NEW YORK – CareDx reported after the close of the market on Wednesday year-over-year revenue gains of 32 percent for the fourth quarter of 2024 and 19 percent for the full year.
The Brisbane, California-based company finished the three months ended Dec. 31 with $86.6 million in revenues compared to $65.6 million for the same quarter in 2023, driven largely by testing services and beating analysts' average estimate of $84.6 million.
Testing services revenue for the fourth quarter rose 37 percent to $63.8 million from $46.7 million in the same period of 2023. Fourth quarter product revenues rose approximately 24 percent year over year to approximately $11.4 million from $9.2 million, while revenue from patient and digital solutions rose 19 percent to $11.4 million from $9.6 million.
The firm noted that Q4 was its sixth consecutive quarter of sequential testing services volume growth.
CareDx's Q4 R&D spending dropped nearly 10 percent to $16.5 million from $18.3 million a year ago, while its SG&A expenses grew 12 percent to $52.1 million from $46.5 million a year ago.
The company reported a Q4 profit of $87.7 million, or $1.51 per share, compared to a net loss of $118.1 million, or $2.21 per share, in the same quarter a year ago. Adjusted Q4 EPS was $.18, beating the Wall Street estimate of $.15 per share.
For full-year 2024, CareDx reported $333.8 million in total revenues, up 19 percent from $280.3 million in 2023. Annual testing service revenue also rose 19 percent year over year to $249.4 million from $209.7 million. Product revenue rose 22 percent to $40.8 million from $33.5 million in the prior year, while patient and digital solutions revenue rose 18 percent to $43.6 million from $37.1 million.
The company's full-year R&D spending declined nearly 12 percent to $72.4 million from $81.9 million in 2023, while its SG&A expenses rose 2 percent to $205.5 million from $201.2 million a year earlier.
CareDx recorded a full-year profit of $52.5 million, or $.93 per share, compared to a net loss of $190.3 million, or $3.54 per share in 2023. Adjusted EPS for 2024 was $.55, beating analysts' average estimate of $.50 per share.
Full-year net income included a $96.3 million reversal of a litigation accrual associated with damages related to alleged infringement of Natera patents accrued in the prior year, offset by $66.4 million of stock-based compensation. Net loss in 2023 included the aforementioned litigation accrual and $49.1 million of stock-based compensation. CareDx announced Tuesday that a US district judge overturned a previous jury verdict ordering CareDx to pay Natera damages in the patent litigation case.
CareDx finished the year with $114.7 million in cash and cash equivalents and $146.0 million in marketable securities.
The company said it anticipates full-year 2025 revenue within the range of $365 million to $375 million.
In mid-morning trading on the Nasdaq, shares of CareDx were up approximately 3 percent, at $21.80 per share.