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CDNA

CareDx, Inc

CDNA

CareDx, Inc • NASDAQ
$17.87 ▲ 0.34% (+0.06)
Market Cap $919.14 M
52w High $26.37
52w Low $10.96
Dividend Yield 0%
P/E 13.96
Volume 184.82K
Outstanding Shares 51.43M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $100.055M ▲ $66.734M ▼ $1.675M ▲ 1.674% ▲ $0.03 ▲ $6.823M ▲
Q2-2025 $86.679M ▲ $69.142M ▼ $-8.568M ▲ -9.885% ▲ $-0.16 ▲ $-5.718M ▼
Q1-2025 $84.685M ▼ $69.644M ▲ $-10.353M ▼ -12.225% ▼ $-0.19 ▼ $-3.074M ▲
Q4-2024 $86.579M ▲ $-16.291M ▼ $78.01M ▲ 90.103% ▲ $1.62 ▲ $-15.205M ▼
Q3-2024 $82.883M $65.803M $-7.408M -8.938% $-0.14 $-5.603M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $194.217M ▲ $432.307M ▼ $121.167M ▲ $311.14M ▼
Q2-2025 $186.255M ▼ $444.257M ▼ $116.887M ▲ $327.37M ▼
Q1-2025 $230.917M ▼ $489.638M ▼ $110.289M ▼ $379.349M ▲
Q4-2024 $260.653M ▲ $491.05M ▲ $112.617M ▼ $378.433M ▲
Q3-2024 $240.853M $476.985M $203.739M $273.246M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.675M ▲ $37.358M ▲ $12.349M ▼ $-26.478M ▲ $23.223M ▲ $36.053M ▲
Q2-2025 $-8.568M ▲ $9.895M ▲ $23.397M ▲ $-53.811M ▼ $-20.532M ▲ $8.888M ▲
Q1-2025 $-10.353M ▼ $-26.584M ▼ $1.325M ▲ $-643K ▲ $-25.979M ▼ $-28.214M ▼
Q4-2024 $78.01M ▲ $21.889M ▲ $-2.111M ▲ $-903K ▼ $19.282M ▲ $20.367M ▲
Q3-2024 $-950K $12.522M $-14.406M $1.422M $-378K $10.837M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Service
Service
 $60.00M ▲$60.00M ▲$60.00M ▲$70.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown over the multi‑year period and held relatively steady more recently, suggesting the core business has kept its footing despite industry and reimbursement noise. Gross profitability looks solid for a diagnostics company, indicating the tests themselves carry attractive economics. The company moved from sizable losses to a reported profit in the latest year, but operating performance is still a bit mixed, with underlying earnings quality hinted at by negative EBITDA. That combination suggests the latest profit may be helped by non‑operating items or one‑offs, and that the underlying business is improving but not yet fully “through the woods” from a profitability standpoint.

Balance Sheet

Balance Sheet The balance sheet looks fairly healthy overall. Total assets have grown meaningfully over time, even after a dip from earlier peaks, which reflects past investment in technology, labs, and acquisitions. Cash is not as high as it was at its peak, but remains a meaningful cushion relative to the size of the business. Debt levels appear modest, which reduces financial risk and interest burden. Shareholders’ equity has rebuilt after a drop, which is encouraging and generally consistent with the move back toward profitability. Overall, financial leverage seems conservative, giving the company some room to invest and weather volatility.

Cash Flow

Cash Flow Cash generation has improved from a pattern of outflows to positive operating cash flow in the most recent year, a key sign that the business model is maturing. Free cash flow also has turned positive after several years of burning cash, helped by tighter spending and modest capital investment needs. Capital expenditures remain relatively small compared with the size of the company, suggesting the lab and technology footprint is not overly capital‑intensive. Together, this points to a business that is becoming more self‑funding rather than reliant on external financing, though maintaining this cash discipline will be important if growth investments or reimbursement pressures intensify.

Competitive Edge

Competitive Edge CareDx operates in a focused transplant diagnostics niche, where it was an early pioneer in non‑invasive monitoring. Its core tests, AlloSure and AlloMap, are supported by long clinical use, strong validation data, and in one case FDA clearance, which together build trust with transplant centers and payers. The company has also built a sticky ecosystem that bundles diagnostic tests with transplant software and patient apps, making it harder for hospitals to switch to rivals. Competition is real—especially from Natera in donor‑derived DNA testing and from traditional biopsies—but CareDx’s deep relationships with transplant centers, broad product suite, and favorable legal outcome against a key competitor all reinforce its position. The market remains specialized but defensible, with the main risks tied to reimbursement, hospital purchasing behavior, and rival test performance claims.

Innovation and R&D

Innovation and R&D Innovation is a core strength. CareDx has moved beyond single tests to a multi‑modality approach that combines DNA signals, gene expression, and digital tools into integrated offerings like HeartCare. It is expanding its technology across organs and into new areas such as biopsy‑based molecular profiling (HistoMap) and monitoring for stem cell and cell therapies (AlloHeme and AlloCell). The company also invests in patient‑facing digital tools and transplant workflow software, which deepen integration into clinical practice. A steady stream of clinical studies and registry data underpins these products, helping with adoption and reimbursement. The pipeline is broad for a company of its size, which offers upside but also means ongoing R&D and clinical spending and some execution risk around bringing multiple new products to market and scaling them commercially.

Summary

CareDx is a specialized healthcare company with a strong foothold in transplant diagnostics, built on non‑invasive testing and an integrated digital ecosystem. Financially, it has moved from years of losses and cash burn toward profitability and positive free cash flow, though underlying operating earnings still look somewhat fragile and may be sensitive to reimbursement or volume swings. The balance sheet is relatively solid, with modest debt and a meaningful cash position that provides resilience. Competitively, the business benefits from first‑mover advantages, deep clinical evidence, regulatory milestones, and strong ties to transplant centers, but faces ongoing rivalry from other advanced diagnostics providers and the entrenched use of biopsies. A rich innovation pipeline in new tests, organs, and cell therapy monitoring offers meaningful growth potential, while also increasing the importance of careful capital allocation and execution. Overall, this is a niche leader with improving financial trends and a clearly defined strategic focus, balanced by reimbursement, competition, and innovation execution risks.

NEWS

November 24, 2025 · 4:05 PM UTC

SHORE Study Demonstrates HeartCare's Prognostic Value for Heart Transplant Recipients, Published in Journal of Heart and Lung Transplantation

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November 7, 2025 · 4:05 PM UTC

CareDx Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

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November 6, 2025 · 8:00 AM UTC

CareDx Announces New Precision Kidney Transplant Data and Product Innovations at ASN Kidney Week 2025

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November 4, 2025 · 4:05 PM UTC

CareDx Announces Third Quarter 2025 Financial Results

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October 27, 2025 · 7:05 AM UTC

CareDx Announces Appointment of Jeffrey John Teuteberg, MD as Chief Medical Officer

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