CareDx, Inc. CDNA
CareDx is a precision medicine company dedicated to improving outcomes for transplant patients and advancing organ health. We deliver solutions designed to empower clinicians and improve patient outcomes. The Company's integrated solutions include non-invasive molecular testing for heart, kidney, and lung transplants; laboratory products; digital health technologies; and patient solutions that support care before and after transplant. CareDx is the leading provider of genomics-based information for transplant patients. Our headquarters is located in Brisbane, California, and we have other primary operations in Omaha, Nebraska and Stockholm, Sweden.
We were originally incorporated in Delaware in December 1998 under the name Hippocratic Engineering, Inc. In April 1999, we changed our name to BioCardia, Inc., and in June 2002, we changed our name to Expression Diagnostics, Inc. In July 2007, we changed our name to XDx, Inc. and in March 2014, we changed our name to CareDx, Inc. Our principal executive offices are located at 8000 Marina Boulevard, Brisbane, California and our telephone number is (415) 287-2300. As of December 31, 2025, substantially all of our revenues came from the United States and Europe, and substantially all of our assets and operations were located in the United States and Sweden.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- United States
- Rest of World
| Region | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| United States | $359.9M | $317.7M | $265.6M |
| Rest of World | $19.9M | $16.1M | $14.7M |
As the company reported it, from the “Segment Reporting - Summary of Reportable Revenues by Geographic Regions (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $379.8M | $333.8M | $280.3M | $321.8M | $296.4M | $192.2M | $127.1M | $76.6M | $48.3M | $40.6M |
| Cost of revenue | — | — | — | — | — | — | $45.5M | $33.0M | $21.4M | $10.9M |
| Gross profit | — | — | — | — | — | — | $81.6M | $43.6M | $27.0M | $29.7M |
| R&D | $71.4M | $72.5M | $82.4M | $90.4M | $76.5M | $48.9M | $30.7M | $14.5M | $12.4M | $12.4M |
| SG&A | $107.6M | $125.1M | $118.8M | $100.4M | $75.0M | $48.8M | $36.5M | $23.0M | $20.1M | $20.7M |
| Total operating expenses | $410.6M | $293.0M | $483.7M | $399.0M | $326.1M | $214.7M | $151.6M | $92.1M | $47.2M | $78.0M |
| Operating income | -$30.8M | $40.8M | -$203.4M | -$77.2M | -$29.7M | -$22.5M | -$24.5M | -$15.6M | -$20.3M | -$37.3M |
| Interest expense | — | — | — | — | — | — | — | — | — | $1.9M |
| Pre-tax income | -$21.1M | $52.9M | -$190.1M | -$76.2M | -$32.1M | -$19.8M | -$23.9M | -$48.2M | -$57.3M | -$41.4M |
| Income tax | $271.0K | $310.0K | $141.0K | $379.0K | $1.4M | $1.0M | $2.0M | $1.4M | $1.7M | $1.6M |
| Net income | -$21.4M | $52.5M | -$190.3M | -$76.6M | -$30.7M | -$18.7M | -$22.0M | -$46.8M | -$55.5M | -$39.5M |
| EPS, basic | -0.40 | 1.00 | -3.54 | -1.44 | -0.59 | -0.40 | -0.52 | -1.31 | -2.38 | -2.39 |
| EPS, diluted | -0.40 | 0.93 | -3.54 | -1.44 | -0.59 | -0.40 | -0.52 | -1.31 | -2.38 | -2.39 |
| Shares, diluted (wtd. avg.) | 53.3M | 56.6M | 53.8M | 53.3M | 52.2M | 46.5M | 42.2M | 35.6M | 23.3M | 16.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $65.4M | $114.7M | $82.2M | $90.4M | $348.7M | $134.9M | $38.5M | $64.8M | $26.5M | $17.4M |
| Short-term investments | $111.8M | $146.0M | $153.2M | $203.2M | $0 | $90.0M | $0 | — | — | — |
| Receivables | $42.6M | $64.6M | $51.1M | $66.3M | $59.8M | $34.6M | $24.1M | $9.8M | $3.0M | $2.8M |
| Inventory | $26.7M | $19.5M | $19.5M | $19.2M | $17.2M | $10.0M | $6.0M | $4.9M | $5.5M | $5.5M |
| Total current assets | $257.1M | $351.8M | $313.7M | $387.8M | $433.4M | $273.1M | $71.9M | $81.1M | $26.8M | $26.7M |
| Property, plant and equipment | $33.0M | $33.6M | $35.2M | $35.5M | $22.0M | $10.7M | $4.4M | $4.1M | $2.1M | $2.9M |
| Goodwill | $40.3M | $40.3M | $40.3M | $37.5M | $37.0M | $23.9M | $23.9M | $12.0M | $12.0M | $13.8M |
| Other intangibles | $32.0M | $38.2M | $45.7M | $43.1M | $50.2M | $44.4M | $45.5M | $33.3M | $33.1M | $33.1M |
| Total assets | $413.2M | $491.1M | $466.8M | $543.0M | $566.6M | $368.5M | $151.7M | $130.7M | $83.6M | $100.5M |
| Accounts payable | $10.0M | $7.7M | $12.9M | $9.9M | $13.3M | $9.7M | $5.5M | $4.7M | $3.4M | $3.1M |
| Short-term debt | — | — | — | — | — | $0 | $0 | $0 | $15.7M | $22.8M |
| Total current liabilities | $89.8M | $89.4M | $78.1M | $76.0M | $77.3M | $69.2M | $34.8M | $19.5M | $42.9M | $40.8M |
| Long-term debt | — | — | — | — | — | $0 | $0 | $0 | $18.3M | $10.1M |
| Total liabilities | $110.1M | $112.6M | $205.5M | $112.1M | $100.7M | $90.8M | $52.7M | $34.8M | $89.5M | $57.0M |
| Retained earnings | -$735.4M | -$626.2M | -$678.3M | -$460.4M | -$383.2M | -$352.5M | -$333.8M | -$311.8M | -$268.0M | -$212.6M |
| Total equity | $303.1M | $378.4M | $261.3M | $430.9M | $465.9M | $277.7M | $99.0M | $95.9M | -$6.0M | $19.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $42.0M | $38.0M | -$18.4M | -$25.2M | -$19.3M | $33.4M | -$2.8M | -$4.0M | -$14.3M | -$16.5M |
| Depreciation and amortisation | $15.0M | $14.2M | $14.4M | $11.6M | $8.8M | $1.9M | $1.6M | $1.2M | $1.2M | $2.9M |
| Stock-based compensation | $34.9M | $66.4M | $49.1M | $46.6M | $36.1M | $23.4M | $22.4M | $7.1M | $1.7M | $2.0M |
| Capital expenditure | — | — | $1.8M | — | — | — | — | $2.0M | $186.0K | $549.0K |
| Investing cash flow | $2.2M | -$483.0K | $40.4M | -$228.5M | $47.7M | -$100.4M | -$22.6M | -$7.9M | -$6.1M | -$21.1M |
| Financing cash flow | -$93.4M | -$5.6M | -$29.6M | -$4.5M | $185.6M | $163.1M | -$132.0K | $50.3M | $29.4M | $24.9M |
| Buybacks | $87.8M | $522.0K | $27.5M | $642.0K | $0 | $0 | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001217234-26-000028.
Plot the figures US dollars
- Total current assets
- Receivables
- Buybacks
- R&D
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total current assets | $26.7M | $26.8M | $81.1M | $71.9M | $273.1M | $433.4M | $387.8M | $313.7M | $351.8M | $257.1M |
| Receivables | $2.8M | $3.0M | $9.8M | $24.1M | $34.6M | $59.8M | $66.3M | $51.1M | $64.6M | $42.6M |
| Buybacks | — | — | — | — | $0 | $0 | $642.0K | $27.5M | $522.0K | $87.8M |
| R&D | $12.4M | $12.4M | $14.5M | $30.7M | $48.9M | $76.5M | $90.4M | $82.4M | $72.5M | $71.4M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
- Regulation FD disclosure Item 7.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Officer or director change Item 5.02
- Material agreement signed Item 1.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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