CareDx Shares Rise on Strong Q2 Results and Raised Guidance
Shares of CareDx (CDNA) rose by over 14% after the precision medicine diagnostics company reported strong second-quarter results, including a 52% year-over-year revenue increase to $132 million. The growth was driven by increased demand for its non-invasive transplant monitoring tests and favorable reimbursement policies from Medicare and Medicaid Services (CMS). CareDx also raised its full-year revenue forecast to between $490 million and $500 million, up significantly from the previous range of $447 million to $465 million. The company's adjusted net income more than tripled year-over-year. In addition to strong financial performance, CareDx recently acquired oncology diagnostics provider Naveris, which is expected to accelerate its expansion into new markets. CEO John Hanna highlighted the transformation of CareDx into a precision molecular diagnostics leader with unique capabilities for continued growth.
Tickers: $CDNA