CareDx, Inc. (CDNA) FY2025 10-K Annual Report
CareDx, Inc. (CDNA) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 25, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
CareDx, Inc. FY2025 10-K Analysis
Business Overview
- • Core business model: Specialized molecular diagnostic testing and digital pharmacy solutions for transplant patients
- • Expanded patient and digital solutions revenue by 31%, driven by pharmacy sales growth and wider Ottr software deployment
- • Strategic share repurchase programs totaling $88 million in 2025, reflecting confidence despite net loss of $21 million
- • Testing services volume increased 14% to approximately 200,000 tests, with overall revenue growth of 14% to $380 million
- • Noteworthy litigation expense reversal in 2024 due to favorable patent ruling, partially offset by 2025 Securities Class Action settlement
Management Discussion & Analysis
- • Revenue recognition includes testing services, product sales, patient and digital solutions; testing revenue reduced by $3.5M refund reserve in 2025
- • No specific total revenue or YoY change disclosed in the MD&A section provided
- • No profitability or margin figures disclosed in the provided text
- • No segment financial performance details provided
- • No cash flow, buybacks, dividends, or capex data disclosed
- • Management sees no goodwill or intangible asset impairments as of Dec 31, 2025; foreign operations risks noted but no quantified impact or guidance
Risk Factors
- • MolDX/Noridian Proposed LCD revision may reduce reimbursement, impose utilization limits, and introduces bundled payment, with final decision due within 365 days from July 17, 2025
- • Medicare reimbursement risk: 46% of testing revenue from Medicare, with AlloSure Kidney 2026 fee reduced by $88 to $2,753 per test after CMS crosswalk decision
- • Dependency on single California lab facility; if inoperable, inability to perform core tests AlloSure Kidney, AlloMap Heart, HeartCare, and AlloSure Lung
- • Competitive risk from rapid technological evolution in transplantation diagnostics, could render CareDx’s AlloSure and AlloMap tests obsolete
- • Concentration risk around Medicare Advantage payer dispute over denied and recouped claims, creating financial uncertainty and potential repayment obligations
CareDx, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$380M
▲ +13.8% YoY
Net Income
-$21M
▼ -140.6% YoY
Operating Margin
-8.1%
▼ -2032bp YoY
Net Margin
-5.6%
▼ -2137bp YoY
ROE
-7.0%
▼ -2093bp YoY
Total Assets
$413M
▼ -15.8% YoY
EPS (Diluted)
$-0.40
▼ -143.0% YoY
Operating Cash Flow
$42M
▲ +10.5% YoY
Source: XBRL data from CareDx, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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