CareDx guides for record Q4 revenue
Jan. 09, 2023 8:55 AM ETCareDx, Inc (CDNA)By: Preeti Singh, SA News Editor2 Comments
- Precision medicine solutions company CareDx (NASDAQ:CDNA) expects record revenues of $81.9M to $82.2M for fourth quarter of 2022, representing year-over-year growth of approximately 4%. Analysts project the company to generate $81.69M revenue for the quarter.
- Testing services revenue is expected to be between $64.9M-$65.2M, while product revenue and patient and digital solutions revenue is projected at $8.5M each.
- The company achieved highest ever cash collections at 110% of revenue for testing services, representing an ~10% Y/Y increase. Patient test results grew 14% Y/Y to 47,700.
- For full year 2022, revenue is expected in the range of $321.3M to $321.6M (vs. $321.09M consensus), representing year-over-growth of ~8%.
- "We are excited by the year ahead, as we ended the year with our highest ever revenue quarter and are on track towards delivering adjusted EBITDA profitability in H1, 2023," said Reg Seeto, CEO and President of CareDx (CDNA).
- CareDx (CDNA) will report fourth quarter and full year 2022 financial results and anticipates providing 2023 financial guidance on its February 2023 earnings call.