olivLaw · US equity research
CareDx, Inc. CDNA
Services-Medical Laboratories · SIC 8071 · Vertical: Services-Medical Laboratories (SIC 8071)
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The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).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.
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
| Company | S&P 500 | vs S&P 500 | Vertical 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 | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 86.6 m | 84.7 m | 86.7 m | 100.1 m | 108.4 m | 117.7 m | 131.9 m | 139.4 m |
| Research & development | 16.6 m | 18.5 m | 16.8 m | 16.8 m | 19.3 m | 21.4 m | 22.4 m | 21.3 m |
| Operating income | 84.4 m | -13.4 m | -11.1 m | -246.0 k | -6.0 m | 1.2 m | 113.2 m | 8.1 m |
| Depreciation & amortisation | 3.4 m | 3.6 m | 3.7 m ≈ | 3.8 m ≈ | 3.9 m | 3.9 m | 2.8 m ≈ | 7.2 m ≈ |
| Pre-tax income | 87.9 m | -10.3 m | -8.7 m | 1.7 m | -3.8 m | 2.8 m | 114.5 m | 10.7 m |
| Income tax | 171.0 k | 58.0 k | -117.0 k | -15.0 k | 345.0 k | -32.0 k | 3.9 m | -8.6 m |
| Net income | 87.7 m | -10.4 m | -8.6 m | 1.7 m | -4.1 m | 2.8 m | 110.6 m | 19.3 m |
| Diluted EPS | 1.26 ≈ | -0.19 | -0.16 | 0.03 | -0.08 ≈ | 0.05 | 2.07 | 0.35 |
| Operating cash flow | 21.9 m | -26.6 m | 9.9 m ≈ | 37.4 m ≈ | 21.4 m | 4.3 m | 30.6 m ≈ | 12.7 m ≈ |
| Capex | — | 1.6 m | 1.0 m ≈ | 1.3 m ≈ | — | 3.8 m | 1.9 m ≈ | 1.6 m ≈ |
| Share repurchases | 0 | 0 | 50.0 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 year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 76.6 m | 127.1 m | 192.2 m | 296.4 m | 321.8 m | 280.3 m | 333.8 m | 379.8 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 m | 52.5 m | -21.4 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | −140.6% |
| Diluted EPS | -1.31 | -0.52 | -0.40 | -0.59 | -1.44 | -3.54 | 0.93 | -0.40 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | −143.0% |
| net % | -61.1% | -17.3% | -9.7% | -10.3% | -23.8% | -67.9% | 15.7% | -5.6% |
| Free cash flow | -6.0 m | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
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
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 192.2 m | 296.4 m | 321.8 m | 280.3 m | 333.8 m | 379.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Research & development | 48.9 m | 76.5 m | 90.4 m | 82.4 m | 72.5 m | 71.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Operating income | -22.5 m | -29.7 m | -77.2 m | -203.4 m | 40.8 m | -30.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Depreciation & amortisation | 7.0 m | 8.8 m | 11.6 m | 14.4 m | 14.2 m | 15.0 m | SEC (XBRL)· 25 Feb 2026verified |
| EBITDA | -15.5 m ≈ | -20.9 m ≈ | -65.6 m ≈ | -189.0 m ≈ | 55.0 m ≈ | -15.8 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Pre-tax income | -19.8 m | -32.1 m | -76.2 m | -190.1 m | 52.9 m | -21.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Income tax | -1.0 m | -1.4 m | 379.0 k | 141.0 k | 310.0 k | 271.0 k | SEC (XBRL)· 25 Feb 2026verified |
| Net income | -18.7 m | -30.7 m | -76.6 m | -190.3 m | 52.5 m | -21.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Diluted EPS | -0.40 | -0.59 | -1.44 | -3.54 | 0.93 | -0.40 | SEC (XBRL)· 25 Feb 2026verified |
| Weighted average diluted shares | 46.5 m | 52.2 m | 53.3 m | 53.8 m | 56.6 m | 53.3 m | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 134.7 m | 348.5 m | 89.9 m | 82.2 m | 114.7 m | 65.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Receivables | 34.6 m | 59.8 m | 66.3 m | 51.1 m | 64.6 m | 42.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Inventories | 10.0 m | 17.2 m | 19.2 m | 19.5 m | 19.5 m | 26.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Current assets | 273.1 m | 433.4 m | 387.8 m | 313.7 m | 351.8 m | 257.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Property, plant & equipment, net | 10.7 m | 22.0 m | 35.5 m | 35.2 m | 33.6 m | 33.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Goodwill | 23.9 m | 37.0 m | 37.5 m | 40.3 m | 40.3 m | 40.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Intangibles (excl. goodwill) | 44.4 m | 50.2 m | 43.1 m | 45.7 m | 38.2 m | 32.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Total assets | 368.5 m | 566.6 m | 543.0 m | 466.8 m | 491.1 m | 413.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Accounts payable | 9.7 m | 13.3 m | 9.9 m | 12.9 m | 7.7 m | 10.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Short-term debt | 0 | — | — | — | — | — | SEC (XBRL)· 24 Feb 2021verified |
| Long-term debt | 0 | — | — | — | — | — | SEC (XBRL)· 24 Feb 2021verified |
| Current liabilities | 69.2 m | 77.3 m | 76.0 m | 78.1 m | 89.4 m | 89.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Total liabilities | 90.8 m | 100.7 m | 112.1 m | 205.5 m | 112.6 m | 110.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Equity | 277.7 m | 465.9 m | 430.9 m | 261.3 m † | 378.4 m † | 303.1 m † | SEC (XBRL)· 25 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 33.4 m | -19.3 m | -25.2 m | -18.4 m | 38.0 m | 42.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Investing cash flow | -100.4 m | 47.7 m | -228.5 m | 40.4 m | -483.0 k | 2.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Financing cash flow | 163.1 m | 185.6 m | -4.5 m | -29.6 m | -5.6 m | -93.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Share repurchases | 0 | 0 | 642.0 k | 27.5 m | 522.0 k | 87.8 m | SEC (XBRL)· 25 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- 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
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.5 bn USD
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
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 – 32.0xADVB, DGX, LH, VCYT
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 25.9% | 96 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 5.7% | 47 (on a fixed band) | 24% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.3x | 100 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | 35.9x | 50 (vs peers) | 29% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.5% | 8 (on a fixed band) | 18% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
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
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NTRANatera, Inc. | 56.4 bn | — | -12.5% | -7.1% | +35.9% | +64% / +599% |
| LHLabcorp Holdings Inc. | 29.9 bn | 30.2 | 11.4% | 6.9% | +7.2% | +37% / +70% |
| DGXQuest Diagnostics Inc | 28.1 bn | 25.5 | 15.2% | 9.5% | +11.8% | +35% / +86% |
| GHGuardant Health, Inc. | 22.6 bn | — | — | -38.3% | +32.9% | +55% / +570% |
| CAICaris Life Sciences, Inc. | 9.5 bn | 97.6 | 17.2% | 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 bn | 35.9 | 33.0% | 25.9% | +13.8% | +491% / +1,261% |
| VCYTVeracyte, Inc. | 4.2 bn | 37.5 | 8.8% | 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 bn | 118.4 | 30.2% | 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 Limited | 492.0 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 Services | 8.2 m | — | -7.5% | -5.8% | −0.9% | −43% / −48% |
| MDXHMdxhealth SA | 8.0 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 m | 0.4 | 84.8% | 5,231.3% | unavailable | −75% / unavailable |
| BGLCBioNexus Gene Lab Corp. | 2.8 m | — | -33.7% | -82.4% | −21.9% | −79% / −90% |
| BNRBurning Rock Biotech Limited | 0 | — | -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.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 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% |
- 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.
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
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.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report29 Oct 2026
- Current report29 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report (amendment)16 Sept 2026Acquisition or disposition of assets · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report07 Jul 2026Acquisition or disposition of assets · Regulation FD disclosure · Financial statements and exhibits
- Current report15 Jun 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report28 Apr 2026
- Current report28 Apr 2026Material agreement · Results of operations · Regulation FD disclosure · Other events · Financial statements and exhibits
- Proxy statement27 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / CareDx, Inc. · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / CareDx, Inc. · 30 Jul 2026
- [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.