Slides
Page 1
October 29, 2026 Q3 2026 Financial Results
Page 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 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
Page 3
Q3 2026 Business Highlights
Page 4
4 Our Strategy for Delivering Profitable Growth Evidence, Interoperability, and Patient Engagement Across Markets # 1 IN MA RK E T Clear leadership position R EP EAT T ES TI N G Patient engagement pulls through testing adherence S OL UT I ON S- S E L L ING Integrated testing, digital solutions and pharmacy We address markets where our core competencies give us the right to win H I G H D I S EA S E BUR D EN Managed by a concentrated group of specialty providers
Page 5
5 Pipeline Programs Programs On Track, with AlloHeme & HistoMap Kidney CLIA Readiness Expected by Year-End 2026 C E L L T H E R A P Y · A M L / M D S AlloHeme Blood-based relapse monitoring St at us Planned 2027 commercial launch 41 days Median time molecular relapse was identified before clinical diagnosis • 97% (33 of 34) of relapsed patients who tested AlloHeme-positive, tested positive before clinical relapse • 85% sensitivity, 92% specificity, 95% NPV in the AML/MDS cohort • ACROBAT clinical validation manuscript submitted for peer review Reshef R, et al. ACROBAT Study (NCT04635384). Presented at the 2026 Tandem Meetings. T R A N S P L A N T · K I D N E Y HistoMap Kidney Tissue-based molecular test for rejection subtyping St at us Planned 2027 commercial launch 50% vs. 15% Graft loss over 6 years; MVI high risk rejection vs. low of risk of rejection classification Published in Transplantation o Robust concordance with pathology across rejection categories o Identified two MVI patient sub -groups with different long -term outcomes Aziz et al., Transplantation, 2026.
Page 6
Evidence Generation: Expanding Clinical Utility New Evidence Evaluating NavDx at Additional Points in the Head & Neck Cancer Patient Journey Treatment Early post-treatment Surveillance A F T E R S U R G E R Y Emory & Vanderbilt (n=35) Phase II; post-op NavDx used to adapt radiation dose and field 97% Control of cancer in the treated region at 12 and 24 months 1 yr Favorable patient- reported swallowing function P R I M A R Y R A D I A T I O N Ohio State (n=15) Phase II interim; NavDx kinetics during treatment guided dose reduction 12/15 >95% NavDx score decline by week 4 and received reduced radiation dose 12/12 Reduced-dose patients achieved complete response at 3 months; no cancer returned in the treated region* B E F O R E 3 - M O N T H I M A G I N G Mount Sinai & Dana -Farber Retrospective, 8 sites (n=332); NavDx 1–89 days after treatment 6 of 7 Persistently positive patients developed recurrence 0 of 6 Recurrences when an early positive result resolved to negative E S T A B L I S H E D U S E NavDx Surveillance Indication Helps detect molecular residual disease (MRD) and monitor for recurrence At ASTRO 2026: More than 20 trials were highlighted asexploring radiation de-escalation in HPV-driven head & neck cancer Ro of SA, et al. Head Neck. 2026. doi:10.1002/hed.70483. | Bates JE, et al. Int J Radiat Oncol Biol Phys. 2026; Abstract 114. Gogineni E, et al. Int J Radiat Oncol Biol Phys. 2026; Abstract 3426. doi:10.1016/j.ijrobp.2026.06.2080, presented at ASTRO 2026 *One distant failu re reported Published in Head and NeckASTRO AbstractASTRO Abstract 6
Page 7
7 Evidence Generation: Extending Our Leadership New Banff and ASN 2026 Data Show How Molecular T esting Informs Transplant Care P A R I S T R A N S P L A N T G R O U P · A S N 2 0 2 6 Multinational Randomized Trial in 332 Kidney Transplant Recipients 49% fewer biopsies (months 3–12) with an AlloSure-based monitoring strategy vs. biopsy-based monitoring (IRR 0.51; P<0.001) Brousse R, et al. ASN Kidney Week 2026; Abstract TH-OR104. S A F E T Y O U T C O M E S AlloSure-based (n=168) Biopsy-based (n=164) Biopsy-proven acute rejection 7.1% 7.3% K O A R R E G I S T R Y · B A N F F / A S N 2 0 2 6 Identifying Risk When Biopsy Is Ambiguous Kumar D, et al. Banff 2026; ASN Kidney Week 2026, Abstract FR-PO1194. Multicenter KOAR registry; paired AlloSure Kidney test ~3x Independently associated higher risk of graft loss or ≥30% eGFR decline with AlloSureKidney ≥1% for patients with borderline changes or TCMR (HR 2.78; 95% CI 1.43–5.40; P=0.002) 131 Patients: 66 borderline, 65 TCMR 1 in 3 Had AlloSure Kidney ≥1% (31%) 3 yrs Post-transplant follow -up Beyond histology: may help identify higher-risk patients who could benefit from closer monitoring
Page 8
8 Go-to-Market: NavDx Integration First Full Quarter: Applying CareDx Capabilities to NavDx in Specialty Oncology Commercial Execution 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
Page 9
9 Go-to-Market: Solid Organ Transplant Kidney Disease Elevated on the National Agenda; Transplant T esting Volume Grew 21% YoY T H E S C A L E O F T H E N E E D HHS Kidney Care National Plan Announced ~36M U.S. adults estimated to be living with chronic kidney disease; most unaware ~500K Americans living on kidney dialysis >90K Individuals on the kidney transplant waiting list, often waiting 3–5 years Q 3 E X E C U T I O N 21% Transplant testing volume YoY growth 21 Centers live on Epic Aura as of end of Q3 2026 ~50% Of transplant order volume flowing through EMR integrations by year end F I E L D E X E C U T I O N Increased engagement with transplant centers P R O T O C O L A D O P T I O N Broader implementation of testing protocols, particularly in kidney and lung W O R K F L O W Ordering, results and longitudinal testing history in existing clinical workflows Momentum reflects differentiated clinical evidence and continued investment in workflow Source: U.S. Department of Health and Human Services, Kidney Care National Plan. CDC; NIDDK; ESRD National Coordinating Cen ter; Gillion et al., Kidney Int Rep. 2023; Patzer et al., JAMA 2015; KDIGO 2022; HRSA/OPTN and UNOS, 2025–2026.
Page 10
Go-to-Market: The Patient Experience Helping Patients Stay Informed, Engaged, and Connected to Ongoing Monitoring P A T I E N T W E B S I T E · L A U N C H E D Q 3 A home for transplant patients CareDx.com/patients P A T I E N T P O R T A L · > 5 , 0 0 0 P A T I E N T S R E G I S T E R E D Direct access to AlloSure results my.caredx.com Differentiating not only through our tests, but through the experience and support we build around them 10
Page 11
Q3 2026 Financial Highlights
Page 12
39% Total revenue growth YoY 51% Testing volume growth YoY 74% Non-GAAP Gross margin* $30M Adjusted EBITDA* $250M Cash at quarter-end Zero Debt at quarter-end 12 Strong Revenue Growth, Margin Expansion, and Profitability Q3 2026 Financial Highlights • Total Revenue $139M • Testing Revenue $119M • Testing Volume 75,900 • Revenue per T est $1,570 • Transplant $1,756 • Specialty Oncology $823 • 22% Adjusted EBITDA Margin* • Closed acquisition of Specialty Oncology business on July 1st * Refer to GAAP to non-GAAP reconciliation for further details in the Appendix.
Page 13
Revenue Growth Driven by Higher Margin Testing Total Revenue Q3 2025 Q2 2026 Q3 2026 $100 $132 $139 +39% +6% Testing Services $72 $100 $119 Q3 2025 Q2 2026 Q3 2026 +65% +19% Patient and Digital $15 $19 $20 Q3 2025 Q2 2026 Q3 2026 +31% +5% Lab Products (Sold Q2 2026) $12 $13 Q3 2025 Q2 2026 Q3 2026 +39% YoY 13 Revenue Mix 72% 76% 86% Revenue Mix 15% 15% 14% Revenue Mix 13% 9% 0% (Revenue shown in $M)
Page 14
Testing Services Volume Growth 50,300 58,000 60,750 15,150 Q3 2025 Q2 2026 Q3 2026 75,900 +51% +31% Specialty Oncology Transplant 21% YoY 5% Seq Testing Volume Volume Drivers • Transplant grew 21% YoY (+5% Sequentially) • Introduction of NavDx Specialty Oncology volume in Q3* (prior year volumes not included in reported results) +51% YoY 14*Specialty Oncology volume increased YoY by 35%, based on 3Q25 testing volume reported by Naveris, pre-acquisition
Page 15
Testing Services Revenue Per Test Total Revenue Per Test1 $1,436 $1,722 $1,570 Q3 2025 Q2 2026 Q3 2026 +9% -9% Transplant Revenue Per Test 39% YoY 9% Seq $1,436 $1,722 $1,756 Q3 2025 Q2 2026 Q3 2026 +22% +2% Specialty Onc. Revenue Per T est2 $823 Q3 2025 Q2 2026 Q3 2026 Revenue Per Test Drivers • Transplant 80% of Q3 2026 volume mix • Revenue per test +22% YoY • Specialty Oncology (new) 20% of Q3 2026 volume mix • Revenue per test +6% compared to our prior estimate +9% YoY 15 Volume Mix 100% 100% 80% Volume Mix 0% 0% 20% 1 - Revenue per test equals testing revenue per period divided by test volume per period 2 - Specialty Oncology business acquired July 1, 2026
Page 16
Non-GAAP Gross Margin and Adjusted EBITDA Q3 2025 Q2 2026 Q3 2026 71% 74% 74% +3% Flat Non-GAAP Gross Margin* • Cost discipline coupled with +9% increase in revenue per test • Out of period revenue of $14.7M Margin Drivers $71M $98M $102M Gross Profit * Refer to GAAP to non-GAAP reconciliation for further details in the Appendix $15 $25 $30 Q3 2025 Q2 2026 Q3 2026 +99% +23% Non-GAAP Adjusted EBITDA* • +39% YoY increase in revenue • +$32M Y oY increase in Non-GAAP gross profit driven by volume and revenue per test • Continued expense disciple driving operating leverage Margin Drivers 15% 19% 22% % Revenue $30M 16 (Adjusted EBITDA sho wn in $M)
Page 17
Updated Full Year 2026 Guidance Range FY2026 Previous Updated Revenue $490M to $500M $520 to $530M* Adjusted EBITDA* $66M to $78M $90M to $100M *Includes $53M in out-of-period (“OOP”) **Refer to GAAP to non-GAAP reconciliation for further details in the Appendix Midpoint Previous Updated Revenue $495M (30% v .PY) $525M* (38% v .PY) Adjusted EBITDA** $72M (15% Revenue) $95M (18% Revenue) +$30M Revenue Guide +$23M Adj EBITDA Guide 17 Q4 2026 Implied Model @ Midpoint “MP” of Guide • Revenue $131-141M ($136M / +25% YoY @ MP) • Testing Services revenue $112-122M ($117M@MP / 50% YoY) including ~$8M out-of-period revenue • Patient and Digital ~$18.7M • Testing volume range 76-80k tests (+47% YoY @ MP) • Transplant volume range 61-63k tests (+17% YoY @ MP) • Specialty Oncology volume range 15-17k tests • Testing revenue per test ~$1,500 (~$1,400 accrued + ~$100 OOP) • Transplant ~$1,680 (~$1,550 accrued + ~$130 OOP) • Specialty Oncology ~$825 • Non-GAAP Gross margin** 71-72% • Non-GAAP OpEx** ~$79M including depreciation of $3M (+/- $2M) • Adjusted EBITDA**$16-26M ($21M @MP / 15% of Revenue)
Page 18
Updated Guidance (October) Guidance Range $520 to $530M ($525M Midpoint) Prior Guidance (July) 2026 Guidance Range $490 to $500M ($495M Midpoint) 18 Implied Q4 revenue at midpoint of $136M (+25% YoY)(Range $131-141M) Increasing Revenue Guide +$30M at Midpoint Patient & Digital $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) Patient & Digital $48 $57 $275 2025 Actual $23 $74 $428 2026 Guide $380 $525 +38% Testing Services (Including Specialty Oncology 2H 2026) Products (Sold June 30 th) (Revenue shown in $M)
Page 19
Updated Guidance (October) Guidance Range $90 to $100M (Midpoint $95M) Prior Guidance (July) 2026 Guidance Range $66 to $78M ($72M Midpoint) 19 Implied Q4 adjusted EBITDA at midpoint of $21M (+223% YoY)(Range $16-26M) Increasing Adjusted EBITDA Guide +$23M at Midpoint 2025 Actual 2026 Guide $32 $72 +127% 8% % Revenue15% 2025 Actual 2026 Guide $32 $95 +200% 8% % Revenue18% * Refer to GAAP to non-GAAP reconciliation for further details in the Appendix (Adjusted EBITDA sho wn in $M)
Page 20
Appendix
Page 21
21 Reconciliation of GAAP and Non-GAAP operating expenses * Business development and portfolio optimization expense primarily includes legal, consulting, financial advisory, due diligence, and other 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. (In thousands) Q3'26 Q3'25 Research and development expenses reconciliation: GAAP research and development expenses 21,324 16,769 Stock-based compensation expense (1,197) (1,146) Restructuring costs - (174) Non-GAAP research and development expenses 20,127 15,449 Sales and marketing expenses reconciliation: GAAP sales and marketing expenses 31,650 24,449 Stock-based compensation expense (832) (1,782) Acquisition related -amortization of purchased intangibles (817) (655) Transformational initiative costs - (183) Restructuring costs - (233) Non-GAAP sales and marketing expenses 30,001 21,596 General and administrative expenses reconciliation: GAAP general and administrative expenses 37,989 28,429 Business development and portfolio optimization expense* (5,527) - Stock-based compensation expense (7,318) (5,022) Impairment of intangible asset - (2,258) Transformational initiative costs - (341) Non-GAAP general and administrative expenses 25,144 20,808
Page 22
22 Reconciliation of GAAP and Non-GAAP operating expenses (In thousands) Q3'26 Q3'25 GAAP operating expenses: Research and development $21,324 $16,769 Sales and marketing 31,650 24,449 General and administrative 37,989 28,429 Total GAAP operating expenses $90,963 $69,647 Non-GAAP operating expenses Research and development 20,127 15,449 Sales and marketing 30,001 21,596 General and administrative 25,144 20,808 Total Non-GAAP operating expenses 75,272 57,853 A reconciliation of the forecasted range for Non-GAAP operating expenses for 2026 is not included in this release 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.
Page 23
23 Reconciliation of Non-GAAP Gross Margin * Business development and portfolio optimization expense primarily includes legal, consulting, financial advisory, due diligence, and o ther transaction-related costs incurred in co nnection with business develo pment activities, in cluding the sale of our lab products business and acquisition of Naveris, Inc. (In thousands) Q3'26 Q2'26 Q3'25 GAAP total revenue $139,362 $131,948 $100,055 GAAP cost of sales 40,287 34,966 30,654 GAAP gross profit 99,075 96,982 69,401 GAAP gross margin % 71% 74% 69% Stock-based compensation expense 309 321 468 Restructuring costs - - 123 Business development and portfolio optimization expense* - 311 - Acquisition related-amortization of purchased intangibles 3,077 355 947 Non-GAAP gross profit $102,461 $97,969 $70,939 Non-GAAP gross margin % 74% 74% 71% A reconciliation of the forecasted range for Non-GAAP gross margin for 2026 is not included in this release 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.
Page 24
* 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, Inc. 24 Reconciliation of Adjusted EBITDA (In thousands) Q3'26 Q2'26 Q3'25 GAAP net income $19,292 $110,636 $1,675 Gain on sale of lab products business - (112,966) - Stock-based compensation expense 9,655 10,654 8,418 Business development and portfolio optimization expense* 5,527 11,078 - Acquisition related-amortization of purchased intangibles 3,894 529 1,602 T ax effect related to amortization of purchased intangibles - 54 (111) Impairment of intangible asset - - 2,258 Transformational initiative costs - - 524 Restructuring costs - - 530 Non-GAAP net income 38,368 19,985 14,896 Interest income (2,208) (1,735) (2,013) Income tax (income) expense (8,600) 3,828 96 Depreciation expense 3,308 2,286 2,213 Other (income) expense, net (372) 440 107 Adjusted EBITDA $30,496 $24,804 $15,299 A reconciliation of the forecasted range for adjusted EBITDA for 2026 is not included in this release due to the number of va riables 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.
Page 25
25 Reconciliation of Adjusted EBITDA Margin * Business development and portfolio optimization expense primarily includes legal, consulting, financial advisory, due diligence, and o ther transaction-related costs incurred in co nnection with business develo pment activities, in cluding the sale of our lab products business and acquisition of Naveris, Inc. (In thousands) Q3'26 Q2'26 Q3'25 GAAP net income $19,292 $110,636 $1,675 GAAP net income margin 14% 84% 2% Gain on sale of lab products business - (112,966) - Stock-based compensation expense 9,655 10,654 8,418 Business development and portfolio optimization expense * 5,527 11,078 - Acquisition related -amortization of purchased intangibles 3,894 529 1,602 Tax effect related to amortization of purchased intangibles - 54 (111) Impairment of intangible asset - - 2,258 Transformational initiative costs - - 524 Restructuring costs - - 530 Non-GAAP net income 38,368 19,985 14,896 Interest income (2,208) (1,735) (2,013) Income tax (income) expense (8,600) 3,828 96 Depreciation expense 3,308 2,286 2,213 Other (income) expense, net (372) 440 107 Adjusted EBITDA $30,496 $24,804 $15,299 Revenue 139,362 131,948 100,055 Adjusted EBITDA margin 22% 19% 15%
Page 26
26 Reconciliation of Adjusted EBITDA – FY2025 * Transformational initiative costs consist of consulting expenses which relate to the Company's ongoing transformation strat egy that the Company has undertaken as a series of initiatives focused on operational excellence, enterprise-wide efficiency, and long-term strategic growth, including rebranding costs. (In thousands) FY'25 GAAP net loss $(21,354) Stock-based compensation expense 34,864 Acquisition related-amortization of purchased intangibles 6,350 Acquisition related fees and expenses 204 Change in estimated fair value of contingent consideration 703 T ax effect related to amortization of purchased intangibles (431) Impairment of intangible asset 2,258 Transformational initiative costs* 2,824 Restructuring costs 889 Litigation settlement expense 5,710 Non-GAAP net income 32,017 Interest income (9,174) Income tax expense 702 Depreciation expense 8,667 Other (income) expense, net (524) Adjusted EBITDA $31,688 Revenue $379,805 Adjusted EBITDA margin 8%
Page 27
27 Net Cash Provided by Operating Activities Reconciliation to Free Cash Flow (In thousands) Q3'26 Q3'25 Net cash provided by operating activities (GAAP) $12,718 $37,358 Less: item not included in free cash flows Capital expenditures (GAAP) (1,615) (1,305) Free cash flow (non-GAAP) $11,103 $36,053
Page 28
Contacts Nina Deka INVESTOR RELATIONS investor@caredx.com Natasha Moshirian Wagner MEDIA RELATIONS nwagner@caredx.com CORPORATE HQ 8000 Marina Blvd, Brisbane, CA 94005