Slides
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Click to edit Master text styles Click to edit Master title style •J u n e 5 , 2 0 2 5 The Transplant Solutions Company Patrick G, Kidney Transplant Recipient
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Safe Harbor Statement 2 These slides and the accompanying oral presentation contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this presentation, including statements regarding the future financial position of CareDx®, Inc. (together with its subsidiaries, “CareDx” or the “Company”), including financial targets and expectations, business strategy, and plans and objectives for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “should,” “would,” “project,” “plan,” “target,” “contemplate,” “predict,” “expect,” and the negative and plural forms of these words and similar expressions are intended to identify that CareDx has based these forward-looking statements on its own estimates and assumptions and its current expectations and projections about future events. These slides and the accompanying oral presentation include forward-looking statements, including expectations regarding the achievement of CareDx's financial and operational goals, its expectations and prospects for 2025 and 2027, its 2025 revenue guidance and its 2027 revenue and adjusted EBITDA targets. These forward-looking statements are based upon information that is currently available to CareDx and its current expectations, speak only as of the date hereof, and are subject to numerous risks and uncertainties, all of which are difficult to predict and many of which are beyond CareDx's control, that could cause the actual results to differ materially from those projected, including general economic and market factors, and global economic and marketplace uncertainties, among others discussed in CareDx's filings with the Securities and Exchange Commission (the “SEC”), including, but not limited to, the Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed by CareDx with the SEC on February 28, 2025, and Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed by CareDx with the SEC on April 30, 2025, and other reports that CareDx has filed with the SEC. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this presentation are inherently uncertain and may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Accordingly, you should not rely upon forward-looking statements as predictions of future events. CareDx undertakes no obligation to update publicly or revise any forward-looking statements for any reason after the date of this presentation or to conform these statements to actual results or to changes in CareDx’s expectations. These slides and the accompanying oral presentation contain certain non-GAAP financial measures, which are provided to assist in an understanding of the business and performance of CareDx. These measures should always be considered only as a supplement to, and not as superior to, financial measures prepared in accordance with GAAP. Please refer to the Appendix included in these slides for a reconciliation of the non-GAAP financial measures included in these slides and the accompanying oral presentation to the most directly comparable financial measures prepared in accordance with GAAP. Further information regarding our non-GAAP financial measures can be found in our filings with the SEC. Certain data in this presentation was obtained from various external sources, and neither the Company nor its affiliates, advisers or representatives has verified such data with independent sources. Accordingly, neither the Company nor any of its affiliates, advisers or representatives makes any representations as to the accuracy or completeness of that data or undertakes any obligation to update such data after the date of this presentation. Such data involves risks and uncertainties and is subject to change based on various factors. The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of the products or services of the Company.
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Experienced Executive Leadership to Drive Profitable Growth 3 650 CareDx Employees Globally Headquartered in South San Francisco & Stockholm 110 Scientists & Researchers Building the Next Innovations in Transplant Commercial Employees Supporting our Customers and Patients 80 Software Programmers Building Our Digital Solutions 180 Kashif Rathore Chief Technology Officer Robert Woodward, PhD Chief Scientific Officer Keith Kennedy Chief Operating Officer Marica Grskovic, PhD Chief Strategy Officer John Hanna President & CEO Abhishek Jain Chief Financial Officer Jeff Novack, JD General Counsel Chris Cisar Vice President, Market Access Jing Huang, PhD Chief Data and AI Officer Jessica Meng Chief Commercial Officer Natasha Wagner Vice President, Corporate Communications Jennifer Foley Chief Product Officer
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Key Drivers of Growth in 2025 4 Go to Market Strategy Score 7.0 Launch Launch HistoMap Kidney AlloView Enhancement Evidence Generation KOAR – 1st publication SHORE – 2nd publication AlloSure Lung publication World Transplant Congress ꟷ August Operational Excellence Billing team restructuring EPIC AURA Launch Lab products gross margin improvements H 1 2 0 25 H 2 2 0 25 XynQAPI IOT A Software Release MTM Program Launch Launch AlloSure Heart Peds Launch AlloSure SPK AlloSeq cfDNA publication SHORE 2nd manuscript submitted ISHLT - April KOAR – 2nd manuscript submitted
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CareDx Q1 2025 Financial Highlights 5 REVENUE $84.7 million 18% increase TESTING VOLUME ~47.1K 12% increase NON-GAAP GROSS MARGIN1 68.5% +150 basis points ADJUSTED EBITDA1 $4.6M positive +$6.4M CASH BALANCE* $231 million +$15 million Q1 2025 YEAR- OVER-YEAR 1. Please refer to GAAP to non-GAAP reconciliation for further details in the Appendix * Cash balance includes Cash, Cash Equivalents and Marketable Securities
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Achieved Seventh Consecutive Quarter of Testing Services Volume Growth Across All Organs 1. Drop in Testing Services volume from Q1 2023 to Q2 2023 due to the impact of Billing Article introduced in March 2023. 6 49.9k Q1 20231 37.5k Q2 2023 38.4k Q3 2023 39.9k Q4 2023 42.1k Q1 2024 43.7k Q2 2024 44.6k Q3 2024 45.5k Q4 2024 Q1 2025 47.1k +12%+12%
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CareDx is the Established Solutions Provider to Transplant Centers Sources: CareDx Data On File. Transplant Services Market: Bentley, S. 2020 U.S. Organ and Tissue Transplants: Cost Estimates, Discussion, and Emerging Issues. Milliman Research Report; OPTN National Transplant Data. Accessed Oct. 8, 2024. https://optn.transplant.hrsa.gov/data/view-data-reports/national-data 7 ~1M Rejection Monitoring Tests Performed ~200K HLA Typing Kits Sold Annually 70% Centers Use One Or More Software Products 150K Rx Filled Annually by Transplant Pharmacy $50B Transplant Services Market 46K Transplants Annually
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Forces Driving 5-Year CAGR Transplant Volume Growth 8 IOTA Model Increasing Organ Transplant Access Growing government efforts are working to expand transplantation access Technological advances are improving organ viability 7% Lung Transplant Annual Growth 6% Heart Transplant Annual Growth 5% Kidney Transplant Annual Growth Sources: OPTN National Transplant Data. Annual Growth from 2023 to 2024. Accessed April 2025. https://optn.transplant.hrsa.gov/data/view-data-reports/national-data/
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ORGAN MATCHING/WAIT LISTING LAB PRODUCTS TRANSPLANT CENTER PATIENT DX & SOLUTIONS ▪ HLA Typing ▪ Lab Management Software ▪ Waitlist Management ▪ Transplant EMR ▪ Quality Reporting ▪ Staff Augmentation ▪ Remote Monitoring ▪ Graft Health Assessment ▪ Tissue Diagnosis SOLUTIONS ACROSS PATIENT JOURNEY CARE QUALITY/SYSTEM EFFICACY GRAFT HEALTH Synergistic Portfolio Drives Customer Adoption 9
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Multi-Solution Accounts Generate 2x Testing Services Revenue 29% Average new transplant patient acquisitionfor testing $600K Average transplant center revenue from testing Accounts that have 3or more CareDx solutions have higher average patient acquisition, 2x the absolute testing volume increase and, ultimately, 2x the testing services revenue <3 SOLUTIONS 44% Average new transplant patient acquisition for testing $1.2M Average transplant center revenue from testing 3+ SOLUTIONS 2x Source: CareDx internal data estimates. 10
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K I D N E Y S L U N G S H E A R T 7 10 CURRENT number of tests/patient in first 3 years 24 15 20 PROTOCOL-DRIVEN number of tests/patient in first 3 years 38 Opportunity to Improve Patient Adherence Sources: Protocol calculations based on: Heart HARTS protocol is11, 4, 4; Kidney ARTS protocol is 7, 4, 4; and Lung ALRTS protocol is 12, 4, 4; Testing frequency is always subject to the treating physician’s individualized determination of medical necessity; CareDx internal data estimates. 11
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Pipeline Fuels Additional Growth for Testing Services 12 Launch New Dx for use with AlloSure Kidney AlloSure Heart PEDS AlloSure SPK 2 0 2 5 2 0 2 6 HistoMap Kidney Diagnoses rejection subtype in patients with elevated AlloSure UroMap Complements AlloSure in the management of BK virus AlloMap Kidney Gene-expression profiling combined with AlloSure enhances risk stratification Expanded Indications
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H I G H M A R K BLU E S POLICY: Positive coverage for AlloSure Kidney STUDY: AlloSure Kidney Nature Medicine Launched 2006 / Medicare Coverage 2006 Launched 2018 / Medicare Coverage 2020 Launched 2017 / Medicare Coverage 2017 Launched 2021 / Medicare Coverage 2023 Evidence Strategy Drives Coverage Growth Sources: Percent of CareDx submitted claimsthat are covered by Medicare and Commercial medical policy. Data on file; Khush et al., J Heart Lung Transplant. 2024. doi:10.1016/j.healun.2024.05.003; Aubert et al., Nat Med. 2024. doi:10.1038/s41591-024- 03087-3. ~90% AlloMap Heart Covered Lives ~40% AlloSure Heart Covered Lives ~60% AlloSure Kidney Covered Lives ~30% AlloSure Lung Covered Lives B C BS F E D E R A L E M P LO Y E E S POLICY: Positive coverage for AlloSure Heart STUDY: HeartCare SHORE data, J Heart Lung Transplant 13
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Continuing to Build Evidence for Transplant Monitoring Assays 14 SHORE ALAMO KOAR OKRA LU NG HEA RT K IDNEY PRIMARY STUDYGENERATING EVIDENCE ▪ Surveillance Outcomes ▪ Subclinical Rejection ▪ All Transplant Coverage ▪ Procedure Decision Making ▪ Treating Subclinical Rejection ▪ 3-year Survival ▪ Pediatrics Validation ▪ 5-year Survival ▪ Directing Therapeutic Treatment ▪ >2,700 patients ▪ 5-year follow-up ▪ 67 sites, HARTS protocol ▪ >3,600 patients ▪ 3-year follow-up ▪ 56 sites, ARTS protocol ▪ 500 patients ▪ 5-year follow-up ▪ 19 sites, ALRTS protocol STUDY COMPOSITION ACROBAT ▪ 307 patients ▪ 2-year follow-up ▪ 11 sites ▪ Predict Post-Transplant Relapse ▪ Surveillance Outcomes ▪ Treatment ResponseC ELL THERA PY
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Expanding Into Cell Therapy Monitoring 15 220 Hematopoietic and bone marrow transplant centers 5,600 Autologous and allogeneic cell therapy registered clinical trials globally Cell Transplant: Hematopoietic Stem Cell and Bone Marrow Transplants Immune Cell Therapy: Engineered (CAR-T, CAR-NK) and Non-Engineered (TCR-T, NK) 70% Cancer (Blood and Solid Tumors) 148 Accredited cell therapy centers 10% Autoimmune Disorders 20% Other (e.g., Diabetes, Viral) Sources: Estimated numbers. www.nmdp.org/what-we-do/partnerships/global-transplant-network/transplant-center-directory. https://accredited.factglobal.org/?_sft_category=cellular-therapy&_sft_country=usa&_sft_clinical=immune-effector-cellular- therapy. Nature Reviews May 2024 doi.org/10.1038/d41573-024-00094-4. Accessed online November 15, 2024.
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Two Products Addressing Critical Unmet Need 16 Time After Hematopoietic Stem Cell Transplantation SOC Relapse Detection Earlier Relapse Prediction Standard of Care AlloHeme No Relapse Number of Cancer Cells ALLOHEME DETECTS CANCER RELAPSE POST-CELL TRANSPLANT Analyzes cells in blood % Cell Product Standardized Pharmacokinetics (PK) Assessment Infusion 2 weeks Months/years Expansion Contraction Persistence ALLOCELL MONITORS IMMUNE CELL THERAPY PHARMACOKINETICS Universal assay based on DNA differences between cell therapy product and patient Sources: The Society for Immunotherapy of Cancer (SITC) 2023 Annual Meeting poster presentation. Tandem Meetings. Transplantation and Cellular Therapy Meeting 2024. Oral Presentation.
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Capital Allocation ▪ M&A ▪ Invest in Core ▪ Share Buyback Profitable Growth Profits And Cash 15% 3-Year Revenue CAGR T arget >70% 2027 Gross Margin Target 20% 2027 Adjusted EBITDA Target +$100M 3-Year Incremental Cash Target $500M 2027 Revenue Target Charting aPath to Profitable Growth and Strategic Capital Allocation 17 2027 FINANCIAL TARGETS Revenue 2025 GUIDANCE $365M - $375M
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Building Blocks for Growth 18 Net Revenue$334M $500M ~5% ~7% ~3% ~1% TRANSPLANT PROCEDURES CUSTOMER ADOPTION & PATIENT ADHERENCE PIPELINE AVERAGE SELLING PRICE (ASP) 2024 TOTAL REVENUE 2027 TOTAL REVENUE Source: 2024 financial results; CareDx internal targets. Data on file. Testing frequency per patient is always subject to the treating physician’s individualized determination of medical necessity.
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PUT IN PLACE THE RIGHT TEAM IDENTIFIED THE MARKET OPPORTUNITIES LAUNCHING INNOVATIVE SOLUTIONS TO RESOLVE UNMET MEDICAL NEEDS Activating Our Strategy 19
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Click to edit Master text styles Click to edit Master title style INVESTOR RELATIONS Caroline Corner investor@caredx.com MEDIA RELATIONS Natasha Wagner nwagner@caredx.com CORPORATE HQ 8000 Marina Blvd, Brisbane, CA 94005 C O N TA C T U S The Transplant Solutions Company Kristin J, Stem Cell and Double Lung Recipient
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21 Appendix
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Reconciliation of Adjusted EBITDA 22 in millions USD Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 GAAP Net Income (Loss) (19.9) (4.6) (10.6) 87.7 (10.4) Stock-based compensation expense 16.5 16.4 16.9 16.5 8.9 Acquisition related amortization of purchased intangibles 1.7 1.6 1.6 1.5 1.5 Change in estimated fair value of contingent consideration 0.3 0.2 0.2 0.2 0.1 Restructuring - 0.1 - 1.7 - Litigation expense - - - (96.3) 5.4 Other charges (gain) - - - (0.5) - Tax effect related to amortization of purchased intangibles (0.1) (0.1) (0.1) (0.1) (0.1) Non–GAAP Net Income (Loss) (1.4) 13.6 8.0 10.7 5.4 Interest income (2.9) (2.8) (3.0) (3.1) (2.8) Income tax expense - 0.1 0.3 0.3 0.2 Depreciation expense 2.2 1.9 1.9 1.8 2.1 Other (income) expense, net 0.3 0.1 (0.3) 0.1 (0.3) Adjusted EBITDA (1.9) 12.9 6.9 9.8 4.6
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Reconciliation of Non-GAAP Gross Margin 23 in millions USD (except %) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Revenue 72.0 92.3 82.9 86.6 84.7 GAAP Cost of Revenue 25.9 28.0 27.6 28.2 28.4 GAAP Gross Profit 46.1 64.3 55.3 58.4 56.3 GAAP Gross Margin % 64.0% 69.7% 66.7% 67.4% 66.4% Non-GAAP Expense: Stock-based compensation expense (1.1) (0.9) (1.0) (0.7) (0.8) Restructuring - (0.1) - - - Acquisition related amortization of purchased intangibles (1.0) (1.0) (0.9) (0.9) (0.9) Non-GAAP Cost of Revenue 23.8 26.1 25.7 26.6 26.7 Non-GAAP Gross Profit 48.3 66.2 57.2 60.0 58.0 Non-GAAP Gross Margin % 67.0% 71.8% 69.0% 69.3% 68.5%
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Reconciliation of Adjusted Revenue 24 in millions USD (except %) Q1 2024 Q1 2025 Reported Testing Services Revenue (GAAP) 53.8 61.9 Revenue associated with test reports delivered in prior periods (3.7) 1.1 Adjusted T esting Services Revenue (Non-GAAP) 50.1 63.0
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Click to edit Master text styles Click to edit Master title style INVESTOR RELATIONS Caroline Corner investor@caredx.com MEDIA RELATIONS Anna Czene aczene@caredx.com CORPORATE HQ 8000 Marina Blvd, Brisbane, CA 94005 C O N TA C T U S The Transplant Solutions Company Kristin J, Stem Cell and Double Lung Recipient