The following is a summary of the CareDx, Inc. (CDNA) Q4 2023 Earnings Call Transcript:
Financial Performance:
CareDx reported a full-year '23 revenue of $280.3 million, surpassing its updated guidance.
The company's testing services revenue accounted for $209.7 million with $46.7 million achieved in Q4 of '23.
Patient and digital solutions revenue was $37.1 million, a 29% YoY increase; and product revenue stood at $33.5 million, up 15% YoY.
Cash position at year-end was reported as $235.4 million, without any debt.
The company bought 2.9 million shares for about $27.5 million in cash in 2023.
In '24, full-year revenue is expected between $260 million to $274 million with approximately 63% to 65% gross margin.
Non-GAAP operating expenses for '24 are forecasted between $207 million to $215 million; adjusted EBITDA loss is expected to be between $20 million to $30 million.
Cash usage decreased by 27% YoY to $18.4M in full-year '23.
Business Progress:
CareDx delivered over 165,000 patient test results in '23, marking a 4% growth in patient test volumes in Q4.
The company successfully drove organic growth and acquisitions in the patient and digital solutions business.
CareDx expects continued sector growth and a possible double-digit increase in heart transplant volumes for '24.
The company has been focusing on managing and decreasing legal expenses, which dropped around $4.5 million in Q4 '23.
New Medicare coverage approval has enabled expansion in their cardiothoracic business and addition of 15 million covered lives to the commercial payer side.
CareDx has rolled out a new platform, CareDx Pro, which offers a single interface for digital health and SaaS solutions.
A strategic approach to investments, cost management and focus on profitability has been planned for '24.
The focus remains on expanding patient access to their innovative portfolio across all business lines.
More details: CareDx IR
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