Slides
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July 30, 2026 Q2 2026 Financial Results
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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, 2025 filed by CareDx with the SEC on February 25, 2026, 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. 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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Q2 2026 Business Highlights
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4 Our Strategy for Delivering Profitable Growth Delivering >15% volume growth and >20% revenue growth across each of the three last quarters in transplant Growth in each of the last threeconsecutive quarters intransplant >17% volume growth >25% revenue growth #1 in Market Clear leadership position Repeat T esting Patient engagement pulls through testing adherence Solutions-Selling Integrated testing, digital solutions and pharmacy We address markets where our core competencies give us the right to win High Disease Burden Managed by a concentrated group of specialty providers
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5 Pipeline Programs AlloHeme, Advancing Toward Commercialization in Cell Therapy AlloHeme Blood-Based Relapse Monitoring for AML and MDS Clinical Validation presented at the 2026 Tandem Cell Therapy and Stem Cell Transplant Annual Meeting. Positive AlloHeme signal occurred a median of 41 days before clinical relapse among relapsed patients who tested positive • 97% (33 of 34) true-positive relapsed patients tested positive before clinical relapse was diagnosed. • Lead-time extended to several months in some patients, providing a wider window for clinical decision -making. • Performance in the AML/MDS cohort included 85% sensitivity, 92% specificity, and 95% NPV. AlloHeme Predicted Relapse Before Standard of Care A06-021 A06-024 A06-012 A03-045 A03-053 A01-031 A09-014 A04-010 A08-020 A08-017 A03-032 A03-060 A03-019 A07-001 A01-010 A09-013 A07-008 A05-031 A04-013 A02-010 A06-020 A06-016 A04-003 A06-031 A02-012 A08-010 A04-012 A01-040 A09-015 A05-034 A08-004 A08-016 A02-022 A06-017 Days since AlloHeme turning positive Median: 41 days 0 30 60 90 120 150 180 210 240 270 300 330 360 Reshef R, et al. ACROBAT Study (NCT04635384). Presented at the 2026 Tandem Meetings.
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Pipeline Programs HistoMap Kidney: Molecular Tissue Profiling to Enhance Biopsy Interpretation & Patient Management HistoMap Kidney New HistoMap Kidney Data Identifies High-Risk Patients Beyond Conventional Biopsy Assessment • Published data from 138 kidney transplant biopsy specimens, including 42 patients diagnosed with MVI, DSA-, C4D-. • >3x greater graft loss at 6 years in HistoMap classified high-risk patients versus low-risk. Tissue-Based Molecular T est for Rejection Subtyping Clinical Validation published in Transplantation: independent study of 138 biopsies demonstrated 85–93% concordance with rejection histology and supported molecular risk stratification with HistoMap Kidney. Aziz et al., Transplantation, 2026 6 HistoMap differentiatedMVI patients with markedly different long-term graft survival outcomes Time (Months) Probability of Graft Survival 30 20 40 60 1.00 0.75 0.50 0.25 0.00 No Rejection Antibody-Mediated Rejection
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7 Commercial Execution Executing the NavDx Integration Strategy Building scalable operational infrastructure • Revenue cycle integration • Scalable operational processes • Market access & reimbursement Clinical Workflow Optimization Operational Infrastructure Leveraging CareDx's commercial capabilities to expand NavDx adoption • Evidence generation • Building belief • Patient support Integrating NavDx into clinical workflows • Epic integration • Ordering efficiency • Customer experience Focused on Accelerating Adoption, Embedding NavDx into Clinical Workflows, and Building a Scalable Commercial Infrastructure to Address a $4.5 Billion TAM
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New Data Presented — Featured NavDx Abstract at the American Head & Neck Society 2026 • ~40,000 patients analyzed in a nationwide • Predicting response to salvage therapy – Lower NavDx scores associated with higher molecular clearance – Faster clearance: ~119 days vs. ~186 days to undetectable (p=0.007) 8 Evidence Generation: Expanding Clinical Utility NavDx Continues to Generate Evidence Supporting Clinical Utility in HPV-Driven Cancers TTMV Score at Molecular Recurrence Predicts Response to Salvage Therapy in HPV-Driven Cancers" — Jabalee et al., AHNS 2026, Abstract #153892 Predicting Response to Salvage Therapy AHNS Symposium Spotlighted the CA H&N Consortium's Landmark Consensus on ctHPV DNA Testing Ho AS, et al. JCO Oncol Pract. 2025. doi:10.1200/OP -25-00450 (PMID: 41343754) CA H&N Consortium Defining Consensus in Clinical Practice • 33 experts, 15 institutions endorse ctHPV DNA in HPV+ H&N cancer • Serial testing recommended across years 1–5 for diagnosis and surveillance
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Featured AlloSure Kidney Abstracts — New Transplant Data at the American Transplant Congress 2026 • Abstract 1332: Analysis of AlloSure levels ordered within the first 4 months post-transplant in >1100 kidney transplant patients o Persistent AlloSure elevation: ~35% rejection rate and 9x higher risk of graft loss vs. consistently low levels • Abstract 574: Serial AlloSure testing during monthly tocilizumab infusions in patients with persistent chronic AMR o AlloSure levels did not change over 12 months, indicating continued active injury, while DSA and eGFR suggested improvement, supporting AlloSure as a potential surrogate marker for therapy response endpoints Published in the Journal of the American Society of Nephrology • ~36% of patients transitioned to elevated AlloSure levels during follow-up • Elevated AlloSure levels associated with 3.7x –6.4x increased risk of graft loss • Elevations in AlloSure preceded kidney function decline, while persistently low levels identified patients at low risk of rejection, dysfunction, and graft loss 9 Evidence Generation: Extending Our Leadership New Data reinforces The Growing Role Of Molecular T esting T o Identify Rejection And Inform Patient Management Sureshkumar K, et al. Early dd-cfDNA Trajectories and Long -Term Kidney Allograft Outcomes. ATC 2026; Abstract 1332. AlloSure Identifies Risk Early and Detects Ongoing Injury Longitudinal AlloSure Trends Predict Kidney Allograft Outcomes Klein JA, et al. J Am Soc Nephrol. 2026. doi:10.1681/ASN.0000001133 Huang E, et al. Donor -Derived Cell -Free DNA to Characterize Response to Therapy with Toci for AMR in Kidney Transplantation. ATC 2026; Abstract 574
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10 Medicare Coverage Determination Reinforces the Role of Molecular Testing in Transplant Care Affirms coverage for routine molecular surveillance and for-cause testing • Supports continued access to AlloSure Kidney, Heart and Lung Recognizes the value of GEP + dd-cfDNA testing • Supports the use of complementary molecular signals • Reinforces evidence generation in heart transplantation Covers molecular testing for indeterminate or discrepant biopsy findings • Establishes reimbursement pathway for HistoMap Kidney • Supports molecular assessment when histology alone is insufficient Creates a pathway for molecular testing in additional organs • Framework extends beyond current covered transplant populations • Supports future innovation opportunities, including liver transplantation Final Coverage Policy Affirms Coverage For Surveillance Testing And Establishes Pathways For Continued Innovation Coverage policy reflects the growing role of molecular testing across surveillance, diagnostic assessment, and next -generation transplant applications. Surveillance & For-Cause Testing Combined Molecular Assessment Molecular Tissue Diagnostics Future Organ Expansion
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Q2 2026 Financial Highlights
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52% Total revenue growth YoY 17% Total Testing Services volume growth YoY 74% Non-GAAP Gross margin* $25M Adjusted EBITDA* $374M Cash at quarter-end Zero Debt at quarter-end 12 Strong Revenue Growth, Margin Expansion, and Cash Generation Q2 2026 Financial Highlights • Total Revenue $132M • Testing Revenue $100M • Testing Volume 58,000 • 19% Adjusted EBITDA Margin* • Repurchased 570,000 shares for $12.2 million or $21.50 per share • Closed sale of Lab Products business on June 30th, recognizing $113M gain * Refer to GAAP to non-GAAP reconciliation for further details in the Appendix.
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Lab Products Revenue $12M $13M Q2 '25 Q2 '26 Patient & Digital Revenue $13M $19M Q2 '25 Q2 '26 Testing Services Revenue Volume +17% Y oY to 58,000 $62M $100M Q2 '25 Q2 '26 Total Revenue $87M $132M Q2 '25 Q2 '26 13 Strong Execution Across The Portfolio Drove Growth Across All Businesses Q2 Revenue Performance 52% Growth YoY 61% Growth YoY 50% Growth YoY 8% Growth YoY 58,00049,500 Volume +17%
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Adjusted EBITDA* $5M $25M Q2 '25 Q2 '26 Non-GAAP Gross Margin* 69% 74% Q2 '25 Q2 '26 14 Higher Revenue And Improved Operating Leverage Contributed To Strong Margin Performance Q2 Non-GAAP Gross Margin & Adjusted EBITDA +510 Basis Points * Refer to GAAP to non-GAAP reconciliation for further details in the Appendix. • Strong T esting Services revenue growth • Favorable mix shift toward higher-margin testing revenue • Increased testing volume and scale • Operational efficiency improvements • Out of period revenue $16M Drivers of improvement $60M $98M Gross Profit 367% Growth YoY • Revenue growth and favorable mix • Gross margin expansion • Higher gross profit contribution • Operating leverage across the business • $113M gain on sale of lab products business not included in Adjusted EBITDA Drivers of improvement 6% 19% AEBITDA Margin* %
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Cash Flow From Operations $10M $31M Q2’25 Q2’26 Cash Collection $91M $136M Q2’25 Q2’26 15 Strong Cash Generation Reflects Profitable Growth and Operational Execution Q2 Cash Collection & Cash Flow From Operations 49% Growth YoY +$21M Growth YoY
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16 Updated Full Year 2026 Guidance Range Previous Updated Revenue $447M to $465M $490M to $500M Adjusted EBITDA* $43M to $57M $66M to $78M Modeling assumptions • Testing services volume growth: 258k to 266k • Transplant 229k to 233k • Specialty Oncology 29k to 33k • Out-of-period testing revenue ~$42M ($14M Q1, $16M Q2, $8M Q3, and $4M Q4) • Removed $7.5M LCD impact in 2H 2026 * Refer to GAAP to non-GAAP reconciliation for further details in the Appendix Midpoint Previous Updated Revenue $456M (20% v .PY) $495M (30% v .PY) Adjusted EBITDA* $50M (11% Margin) $72M (15% Margin)
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Full Y ear Revenue Mix (2026 Shown at Midpoint of Guidance) 17 Guidance Includes 1H Results For Lab Products And 2H Results For Naveris (“Specialty Oncology") 2026 Guidance: Divestiture and Acquisition Impact $472 M Core Business (42% v. @ Midpoint) Patient & Digital • Sold Lab Products on June 30 th for $172M in consideration and recognized $113M gain on sale • Gain included in GAAP operating income and excluded from non-GAAP operating income • Acquired Naveris on July 1st for cash consideration at close of approximately $162M • Specialty Oncology reported in Testing Services • $24M estimated 2H 2026 revenue for Specialty Oncology included in 2026 Guidance at midpoint of range $48 $57 $275 2025 Actual $23 $72 $400 2026 Guide $380 $495 +30% Testing Services (Including Specialty Oncology 2H 2026) Products (Sold June 30 th)
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18 Revenue Per Test Expected To Increase 11% Including Specialty Oncology (18% Transplant Only) Testing Revenue Per Test – 2025 vs Midpoint of 2026 Guidance Revenue Per T est (2026 Shown at Midpoint of Guidance) Out of Period Revenue ~$42M FY26 +2% v. @ Midpoint) $31 $1,343 2025 Actual $160 $1,367 2026 Guide $1,374 $1,527 +11% Testing Services (Including Specialty Oncology 2H 2026) OOP Revenue Per T est – Transplant Only (2026 at Midpoint of Guidance) $31 $1,343 2025 Actual $181 $1,446 2026 Guide $1,374 $1,627 +18% Testing Services OOP Out of Period Revenue ~$42M FY26 +8% v. @ Midpoint) Specialty Oncology Expected to Lower Blended ASP ~$80 2H 2026
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Appendix
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* Business development and portfolio optimization expense primarily includes legal, consulting, financial advisory, due diligence, and other transaction-related costs incurred in co nnection with business develo pment activities, including the sale o f our lab pro ducts busin ess and acquisition o f Naveris, In c.A reconciliation of the fo recasted ran ge fo r Adjusted EBITDA for 2026 is not in cluded in these slides due to th e 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. 20 Reconciliation of Adjusted EBITDA (In thousands) Q2'26 Q2'25 GAAP net income (loss) $110,636 $(8,568) Gain on sale of lab products business (112,966) - Stock-based compensation expense 10,654 9,424 Acquisition related-amortization of purchased intangibles 529 1,589 Change in estimated fair value of contingent consideration - 501 Acquisition related fees and expenses - 204 T ax effect related to amortization of purchased intangibles 54 (109) Transformational initiative costs - 1,871 Business development and portfolio optimization expense* 11,078 - Restructuring costs - 360 Litigation settlement expense - 350 Non-GAAP net income 19,985 5,622 Interest income (1,735) (2,364) Income tax expense (income) 3,828 (8) Depreciation expense 2,286 2,132 Other expense (income), net 440 (72) Adjusted EBITDA $24,804 $5,310
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21 Reconciliation of Adjusted EBITDA (In thousands) Q2'26 Q2'25 GAAP net income (loss) $110,636 $(8,568) GAAP net income margin 84% (10)% Gain on sale of lab products business (112,966) - Stock-based compensation expense 10,654 9,424 Acquisition related -amortization of purchased intangibles 529 1,589 Change in estimated fair value of contingent consideration - 501 Acquisition related fees and expenses - 204 Tax effect related to amortization of purchased intangibles 54 (109) Transformational initiative costs - 1,871 Business development and portfolio optimization expense * 11,078 - Restructuring costs - 360 Litigation settlement expense - 350 Non-GAAP net income 19,985 5,622 Interest income (1,735) (2,364) Income tax expense (income) 3,828 (8) Depreciation expense 2,286 2,132 Other expense (income), net 440 (72) Adjusted EBITDA $24,804 $5,310 Revenue 131,948 86,679 Adjusted EBITDA margin 19% 6% * Business development and portfolio optimization expense primarily includes legal, consulting, financial advisory, due diligence, an d o ther transaction-related costs incurred in co nnection with busin ess develo pment activities, including the sale of our lab products business and acquisition of Naveris, Inc.
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(In thousands) Q2'26 Q2'25 GAAP total revenue $131,948 $86,679 GAAP cost of sales 34,966 28,658 GAAP gross profit 96,982 58,021 GAAP gross margin % 74% 67% Stock-based compensation expense 321 626 Restructuring costs - 338 Business development and portfolio optimization expense* 311 - Acquisition related-amortization of purchased intangibles 355 941 Non-GAAP gross profit $97,969 $59,926 Non-GAAP gross margin % 74% 69% 22 Reconciliation of Non-GAAP Gross Margin * Business development and portfolio optimization expense primarily includes legal, consulting, financial advisory, due diligence, an d o ther transaction-related costs incurred in co nnection with busin ess develo pment activities, including the sale of our lab products business and acquisition of Naveris, Inc.
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23 Net Cash Provided by Operating Activities Reconciliation to Free Cash Flow (In thousands) Q2'26 Q2'25 Net cash provided by operating activities (GAAP) $30,606 $9,898 Less: item not included in free cash flows Capital expenditures (GAAP) (1,858) (1,007) Free cash flow (non-GAAP) $28,748 $8,891
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24 Reconciliation of GAAP and Non-GAAP operating expenses (In thousands) Q2'26 Q2'25 GAAP operating expenses: Research and development $22,376 $16,830 Sales and marketing 33,441 24,279 General and administrative (72,058) 28,033 Total GAAP operating expenses $(16,241) $69,142 Non-GAAP operating expenses Research and development 20,751 15,423 Sales and marketing 30,439 21,497 General and administrative 24,261 19,828 Total Non-GAAP operating expenses 75,451 56,748
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25 Reconciliation of GAAP and Non-GAAP operating expenses (In thousands) Q2'26 Q2'25 Research and development expenses reconciliation: GAAP research and development expenses 22,376 16,830 Stock-based compensation expense (1,121) (1,407) Business development and portfolio optimization expense* (504) - Non-GAAP research and development expenses 20,751 15,423 Sales and marketing expenses reconciliation: GAAP sales and marketing expenses 33,441 24,279 Stock-based compensation expense (1,566) (2,146) Acquisition related -amortization of purchased intangibles (174) (648) Business development and portfolio optimization expense* (1,262) - Restructuring costs - 12 Non-GAAP sales and marketing expenses 30,439 21,497 General and administrative expenses reconciliation: GAAP general and administrative expenses (72,058) 28,033 Business development and portfolio optimization expense* (9,001) - Stock-based compensation expense (7,646) (5,245) Change in estimated fair value of contingent consideration - (501) Litigation settlement expense - (350) Acquisition related fees and expenses - (204) Gain on sale of lab products business 112,966 - Restructuring costs - (34) Transformational initiative costs - (1,871) Non-GAAP general and administrative expenses 24,261 19,828 * Business development and portfolio optimization expense primarily includes legal, consulting, financial advisory, due diligence, an d o ther transaction-related costs incurred in connection with business development activities, including the sale of our lab products business and acquisition of Naveris, Inc.
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Contacts Nina Deka INVESTOR RELATIONS investor@caredx.com Natasha Moshirian Wagner MEDIA RELATIONS nwagner@caredx.com CORPORATE HQ 8000 Marina Blvd, Brisbane, CA 94005