The strong revenue acceleration and solid 2026 guidance suggest improving momentum. The CFO transition is routine corporate governance. Traders should monitor whether the company can achieve its 2026 guidance range, particularly given the $7.5M Medicare LCD headwind mentioned.
Price Chart
Executive Summary
CareDx reported strong Q4 and full-year 2025 financial results with 25% YoY revenue growth in Q4 and 14% for the full year. The company issued 2026 revenue guidance of $420M-$444M and announced CFO transition, with Keith Kennedy appointed as new CFO following Nathan Smith's resignation. Despite GAAP net losses, non-GAAP profitability improved and cash flow remained strong.
Key Financial Metrics
Key Facts
- Q4 2025 revenue: $108M (+25% YoY), Full-year 2025 revenue: $380M (+14% YoY)
- GAAP net loss: $4M in Q4 2025 vs. $88M net income in Q4 2024 (due to $96M litigation reversal in 2024)
- Non-GAAP net income: $6M in Q4 2025, $32M for full-year 2025
- 2026 revenue guidance: $420M-$444M, Adjusted EBITDA: $30M-$45M
- CFO transition: Keith Kennedy appointed, Nathan Smith resigned
- Strong cash flow: $21.4M from operations in Q4, $42M for full year
Financial Impact
Revenue growth accelerating to 25% in Q4 2025 from 14% full-year growth, with 2026 guidance implying 10.5%-17.4% growth. Non-GAAP profitability maintained despite GAAP losses.
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Testing services | $274.5M | +10.0% |
| Patient and digital solutions | $56.9M | +31.0% |
| Product | $48.4M | +19.0% |
Risk Factors
- GAAP net losses in 2025 ($21M) despite revenue growth
- 2026 guidance range is wide ($30M-$45M adjusted EBITDA)
- Medicare LCD expected to impact 2026 revenue by $7.5M
- CFO transition could create temporary execution risk
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001217234-26-000015 |
| Document: cdna-20260224.htm | 0001217234-26-000015 |
| Document: 0001217234-26-000015-index-headers.html | 0001217234-26-000015 |
| Document: 0001217234-26-000015-index.html | 0001217234-26-000015 |
| Document: 0001217234-26-000015.txt | 0001217234-26-000015 |
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