CareDx, Inc.
Mar 24, 2016

CareDx, Inc. Reports Fourth Quarter and Full Year 2015 Financial Results

BRISBANE, Calif., March 24, 2016 (GLOBE NEWSWIRE) -- CareDx, Inc. (Nasdaq:CDNA), a molecular diagnostics company focused on the discovery, development and commercialization of clinically differentiated, high-value diagnostic surveillance solutions for transplant patients, today reported financial results for the fourth quarter and full year ended December 31, 2015

Recent Highlights:

"I am pleased with the continued growth in AlloMap and our progress with the development of AlloSure, demonstrating the utility of cell-free DNA technology as a biomarker in organ transplantation," said President and Chief Executive Officer, Peter Maag.  "And I am very excited about the combination with Allenex, which will create an international transplantation diagnostics company with expanded distribution and growth potential.  Together we will offer patients and clinicians a broader range of transplant diagnostic solutions, which should enhance our ability to improve patient outcomes."

Fourth Quarter Financial Results

Revenue for the three months ended December 31, 2015 was $6.6 million , versus $8.0 million in the same period in 2014.  The 2014 period benefited from a $1.1 million one-time payment from LabCorp.

For the fourth quarter of 2015, net loss was $4.8 million compared to net loss of $5,000 in the fourth quarter of 2014.

Basic and diluted net loss per share each were $0.40 in the fourth quarter of 2015, compared to basic and diluted earnings per share of $0.00, respectively, in the fourth quarter of 2014.

Cash and cash equivalents were $29.9 million as of December 31, 2015

Full Year Financial Results

Revenue for the fiscal year ended December 31, 2015 was $28.1 million, up from $27.3 million for fiscal year 2014.

For the full year 2015, net loss was $13.7 million compared to net income of $0.8 million for 2014. Basic and diluted loss per share were $1.16 for fiscal year 2015 compared to basic and diluted income per share of $0.13 and $0.10 for fiscal year 2014.

Conference Call

Management will host a conference call today beginning at 1:30 p.m. PT / 4:30 p.m. ET. Individuals interested in listening to the conference call may do so by dialing (855) 420-0616 for domestic callers or +1(678) 304-6848 for international callers. Please reference Conference ID: 37676864. To listen to a live webcast, please visit the investor relations section of CareDx's website at:

A replay of the call will be available beginning March 24, 2016 at 4:30pm PT/7:30pm ET through midnight on March 25, 2016. To access the replay, dial (855) 859-2056 or (404) 537-3406 and reference Conference ID: 37676864. The webcast will also be available on CareDx's website for one year following the completion of the call.

About CareDx

CareDx, Inc., based in Brisbane, California, is a molecular diagnostics company focused on the discovery, development and commercialization of clinically differentiated, high-value diagnostic surveillance solutions for transplant patients. The company has commercialized AlloMap®, a gene expression test that aids clinicians in identifying heart transplant patients with stable graft function who have a low probability of moderate/severe acute cellular rejection.  CareDx is also developing additional products for transplant monitoring using a variety of technologies, including AlloSure™, its next-generation sequencing-based test to detect donor-derived cell-free DNA after transplantation. For more information, please visit:

Forward Looking Statements

In addition to the historical information, this press release contains forward-looking statements with respect to our business, research, development and commercialization efforts and anticipated future financial results. These forward-looking statements are based upon information that is currently available to us and our current expectations, speak only as of the date hereof, and are subject to numerous risks and uncertainties, including the risk that our revenue may not be as high as anticipated, risks related to the successful consummation and integration of the acquisition of Allenex AB, risks relating to our dependence on the sales of one test, AlloMap, for substantially all of our current revenue, our dependence on Medicare for a substantial portion of our revenue, our dependence on health insurers and other third-party payers to provide coverage for our current test and future tests, if any, risks of increased competition from other market participants, many of whom have substantially greater resources than us and risks related to our development and commercialization of additional diagnostic solutions. These factors, together with those that are described in greater detail in our filings with the SEC, including the Annual Report on Form 10-K for the fiscal year ended December 31, 2014 filed by us with the SEC on March 31, 2015, may cause our actual results, performance or achievements to differ materially and adversely from those anticipated or implied by our forward-looking statements. We expressly disclaim any obligation, except as required by law, or undertaking to update or revise any such forward-looking statements. Our results for the most recent reporting period are not necessarily indicative of our operating results for any future periods.

 CareDx, Inc. 
 Statements of Operations 
 (in thousands, except share and per share data) 
  Three-Month Ended December 31, Year Ended December 31, 
   2015   2014   2015   2014  
 Testing revenue$  6,734  $  6,697   $  27,881  $  25,842  
 Collaboration and license revenue   (86)    1,255     263     1,464  
 Total revenue   6,648     7,952     28,144     27,306  
 Operating expenses:        
 Cost of testing   2,486     2,204     10,273     8,541  
 Research and development   2,704     1,298     9,333     3,846  
 Sales and marketing   1,896     1,635      8,349     6,472  
 General and administrative   3,694     2,349     12,247     8,436  
 Change in estimated fair value of contingent consideration   330     37     (126 )    (1,239) 
 Total operating expenses   11,110     7,523     40,076      26,056  
 Loss from operations   (4,462)    429     (11,932)    1,250  
 Interest expense, net   (253)    (389)    (1,587)    (2,116) 
 Other expense, net   (47)    (45)    (188)    147  
 Loss before income taxes   (4,762)    (5 )    (13,707)    (719) 
 Income tax benefit   -      -      -      1,500  
 Net (loss) income$  (4,762) $  (5) $  (13,707) $  781  
 Net (loss) income per share:        
 Basic$  (0.40) $  -   $  (1.16) $  0.13  
 Diluted$  (0.40) $  -   $  (1.16) $  0.10  
 Shares used to compute net (loss) income per share:        
 Basic   11,902,325     11,802,241     11,860,885     5,815,928  
 Diluted   11,902,325     12,129,058     11,860,885      9,283,001  


 CareDx, Inc. 
 Balance Sheets 
 (in thousands) 
   As of December 31 ,  
   2015   2014  
 Current assets:    
 Cash & cash equivalents$  29,888  $  36,431  
 Accounts receivable   2,367     2,687  
 Inventory   766     686  
 Prepaid and other assets    1,341     542  
 Total current assets   34,362      40,346   
 Property and equipment, net   2,425     1,968  
 Intangible assets, net   6,650     6,650  
 Goodwill   12,005     12,005  
 Restricted cash   147     147  
 Other noncurrent assets   49     25  
  Total assets$   55,638   $   61,141   
 Current liabilities:    
 Accounts payable$  1,644  $  1,128  
 Accrued payroll   2,366     1,684  
 Accrued and other liabilities   2,892     1,616  
 Accrued royalties   242     241  
 Deferred revenue   142     505  
 Current portion of long-term debt   2,866     5,961   
 Total current liabilities   10,152      11,135   
 Deferred rent, net of current portion   1,426     1,684  
 Deferred revenue, net of current portion   703      471  
 Long term debt, net of current portion   12,887     5,451  
 Contingent consideration   948     1,074  
 Other liabilities   28     28  
 Total liabilities   26,144      19,843   
 Stockholders' equity:    
 Common stock   12     12  
 Additional paid in capital   202,564     200,661  
 Accumulated deficit   (173,082)    (159,375) 
 Total stockholders' equity   29,494      41,298   
 Total liabilities and equity$   55,638   $   61,141   


Investor Relations Contact:

Westwicke Partners

Jamar Ismail

(415) 513-1282

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Source: CareDx, Inc.

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