CareDx Reports Third Quarter 2016 Financial Results

BRISBANE, Calif., Nov. 09, 2016 (GLOBE NEWSWIRE) -- 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 third quarter ended September 30, 2016.

Recent highlights:
  • Achieved total revenue for the third quarter of 2016 of $12.5M, up 74% year-over-year
    • AlloMap® revenues were $8.6M in the quarter, with US tests volume up by 6% year-over-year
    • Olerup® revenues contributed $3.8M in the third quarter
  • Launched Olerup QTYPE, the Company's real-time q-PCR based HLA typing solution
  • Further advanced AlloSure, a clinical grade NGS test to measure donor organ injury featured in the Journal of Molecular Diagnostics    

"We continue to execute on our growth strategy, with a successful first full quarter of integration of the Olerup products and further development of our pipeline products, most importantly AlloSure," said Peter Maag, CareDx President and Chief Executive Officer. "The reimbursement team has also made significant progress in catching up on collections."

Third Quarter Financial Results Revenue for the three months ended September 30, 2016 increased to $12.5 million, up from $7.2 million in the same period in 2015, reflecting the contribution of Olerup sales following the acquisition. Pro forma revenue growth was 13% year-over-year. The revenue trend also reflects $0.9 million of catch up revenue from progress in cash collections.

For the third quarter of 2016, net loss was $3.8 million compared to net loss of $3.5 million in the third quarter of 2015.  Diluted net loss per share were $0.26 in the third quarter of 2016, compared to diluted net loss per share of $0.29 in the third quarter of 2015.

For the third quarter of 2016, non-GAAP net loss was $2.9 million compared to non-GAAP net loss of $3.5 million in the third quarter of 2015.  Non-GAAP basic and diluted net loss per share were $0.15 in the third quarter of 2016, compared to non-GAAP basic and diluted net loss per share of $0.29 in the third quarter of 2015. 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.

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