- CareDx Inc CDNA reported Q3 revenues rose 42% Y/Y to $75.6 million, beating the consensus of $74.05 million.
- The increase was driven mainly by a 46% increase in testing service revenues to $66.5 million.
- Product revenues rose 20% to $6.5 million from $5.4 million. Digital and other revenues rose slightly to $2.6 million from $2.5 million.
- CareDx said testing volumes grew 86% Y/Y, with approximately 40,000 AlloSure and AlloMap patient results.
- The Company posted adjusted EPS of $0.07, beating the consensus of $0.01, but lower than $0.10 posted a year ago.
- Despite the earnings beat, CareDx shares are trading lower.
- In its 10Q filing, CareDx disclosed that it is under investigation about its business practices related to its kidney testing and phlebotomy services by the US Department of Justice and the SEC.
- In addition, it received a subpoena from the SEC for an investigation about related matters and its accounting and public reporting practices. It obtained an information request from a state regulatory agency.
- "We do not believe that the CID, the SEC subpoena, or the state regulatory agency information request raise any issues regarding the safety or efficacy of any of our products or services and are cooperating fully with the investigations," CareDx said in the filing.
- Guidance: For FY21, CareDx raised its revenue guidance to $290 million - $293 million from a previous expectation of $280 million- $290 million (consensus $$290.39 million).
- Price Action: CDNA shares are down 25.9% at $52.15 during the market session on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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