Revenue growth accelerated to 39.0% in 2026Q1, though operating margins remain thin at 1.0% due to high SG&A expenses of $60.9M.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 412.82M | 379.81M | 333.79M | 280.32M | 321.79M | 296.4M | 192.19M | 127.07M | 76.57M | 48.32M | 40.63M | 28.14M | 27.31M | 22.1M | 20.45M |
| Revenue Growth % | 19.17% | 13.79% | 19.07% | -12.89% | 8.57% | 54.22% | 51.25% | 65.95% | 58.45% | 18.93% | 44.37% | 3.07% | 23.57% | 8.05% | - |
| Cost of Goods Sold | 96.15M | 125.38M | 109.63M | 102M | 112.21M | 97.39M | 63.12M | 45.45M | 32.99M | 21.37M | 21.12M | 10.27M | 8.54M | 9.08M | 7.93M |
| COGS % of Revenue | - | 33.01% | 32.84% | 36.39% | 34.87% | 32.86% | 32.84% | 35.77% | 43.08% | 44.22% | 51.98% | 36.5% | 31.28% | 41.08% | 38.78% |
| Gross Profit | 198.97M | 254.43M | 224.16M | 178.32M | 209.58M | 199.01M | 129.08M | 81.61M | 43.58M | 26.95M | 19.51M | 17.87M | 18.77M | 13.02M | 12.52M |
| Gross Margin % | 48.2% | 66.99% | 67.16% | 63.61% | 65.13% | 67.14% | 67.16% | 64.23% | 56.92% | 55.78% | 48.02% | 63.5% | 68.72% | 58.92% | 61.22% |
| Gross Profit Growth % | - | 13.5% | 25.7% | -14.91% | 5.31% | 54.18% | 58.16% | 87.26% | 61.7% | 38.16% | 9.17% | -4.76% | 44.12% | 3.99% | - |
| Operating Expenses | 330.46M | 275.44M | 183.39M | 381.69M | 286.81M | 228.73M | 151.6M | 106.14M | 58.14M | 44.11M | 44.28M | 29.93M | 18.75M | 13.88M | 14.86M |
| OpEx % of Revenue | - | 72.52% | 54.94% | 136.16% | 89.13% | 77.17% | 78.88% | 83.53% | 75.94% | 91.28% | 108.97% | 106.34% | 68.68% | 62.8% | 72.68% |
| Selling, General & Admin | 225.31M | 210.21M | 205.5M | 201.2M | 196.42M | 152.21M | 102.66M | 75.43M | 43.63M | 31.72M | 31.89M | 20.6M | 14.91M | 10.7M | 10.11M |
| SG&A % of Revenue | - | 55.35% | 61.57% | 71.77% | 61.04% | 51.35% | 53.42% | 59.37% | 56.98% | 65.64% | 78.49% | 73.18% | 54.6% | 48.43% | 49.44% |
| Research & Development | 74.32M | 71.43M | 72.41M | 81.87M | 90.39M | 76.53M | 48.94M | 30.71M | 14.51M | 12.39M | 12.38M | 9.33M | 3.85M | 3.18M | 4.75M |
| R&D % of Revenue | - | 18.81% | 21.69% | 29.2% | 28.09% | 25.82% | 25.46% | 24.17% | 18.96% | 25.64% | 30.48% | 33.16% | 14.08% | 14.37% | 23.24% |
| Other Operating Expenses | -477K | -6.2M | -94.52M | 98.62M | 0 | 0 | 0 | 0 | -178K | 0 | 0 | -188K | 147K | 0 | -14K |
| Operating Income | -13.79M | -21.02M | 40.77M | -203.36M | -77.23M | -29.73M | -22.53M | -24.53M | -15.58M | -20.29M | -37.33M | -11.93M | 1.25M | -857K | -2.34M |
| Operating Margin % | -3.34% | -5.53% | 12.21% | -72.55% | -24% | -10.03% | -11.72% | -19.31% | -20.34% | -42% | -91.88% | -42.4% | 4.58% | -3.88% | -11.45% |
| Operating Income Growth % | - | -151.55% | 120.05% | -163.32% | -159.81% | -31.95% | 8.17% | -57.48% | 23.24% | 45.64% | -212.87% | -1054.56% | 245.86% | 63.41% | - |
| EBITDA | 1.68M | -600K | 60.52M | -183.54M | -61.22M | -17.84M | -12.98M | -17.39M | -11.36M | -16.54M | -34.41M | -11.14M | 1.76M | -194K | -1.27M |
| EBITDA Margin % | 0.41% | -0.16% | 18.13% | -65.47% | -19.03% | -6.02% | -6.76% | -13.68% | -14.84% | -34.22% | -84.69% | -39.57% | 6.45% | -0.88% | -6.21% |
| EBITDA Growth % | -97.33% | -100.99% | 132.97% | -199.78% | -243.16% | -37.41% | 25.33% | -53.02% | 31.28% | 51.95% | -209.02% | -732.01% | 1008.25% | 84.72% | - |
| D&A (Non-Cash Add-back) | 15.48M | 20.42M | 19.76M | 19.82M | 16.01M | 11.88M | 9.54M | 7.14M | 4.21M | 3.76M | 2.92M | 796K | 512K | 663K | 1.07M |
| EBIT | -12.52M | -21.08M | -53.75M | -104.74M | -77.23M | -29.73M | -17.71M | -24.53M | -15.58M | -18.34M | -24.77M | -12.06M | 11K | -857K | -2.34M |
| Net Interest Income | 6.39M | 9.17M | 11.77M | 11.87M | 3.76M | 160K | 271K | 985K | -3.7M | -5.86M | -1.86M | -1.59M | -2.12M | -2.15M | -2.7M |
| Interest Income | 6.39M | 9.17M | 11.77M | 11.87M | 3.76M | 160K | 271K | 985K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.7M | 5.86M | 1.86M | 1.59M | 2.12M | 2.15M | 2.7M |
| Other Income/Expense | 5.78M | -67K | 12.09M | 13.22M | 997K | -2.36M | 2.78M | 585K | -32.64M | -36.98M | -4.03M | -1.77M | -1.97M | -2.69M | -2.72M |
| Pretax Income | -8.01M | -21.08M | 52.86M | -190.14M | -76.23M | -32.09M | -19.75M | -23.95M | -48.22M | -57.27M | -41.36M | -13.71M | -719K | -3.54M | -5.06M |
| Pretax Margin % | -1.94% | -5.55% | 15.84% | -67.83% | -23.69% | -10.83% | -10.28% | -18.85% | -62.97% | -118.51% | -101.8% | -48.7% | -2.63% | -16.03% | -24.74% |
| Income Tax | 245K | 271K | 310K | 141K | 379K | -1.43M | -1.04M | -1.98M | -1.43M | -1.71M | -1.61M | 0 | -1.5M | 0 | 0 |
| Effective Tax Rate % | -3.06% | -1.29% | 0.59% | -0.07% | -0.5% | 4.44% | 5.25% | 8.26% | 2.97% | 2.98% | 3.88% | 0% | 208.62% | 0% | 0% |
| Net Income | -8.19M | -21.35M | 52.55M | -190.28M | -76.61M | -30.66M | -18.71M | -21.97M | -46.76M | -55.47M | -39.47M | -13.71M | 781K | -3.54M | -5.06M |
| Net Margin % | -1.98% | -5.62% | 15.74% | -67.88% | -23.81% | -10.34% | -9.74% | -17.29% | -61.06% | -114.79% | -97.14% | -48.7% | 2.86% | -16.03% | -24.74% |
| Net Income Growth % | -114.73% | -140.64% | 127.62% | -148.37% | -149.86% | -63.85% | 14.81% | 53.02% | 15.71% | -40.54% | -187.95% | -1855.06% | 122.05% | 29.99% | - |
| Net Income (Continuing) | -8.19M | -21.35M | 52.55M | -190.28M | -76.61M | -30.66M | -18.71M | -21.97M | -46.78M | -55.56M | -39.76M | -13.71M | 781K | -3.54M | -5.06M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 180K | 279K | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.15 | -0.40 | 0.93 | -3.54 | -1.44 | -0.59 | -0.40 | -0.52 | -1.31 | -2.38 | -2.39 | -1.16 | 0.10 | -0.48 | -0.69 |
| EPS Growth % | -114.57% | -143.01% | 126.27% | -145.83% | -144.07% | -47.5% | 23.08% | 60.31% | 44.96% | 0.42% | -106.03% | -1260% | 120.83% | 30.43% | - |
| EPS (Basic) | - | -0.40 | 1.00 | -3.54 | -1.44 | -0.59 | -0.40 | -0.52 | -1.31 | -2.38 | -2.39 | -1.16 | 0.13 | -0.48 | -0.69 |
| Diluted Shares Outstanding | 53.13M | 53.29M | 56.62M | 53.76M | 53.32M | 52.24M | 46.48M | 42.15M | 35.64M | 23.33M | 16.5M | 11.86M | 9.28M | 7.37M | 7.37M |
| Basic Shares Outstanding | 51.15M | 53.29M | 52.77M | 53.76M | 53.32M | 52.24M | 46.48M | 42.15M | 35.64M | 23.31M | 16.5M | 11.82M | 5.82M | 7.37M | 7.37M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Medicare reimbursement policy volatility
According to the most recent quarterly data, CareDx achieved a 39.0% year-over-year revenue growth rate in 2026Q1, signaling a significant acceleration from the 25.2% growth observed in the prior quarter and suggesting that the company's transplant ecosystem strategy is successfully capturing increased market share despite regulatory headwinds.
The recent revenue acceleration appears to be driven by deeper penetration within transplant centers, potentially offsetting the pricing pressures seen in the broader molecular diagnostics space. Investors should monitor whether this growth trajectory can be sustained without further reliance on aggressive sales force expansion, which has historically pressured the bottom line.
As reported in financial statements, CareDx has maintained gross margins consistently in the 66-69% range over the last several quarters, demonstrating a degree of pricing power that persists despite the competitive entry of NGS-based diagnostic alternatives in the heart and lung transplant surveillance markets.
The stability of these margins suggests that the company's integrated software and diagnostic offerings provide a defensible moat that prevents rapid commoditization of its testing services. However, any future shift in the payer mix toward lower-reimbursement private plans could threaten this structural margin profile, warranting close observation of quarterly gross profit trends.
Based on the company's reported figures, operating expenses continue to fluctuate significantly, with SG&A costs reaching $60.9M in 2026Q1, indicating that the firm has yet to achieve the necessary scale to consistently decouple revenue growth from the high overhead required to maintain its specialized sales force.
While the company achieved a positive operating margin of 1.0% in the most recent quarter, the historical volatility in operating income suggests that profitability remains highly sensitive to discretionary spending levels. The lack of consistent operating leverage implies that the business model is still in a transition phase where growth is prioritized over immediate bottom-line efficiency.
Data from recent filings reveals that CareDx's net income is frequently impacted by non-operating items and significant stock-based compensation, which totaled $9.8M in 2026Q1, complicating the assessment of the company's underlying ability to generate sustainable, cash-backed earnings from its core diagnostic operations.
The wide swings in net income, including the anomalous 2024Q4 spike, suggest that investors should focus on normalized operating metrics rather than headline GAAP figures. The persistent reliance on stock-based compensation as a significant portion of operating expenses may indicate a potential dilution risk that warrants further investigation by long-term shareholders.
As highlighted in recent industry reports, the primary risk to the income statement is the potential for further Medicare Local Coverage Determination changes, which could fundamentally alter the reimbursement landscape for dd-cfDNA testing and jeopardize the company's ability to maintain its current revenue growth trajectory.
Short-sellers may focus on the widening delta between tests processed and tests billed, which could indicate that payers are increasingly challenging the medical necessity of surveillance testing. If regulatory scrutiny intensifies, the company's reliance on a narrow set of diagnostic procedures may lead to significant revenue compression that the current valuation does not fully reflect.
Quick answers to the most common questions about buying CDNA stock.
For fiscal year 2025, CareDx, Inc (CDNA) reported total revenue of $379.8M. This represents a 1757.1% increase compared to $20.5M in 2012.
CareDx, Inc (CDNA) reported a net loss of $21.4M for the fiscal year ending 2025.
CareDx, Inc (CDNA) reported an operating income of $-21.0M, resulting in an operating profit margin of -5.5%. This margin reflects the operational efficiency of the business before interest and taxes.
CareDx, Inc (CDNA) generated $254.4M in gross profit for the year, representing a gross profit margin of 67.0%. This demonstrates the company's core pricing power and production efficiency.