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CareDx Posts 24 Percent Q2 Revenue Growth

NEW YORK (GenomeWeb) – CareDx reported after the close of the market Wednesday that its second quarter revenues increased 24 percent year over year on higher testing revenue and volume.

The Brisbane, Calif.-based molecular diagnostics firm brought in total revenues of $6.8 million for the three months ended June 30, compared to $5.5 million for the second quarter of 2013. Its testing revenue jumped to $6.7 million from $5.5 million, while its collaboration and license revenue declined to $66,000 from $124,000 year over year.

CareDx said that its AlloMap test for monitoring acute cellular rejection in heart transplant patients was used more than 3,000 times in the second quarter, up 20 percent from the second quarter of 2013.

The firm posted net income of $877,000, or $.13 per share, for Q2 2014, compared to a net loss of $802,000, or $.79 per share, for Q2 2013. It noted that the profit in the most recent quarter was the result of a one-time income tax benefit of $1.5 million related to its acquisition of ImmuMetrix in May.

CareDx's R&D costs declined to $792,000 from $846,000, while its SG&A expenses increased 44 percent to $3.9 million from $2.7 million.

The company finished the quarter with $7.9 million in cash and cash equivalents, but subsequent to the close of the quarter it completed an initial public offering that brought in net proceeds of $35.5 million.

"With the success of the recent IPO, our strengthened balance sheet enables us to build on the momentum we have gained with our AlloMap surveillance solution for heart transplant patients and to pursue our development pipeline for cfDNA tests for heart and kidney transplant patients," CareDx President and CEO Peter Maag said in a statement.

The firm said that it expects FY 2014 revenues in the range of $26 million to $26.5 million.

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