Shares of CareDx (NASDAQ: CDNA), a leading precision medicine company specializing in transplant diagnostics, surged 7.55% on November 6, 2024, following the company's better-than-expected third-quarter 2024 financial results.
For the quarter, CareDx reported revenue of $82.9 million, representing a 23% year-over-year increase and exceeding analyst 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 beat expectations of a $0.43 loss.
Looking ahead, CareDx forecasts revenue growth of 12% per annum on average over the next three years, although this lags the broader US biotechnology industry's forecast of 21% growth. Nevertheless, the company's strong financial performance and positive outlook for continued expansion and profitability improvements appear to have fueled investor confidence, driving the stock's soaring movement on November 6.
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