CareDx (CDNA) Jefferies London Healthcare Conference 2024 summary

Leadership and organizational overview

• Leadership team includes experienced executives from diagnostics, life science tools, biopharma, biotech, and technology sectors, supporting global operations with over 650 employees headquartered in South San Francisco and Stockholm.

• 180 commercial employees and 110 scientists focus on innovation in transplant solutions, supported by 80 software engineers/programmers.

Market landscape and business model

• U.S. transplant market valued at $50 billion, with 46,000 transplants annually and high per-procedure costs.

• Serves a $50B transplant services market, with ~1M rejection monitoring tests performed and 70% of centers using at least one software product.

• Sells ~200,000 HLA typing kits and fills 150,000 transplant pharmacy prescriptions annually.

Financial performance and guidance

• Q3 2024 revenue reached $82.9 million, up 23% year-over-year, with 44,600 monitoring assays performed (16% growth).

• Non-GAAP gross margin at 69%; Q3 2024 adjusted EBITDA was $6.9 million, with $241 million cash balance.

• 2024 guidance: $327–$331 million revenue, 69% gross margin, $18–$22 million EBITDA; testing services revenue expected to grow 30% year-over-year in Q4 2024.