NEW YORK (GenomeWeb) – CareDx said today that its preliminary fourth quarter revenues rose 85 percent to 88 percent year over year, thanks to an increase of about 115 percent in testing revenues during the quarter.
For the three months ended Dec. 31, 2018, the company expects revenues of $23.2 million to $23.5 million, compared with $12.5 million in the fourth quarter of 2017. Analysts are expecting revenues of $21.8 million for the quarter.
Testing revenues for Q4 are expected to be $18.5 million to $18.8 million, up from $8.6 million in the year-ago period. Product revenues are expected to be $4.6 million, up 24 percent from $3.7 million in the same period in 2017.
CareDx also noted that its AlloSure kidney transplant diagnostic test continued to gain momentum in Q4, with 100 US transplant centers providing the test to 3,377 patients during the quarter. The company also provided 4,575 AlloSure and 4,057 AlloMap heart transplant test results during the quarter.
For full-year 2018, the company is expecting revenues of $76.2 million to $76.5 million, an increase of approximately 58 percent from $48.3 million in 2017. Analysts are expecting revenues of $74.8 million for the year.
Testing revenues for the year are expected to be $59.9 million to $60.2 million, up about 81 percent compared with $33.1 million in 2017. Product revenues for the year are expected to be up about 8 percent to $15.7 million from $14.6 million.
As of Dec. 31, the company had preliminary cash and cash equivalents of $64.6 million. During Q4, CareDx raised $53.8 million in a public stock offering and said it used $16.7 million of its cash to repay all outstanding debt.
"2018 was a breakout year for CareDx. We saw rapid adoption of AlloSure in transplant centers across the US, resulting in strong revenue growth. We also delivered on our goal of achieving positive adjusted EBITDA ahead of schedule in the third quarter, and significantly strengthened both our financial position and executive leadership team," CareDx CEO Peter Maag said in a statement. "We are now firmly positioned as the leading provider of genomics-based information in transplantation and believe that we have the momentum and capabilities to drive continued innovation and growth in 2019."
CareDx will report fourth quarter and full-year 2018 financial results and provide 2019 financial guidance during its earnings call in March.
The firm's shares fell 3 percent to $24.15 in morning trading on the Nasdaq.