Revenue and Growth Metrics
CareDx reported quarterly revenue of $84.7 million, up 18% year-over-year, and a positive adjusted EBITDA gain of $4.6 million. Testing services revenue was $61.9 million for the quarter, up 15% year-over-year.
Testing Volume Growth
The company achieved its seventh consecutive quarter of sequential testing volume growth, with approximately 47,100 tests conducted in the first quarter, up 12% from the prior year.
Product Launches and Expansions
CareDx launched two expanded indications for AlloSure testing, including AlloSure Heart for pediatric heart transplant patients under age seven and AlloSure Kidney for simultaneous pancreas kidney transplant patients.
Strong Cash Position
The company ended the quarter with a strong cash balance of $231 million and no debt.
Patient and Digital Solutions Growth
Revenue from patient and digital solutions was approximately $12 million in the first quarter, representing 24% year-over-year growth.
Operational Efficiency
Non-GAAP gross margin was 68.5%, up 150 basis points year-over-year, and the company reported an adjusted EBITDA gain compared to a loss in the same quarter last year.