2023-11-09 12:31:36 ET
CareDx ( NASDAQ: CDNA ) shares jumped as much as 26% on Thursday after the medical equipment firm reported better-than-expected third quarter results and raised revenue outlook for 2023.
Q3 revenue of $67.2M was well ahead of consensus, but fell 15% compared with $79.4M in the third quarter of 2022. Testing services revenue for the quarter was $47.8M, down 26.2% Y/Y.
Adjusted net loss per share of $0.18 also exceeded analysts expectations.
Cash burn was better than feared, owing to lower R&D and marketing spend. Adjusted operating expenses for the quarter were $57.7M, down ~$1.2M sequentially from second quarter of 2023. R&D expenses were $19M, down 14.7% Y/Y.
CareDx ( CDNA ) maintained a strong balance sheet with cash, cash equivalents and marketable securities of $268.2M and no debt at quarter-end.
Buoyed by Q3 results, the company raised its revenue guidance for the full year 2023 to $274M to $278M ( consensus : $255.35M) from previously announced guidance of $240M to $260M.
Management noted in the earnings call , "Our goal is to be operating cash flow and adjusted EBITDA positive, and we are pleased to show demonstrable progress on this metric. We have confidence in our outlook going forward."
Adjusted EBITDA loss narrowed sequentially from $18.1M in Q2 to $10.9M in Q3.
More on CareDx
- CareDx, Inc (CDNA) Q3 2023 Earnings Call Transcript
- CareDx: Diversification Strategies Vs. Core Weaknesses
- CareDx Q3 2023 Earnings Preview
- CareDx says Reginald Seeto to step down, board to initiate CEO search
- Seeking Alpha’s Quant Rating on CareDx
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CareDx stock climbs after Q3 beats, guidance boost