CareDx, Inc
- Open
- 37.91
- Day high
- 40.47
- Day low
- 37.74
- Prev close
- 40.34
- Volume
- 1.8M
- Mkt cap
- $2.1B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 6.5
- P/S
- 5.0
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$3.0M over the last 3 months (0 open-market buys, 10 sales)
- 🏛Institutions mixed (13F)
CareDx, Inc (CDNA) is a Healthcare company listed on NASDAQ. The stock is up 233% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 10 sales (SEC Form 4).
CareDx, Inc (CDNA) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CDNA earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 28, 2026 | $0.11 | $0.34 | +209.1% | $118M | +15.4% |
| Feb 24, 2026 | $0.24 | $-0.08 | -133.5% | $108M | +5.5% |
| Aug 6, 2025 | $0.12 | $0.10 | -16.7% | $87M | -9.0% |
| Apr 30, 2025 | $0.06 | $0.09 | +50.0% | $85M | +0.2% |
| Feb 26, 2025 | $0.05 | $0.18 | +260.0% | $87M | +2.4% |
| Jul 31, 2024 | $-0.13 | $0.25 | +292.3% | $92M | +16.0% |
| May 9, 2024 | $-0.19 | $-0.03 | +84.2% | $72M | +14.1% |
| Feb 28, 2024 | $-0.24 | $-0.17 | +29.2% | $66M | +3.0% |
| Feb 27, 2023 | $-0.06 | $-0.07 | -16.7% | $82M | +0.9% |
| Nov 3, 2022 | $-0.14 | $-0.06 | +57.1% | $79M | -4.0% |
| Aug 4, 2022 | $-0.08 | $-0.13 | -62.5% | $81M | -1.5% |
| May 5, 2022 | $-0.05 | $-0.13 | -160.0% | $79M | +0.6% |
CDNA insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 7, 2026 | Goldberg Michaeldirector | Grant | 1,746 | — |
| Jul 6, 2026 | Hanna John Walter JRdirector, officer: President and CEO | Tax | 8,511 | $29.25 |
| Jul 2, 2026 | Novack Jeffrey Adamofficer: Secretary and General Counsel | Tax | 997 | $29.25 |
| Jul 2, 2026 | Meng Jessicaofficer: Chief Commercial Officer | Tax | 2,411 | $29.25 |
| Jul 2, 2026 | Kennedy Keithofficer: CFO & COO | Tax | 2,930 | $29.25 |
| Jun 30, 2026 | Hanna John Walter JRdirector, officer: President and CEO | Option | 706 | $8.20 |
| Jun 30, 2026 | Hanna John Walter JRdirector, officer: President and CEO | Option | 13,618 | $8.20 |
| Jun 30, 2026 | Hanna John Walter JRdirector, officer: President and CEO | Sell | 100 | $29.00 |
| Jun 30, 2026 | Hanna John Walter JRdirector, officer: President and CEO | Option | 39,900 | $8.20 |
| Jun 30, 2026 | Hanna John Walter JRdirector, officer: President and CEO | Option | 100 | $8.20 |
| Jun 30, 2026 | Hanna John Walter JRdirector, officer: President and CEO | Sell | 39,900 | $29.24 |
| Jun 30, 2026 | Hanna John Walter JRdirector, officer: President and CEO | Option | 15,676 | $8.20 |
| Jun 17, 2026 | Hanna John Walter JRdirector, officer: President and CEO | Sell | 17,683 | $24.03 |
| Jun 16, 2026 | Cohen Fred Edirector | Grant | 9,795 | — |
| Jun 16, 2026 | COURNOYER CHRISTINEdirector | Grant | 9,795 | — |
Source: CDNA SEC Form 4 filings, latest Jul 7, 2026. For informational purposes only — not investment advice.
See the full CDNA insider & 13F page →CareDx, Inc company profile
Overview
CareDx, Inc. (NASDAQ:CDNA) is a precision medicine company that specializes in diagnostic solutions for organ transplant patients and their healthcare providers. Founded in 1998 and originally known as XDx, Inc., the company changed its name to CareDx in March 2014 and went public the same year. Headquartered in South San Francisco, California, CareDx has established itself as a leader in transplant diagnostics, developing innovative testing solutions that help monitor organ transplant rejection and optimize patient outcomes. The company serves transplant centers, laboratories, and patients worldwide through a comprehensive portfolio of diagnostic tests, digital health solutions, and laboratory products.
Business
CareDx operates in the specialized field of transplant diagnostics, which is a critical component of post-transplant patient care. Organ transplantation is a life-saving medical procedure where patients with end-stage organ failure receive healthy organs from donors. However, the recipient's immune system naturally tries to reject the foreign organ, making ongoing monitoring essential for transplant success. The company's business is organized around three main segments that generated $334 million in total revenue in 2024: Testing Services (75% of revenue - $249.4 million): This is CareDx's core business, providing specialized blood tests that monitor transplant patients for signs of organ rejection. The flagship products include AlloSure, a donor-derived cell-free DNA (dd-cfDNA) test that detects genetic material from the transplanted organ circulating in the patient's blood - elevated levels can indicate organ damage or rejection. The company offers AlloSure variants for kidney, heart, and lung transplants. AlloMap Heart is a gene expression test that analyzes how the patient's immune system genes are responding to the transplanted heart. These tests are performed in CareDx's laboratories and results are delivered to healthcare providers to guide treatment decisions. Patient and Digital Solutions (13% of revenue - $43.6 million): This segment includes digital health tools and software solutions that help transplant centers manage patient care. AlloCare is a mobile app that helps transplant recipients track medications, symptoms, and communicate with their care teams. XynQAPI provides transplant quality tracking and waitlist management for transplant centers. The company also offers medication therapy management programs to optimize patient outcomes. Laboratory Products (12% of revenue - $40.8 million): CareDx manufactures and sells laboratory testing products to other healthcare institutions. This includes TruSight HLA and AlloSeq products for human leukocyte antigen (HLA) typing, which is essential for matching donors and recipients before transplantation. The company also provides Olerup SSP and other specialized laboratory reagents and equipment used in transplant-related testing.
Revenue model
CareDx generates revenue primarily through fee-for-service testing, where healthcare providers order diagnostic tests for their transplant patients and CareDx bills insurance companies, Medicare, or patients directly for each test performed. The company's testing services typically command premium pricing due to their specialized nature and clinical value, with average selling prices around $1,360 per test. The company's customers are primarily transplant centers and physicians who care for organ transplant recipients. In the United States, there are approximately 250 transplant centers that perform roughly 40,000-45,000 organ transplants annually. CareDx has established relationships with over 70% of these centers. The tests are ultimately paid for by various payers including Medicare (the largest payer for transplant patients), commercial insurance companies, and Medicaid. Several factors influence CareDx's profitability and margins. Positive factors include the growing transplant patient population, increasing adoption of surveillance testing protocols that call for regular monitoring, expansion of clinical evidence supporting test utility, and the company's ability to secure favorable reimbursement coverage from additional payers. The specialized nature of transplant diagnostics also provides some protection from generic competition. Challenging factors include regulatory changes to Medicare billing requirements, which have periodically disrupted revenue recognition and required operational adjustments. Payer mix also affects margins, as Medicare and Medicaid typically reimburse at lower rates than commercial insurance. The company faces ongoing pressure to demonstrate clinical utility and cost-effectiveness to maintain and expand insurance coverage. Additionally, the relatively small transplant patient population limits the total addressable market compared to other diagnostic sectors. CareDx's laboratory products business operates on a traditional product sales model, selling testing equipment and reagents to other laboratories and research institutions. This segment benefits from recurring revenue as customers need ongoing supplies, but faces more direct competition and pricing pressure than the testing services business.
Competitive moat
CareDx possesses a moderate but meaningful competitive moat built on several key advantages. The company's primary moat stems from its clinical evidence and regulatory positioning. CareDx has invested heavily in clinical studies and has accumulated substantial data demonstrating the clinical utility of its tests, particularly AlloSure and AlloMap. This evidence base is critical for securing and maintaining insurance reimbursement coverage, creating a significant barrier for new entrants who would need to conduct expensive, multi-year clinical trials to compete effectively. The company also benefits from established relationships and switching costs within the transplant community. Transplant centers represent a concentrated customer base of specialists who value proven, reliable diagnostic tools for their high-risk patients. Once physicians become comfortable with CareDx's tests and integrate them into their clinical workflows, there are meaningful switching costs including retraining staff, changing protocols, and potential disruption to patient care. Regulatory barriers provide additional protection, as diagnostic tests for transplant monitoring must meet stringent FDA and laboratory certification requirements. The specialized nature of transplant diagnostics also requires deep domain expertise in immunology, transplant biology, and the unique needs of transplant patients. However, CareDx's moat faces several potential threats. Large diagnostic companies like Quest Diagnostics, LabCorp, or international players could develop competing tests, leveraging their scale and existing customer relationships. Academic medical centers and large health systems might develop in-house testing capabilities. Additionally, technological disruption from new diagnostic modalities or artificial intelligence-based approaches could potentially bypass CareDx's current testing methods. The company's moat is also somewhat vulnerable to regulatory and reimbursement changes, as demonstrated by past Medicare billing article revisions that temporarily disrupted the business. While CareDx has successfully navigated these challenges, future policy changes could impact the economic attractiveness of transplant diagnostics. Overall, CareDx operates in a specialized niche with meaningful barriers to entry, but the moat is not impregnable and requires continuous investment in clinical evidence, product development, and customer relationships to maintain its competitive position.
Risks & safety
CareDx demonstrates a strong financial safety profile with minimal solvency risk and reasonable valuation metrics. Liquidity and Solvency: • Cash position of $88.7 million as of Q1 2025, down from $114.7 million at year-end 2024 • Current ratio of 4.1x indicates strong short-term liquidity • Debt-to-equity ratio of only 8%, representing minimal financial leverage • Free cash flow turned negative at -$28.2 million in Q1 2025, though this followed positive $31.6 million for full year 2024 • Current cash burn rate suggests approximately 3-4 quarters of runway at current spending levels Valuation Metrics: • Trading at 2.6x book value, reasonable for a growing healthcare technology company • Price-to-earnings ratio not meaningful due to recent losses, though company achieved profitability in 2024 • Enterprise value-to-EBITDA multiple is negative due to recent EBITDA losses, but company targets $29-33 million adjusted EBITDA for 2025 Other Considerations: • Revenue guidance of $365-375 million for 2025 suggests continued growth trajectory • Strong gross margins in core testing business provide operational leverage potential • Resolved DOJ investigation with no findings of wrongdoing removes regulatory overhang • Concentrated customer base in transplant centers creates some revenue concentration risk
Recent development
Over the past few years, CareDx has undergone significant strategic evolution focused on expanding its product portfolio and strengthening its market position in transplant diagnostics. The company has made substantial investments in clinical evidence generation, conducting major registry studies including the SHORE heart transplant study and KOAR kidney transplant registry to demonstrate the clinical utility of its tests and support expanded reimbursement coverage. Product expansion has been a key strategic priority, with CareDx launching several new test indications including AlloSure for pediatric heart transplant patients under age 7 and for simultaneous pancreas-kidney transplant recipients. The company is also developing artificial intelligence capabilities with its AlloView AI risk prediction model and expanding into adjacent areas like the HistoMap Kidney assay for tissue-based diagnostics. The company has significantly strengthened its commercial organization, adding 15 new sales and marketing team members and hiring key executives including a new Chief Operating Officer, Chief Commercial Officer, and Chief Data and AI Officer. This commercial expansion is aimed at better penetrating existing accounts and driving adoption of surveillance testing protocols. Digital health solutions have become an increasingly important growth driver, with the Patient and Digital Solutions segment growing 24% year-over-year in Q1 2025. CareDx has enhanced its AlloCare mobile app, integrated with Epic electronic health record systems, and launched new software tools like XynQAPI for transplant quality tracking and medication therapy management programs. The company successfully resolved a Department of Justice investigation with no findings of wrongdoing and has navigated various Medicare billing article changes that temporarily disrupted operations. CareDx has also been preparing for potential implementation of the IOTA (Increasing Organ Transplant Access) program, which could expand the addressable market for transplant services. Looking ahead, CareDx has articulated ambitious long-term growth targets of reaching $500 million in revenue with 20% adjusted EBITDA margins by 2027, representing a significant scaling of the business from current levels.
CDNA company profile · for informational purposes only — not investment advice.
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