CareDx (CDNA) 47th Annual Raymond James Institutional Investor Conference summary

Strategic vision and market overview

• Focused on enabling transplant patients to thrive through life-changing solutions and expanding beyond solid organ transplantation with the Transplant Plus roadmap.

• Market leadership in solid organ transplantation, supporting over 200 U.S. transplant centers and performing more than 1 million tests.

• Total addressable market estimated at $8 billion, with strategic investments in software, medication adherence, and next-generation sequencing kits offered in over 100 countries.

• Expansion into adjacent markets, including hematologic cancers, with AlloHeme targeting a $1 billion repeat testing opportunity.

Product innovation and clinical integration

• AlloSure suite provides non-invasive, quantitative monitoring for organ rejection, now standard in many centers' surveillance protocols.

• Solution selling model drives higher revenue and patient acquisition, with centers adopting multiple products seeing double the testing volume.

• Broad adoption of software solutions integrated into clinical workflows, including Epic EMR and LIMS consolidation for streamlined ordering and data exchange.

• Strategic collaboration with 10x Genomics and ImmuneScape program leverages multiomics and spatial biology for future diagnostic development.

Financial performance and outlook

• Q4 2025 revenue reached $108 million (up 25% YoY), with 53,000 tests performed and a 69% non-GAAP gross margin.

• Full-year 2025 revenue was $380 million (up 14% YoY), with $201 million in cash and no debt at year-end.

• Adjusted EBITDA for 2025 was $32 million, up 14%, with significant improvements in cash collections and DSO.

• 2026 guidance projects $420–$444 million in revenue and $30–$45 million in Adjusted EBITDA, factoring in regulatory changes and continued investment in pipeline and commercial readiness.