CareDx, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>CareDx, Inc. has filed its Q1 2024 10-Q report, detailing financial performance and business operations.</b>

AI Summary

CareDx, Inc. (CDNA) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. CareDx, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's principal business is Services-Medical Laboratories. The filing was made on May 9, 2024. The company was formerly known as XDx, Inc. and Expression Diagnostics Inc.

Why It Matters

For investors and stakeholders tracking CareDx, Inc., this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial data and operational updates for CareDx, Inc. for the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential future performance in the medical laboratory services sector.

Risk Assessment

Risk Level: medium — CareDx, Inc. shows moderate risk based on this filing. The company operates in the medical laboratory services sector, which can be subject to regulatory changes and market competition, as indicated by its SIC code and business address.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-Q to understand CareDx's performance and potential challenges in Q1 2024.

Key Numbers

• 2024-03-31 — Period End Date (Reporting period for the 10-Q)
• 2024-05-09 — Filing Date (Date the 10-Q was filed)
• 8071 — SIC Code (Services-Medical Laboratories)
• 2007-10-10 — Name Change Date (Date of name change from XDx, Inc.)

Key Players & Entities

• CareDx, Inc. (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-09 (date) — Filed as of date
• 8071 (industry_code) — Standard Industrial Classification
• DE (jurisdiction) — State of incorporation
• XDx, Inc. (company) — Former company name
• Expression Diagnostics Inc (company) — Former company name
• CDNA (ticker) — Ticker symbol

FAQ

Industry Context

CareDx, Inc. operates within the medical laboratory services industry, focusing on diagnostic solutions.

Regulatory Implications

The filing is a 10-Q, a standard quarterly report required by the SEC under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the revenue and net income figures for Q1 2024 once available in the full filing.
2. Review any disclosed changes in business operations or strategic initiatives.
3. Assess the company's liquidity and debt position based on the balance sheet.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive overview of a company's financial performance during a specific quarter.)

Services-Medical Laboratories

The industry classification for companies providing medical laboratory services. (Indicates the primary business sector of CareDx, Inc.)

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the 2023 annual report.

Key Financial Figures

• $0.001 — ich Registered Common Stock, par value $0.001 per share CDNA The Nasdaq Stock Market

Filing Documents

• cdna-20240331.htm (10-Q) — 1281KB
• cdna-20240331x10qxexx311.htm (EX-31.1) — 11KB
• cdna-20240331x10qxexx312.htm (EX-31.2) — 11KB
• cdna-20240331x10qxexx321.htm (EX-32.1) — 9KB
• 0001217234-24-000064.txt (&nbsp;) — 7891KB
• cdna-20240331.xsd (EX-101.SCH) — 60KB
• cdna-20240331_cal.xml (EX-101.CAL) — 98KB
• cdna-20240331_def.xml (EX-101.DEF) — 282KB
• cdna-20240331_lab.xml (EX-101.LAB) — 736KB
• cdna-20240331_pre.xml (EX-101.PRE) — 505KB
• cdna-20240331_htm.xml (XML) — 1162KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3

Unaudited Condensed Consolidated Financial Statements

Item 1. Unaudited Condensed Consolidated Financial Statements 3 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Loss for the Three Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 8 Notes to Unaudited Condensed Consolidated Financial Statements 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 33

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 47

Controls and Procedures

Item 4. Controls and Procedures 47

OTHER INFORMATION

PART II. OTHER INFORMATION 49

Legal Proceedings

Item 1. Legal Proceedings 49

Risk Factors

Item 1A. Risk Factors 49

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 57

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 58

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 58

Other Information

Item 5. Other Information 58

Exhibits

Item 6. Exhibits 59

Signatures

Signatures 61 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS CareDx, Inc. Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except share data) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 93,299 $ 82,197 Marketable securities 122,622 153,221 Accounts receivable 60,149 51,061 Inventory 20,130 19,471 Prepaid and other current assets 6,895 7,763 Total current assets 303,095 313,713 Property and equipment, net 34,411 35,246 Operating leases right-of-use assets 28,591 29,891 Intangible assets, net 43,330 45,701 Goodwill 40,336 40,336 Restricted cash 583 586 Other assets 2,060 1,353 Total assets $ 452,406 $ 466,826 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 9,976 $ 12,872 Accrued compensation 14,565 19,703 Accrued and other liabilities 45,670 45,497 Total current liabilities 70,211 78,072 Deferred tax liability 43 136 Deferred payments for intangible assets 1,348 2,461 Operating lease liability, less current portion 26,893 28,278 Other liabilities 97,686 96,551 Total liabilities 196,181 205,498 Commitments and contingencies (Note 9) Stockholders' equity: Preferred stock: $ 0.001 par value; 10,000,000 shares authorized at March 31, 2024 and December 31, 2023; no shares issued and outstanding at March 31, 2024 and December 31, 2023 — — Common stock: $ 0.001 par value; 100,000,000 shares authorized at March 31, 2024 and December 31, 2023; 51,782,612 and 51,503,377 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 49 49 Additional paid-in capital 959,734 946,511 Accumulated other comprehensive loss ( 8,108 ) ( 6,963 ) Accumulated deficit ( 695,450 ) ( 678,269 ) Total stockholders' equity 256,225 261,328 Total liabilities and stockholders' equity $ 452,406 $ 466,826 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 3 Table of Contents CareDx, Inc.

View Full Filing

View this 10-Q filing on SEC EDGAR