expenses

 

188,201

 

 

 

101,504

 

 

 

483,687

 

 

 

399,024

 

Loss from operations

 

(122,632

)

 

 

(19,120

)

 

 

(203,363

)

 

 

(77,231

)

Other income (expense):

 

 

 

 

 

 

 

Interest income, net

 

3,159

 

 

 

1,870

 

 

 

11,867

 

 

 

3,762

 

Change in estimated fair value of common stock warrant liability

 

 

 

 

18

 

 

 

10

 

 

 

107

 

Other income (expense), net

 

1,541

 

 

 

(924

)

 

 

1,343

 

 

 

(2,872

)

Total other income

 

4,700

 

 

 

964

 

 

 

13,220

 

 

 

997

 

Loss before income taxes

 

(117,932

)

 

 

(18,156

)

 

 

(190,143

)

 

 

(76,234

)

Income tax expense

 

(165

)

 

 

(173

)

 

 

(141

)

 

 

(379

)

Net loss

$

(118,097

)

 

$

(18,329

)

 

$

(190,284

)

 

$

(76,613

)

Net loss per share:

 

 

 

 

 

 

 

Basic

$

(2.21

)

 

$

(0.34

)

 

$

(3.54

)

 

$

(1.44

)

Diluted

$

(2.21

)

 

$

(0.34

)

 

$

(3.54

)

 

$

(1.44

)

Weighted-average shares used to compute net loss per share:

 

 

 

 

 

 

 

Basic

 

53,388,830

 

 

 

53,524,637

 

 

 

53,764,705

 

 

 

53,321,625

 

Diluted

 

53,388,830

 

 

 

53,524,637

 

 

 

53,764,705

 

 

 

53,321,625

 

CareDx, Inc.

Consolidated Balance Sheets

(In thousands)

 

 

As of December 31,

 

2023

 

2022

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

82,197

 

 

$

89,921

 

Marketable securities

 

153,221

 

 

 

203,168

 

Accounts receivable

 

51,061

 

 

 

66,312

 

Inventory

 

19,471

 

 

 

19,232

 

Prepaid and other current assets

 

7,763

 

 

 

9,216

 

Total current assets

 

313,713

 

 

 

387,849

 

Property and equipment, net

 

35,246

 

 

 

35,529

 

Operating leases right-of-use assets

 

29,891

 

 

 

34,689

 

Intangible assets, net

 

45,701

 

 

 

43,051

 

Goodwill

 

40,336

 

 

 

37,523

 

Restricted cash

 

586

 

 

 

522

 

Other assets

 

1,353

 

 

 

3,828

 

Total assets

$

466,826

 

 

$

542,991

 

Liabilities and stockholders’ equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

12,872

 

 

$

9,942

 

Accrued compensation

 

19,703

 

 

 

16,902

 

Accrued and other liabilities

 

45,497

 

 

 

49,131

 

Total current liabilities

 

78,072

 

 

 

75,975

 

Deferred tax liability

 

136

 

 

 

 

Common stock warrant liability

 

 

 

 

32

 

Deferred payments for intangible assets

 

2,461

 

 

 

2,418

 

Operating lease liability, less current portion

 

28,278

 

 

 

33,406

 

Other liabilities

 

96,551

 

 

 

249

 

Total liabilities

 

205,498

 

 

 

112,080

 

Commitments and contingencies

 

 

 

Stockholders’ equity:

 

 

 

Common stock

 

49

 

 

 

52

 

Additional paid-in capital

 

946,511

 

 

 

898,806

 

Accumulated other comprehensive loss

 

(6,963

)

 

 

(7,503

)

Accumulated deficit

 

(678,269

)

 

 

(460,444

)

Total stockholders’ equity

 

261,328

 

 

 

430,911

 

Total liabilities and stockholders’ equity

$

466,826

 

 

$

542,991

 

CareDx, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures

(Unaudited)

(In thousands)

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

2023

 

2022

 

2023

 

2022

Cost of testing services reconciliation:

 

 

 

 

 

 

 

GAAP cost of testing services

$

13,805

 

 

$

18,657

 

 

$

57,642

 

 

$

72,286

 

Stock-based compensation expense

 

(387

)

 

 

(474

)

 

 

(1,854

)

 

 

(1,529

)

Acquisition related-amortization of purchased intangibles

 

(329

)

 

 

(329

)

 

 

(1,316

)

 

 

(1,316

)

Non-GAAP cost of testing services

$

13,089

 

 

$

17,854

 

 

$

54,472

 

 

$

69,441

 

Cost of product reconciliation:

 

 

 

 

 

 

 

GAAP cost of product

$

5,750

 

 

$

4,617

 

 

$

18,492

 

 

$

17,639

 

Stock-based compensation expense

 

(230

)

 

 

(269

)

 

 

(1,165

)

 

 

(1,120

)

Acquisition related-amortization of purchased intangibles

 

(413

)

 

 

(411

)

 

 

(1,655

)

 

 

(1,716

)

Restructuring costs

 

(113

)

 

 

 

 

 

(113

)

 

 

 

Non-GAAP cost of product

$

4,994

 

 

$

3,937

 

 

$

15,559

 

 

$

14,803

 

Cost of patient and digital solutions reconciliation:

 

 

 

 

 

 

 

GAAP cost of patient and digital solutions

$

6,226

 

 

$

6,216

 

 

$

26,047

 

 

$

22,287

 

Stock-based compensation expense

 

(311

)

 

 

(449

)

 

 

(1,377

)

 

 

(1,331

)

Acquisition related-amortization of purchased intangibles

 

(271

)

 

 

(236

)

 

 

(1,039

)

 

 

(945

)

Restructuring costs

 

(55

)

 

 

 

 

 

(69

)

 

 

 

Non-GAAP cost of patient and digital solutions

$

5,589

 

 

$

5,531

 

 

$

23,562

 

 

$

20,011

 

Research and development expenses reconciliation:

 

 

 

 

 

 

 

GAAP research and development expenses

$

18,617

 

 

$

23,570

 

 

$

82,452

 

 

$

90,388

 

Stock-based compensation expense

 

(1,399

)

 

 

(820

)

 

 

(6,556

)

 

 

(7,391

)

Asset impairments and write-downs

 

 

 

 

 

 

 

 

 

 

(340

)

Restructuring costs

 

(341

)

 

 

 

 

 

(586

)

 

 

 

Non-GAAP research and development expenses

$

16,877

 

 

$

22,750

 

 

$

75,310

 

 

$

82,657

 

Sales and marketing expenses reconciliation:

 

 

 

 

 

 

 

GAAP sales and marketing expenses

$

20,254

 

 

$

23,668

 

 

$

84,137

 

 

$

96,027

 

Stock-based compensation expense

 

(2,913

)

 

 

(4,701

)

 

 

(12,470

)

 

 

(14,403

)

Acquisition related-amortization of purchased intangibles

 

(641

)

 

 

(550

)

 

 

(2,457

)

 

 

(2,252

)

Restructuring costs

 

(255

)

 

 

 

 

 

(803

)

 

 

 

Non-GAAP sales and marketing expenses

$

16,445

 

 

$

18,417

 

 

$

68,407

 

 

$

79,372

 

General and administrative expenses reconciliation:

 

 

 

 

 

 

 

GAAP general and administrative expenses

$

123,549

 

 

$

24,776

 

 

$

214,917

 

 

$

100,397

 

Stock-based compensation expense

 

(4,720

)

 

 

(5,413

)

 

 

(25,664

)

 

 

(20,779

)

Change in estimated fair value of contingent consideration

 

(946

)

 

 

103

 

 

 

(2,677

)

 

 

(727

)

Acquisition related fees and expenses

 

(51

)

 

 

(212

)

 

 

(589

)

 

 

(599

)

Restructuring costs

 

(708

)

 

 

 

 

 

(749

)

 

 

 

Litigation expense

 

(96,300

)

 

 

 

 

 

(96,300

)

 

 

 

Other charges

 

 

 

 

 

 

 

(64

)

 

 

 

Non-GAAP general and administrative expenses

$

20,824

 

 

$

19,254

 

 

$

88,874

 

 

$

78,292

 

Total other (expense) income reconciliation:

 

 

 

 

 

 

 

GAAP other expense, net

$

4,700

 

 

$

964

 

 

$

13,220

 

 

$

997

 

Unrealized loss on investments

 

 

 

 

965

 

 

 

1,190

 

 

 

1,181

 

Realized gain on investment

 

(1,468

)

 

 

 

 

 

(1,468

)

 

 

 

Investment impairment

 

 

 

 

 

 

 

1,000

 

 

 

500

 

Other charges (income)

 

 

 

 

11

 

 

 

(2,081

)

 

 

43

 

Non-GAAP other income, net

$

3,232

 

 

$

1,940

 

 

$

11,861

 

 

$

2,721

 

Income tax expense reconciliation:

 

 

 

 

 

 

 

GAAP income tax expense

$

(165

)

 

$

(173

)

 

$

(141

)

 

$

(379

)

Tax effect related to amortization of purchased intangibles

 

(99

)

 

 

(98

)

 

 

(398

)

 

 

(419

)

Non-GAAP income tax expense

$

(264

)

 

$

(271

)

 

$

(539

)

 

$

(798

)

CareDx, Inc.

GAAP and Non-GAAP Operating Expenses

(Unaudited)

(In thousands)

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

2023

 

2022

 

2023

 

2022

GAAP operating expenses:

 

 

 

 

 

 

 

Research and development

$

18,617

 

$

23,570

 

$

82,452

 

$

90,388

Sales and marketing

 

20,254

 

 

 

23,668

 

 

 

84,137

 

 

 

96,027

 

General and administrative

 

123,549

 

 

 

24,776

 

 

 

214,917

 

 

 

100,397

 

Total GAAP operating expenses

$

162,420

 

 

$

72,014

 

 

$

381,506

 

 

$

286,812

 

 

 

 

 

 

 

 

 

Non-GAAP operating expenses:

 

 

 

 

 

 

 

Research and development

$

16,877

 

 

$

22,750

 

 

$

75,310

 

 

$

82,657

 

Sales and marketing

 

16,445

 

 

 

18,417

 

 

 

68,407

 

 

 

79,372

 

General and administrative

 

20,824

 

 

 

19,254

 

 

 

88,874

 

 

 

78,292

 

Total Non-GAAP operating expenses

$

54,146

 

 

$

60,421

 

 

$

232,591

 

 

$

240,321

 

CareDx, Inc.

Reconciliation of GAAP to Non-GAAP Gross Profit and Gross Margin

(Unaudited)

(In thousands, except percentages)

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

2023

 

2022

 

2023

 

2022

Total revenue

$

65,569

 

 

$

82,384

 

 

$

280,324

 

 

$

321,793

 

GAAP cost of sales

 

25,781

 

 

 

29,490

 

 

 

102,181

 

 

 

112,212

 

GAAP gross profit

 

39,788

 

 

 

52,894

 

 

 

178,143

 

 

 

209,581

 

Stock-based compensation expense

 

928

 

 

 

1,192

 

 

 

4,396

 

 

 

3,980

 

Restructuring costs

 

168

 

 

 

 

 

 

182

 

 

 

 

Acquisition related-amortization of purchased intangibles

 

1,013

 

 

 

976

 

 

 

4,010

 

 

 

3,977

 

Non-GAAP gross profit

$

41,897

 

 

$

55,062

 

 

$

186,731

 

 

$

217,538

 

Non-GAAP gross margin %

 

64

%

 

 

67

%

 

 

67

%

 

 

68

%

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,

 

2023

 

2022

 

2023

 

2022

GAAP net loss

$

(118,097

)

 

$

(18,329

)

 

$

(190,284

)

 

$

(76,613

)

Stock-based compensation expense

 

9,960

 

 

 

12,126

 

 

 

49,086

 

 

 

46,553

 

Unrealized loss on investments

 

 

 

 

965

 

 

 

1,190

 

 

 

1,181

 

Realized gain on investments

 

(1,468

)

 

 

 

 

 

(1,468

)

 

 

 

Acquisition related-amortization of purchased intangibles

 

1,654

 

 

 

1,526

 

 

 

6,467

 

 

 

6,229

 

Acquisition related fees and expenses

 

51

 

 

 

212

 

 

 

589

 

 

 

599

 

Change in estimated fair value of contingent consideration

 

946

 

 

 

(103

)

 

 

2,677

 

 

 

727

 

Tax effect related to amortization of purchased intangibles

 

(99

)

 

 

(98

)

 

 

(398

)

 

 

(419

)

Asset impairments and write-downs

 

 

 

 

 

 

 

1,000

 

 

 

840

 

Litigation expense

 

96,300

 

 

 

 

 

 

96,300

 

 

 

 

Restructuring costs

 

1,472

 

 

 

 

 

 

2,320

 

 

 

 

Other charges

 

 

 

 

11

 

 

 

(2,017

)

 

 

43

 

Non-GAAP net loss

$

(9,281

)

 

$

(3,690

)

 

$

(34,538

)

 

$

(20,860

)

 

 

 

 

 

 

 

 

GAAP basic and diluted net loss per share

$

(2.21

)

 

$

(0.34

)

 

$

(3.54

)

 

$

(1.44

)

 

 

 

 

 

 

 

 

Non-GAAP basic net loss per share

$

(0.17

)

 

$

(0.07

)

 

$

(0.64

)

 

$

(0.39

)

Non-GAAP diluted net loss per share

$

(0.17

)

 

$

(0.07

)

 

$

(0.64

)

 

$

(0.39

)

 

 

 

 

 

 

 

 

Shares used in computing non-GAAP basic net loss per share

 

53,388,830

 

 

 

53,524,637

 

 

 

53,764,705

 

 

 

53,321,625

 

Shares used in computing non-GAAP diluted net loss per share

 

53,388,830

 

 

 

53,524,637

 

 

 

53,764,705

 

 

 

53,321,625

 

CareDx, Inc.

Reconciliation of Non-GAAP to Adjusted EBITDA Financial Measures

(Unaudited)

(In thousands)

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

2023

 

2022

 

2023

 

2022

Non-GAAP net loss

$

(9,281

)

 

$

(3,690

)

 

$

(34,538

)

 

$

(20,860

)

Interest income

 

(3,159

)

 

 

(1,870

)

 

 

(11,867

)

 

 

(3,762

)

Income tax expense

 

264

 

 

 

272

 

 

 

539

 

 

 

798

 

Depreciation expense

 

1,978

 

 

 

1,682

 

 

 

7,882

 

 

 

5,248

 

Other (income) expense, net

 

(72

)

 

 

(70

)

 

 

7

 

 

 

1,041

 

Adjusted EBITDA

$

(10,270

)

 

$

(3,676

)

 

$

(37,977

)

 

$

(17,535

)

 

CareDx, Inc. Media Relations Anna Czene 818-731-2203 aczene@caredx.com

Investor Relations Greg Chodaczek investor@CareDx.com

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