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olivLaw · US equity research

CareDx, Inc. CDNA

Services-Medical Laboratories · SIC 8071 · Vertical: Services-Medical Laboratories (SIC 8071)

85.86USD−2.95% · 1 dayClose 04 Nov 2026

CareDx is a precision medicine company offering non-invasive molecular tests and digital solutions for transplant patients, and in 2026 it extended its portfolio into specialty oncology and cell therapy. Its testing revenue has grown quickly and guidance for 2026 was raised, so its path to profitability is worth watching closely, with 2026 revenue guidance now at 490 to 500 million USD.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, CareDx, Inc. (CDNA) stock was 85.86 USD (−2.95% on the day), with market capitalisation 4.5 bn USD, P/E 35.9 on diluted EPS of 2.39 USD over the last 12 months, beta 1.28, 52-week range 15.01–88.47 USD. Latest reported quarter (Q3 2026): revenue of 139.4 m USD (+39.3% YoY), net income of 19.3 m USD (+1,051.8% YoY), diluted EPS 0.35 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
4.5 bn USD
shares as of 26 Oct 2026
P/E (TTM)
35.9
Diluted EPS TTM 2.39 · TTM to 30 Sept 2026
E/P (TTM)
2.78%
TTM to 30 Sept 2026
Dividend yield
unavailable
Beta (2y)
1.28
Volatility (1y) 71%
52-week range
15.0188.47

Price history

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Technical reading

RSI (14)
73.8
overbought (≥ 70)
Bollinger (20, 2)
54.71 – 87.90
in the upper half of the band · %B 0.94 · band width 46.6%
SMA 50 / 200
62.20 / 34.64
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
6.52 / 4.89
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+22.9%−1.1%+24.0 pp—
3 months+88.7%−0.5%+89.2 pp—
6 months+309.8%+4.4%+305.4 pp—
Year to date+355.7%+12.3%+343.4 pp—
1 year+491.3%+13.5%+477.8 pp−3.1%
3 years+1,260.7%+76.4%+1,184.3 pp+62.1%
5 years+82.5%+63.7%+18.9 pp—
Max drawdown (1y)
−23.6%
22 Jan 2026 → 10 Apr 2026
Max drawdown (5y)
−89.7%
08 Nov 2021 → 25 Oct 2023
Compound annual growth (5y)
+12.8%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
139.4 m USD
+39.3% YoY
Net income
19.3 m USD
+1,051.8% YoY
Diluted EPS
0.35
+1,066.7% YoY
net / operating
13.8% / 5.8%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue86.6 m84.7 m86.7 m100.1 m108.4 m117.7 m131.9 m139.4 m
Research & development16.6 m18.5 m16.8 m16.8 m19.3 m21.4 m22.4 m21.3 m
Operating income84.4 m-13.4 m-11.1 m-246.0 k-6.0 m1.2 m113.2 m8.1 m
Depreciation & amortisation3.4 m3.6 m3.7 m ≈3.8 m ≈3.9 m3.9 m2.8 m ≈7.2 m ≈
Pre-tax income87.9 m-10.3 m-8.7 m1.7 m-3.8 m2.8 m114.5 m10.7 m
Income tax171.0 k58.0 k-117.0 k-15.0 k345.0 k-32.0 k3.9 m-8.6 m
Net income87.7 m-10.4 m-8.6 m1.7 m-4.1 m2.8 m110.6 m19.3 m
Diluted EPS1.26 ≈-0.19-0.160.03-0.08 ≈0.052.070.35
Operating cash flow21.9 m-26.6 m9.9 m ≈37.4 m ≈21.4 m4.3 m30.6 m ≈12.7 m ≈
Capex—1.6 m1.0 m ≈1.3 m ≈—3.8 m1.9 m ≈1.6 m ≈
Share repurchases0050.0 m ≈25.6 m ≈12.2 m——0 ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 83 percentile of its own 6-quarter history (min 13.8, median 25.0, max 36.3; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue76.6 m127.1 m192.2 m296.4 m321.8 m280.3 m333.8 m379.8 m
Revenue YoY+58.4%+66.0%+51.3%+54.2%+8.6%−12.9%+19.1%+13.8%
Net income-46.8 m-22.0 m-18.7 m-30.7 m-76.6 m-190.3 m52.5 m-21.4 m
Net income YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailable−140.6%
Diluted EPS-1.31-0.52-0.40-0.59-1.44-3.540.93-0.40
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailable−143.0%
net %-61.1%-17.3%-9.7%-10.3%-23.8%-67.9%15.7%-5.6%
Free cash flow-6.0 munavailableunavailableunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
65.4 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
303.1 m USD
Total assets
413.2 m USD
Debt / equity
unavailable
Current ratio
2.86x
ROE
-6.3%
ROA
-4.7%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
280.3 m
2024
333.8 m
2025
379.8 m

SEC (XBRL)· 25 Feb 2026verified

Research & development
2023
82.4 m
2024
72.5 m
2025
71.4 m

SEC (XBRL)· 25 Feb 2026verified

Operating income
2023
-203.4 m
2024
40.8 m
2025
-30.8 m

SEC (XBRL)· 25 Feb 2026verified

Depreciation & amortisation
2023
14.4 m
2024
14.2 m
2025
15.0 m

SEC (XBRL)· 25 Feb 2026verified

EBITDA
2023
-189.0 m ≈
2024
55.0 m ≈
2025
-15.8 m ≈

SEC (XBRL)· 25 Feb 2026derived

Pre-tax income
2023
-190.1 m
2024
52.9 m
2025
-21.1 m

SEC (XBRL)· 25 Feb 2026verified

Income tax
2023
141.0 k
2024
310.0 k
2025
271.0 k

SEC (XBRL)· 25 Feb 2026verified

Net income
2023
-190.3 m
2024
52.5 m
2025
-21.4 m

SEC (XBRL)· 25 Feb 2026verified

Diluted EPS
2023
-3.54
2024
0.93
2025
-0.40

SEC (XBRL)· 25 Feb 2026verified

Weighted average diluted shares
2023
53.8 m
2024
56.6 m
2025
53.3 m

SEC (XBRL)· 25 Feb 2026verified

Balance sheet · USD

Cash
2023
82.2 m
2024
114.7 m
2025
65.4 m

SEC (XBRL)· 25 Feb 2026verified

Receivables
2023
51.1 m
2024
64.6 m
2025
42.6 m

SEC (XBRL)· 25 Feb 2026verified

Inventories
2023
19.5 m
2024
19.5 m
2025
26.7 m

SEC (XBRL)· 25 Feb 2026verified

Current assets
2023
313.7 m
2024
351.8 m
2025
257.1 m

SEC (XBRL)· 25 Feb 2026verified

Property, plant & equipment, net
2023
35.2 m
2024
33.6 m
2025
33.0 m

SEC (XBRL)· 25 Feb 2026verified

Goodwill
2023
40.3 m
2024
40.3 m
2025
40.3 m

SEC (XBRL)· 25 Feb 2026verified

Intangibles (excl. goodwill)
2023
45.7 m
2024
38.2 m
2025
32.0 m

SEC (XBRL)· 25 Feb 2026verified

Total assets
2023
466.8 m
2024
491.1 m
2025
413.2 m

SEC (XBRL)· 25 Feb 2026verified

Accounts payable
2023
12.9 m
2024
7.7 m
2025
10.0 m

SEC (XBRL)· 25 Feb 2026verified

Short-term debt
2023
—
2024
—
2025
—

SEC (XBRL)· 24 Feb 2021verified

Long-term debt
2023
—
2024
—
2025
—

SEC (XBRL)· 24 Feb 2021verified

Current liabilities
2023
78.1 m
2024
89.4 m
2025
89.8 m

SEC (XBRL)· 25 Feb 2026verified

Total liabilities
2023
205.5 m
2024
112.6 m
2025
110.1 m

SEC (XBRL)· 25 Feb 2026verified

Equity
2023
261.3 m †
2024
378.4 m †
2025
303.1 m †

SEC (XBRL)· 25 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
-18.4 m
2024
38.0 m
2025
42.0 m

SEC (XBRL)· 25 Feb 2026verified

Investing cash flow
2023
40.4 m
2024
-483.0 k
2025
2.2 m

SEC (XBRL)· 25 Feb 2026verified

Financing cash flow
2023
-29.6 m
2024
-5.6 m
2025
-93.4 m

SEC (XBRL)· 25 Feb 2026verified

Share repurchases
2023
27.5 m
2024
522.0 k
2025
87.8 m

SEC (XBRL)· 25 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
13.8%
computed by olivLawFY 2025
Revenue CAGR 3Y
5.7%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
14.6%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
-175.5%
computed by olivLawFY 2025
Net income growth (YoY)
-140.6%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
-143.0%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
27.0%
computed by olivLawTTM to 30 Sept 2026
EBIT margin
23.4%
computed by olivLawTTM to 30 Sept 2026
Net margin
25.9%
computed by olivLawTTM to 30 Sept 2026
FCF margin
unavailable
input data missing

Returns

ROE
33.0%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
24.0%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROIC
unavailable
input data missing
ROCE
23.2%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
2.3x
computed by olivLawbalance sheet at 30 Sept 2026
Quick ratio
2.2x
computed by olivLawbalance sheet at 30 Sept 2026
Cash ratio
1.8x
computed by olivLawbalance sheet at 30 Sept 2026

Cash

Operating cash flow
69.0 m USD
computed by olivLawTTM to 30 Sept 2026
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
51.4%
computed by olivLawTTM to 30 Sept 2026

Efficiency

Days sales outstanding
35 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
4.5 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
35.1x
computed by olivLawTTM to 30 Sept 2026
P/E (TTM)
35.9x
computed by olivLawTTM to 30 Sept 2026
Earnings yield
2.8%
computed by olivLawTTM to 30 Sept 2026
P/B
9.7x
computed by olivLawbalance sheet at 30 Sept 2026
P/S
9.1x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
0.5%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 35.4% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

85.86 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 4.5 bn USD

Key indicators

Market capitalisation
4.5 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
35.9x
computed by olivLawTTM to 30 Sept 2026
P/B
9.7x
computed by olivLawbalance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
ROE
33.0%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
25.9%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
13.8%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

28/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 26 Oct 2026
Source: SEC (XBRL)published 29 Oct 2026
verified 1943derived 124

Score by group

35% · Insufficient data

Estimated value range

Low
45.93
USD per share
Mid
66.51
USD per share
High
76.50
USD per share
Price: 85.86 USD
The price is above the range
Potential to the central value: -22.5% (value / price − 1)
Margin of safety: -29.1% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 45.93 – 76.50 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/E45.93 – 76.50 (Mid 66.51)
    4 companies used · median multiple 27.8x · quartiles 19.2x – 32.0x
    ADVB, DGX, LH, VCYT
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Multiple comparisons use the SIC vertical: Services-Medical Laboratories (SIC 8071)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality25.9%96 (vs peers)18%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth5.7%47 (on a fixed band)24%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet2.3x100 (on a fixed band)12%
P/E (TTM) · Valuation35.9x50 (vs peers)29%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returns0.5%8 (on a fixed band)18%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/3 factors with a value
  • Growth· partial47/100 · 1/2 factors with a value
  • Quality· partial96/100 · 1/3 factors with a value
  • Returns· partial8/100 · 1/2 factors with a value
  • Valuation· partial50/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

CAREDX, INC. (CDNA). Latest full fiscal year: 2025; data up to 2026-09-30.

Figures computed from the financial statements: revenue 379.8 m USD in 2025; YoY growth 13.8%; net margin 25.9%; ROE 33.0%.

The estimated value range is 45.93–76.50 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 66.51 USD, the price of 85.86 USD leaves a potential of -22.5% (value / price − 1) and a margin of safety of -29.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Net margin: 25.9%
  • Current ratio: 2.3x

What contradicts it

  • Shareholder yield (distributions): 0.5%
  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Payout ratio (FCF).

Versus the vertical median

Services-Medical Laboratories (SIC 8071) · same industry (4-digit SIC) · compared with 23 companies

Multiples and returns vs the median

P/E
35.9x
vertical median 33.9x
above median (+6.1%)
EV/EBITDA
—
vertical median 17.4x
P/S
9.1x
vertical median 2.9x
above median (+211.2%)
P/B
9.7x
vertical median 2.8x
above median (+246.9%)
ROE
33.0%
vertical median -11.2%
above median
Net margin
25.9%
vertical median -10.3%
above median
EBIT margin
23.4%
vertical median -13.4%
above median
Revenue YoY
13.8%
vertical median 14.9%
below median (−7.6%)
Net debt/EBITDA
—
vertical median 2.5x
Dividend yield
—
vertical median 0.8%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
NTRANatera, Inc.56.4 bn—-12.5%-7.1%+35.9%+64% / +599%
LHLabcorp Holdings Inc.29.9 bn30.211.4%6.9%+7.2%+37% / +70%
DGXQuest Diagnostics Inc28.1 bn25.515.2%9.5%+11.8%+35% / +86%
GHGuardant Health, Inc.22.6 bn——-38.3%+32.9%+55% / +570%
CAICaris Life Sciences, Inc.9.5 bn97.617.2%9.2%+97.0%+30% / unavailable
GRALGRAIL, Inc.6.4 bn—-16.1%-236.9%+17.2%+30% / unavailable
RDNTRadNet, Inc.6.3 bn—-2.1%-0.9%+11.5%−3% / +142%
CDNACaredx, Inc.4.5 bn35.933.0%25.9%+13.8%+491% / +1,261%
VCYTVeracyte, Inc.4.2 bn37.58.8%20.4%+16.0%+11% / +105%
FTREFortrea Holdings Inc.2.0 bn—-12.3%-2.6%+1.0%+64% / −29%
PSNLPersonalis, Inc.1.7 bn—-62.1%-147.7%−17.7%+47% / +932%
BLLNBillionToOne, Inc.1.3 bn118.430.2%11.3%+100.0%−13% / unavailable
CSTLCastle Biosciences, Inc.1.1 bn—-4.2%-5.4%+3.7%−11% / +79%
FLGTFulgent Genetics, Inc.541.5 m—-8.0%-26.0%+13.8%−33% / −29%
YDESYD Bio Limited492.0 m—-445.1%-1,392.6%+16.9%−40% / unavailable
BDSXBiodesix, Inc.226.7 m—-540.0%-27.0%+24.1%+160% / −28%
XGNExagen Inc.206.2 m—-113.8%-26.6%+19.7%+8% / +363%
SERASera Prognostics, Inc.59.0 m—-49.7%-34,866.7%+5.2%−39% / +4%
AMSAmerican Shared Hospital Services8.2 m—-7.5%-5.8%−0.9%−43% / −48%
MDXHMdxhealth SA8.0 m—-2,440.4%-31.1%+19.8%−96% / −95%
ACONAclarion, Inc.5.0 m—-59.0%-10,978.5%+65.6%−72% / −100%
ADVBAdvanced Biomed Inc.3.5 m0.484.8%5,231.3%unavailable−75% / unavailable
BGLCBioNexus Gene Lab Corp.2.8 m—-33.7%-82.4%−21.9%−79% / −90%
BNRBurning Rock Biotech Limited0—-10.1%-10.3%+9.2%−41% / +55%

1- and 3-year price returns: for CDNA from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
52.61
Total return -39% · Per year -39%
92.96
Total return 8% · Per year 8%
139.95
Total return 63% · Per year 63%
3 years
52.28
Total return -39% · Per year -15%
103.82
Total return 21% · Per year 7%
171.44
Total return 100% · Per year 26%
5 years
51.95
Total return -39% · Per year -10%
115.95
Total return 35% · Per year 6%
210.01
Total return 145% · Per year 20%
What moves the 3-year price the most
  • Exit P/E± 25.95
  • Net margin± 18.17
  • Annual revenue growth± 14.75
  • Annual dilution± 1.53

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).

In brief

CareDx is a precision medicine company offering non-invasive molecular tests and digital solutions for transplant patients, and in 2026 it extended its portfolio into specialty oncology and cell therapy. Its testing revenue has grown quickly and guidance for 2026 was raised, so its path to profitability is worth watching closely, with 2026 revenue guidance now at 490 to 500 million USD.

SWOT

Strengths

  • The company holds a well-established position in molecular transplant surveillance and says it is a leader in genomics-based information for transplant patients 1.
  • Second quarter 2026 results show strong growth in testing revenue and positive operating cash flow 23.
  • The company has built a sales model focused on transplant centers that allows cross-selling of several solutions 1.

Weaknesses

  • The company has reported net losses in its history and expects losses over the next several years, which makes profitability dependent on execution 1.
  • A significant portion of revenue depends on Medicare reimbursement and coverage decisions, which authorities can change 1.
  • The 2026 net result is influenced by the one-off gain from selling the lab products business, which makes quarterly indicators harder to compare 23.

Opportunities

  • Expansion into HPV oncology through NavDx and into cell therapy could open new revenue sources 23.
  • Clinical evidence from publications and registries could support broader payer coverage of the tests 12.
  • If adoption of molecular surveillance continues, test volume could grow within existing transplant centers 13.

Threats

  • Lower rates or a more restrictive reimbursement policy could directly affect testing revenue 1.
  • Competitors with greater resources could reduce market share if integration of new acquisitions does not succeed 13.
  • Patent litigation and data security claims could generate unforeseen costs 1.

Risks

  • Dependence on Medicarehigh

    A significant part of testing is reimbursed by Medicare, and changes in policy could affect revenue directly 1.

  • New LCD and bundled payment modelhigh

    The MolDX and Noridian proposal could introduce new criteria and a bundled payment model, affecting rates 1.

  • Integration of acquisitionsmedium

    Integrating Naveris and new product lines could generate unforeseen costs and delays 3.

  • Patent litigationmedium

    The company has been involved in patent litigation and securities class actions, and outcomes can affect costs 1.

  • Data securitylow

    Security incidents or regulatory changes on patient data could expose the company to fines and reputational harm 1.

Investment thesis

What would need to be true (bull case)

  • Strong growth in testing revenue, combined with raised 2026 guidance, shows the commercial model could keep delivering solid results if coverage remains stable 23.
  • If expansion into oncology and cell therapy works, the company could diversify its revenue sources and reduce dependence on transplant testing 23.
  • Selling the lab products business may simplify the portfolio and focus resources on higher-margin segments, if integration goes to plan 3.

What would break the thesis

  • Core profitability could remain under pressure, since the company has reported past net losses and expects losses in the coming years 1.
  • If the new LCD or the bundled payment model reduces rates, testing revenue could fall significantly 1.
  • The one-off gain from the sale masks some operational weaknesses, and future results could be more modest if that effect does not recur 23.

What to watch

  • Finalization of the new MolDX and Noridian LCD for transplant tests2026
  • Quarterly results and adjusted EBITDA margin trend after the Naveris integrationQ3 2026
  • Development of test volume and revenue per testQ4 2026
  • Progress of the AlloHeme pipeline toward CLIA validation and launch2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).

The business

CareDx presents itself as a precision medicine company aiming to improve outcomes for transplant patients, offering non-invasive molecular testing for heart, kidney and lung transplants, laboratory products, digital health technologies and patient solutions 1. Its headquarters are in Brisbane, California, with other primary operations in Omaha, Nebraska and Stockholm, Sweden 1. The company operates as a single reportable segment 1. According to 2026 reports, its scope has widened into specialty oncology and cell therapy, through the Naveris acquisition and the sale of its lab products business to Eurobio Scientific 23.

CareDx's proposed sales model concentrates on a limited number of transplant centers with a portfolio of complementary solutions, which the company says could lower its revenue acquisition costs over time 1. It describes its strategy through four priorities: profitable growth, operational excellence, expanding the total addressable market through its TRANSPLANT+ initiative, and an elevated performance culture 1.

Core tests include AlloSure Kidney, AlloMap Heart, AlloSure Heart, HeartCare and AlloSure Lung, and for 2026 the company added NavDx for HPV-mediated cancers 12. Beyond testing, CareDx sells software for transplant centers, pharmacy services through The Transplant Pharmacy and patient support 2.

Segments

Lab products

The lab products business, which included NGS kitted solutions, was sold to Eurobio Scientific on 30 June 2026, so future periods will no longer include this segment 23.

Market context

The market for molecular transplant testing is concentrated in a few specialized centers, and test adoption depends on reimbursement policies and clinical evidence, according to the company's description 1. Medicare coverage matters: 46 percent of testing services revenue came from Medicare in fiscal 2025 1.

Trends

  • Medicare reimbursementheadwind

    The proposed new LCD from MolDX and Noridian could introduce stricter criteria and a bundled payment model, which could lower rates for some tests 1.

  • Expansion into oncology and cell therapymixed

    The Naveris acquisition and the launch of NavDx open new markets, but integration and required investment could pressure margins in the coming period 3.

  • One-off gains from asset salesmixed

    The gain on the sale of the lab products business inflated the quarterly result, so underlying profitability should be assessed separately from this effect 23.

Competitive position

Competition in molecular transplant testing includes companies offering donor-derived cell-free DNA tests and gene expression tests. Given the nature of these services, competitors are mainly in the field of laboratory molecular diagnostics 1.

In HPV-related oncology and hematologic surveillance, CareDx enters markets where established providers already exist, so success depends on clinical evidence and payer coverage 23.

  • NateraNTRA

    A company that was in patent litigation with CareDx over cell-free DNA testing, according to the annual report 1.

  • Eurobio Scientific

    The buyer of CareDx's lab products business, which now takes over that part of the market 23.

  • Transplant genomic testing providers

    Laboratories offering transplant monitoring tests that compete for the same customers in transplant centers 1.

  • HPV testing and molecular oncology providers

    Companies offering blood-based tests for HPV-related cancers, an area NavDx enters through the Naveris acquisition 23.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

  • Quarterly report29 Oct 2026
  • Current report29 Oct 2026
    Results of operations · Regulation FD disclosure · Financial statements and exhibits
  • Acquisition or disposition of assets · Financial statements and exhibits
  • Quarterly report30 Jul 2026
  • Current report30 Jul 2026
    Results of operations · Regulation FD disclosure · Financial statements and exhibits
  • Current report07 Jul 2026
    Acquisition or disposition of assets · Regulation FD disclosure · Financial statements and exhibits
  • Current report15 Jun 2026
    Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
  • Quarterly report28 Apr 2026
  • Current report28 Apr 2026
    Material agreement · Results of operations · Regulation FD disclosure · Other events · Financial statements and exhibits
  • Proxy statement27 Apr 2026

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / CareDx, Inc. · 25 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / CareDx, Inc. · 30 Jul 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / CareDx, Inc. · 30 Jul 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.