10-Q · November 4, 2025
CareDx reported quarterly revenue of $100,055,000 (three months ended September 30, 2025) and swung to net income of $1,675,000 (diluted EPS $0.03) versus a net loss of $(10,637,000) in the year-ago quarter. Testing…
Earnings analysis · 10-Q
CDNA earnings analysis
Filed April 28, 2026 · Our reading of the company's report
The latest report
CareDx reported Q1 revenue of $117.7M, up 39% year‑over‑year, driven by testing services growth (testing revenue $91.4M, +48% YoY) and testing volume (~54,900, +17% YoY). The company swung to net income of $2.8M from a…
Read full summary
CareDx reported Q1 revenue of $117.7M, up 39% year‑over‑year, driven by testing services growth (testing revenue $91.4M, +48% YoY) and testing volume (~54,900, +17% YoY). The company swung to net income of $2.8M from a $10.4M loss a year ago and generated $4.3M of cash from operations. Liquidity remains strong with cash, cash equivalents and marketable securities of $198.1M and no debt, though operating expenses (R&D, sales & marketing, G&A) increased meaningfully.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Strong top‑line growth
Total revenue increased 39% YoY to $117,700,000 (Q1 2026 vs $84,685,000 in Q1 2025), per the filing.
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Testing services scale
Testing services revenue rose 48% YoY to $91,398,000 and testing services volume was ~54,900 (volume +17% YoY), representing 78% of total revenue.
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Profitability restored
Net income was $2,809,000 in Q1 2026 compared to a net loss of $10,353,000 in Q1 2025.
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Positive operating cash flow
Net cash provided by operating activities was $4,333,000 for the three months ended March 31, 2026.
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Strong liquidity; no debt
As of March 31, 2026 the company had cash, cash equivalents and marketable securities of $198.1M and reported no debt outstanding.
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Lower litigation expense this quarter
Litigation settlement expense declined to $600,000 in Q1 2026 from $5,360,000 in Q1 2025 (an 89% decrease).
What to watch
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Rising operating expenses
R&D increased to $21,416,000 (+16% YoY), sales & marketing rose to $30,373,000 (+32% YoY) and general & administrative rose to $30,484,000 (+34% YoY), pressuring margins.
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Medicare reimbursement exposure
Medicare represented 35% of testing services revenue for Q1 2026, and PLA code repricing set a CLFS rate of approximately $2,753 (a $88 decrease for AlloSure Kidney), introducing reimbursement risk.
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Large accumulated deficit
The company reported an accumulated deficit of $732,500,000 as of March 31, 2026.
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Foreign currency and FX losses
Other (expense) income, net declined due to foreign exchange losses (other (expense) income, net was $(330,000) in Q1 2026 versus $295,000 in Q1 2025).
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Concentration of gross profit drivers
Testing services composed 78% of total revenue ($91,398,000), increasing reliance on a single revenue category.
Management's outlook
The MD&A in the 10‑Q contains no numeric full‑year revenue or EPS guidance. Management states it believes existing cash and expected cash from operations will be sufficient for the next 12 months ("sufficient to meet our anticipated cash requirements for the next 12 months"). Separately, contemporaneous Form 8‑K (same reporting cycle) raised full‑year 2026 revenue guidance to $447M–$465M and adjusted EBITDA to $43M–$57M (see company 8‑K).
Earlier filings 4
10-K · February 28, 2025
CareDx positions itself as a focused transplant diagnostics and solutions company pursuing cross-selling and digital integration to drive profitable growth. The filing highlights commercial scale (more than 175,000…
10-Q · November 8, 2023
CareDx reported Q3 revenue of $67.192M and a GAAP net loss of $23.485M (basic/diluted loss per share $0.43) for the three months ended September 30, 2023. Testing services revenue declined year-over-year while Product…
10-Q · November 3, 2022
CareDx reported Q3 revenue of $79,359 (thousands), up from $75,589 in Q3 2021 (+$3,770; +5.0%), driven by strong growth in Patient & Digital Solutions. Profitability deteriorated — gross margin compressed and the…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.