CareDx, Inc.

caredx.com

What Do They Do?

Provides molecular tests, laboratory products, and digital and patient-support tools for transplant patients, clinicians, and transplant centers.

How Do They Make Money?

Testing services are CareDx's largest business: patients' tests are ordered by healthcare providers, and third-party payers are generally billed when results are delivered. Product customers pay when products ship or arrive; patient and digital revenue includes subscriptions over time, software licenses when made available, and medication sales when prescriptions ship or arrive.

revenue

Segment	Share	How money arrives
Testing services revenue Sold outright	72% FY2022: 82%	Sold outright
Product revenue Sold outright	13% FY2022: 9.1%	Sold outright
Patient and digital solutions revenue Mix	15% FY2022: 9.0%	Mix

Who Are Their Customers?

Healthcare providers order tests for patients; transplant centers use the software and pharmacy services. Product sales go to end users, distributors and strategic partners, while regional teams serve centers in the U.S. and Western Europe and distributors serve customers elsewhere.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 40% from one customer

Do Revenues Turn Into Profits?

No. It lost $21.4M in FY2025.

Operating income, FY2025

−8% of revenue

▼ Now a loss vs FY2024 ($40.8M, 12%)

Net income, FY2025

−6% of revenue

▼ Now a loss vs FY2024 ($52.5M, 16%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +52%; vs $86.7M in Q2 FY2025
Net income: ▲ Now profitable; vs −$8.6M in Q2 FY2025

Testing services revenue share of revenue vs 71.6% in Q2 FY2025

Jul 30, 2026 Raised full-year revenue and adjusted EBITDA guidance Raised 2026 revenue guidance to $490 million to $500 million and adjusted EBITDA guidance to $66 million to $78 million.
Jul 7, 2026 Completed the Lab Products sale and acquired Naveris Sold the Lab Products business to Eurobio and bought Naveris.

Growing. Revenue grew 28% in 4 years, from $296.4M in FY2021 to $379.8M in FY2025, about 6% a year.

Revenue over time

Testing services revenue Product revenue Patient and digital solutions revenue

$500M$250M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Natera, Eurofins Transplant Genomics, Devyser Diagnostics, Insight Molecular Diagnostics, Thermo Fisher, Omixon, GenDx, BAG, Qiagen, Immucor, and Epic

Comments