Shares of CareDx Inc (NASDAQ: CDNA) surged over 10% in pre-market trading on November 5, 2024, after the company reported better-than-expected financial results for the third quarter ended September 30, 2024, and raised its full-year revenue guidance.
The molecular diagnostics company, which specializes in transplant patient care, reported a 23.4% year-over-year increase in revenue to $82.88 million, surpassing analyst estimates of $80.53 million. The strong revenue growth was driven by a 27% increase in testing services revenue and a 20% rise in patient and digital solutions revenue.
Additionally, CareDx reported adjusted earnings per share (EPS) of $0.14, significantly higher than the consensus estimate of $0.01 and a significant improvement from the loss of $0.18 per share reported in the same quarter last year. The company's gross margin also improved by 240 basis points to 69%, reflecting increased operational efficiency and profitability.
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