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Mar 31, 2023
CareDx Q1 2023 Earnings Report
CareDx's first quarter of 2023 saw a mix of record achievements and challenges, with revenue impacted by billing article revisions and strategic adjustments.
Key Takeaways
CareDx reported a decrease in revenue due to billing article revisions, which impacted AlloSure Kidney Medicare tests. Despite this, the company achieved record patient test results for AlloMap and AlloSure, and record revenue for its Patient and Digital Solutions business. The company is withdrawing its 2023 revenue guidance due to uncertainties related to billing article revisions.
Delivered approximately 49,900 AlloMap and AlloSure patient test results, a 17% year-over-year increase.
Reported revenue of $77.3 million, a 3% decrease year-over-year, which excludes $8.9 million in revenue associated with Impacted March Tests.
Achieved record revenues of $8.6 million for the Patient and Digital Solutions business, a 39% year-over-year increase.
Maintained a strong balance sheet with $285.9 million in cash and cash equivalents and marketable securities, and generated $0.7 million in net cash from operating activities.
Revenue by Segment
Forward Guidance
CareDx is withdrawing 2023 revenue guidance due to uncertainties related to the March and May 2023 Billing Article revisions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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