2014 Q2 Form 10-Q Financial Statement

#000119312514325391 Filed on August 28, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $6.776M $5.457M
YoY Change 24.17%
Cost Of Revenue $2.403M $2.119M
YoY Change 13.4%
Gross Profit $4.373M $3.338M
YoY Change 31.01%
Gross Profit Margin 64.54% 61.17%
Selling, General & Admin $3.926M $2.748M
YoY Change 42.87%
% of Gross Profit 89.78% 82.32%
Research & Development $792.0K $846.0K
YoY Change -6.38%
% of Gross Profit 18.11% 25.34%
Depreciation & Amortization $110.0K $170.0K
YoY Change -35.29%
% of Gross Profit 2.52% 5.09%
Operating Expenses $7.121M $5.713M
YoY Change 24.65%
Operating Profit -$345.0K -$256.0K
YoY Change 34.77%
Interest Expense -$640.0K -$540.0K
YoY Change 18.52%
% of Operating Profit
Other Income/Expense, Net $366.0K -$5.000K
YoY Change -7420.0%
Pretax Income -$623.0K -$802.0K
YoY Change -22.32%
Income Tax -$1.500M $0.00
% Of Pretax Income
Net Earnings $877.0K -$802.0K
YoY Change -209.35%
Net Earnings / Revenue 12.94% -14.7%
Basic Earnings Per Share $0.87 -$0.79
Diluted Earnings Per Share $0.13 -$0.79
COMMON SHARES
Basic Shares Outstanding 1.013M 1.011M shares
Diluted Shares Outstanding 6.940M 1.011M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.900M
YoY Change
Cash & Equivalents $7.872M $4.485M
Short-Term Investments
Other Short-Term Assets $3.300M
YoY Change
Inventory $614.0K
Prepaid Expenses
Receivables $1.700M
Other Receivables $0.00
Total Short-Term Assets $13.53M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $1.665M
YoY Change
Goodwill $12.01M
YoY Change
Intangibles $6.650M
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00
YoY Change
Total Long-Term Assets $20.47M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $13.53M
Total Long-Term Assets $20.47M
Total Assets $34.00M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.741M
YoY Change
Accrued Expenses $5.600M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $10.43M
YoY Change
Total Short-Term Liabilities $21.21M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $8.338M
YoY Change
Other Long-Term Liabilities $5.100M
YoY Change
Total Long-Term Liabilities $8.338M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $21.21M
Total Long-Term Liabilities $8.338M
Total Liabilities $35.46M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$160.6M
YoY Change
Common Stock $1.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$150.9M
YoY Change
Total Liabilities & Shareholders Equity $34.00M
YoY Change

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $877.0K -$802.0K
YoY Change -209.35%
Depreciation, Depletion And Amortization $110.0K $170.0K
YoY Change -35.29%
Cash From Operating Activities $850.0K -$350.0K
YoY Change -342.86%
INVESTING ACTIVITIES
Capital Expenditures -$140.0K -$40.00K
YoY Change 250.0%
Acquisitions
YoY Change
Other Investing Activities -$380.0K $0.00
YoY Change
Cash From Investing Activities -$520.0K -$40.00K
YoY Change 1200.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.700M -10.00K
YoY Change -27100.0%
NET CHANGE
Cash From Operating Activities 850.0K -350.0K
Cash From Investing Activities -520.0K -40.00K
Cash From Financing Activities 2.700M -10.00K
Net Change In Cash 3.030M -400.0K
YoY Change -857.5%
FREE CASH FLOW
Cash From Operating Activities $850.0K -$350.0K
Capital Expenditures -$140.0K -$40.00K
Free Cash Flow $990.0K -$310.0K
YoY Change -419.35%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> <b>Collaboration and License Revenue</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The Company generates revenue from collaboration and license agreements. Collaboration and license agreements may include non-refundable upfront payments, partial or complete reimbursement of research and development costs, contingent payments based on the occurrence of specified events under the agreements, license fees and royalties on sales of products or product candidates if they are successfully commercialized. The Company&#x2019;s performance obligations under the collaborations may include the transfer of intellectual property rights in the form of licenses, obligations to provide research and development services and obligations to participate on certain development committees with the collaboration partners. The Company makes judgments that affect the periods over which it recognizes revenue. The Company periodically reviews its estimated periods of performance based on the progress under each arrangement and accounts for the impact of any change in estimated periods of performance on a prospective basis.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> The Company recognizes contingent consideration received from the achievement of a substantive milestone in its entirety in the period in which the milestone is achieved, which the Company believes is more consistent with the substance of its performance under its various license and collaboration agreements. The Company did not recognize any milestones during the three months or six month periods ended June&#xA0;30, 2014 or 2013.</p> </div>
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dei Document Type
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dei Entity Registrant Name
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CareDx, Inc.
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dei Document Period End Date
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cdna Initial Public Offering Date Of Completion
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The agreement will expire at the later of the last-to-expire patent in the EEA or ten years from the first commercial sale of the test in the EEA, which is expected to occur in late 2014 or early 2015.
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