Slides
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Q4 and Full Year 2025 Financial Results F E B R U A R Y 2 4 , 2 0 2 6
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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 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 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 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. A reconciliation of the forecasted range for Adjusted EBITDA for 2025 is not included in these slides due to the number of variables in the projected range and because we are currently unable to quantify accurately certain amounts that would be required to be included in the U.S. GAAP measure or the individual adjustments for such reconciliation. 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. 2 Safe Harbor Statement
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2025: Building Durable Leadership in Transplantation Expanding Commercial Reach, New Products, Evidence, & Infrastructure Commercial Execution Product Innovation & Evidence Operational Excellence Expanded market leadership Across heart, lung, and kidney Broader sales & medical footprint Deeper adoption across transplant centers Solutions-selling execution Driving portfolio-wide growth AlloSure Heart for Pediatrics Broadens transplant eligibility AlloSure Plus AI-driven risk assessment HistoMap Kidney Tissue-based rejection profiling Multiple publications SHORE and KOAR RCM Automation & AI deployment Improving revenue realization EPIC Aura launch Reducing sample holds Improving order accuracy and quality Improving test processing reliability
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4 Q4 2025 Financial Highlights Solutions Selling: Delivering Growth, Profitability, & Cash ** Refer to GAAP to non -GAAP reconciliation for further details in the Appendix. ^As of December 31, 2025 4 $6.5M Adjusted EBITDA** $201M Cash^ Net of $88M share repurchase Debt^ zero 25% Total revenue growth Y oY 17% Testing volume growth YoY 69% Gross margin* • Revenue $108M • $12M share repurchase Adjusted EBITDA includes a one- time cash bonus in lieu of equity award
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$63.8M $78.4M Q4'24 Q4'25 Q4 2025 Testing Services T esting Services Revenue 23% Growth YoY 5 T esting Volume Revenue Growth Fueled by Volume & ASP Expansion 45.5K 53.0K Q4'24 Q4'25 17% Growth YoY
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59 Centers 1,934 Patients 30-day risk of graft dysfunction or cardiovascular death when an abnormal HeartCare result occurred any time from 2 months to 5 years post -transplant ~3x Higher Landmark Third SHORE Study Published 6 Combined Molecular Testing Provides Independent Prognostic Value Beyond Biopsy Kim PJ et al. Donor -Derived Cell -Free DNA in Antibody -Mediated Rejection: An Analysis of the Surveillance HeartCare Outcomes Registry. JACC: Heart Failure. Elsevier; available online.
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Automation Driving Scalable RCM Performance RCM Wins Fueling Average Revenue / Test Growth 7 Improved Cash Conversion & Reimbursement Quality Expanded AI-enabled automation across RCM workflows Emphasis on appeals - now the most automated RCM function, driving: • Greater consistency and accuracy • Faster processing • Increased team focus on high-value recovery opportunities >60% Improvement Claim rejection rate Feb’25 to Sep’25 Overall zero pay claims Mar’25 to Sep’25>10% Improvement
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Revenue $11.4M $13.3M Q4'24 Q4'25 $11.4M $16.8M Q4'24 Q4'25 ‘Solutions Selling’ Strategy is Working Patient & Digital Solutions Continued adoption of integrated solutions across transplant journey 8 47% Growth YoY Revenue Strong leading indicators of newly launched product AlloSeq Tx11 and Score 7.0 Lab Products Strong Momentum Across Our Platform 17% Growth YoY
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9 Key Drivers of Growth in 2026 Extending Our Leadership in Precision Diagnostics 9 1H’26 2H’26 EPIC Aura Integrations AlloSeq Nano Launch AlloSure Lung Personalized Threshold LIMS Consolidation Pipeline Progress AlloHeme CLIA ReadinessACROBAT Publication Submitted ImmuneScape – Scientific Abstracts KOAR – 2nd Publication HistoMap – 3rd Publication ALAMO – 1st Manuscript Submitted MERIT Trial – 1st Patient Enrolled SHORE – 4th Manuscript Submitted HARBOR Trial – 1st Patient Enrolled KOAR – 3rd Manuscript Submitted Evidence Generation Go-to-Market Strategy
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Advancing Transplant+ Pipeline: AlloHeme Pivotal Clinical Validation Data from ACROBAT study; peripheral blood -based testing. Median lead time calculated among relapsed patients with AlloHeme-positive results prior to clinical relapse. Relapses withAlloHeme Positive(n=34) Lead time Median (IQR) 41 (19 – 85) Lead Time Mean ± SD 101 ± 153 AlloHeme Identified Relapse a Median of 41 Days Before Clinical Detection Early, Minimally-Invasive Relapse Risk Detection in AML & MDS Post-HCT • ACROBAT Publication Submission • CLIA Readiness 2026 • Commercial Launch • Coverage Submission 2027 • Medicare Coverage Est. • Revenue Contribution 2028 ALLOHEME TARGET COMMERCIAL TIMELINE Days since AlloHeme turning positive
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Epic Enterprise Solution: Unified Order-to-Report Platform Go-To-Market Establishing a Platform for Volume Growth & Rapid Product Launches 7 transplant centers LIVE on Epic Aura 14 transplant centers in active implementation >5 near-term implementation kickoffs Epic Integrations ~40% reduction in login issues Improved quality of electronic order data Faster product launches via configurable systems Single platform for patient, order , and lab workflows Seamless data interchange across healthcare service End-to-end data traceability from order to result Improved patient & provider engagement
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Evidence Generation Driving Adoption of Molecular Testing as the Standard of Care Integrated evidence strategy spanning discovery, real-world validation, and prospective clinical evaluation. ImmuneScape Translational Research • Collaboration with 10x Genomics • Single cell and spatial discovery in transplant • Focus on novel signals and mechanisms for therapeutic and diagnostic insight Observational Studies Intervention Trials Heart Kidney Lung KOAR HistoMap SHORE ALAMO Heart Kidney MERIT HARBOR
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Financial Highlights
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$11.4M $13.3M Q4'24 Q4'25 Testing Services Revenue $63.8M $78.4M Q4'24 Q4'25 $11.4M $16.8M Q4'24 Q4'25 $86.6M $108.4M Q4'24 Q4'25 Q4 Revenue Performance Strong Q4 Revenue Growth Driven by Testing Volume, Pricing & Continued Expansion 14 23% Growth YoY 17% Growth YoY 47% Growth YoY Total Revenue 25% Growth YoY Patient & Digital Revenue Lab Products Revenue
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Q4 Non-GAAP Gross Profit & Adjusted EBITDA Adjusted EBITDA* 15* Refer to GAAP to non-GAAP reconciliation for further details in the Appendix. • Accelerated revenue growth • Operating efficiency Drivers of improvement **Adjusted EBITDA includes a one-time cash bonus in lieu of equity award Non-GAAP Gross Profit* • RCM execution • Favorable mix shift in lab products Drivers of improvement 69% 69% 11.4% 6.0% $60.0M $74.3M Q4'24 Q4'25 24% Increase YoY AEBITDA Margin %Gross Margin % $9.8M Q4'24 Q4'25 34%** Decline Y oY $6.5M $6.7M**
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$20.4M $19.4M Q4'24 Q4'25 Q4 Cash Collection & Free Cash Flow 16*Corporate free cash flow is defined as Cash from Operations less Capital Expenditures. Refer to Net Cash Provided by Operating Activities Reconciliation to Free Cash Flow in Appendix. Corporate Free Cash Flow* ~5%** Decline Y oY Q4’25 $86M $8M Reduction in A/R since June 30 $78M Testing services revenue Cash Collection $84.3M $115.8M Q4'24 Q4'25 37% Increase YoY
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$40.8M $48.4M FY 24 FY 25 $43.6M $56.9M FY 24 FY 25 Testing Services Revenue $249.4M $274.5M FY 24 FY 25 Total Revenue $333.8M $379.8M FY 24 FY 25 FY 2025 Revenue Performance Growth Reflects Higher Testing Volumes & “Solutions Selling” 17 10% Growth YoY 19% Growth YoY 31% Growth YoY 14% Growth YoY Patient & Digital Revenue Lab Products Revenue
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$27.8M $31.7M FY 24 FY 25 FY 2025 Non-GAAP Gross Profit & Adjusted EBITDA Adjusted EBITDA* 18* Refer to GAAP to non-GAAP reconciliation for further details in the Appendix. 14% Growth YoY • Strong revenue growth • Improved gross margin • Disciplined operating expense management Drivers of improvement Non-GAAP Gross Profit* • Increased average revenue-per-test • Higher margin mix shift in lab products Drivers of improvement 69.4 % $69.3 % 8.3% 8.3% $231.7M $263.1M FY 24 FY 25 14% Increase YoY AEBITDA Margin %Gross Margin %
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$31.6M $36.1M FY 24 FY 25 Corporate Free Cash Flow* 14% Growth YoY FY 2025 Cash Collection Drove Free Cash Flow 19*Corporate free cash flow is defined as Cash from Operations less Capital Expenditures. Refer to Net Cash Provided by Operating Activities Reconciliation to Free Cash Flow in Appendix. FY 25 $405.6M $300.8M Testing Services $55.7M Patient & Digital Solutions Cash Collection • Annual reduction in A/R of $22.5M • Annual DSO improvement of 42% $49.1M Lab Products
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Full Year 2026 Guidance FY’26 Revenue $420M to $444M Adjusted EBITDA* $30M to $45M 20*Refer to GAAP to non-GAAP reconciliation for further details in the Appendix • T esting services volume growth: 220k to 228k • T esting services average revenue-per-test: low $1,400s • LCD Impact: ($7.5M) • T esting Services Revenue: $306M to $326M • Patient & Digital solutions + Lab Products revenue: $114M to $118M • Non-GAAP Gross Margin*: 69% to 71% • Non-GAAP Operating Expenses*: 62% to 64% of revenue Modeling assumptions
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Thank you
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Q4 2025 Financial Results F E B R U A R Y 2 4 , 2 0 2 6
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Appendix
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Reconciliation of Adjusted EBITDA (In thousands) Q4'25 Q4'24 GAAP net income (loss) $(4,109) $87,697 Stock-based compensation expense 8,090 16,511 Acquisition related-amortization of purchased intangibles 1,621 1,535 Change in estimated fair value of contingent consideration 156 170 Tax effect related to amortization of purchased intangibles (112) (98) Transformational initiative costs* 429 - Litigation settlement expense - (96,300) Restructuring costs - 1,715 Other charges (income) - (500) Non-GAAP net income 6,075 10,730 Interest income (2,013) (3,053) Income tax expense 457 269 Depreciation expense 2,261 1,824 Other expense (income), net (264) 64 Adjusted EBITDA $6,517 $9,834 24*Transformational initiative costs consist of consulting expenses which relate to our ongoing transformation strategy that we have undertaken as a series of initiatives focused on operational excellence, enterprise -wide efficiency, and long -term strategic growth, including rebranding costs.
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Reconciliation of Adjusted EBITDA (In thousands) FY25 FY24 GAAP net income (loss) $(21,354) $52,549 Stock-based compensation expense 34,864 66,406 Acquisition related-amortization of purchased intangibles 6,349 6,346 Acquisition related fees and expenses 204 40 Change in estimated fair value of contingent consideration 703 931 Tax effect related to amortization of purchased intangibles (431) (400) Impairment of intangible asset 2,258 - Transformational initiative costs* 2,824 - Restructuring costs 890 1,783 Litigation settlement expense 5,710 (96,300) Other charges (income) - (494) Non-GAAP net income 32,017 30,861 Interest income (9,174) (11,765) Income tax expense 702 710 Depreciation expense 8,667 7,848 Other expense (income), net (524) 171 Adjusted EBITDA $31,689 $27,825 25*Transformational initiative costs consist of consulting expenses which relate to our ongoing transformation strategy that we have undertaken as a series of initiatives focused on operational excellence, enterprise -wide efficiency, and long -term strategic growth, including rebranding costs.
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Reconciliation of Non-GAAP Gross Margin (In thousands) Q4'25 Q4'24 GAAP total revenue $108,386 $86,579 GAAP cost of sales 35,512 28,196 GAAP gross profit 72,874 58,383 GAAP gross margin % 67% 67% Stock-based compensation expense 441 650 Acquisition related-amortization of purchased intangibles 950 910 Restructuring costs - 18 Non-GAAP gross profit $74,265 $59,961 Non-GAAP gross margin % 69% 69% 26
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Reconciliation of Non-GAAP Gross Margin (In thousands) FY25 FY24 GAAP total revenue $379,805 $333,785 GAAP cost of sales 123,239 109,696 GAAP gross profit 256,566 224,089 GAAP gross margin % 68% 67% Stock-based compensation expense 2,351 3,706 Acquisition related-amortization of purchased intangibles 3,747 3,826 Restructuring costs 461 71 Other income - (5) Non-GAAP gross profit $263,125 $231,687 Non-GAAP gross margin % 69% 69% 27
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Net Cash Provided by Operating Activities Reconciliation to Free Cash Flow (In thousands) Q4'25 Q4'24 FY25 FY24 Net cash provided by operating activities (GAAP) $21,364 $21,889 $42,032 $38,048 Less: item not included in free cash flows Capital expenditures (GAAP) (1,971) (1,522) (5,913) (6,484) Free cash flow (non-GAAP) $19,393 $20,367 $36,119 $31,564 28
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INVE STOR RE LATIONS Caroline Corner investor@caredx.com MEDI A RELATIONS Natasha Moshirian Wagner nwagner@caredx.com CO RPORATE HQ 8000 Marina Blvd, Brisbane, CA 94005