BRISBANE, May 08, 2019 (GLOBE NEWSWIRE via COMTEX) -- CareDx, Inc. /zigman2/quotes/200138382/composite CDNA -2.43% , a molecular diagnostics company focused on the discovery, development and commercialization of clinically differentiated, high-value diagnostic solutions for transplant patients, today reported financial results for the quarter ended March 31, 2019.
-- Accelerated leadership position in transplantation diagnostics in the first quarter of 2019
- Provided 5,710 AlloSure patient results for approximately 4,300 kidney transplant patients
- Continued progress in AlloSure Registry (K-OAR) enrollment, with 50 centers initiated and 1,006 patients enrolled as of March 31, 2019
- Provided 4,280 AlloMap patient results, increasing 11% year-over-year
-- Achieved total revenue of $26.0 million for the first quarter of 2019, increasing 85% year-over-year
- Testing services revenue of $21.5 million, growth of 103% compared to prior year period
- Product revenue of $4.4 million, increase of 34% year-over-year
-- Generated GAAP net loss of $7.5 million, adjusted net income of $2.2 million and positive adjusted EBITDA of $1.8 million
-- Acquired OTTR Complete Transplant Management, enabling direct integration into transplant center EMR systems
"The CareDx team continues to execute on our plan, delivering another consecutive record quarter, with revenue increasing 85% year-over-year, driving positive adjusted EBITDA for the third consecutive quarter. We also recently acquired OTTR, the leading provider of organ transplant patient tracking software, marking the beginning of CareDx's leadership in transplant artificial intelligence and adding another key component to our personalized transplantation medicine platform," said Peter Maag, CareDx Chief Executive Officer. "I am very pleased with the strong start to 2019, with CareDx poised to deliver another record year and build on our position as the leading provider of genomics-based information in transplantation."
First Quarter 2019 Financial Results
Revenue for the three months ended March 31, 2019 was $26.0 million, compared with $14.1 million in the first quarter of 2018. Testing services revenue for the first quarter was $21.5 million compared with $10.6 million in the same period of 2018. Product revenue in the three months ended March 31, 2019 was $4.4 million, compared to $3.3 million in the same period of 2018.
For the first quarter of 2019, the net loss was $7.5 million compared to a net loss of $9.0 million in the same period of 2018. The first quarter 2019 net loss included $6.1 million of stock-based compensation expense and a $3.0 million expense from the change in estimated fair value of common stock warrant liabilities. Basic and diluted net loss per share was $0.18 in the first quarter of 2019, compared to basic and diluted net loss per share of $0.30 in the first quarter of 2018.
Non-GAAP net income was $2.2 million in the first quarter of 2019 compared to a $4.0 million non-GAAP net loss in the first quarter of 2018. Basic and diluted non-GAAP net income per share was $0.05 in the first quarter of 2019, compared to a non-GAAP net loss per share of $0.14 in the first quarter of 2018.
Adjusted EBITDA for the first quarter of 2018 was a gain of $1.8 million, compared to an adjusted EBITDA loss of $3.2 million in the first quarter of 2018.
Cash and cash equivalents were $57.4 million as of March 31, 2019.