CareDx, Inc

Total revenue increased 52% year over year to $132 million. Testing services revenue increased 61% to $100 million, or $1,720 per test, and testing volume increased 17% to 58,000 tests. Non-GAAP gross margin was 74%, non-GAAP gross profit was $98 million, and adjusted EBITDA was $25 million, up $19 million year over year and 19% of revenue. GAAP net income was $111 million, or $2.15 per basic share and $2.07 per diluted share, helped by a $113 million gain on the sale of the lab products business. For 2026, CareDx raised revenue guidance to $490 million-$500 million and adjusted EBITDA guidance to $66 million-$78 million; the midpoint implies $495 million of revenue and $72 million of adjusted EBITDA. Full-year guidance assumes testing volume of 258,000-266,000 tests, non-GAAP gross margin of 71%-73%, and includes $24 million of specialty oncology revenue in the second half. Management also guided to Q3 testing volume of 72,600, including 58,000 transplant tests and 14,600 specialty oncology tests, and Q4 testing volume of 76,300, including 60,000 transplant tests and 16,300 specialty oncology tests.

John Hanna framed the quarter as evidence that CareDx’s transformation into a precision diagnostics company is largely complete, with a sharpened focus on transplant, specialty oncology, and cell therapy. He emphasized that the company is using the same longitudinal molecular-testing model across these markets and said the strategy is centered on areas where CareDx can hold a clear #1 position and build recurring clinical utility. His tone was confident and optimistic, especially around AlloHeme, HistoMap Kidney, and the NavDx acquisition.

Keith Kennedy highlighted the quarter’s operating leverage: revenue up 52% to $132 million, gross margin at 74%, adjusted EBITDA at $25 million, and cash collections up 49% to $136 million. He said CareDx ended Q2 with $374 million in cash and cash equivalents and no debt, while also repurchasing 570,000 shares for $12.2 million at $21.50 per share. He explained that the company removed the $7.5 million LCD impact from prior guidance, expects 2026 non-GAAP gross margin of 71%-73%, and modeled specialty oncology prudently while billing and claims processing are moved onto CareDx’s systems.

Analysts focused on the new Medicare LCD, asking whether the final policy changed field behavior or could create a tailwind. John Hanna said it is a payment policy rather than a change in clinician practice, so CareDx did not expect a near-term volume impact, but he called the coverage affirmation positive for existing products and for future HistoMap reimbursement. Questions also centered on NavDx growth and ASPs; Kennedy said the specialty oncology guide is intentionally prudent while the business is integrated, but he expects ASPs to move up toward $1,000-$1,100 over time as the company gains billing experience and publishes more evidence. On transplant, management said surveillance and for-cause testing both continue to grow, with for-cause still a little over 50% of kidney volume.