CareDx, Inc.

What they do

CareDx sells non-invasive molecular tests, including AlloSure Kidney, AlloMap Heart, AlloSure Heart, HeartCare and AlloSure Lung, plus the NavDx blood test for HPV-mediated cancers such as head, neck and anal cancers. It also sells clinical practice management software, AI-powered data and analytics tools and patient support services, including CareDx Pharmacy, and until mid-2026 sold kitted laboratory products. The company operates as a single reportable segment, is headquartered in Brisbane, California, and has primary operations in Omaha, Nebraska and Stockholm, Sweden.

Revenue drivers

• Testing Services — Revenue from AlloSure Kidney, AlloMap Heart, AlloSure Heart, HeartCare and AlloSure Lung; $100 million in Q2 2026 and 76% of total revenue for that quarter (72% a year earlier).
• Patient and Digital Solutions — Software, data and analytics, and patient support offerings including CareDx Pharmacy and the Ottr software; $19 million in Q2 2026, up 50% year-over-year.
• Lab Product revenue — Kitted laboratory products such as AlloSeq Tx, Olerup SSP and QTYPE; $13 million in Q2 2026, up 8% year-over-year, but the business was sold on June 30, 2026 so future periods will exclude it.

Recent performance

Second quarter 2026 total revenue was $132 million, up 52% from $87 million a year earlier. Testing Services revenue was $100 million, up 61%, on volume of approximately 58,000 tests, up 17%; excluding revenue recognized for tests performed in prior periods, testing services revenue grew about 28%. Patient and Digital Solutions revenue was $19 million, up 50%, and Lab Product revenue was $13 million, up 8%. GAAP net income was $111 million versus a $9 million net loss in Q2 2025, including a $113 million gain on the sale of the Lab Products business to Eurobio Scientific; adjusted EBITDA was $25 million versus $5 million. Cash flow from operations was $31 million.

Strategy

Management describes four priorities: accelerate profitable growth, drive operational excellence, define TRANSPLANT+ and expand the total addressable market, and elevate performance culture. The commercial model centers on selling a portfolio of solutions into a concentrated base of transplant centers to lower revenue acquisition costs and cross-sell new products. The company closed the sale of its Lab Products business to Eurobio Scientific on June 30, 2026 and closed the acquisition of Naveris, adding the NavDx HPV cancer test and expanding into specialty oncology. It is also advancing pipeline programs including AlloHeme and HistoMap Kidney.

Risks

• History of losses — CareDx had net losses of $190.3 million in 2023 and $21.4 million in 2025, and its 10-K states it expects to incur net losses for the next several years.
• Medicare reimbursement concentration — The 10-K states the company receives a substantial portion of revenues from Medicare, and loss of or a significant reduction in Medicare reimbursement would severely and adversely affect financial performance.
• Dependence on a few tests — Financial results are largely dependent on AlloSure Kidney, AlloMap Heart, AlloSure Heart, HeartCare and AlloSure Lung, which represented 76% of total revenue in Q2 2026.
• Litigation and legal exposure — The 10-K states the company is and could become subject to legal proceedings that may be time-consuming, result in costly litigation and settlements or judgments, and divert management and operational resources.

Outlook

Management raised 2026 revenue guidance to $490 million to $500 million and raised 2026 adjusted EBITDA guidance to $66 million to $78 million. It expects to integrate NavDx and launch into cell therapy, and states that future periods will no longer include Lab Products segment results after the June 30, 2026 divestiture.