CareDx Inc (NASDAQ: CDNA) stock soared over 6% in pre-market trading on Thursday, following the company's impressive fourth-quarter 2024 financial results. The surge can be attributed to CareDx's robust performance, with the company reporting a 32% year-over-year increase in quarterly revenue to $86.6 million and achieving adjusted EBITDA of $9.8 million.
The healthcare company, which specializes in precision medicine solutions for transplant patients, has been capitalizing on strong demand for its testing services. This segment saw a 37% year-over-year growth, driven by a 14% increase in test volumes. Additionally, CareDx significantly expanded its payer coverage, adding millions of new commercially covered lives for its products.
CareDx's solid performance was further bolstered by its robust financial position, as the company ended 2024 with a strong cash balance of $261 million and no debt. This financial strength positions CareDx well for future growth initiatives and potential strategic opportunities.
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