NEW YORK – Transplant diagnostics company CareDx reported on Wednesday after the close of the market that its preliminary revenues for the first quarter of 2020 are expected to rise 47 percent year over year, despite a recent lag in testing service volumes due to the COVID-19 pandemic.
The company also withdrew its previously announced revenue guidance for full-year 2020 because of uncertainties surrounding the impact of COVID-19. Management will provide additional information during its Q1 earnings conference call.
For the three months ended March 31, CareDx expects to report revenues of $38.3 million, compared to revenues of $26.0 million in the first quarter of 2019. The firm also said it provided approximately 15,000 patient results, an increase of 50 percent from the prior-year period.
"Despite the rapid onset of COVID-19 and stay-at-home orders, which has led to a slowdown in testing services volumes in recent weeks, I am very pleased with our first quarter performance," CareDx Chairman and CEO Peter Maag said in a statement. "Our rapid response and the commitment of our employees during this time of uncertainty, and our close relationships with the transplant community, give me great confidence that CareDx will continue to be the partner of choice for transplant patients and clinicians, and can emerge stronger than ever after this crisis."
CareDx said it is maintaining its testing, manufacturing, and distribution facilities while implementing specific protocols to reduce contact among its employees. The firm's field-based sales and clinical support teams are supporting providers through telephone and online platforms, and most of its employees have been required to work from home.
"While the full impact of this global pandemic remains uncertain, we have taken measures to minimize disruptions and also put initiatives in place to be well-positioned during this challenging time and over the long term," Maag added.