Shares of CareDx (NASDAQ: CDNA), a leading precision medicine company specializing in transplant diagnostics, soared 5.37% in pre-market trading on November 6, 2024. The rally came on the heels of the company's robust third-quarter 2024 financial results, which exceeded analysts' expectations.
CareDx reported a 23% year-over-year increase in revenue to $82.9 million, surpassing analysts' estimates by 2.7%. The company's net loss narrowed significantly by 69% compared to the same period last year, and its earnings per share loss of $0.14 was better than the expected loss of $0.43.
Looking ahead, CareDx forecasts revenue growth of 12% per annum on average over the next three years. While this growth projection lags behind the 21% forecast for the broader US biotechnology industry, it nevertheless reflects the company's continued expansion and potential for further profitability improvements.
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