CareDx, Inc. Q4 FY2025 earnings call

• 2025 was transformative; advanced market leadership in heart, lung, kidney transplants. Launched new products like AlloSure Heart for Pediatrics, Alisure Plus, HistoMAP Kidney. Generated clinical evidence from SHORE and KOAR registries. Invested in infrastructure like revenue cycle management and Epic Aura. • Q4 financials: Revenue $108,000,000 (+25% YOY), testing volume +17% YOY, non-GAAP gross margin 69%, adjusted EBITDA $7,000,000. • 2026 growth drivers: Advance cell therapy pipeline (Allaheme), focus on Epic for customer experience, clinical evidence generation via Immunescape, observational studies, interventional trials.

Testing services: Q4 revenue $78,000,000 (+23% YOY), 53,000 tests (+17% YOY). Full year 2025 testing services revenue $274,500,000 (+10% YOY), ~200,000 tests (+14% YOY). Patient and Digital Solutions: Q4 revenue $17,000,000 (+47% YOY). Full year 2025 revenue $56,900,000 (+31% YOY). Lab Products: Q4 revenue $13,000,000 (+17% YOY). Full year 2025 revenue $48,400,000 (+19% YOY).

• Full year 2026 revenue expected $420,000,000 - $444,000,000 (midpoint ~14% YOY growth). • Testing Services: Full year revenue $306,000,000 - $326,000,000, testing volume 220,000 - 228,000 tests. • Patient and Digital Solutions and Lab Products: Full year revenue $114,000,000 - $118,000,000. • Non-GAAP gross margin ~69% - 71%. • Adjusted EBITDA $30,000,000 - $45,000,000 (midpoint ~20% increase over 2025).

Q: Volume guidance for 2026, contribution from Epic Aura, transplant procedures?

A: Not assuming transplant procedural volume increase; too early to say lift from Epic Aura.

Q: Patient and Digital Solutions sustainability, margin profile?

A: Assuming 8%-12% growth; software margins mid-sixties, products 50%-60%.

Q: Guidance assumptions, swing factors?

A: Midpoint revenue $432,000,000, range due to Medicare LCD, prior-period collections, pricing reset.

Q: SHORE manuscript, MolDX dialogue?

A: Provided comment letter to draft LCD, LCD expected midyear.

Q: Epic, reimbursement, path to $2,000 reimbursement?

A: Target 3-year goal, integrating Epic systems, $10,000,000 investment over 18 months.

Q: ACROBAT data, commercial readiness for Allaheme?

A: Clinician education, manuscript submission, CLIA readiness, reimbursement submission.

Q: Digital Solutions strength, halo effect on Testing Services?

A: Solution selling, MedActionPlan, ZynQAPI, pharmacy, NGS transition driving growth.

Q: Balance sheet, capital allocation?

A: Focus on core growth, opportunistic M&A, cell therapy pipeline.

Q: LCD impact, EBITDA trajectory?

A: $7,500,000 half-year impact, EBITDA guide no one-time bonus, targeting 20% margin.

Q: Testing volume growth, surveillance vs for-cause?

A: Distributed growth, both surveillance and for-cause contributing.

Q: GLP-1s impact on kidney transplants?

A: Favorable, helps with BMI for transplant eligibility.