$CDNA
CareDx, Inc.

2014 Q3 Form 10-Q Financial Statement

#000119312514412798 Filed on November 14, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2013 Q3
Revenue $6.654M $5.805M
YoY Change 14.63%
Cost Of Revenue $1.772M $2.502M
YoY Change -29.18%
Gross Profit $4.882M $3.303M
YoY Change 47.81%
Gross Profit Margin 73.37% 56.9%
Selling, General & Admin $3.729M $2.967M
YoY Change 25.68%
% of Gross Profit 76.38% 89.83%
Research & Development $1.036M $668.0K
YoY Change 55.09%
% of Gross Profit 21.22% 20.22%
Depreciation & Amortization $130.0K $120.0K
YoY Change 8.33%
% of Gross Profit 2.66% 3.63%
Operating Expenses $5.261M $6.137M
YoY Change -14.27%
Operating Profit $1.393M -$332.0K
YoY Change -519.58%
Interest Expense -$540.0K -$500.0K
YoY Change 8.0%
% of Operating Profit -38.77%
Other Income/Expense, Net $355.0K -$1.000K
YoY Change -35600.0%
Pretax Income $1.213M -$830.0K
YoY Change -246.14%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings $1.213M -$830.0K
YoY Change -246.14%
Net Earnings / Revenue 18.23% -14.3%
Basic Earnings Per Share $0.13 -$0.82
Diluted Earnings Per Share $0.12 -$0.82
COMMON SHARES
Basic Shares Outstanding 9.280M 1.011M shares
Diluted Shares Outstanding 11.22M 1.011M shares

Balance Sheet

Concept 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $39.00M
YoY Change
Cash & Equivalents $39.05M $6.091M
Short-Term Investments
Other Short-Term Assets $700.0K
YoY Change
Inventory $496.0K
Prepaid Expenses
Receivables $1.700M
Other Receivables $0.00
Total Short-Term Assets $42.01M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $2.049M
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 $20.85M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $42.01M
Total Long-Term Assets $20.85M
Total Assets $62.86M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.036M
YoY Change
Accrued Expenses $2.600M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $5.798M
YoY Change
Total Short-Term Liabilities $11.12M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $6.930M
YoY Change
Other Long-Term Liabilities $3.800M
YoY Change
Total Long-Term Liabilities $6.930M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $11.12M
Total Long-Term Liabilities $6.930M
Total Liabilities $21.82M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$159.4M
YoY Change
Common Stock $12.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $41.04M
YoY Change
Total Liabilities & Shareholders Equity $62.86M
YoY Change

Cashflow Statement

Concept 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $1.213M -$830.0K
YoY Change -246.14%
Depreciation, Depletion And Amortization $130.0K $120.0K
YoY Change 8.33%
Cash From Operating Activities -$3.660M $1.650M
YoY Change -321.82%
INVESTING ACTIVITIES
Capital Expenditures -$170.0K -$20.00K
YoY Change 750.0%
Acquisitions
YoY Change
Other Investing Activities -$30.00K $0.00
YoY Change
Cash From Investing Activities -$200.0K -$20.00K
YoY Change 900.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 35.04M -20.00K
YoY Change -175300.0%
NET CHANGE
Cash From Operating Activities -3.660M 1.650M
Cash From Investing Activities -200.0K -20.00K
Cash From Financing Activities 35.04M -20.00K
Net Change In Cash 31.18M 1.610M
YoY Change 1836.65%
FREE CASH FLOW
Cash From Operating Activities -$3.660M $1.650M
Capital Expenditures -$170.0K -$20.00K
Free Cash Flow -$3.490M $1.670M
YoY Change -308.98%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <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 nine month periods ended September&#xA0;30, 2014 or 2013.</p> </div>
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9279649 shares
CY2014Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
1324000
CY2014Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-535000
CY2014Q3 us-gaap Revenue Recognition Milestone Method Revenue Recognized
RevenueRecognitionMilestoneMethodRevenueRecognized
0
CY2014Q3 us-gaap License And Services Revenue
LicenseAndServicesRevenue
53000
CY2014Q3 us-gaap Licenses Revenue
LicensesRevenue
0
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1213000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
1393000
CY2014Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
0
CY2014Q3 us-gaap Royalty Revenue
RoyaltyRevenue
49000
CY2014Q3 us-gaap Reimbursement Revenue
ReimbursementRevenue
0
CY2014Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
355000
CY2014Q3 us-gaap Revenues
Revenues
6654000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
1213000
CY2014Q3 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
231000
CY2014Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
6601000
CY2014Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-120000
CY2014Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
165000
CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
5261000
CY2014Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1036000
CY2014Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1753000
CY2014Q3 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-1276000
CY2014Q3 us-gaap Cost Of Services
CostOfServices
1772000
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2014Q3 us-gaap Amortization Of Deferred Leasing Fees
AmortizationOfDeferredLeasingFees
0
CY2014Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1976000

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