heart transplant

The company said testing services revenues more than doubled during the quarter as its AlloSure kidney transplant diagnostic continued to penetrate the market.

The company also said it launched a new comprehensive diagnostic called HeartCare for surveillance of heart transplant patients.

The firm said momentum from the launch of its kidney transplant test Allosure drove the overall revenue increase.

The company said it had a large uptick in testing revenues during the quarter, including for its AlloSure kidney transplant test, which was launched in October.

The firm said it expects fourth quarter revenues of $12.3 million to $12.5 million, a year-over-year increase of 13 percent to 15 percent.

Though revenues from its non-invasive heart transplant rejection test AlloMap fell about 5 percent, CareDx is already being reimbursed by Medicare for its new AlloSure test.

The company said revenues from its non-invasive heart transplant rejection test AlloMap rose about 16 percent year over year.

The company said revenues for the quarter and full-year 2016 included sales of Olerup HLA typing products, which CareDx got through its acquisition of Allenex.

The company also said it has closed a new $25 million debt facility, and will use the proceeds to retire outstanding debt and bolster the launch of AlloSure.

The firm missed analyst estimates for revenues and loss per share, citing a continued investment in its AlloSure NGS test for the wider-than-expected loss.

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