CareDx, Inc 8-K

Summary

Q1 2026 results, a Naveris acquisition agreement and a new share-repurchase authorization. Revenue growth was driven by testing services and patient and digital solutions, and CareDx returned to GAAP profitability. CareDx agreed to acquire Naveris to extend its precision medicine testing strategy into specialty oncology with a Medicare-reimbursed blood test for cancer surveillance; it raised its FY2026 revenue and adjusted EBITDA guidance and expects the acquisition to be neutral to that adjusted EBITDA outlook. The board authorized up to $100M of repurchases for up to 24 months from 4/30/2026, separate from its prior $50M authorization.

Key Figures

• Testing services revenue was $91.4M, +48% Y/Y, on ≈54,900 tests, +17%; average revenue per test was ≈$1,660, including ≈$14M of prior-period revenue. CareDx cited higher testing volumes, a favorable shift toward surveillance testing, for-cause testing growth and improved collections. Patient and digital solutions revenue was $16.0M, +33%, driven by CareDx Pharmacy and digital solution adoption; lab product revenue was $10.3M, -4%.
• Naveris’s NavDx, a blood-based test detecting tumor tissue-modified viral DNA for surveillance of HPV-driven cancers, has Medicare coverage and more than 130,000 commercial tests performed. Naveris reported estimated 2025 revenue of $34M and forecasts 30%-40% annual growth for the next three years; Q1 2026 unaudited revenue was ≈$12M, gross margin 65% and net operating loss $0.20M. The stated addressable market is $4.5B.
• The Naveris agreement provides for $160M cash at closing, subject to customary adjustments, with up to $100M more contingent on revenue milestones for FY2026 and FY2027; $5M of closing consideration will be held in escrow for post-closing purchase-price adjustments. Closing is anticipated in Q3 2026, subject to customary conditions including antitrust clearance. The agreement may be terminated if it has not closed by 10/28/2026, subject to specified extensions. Separately, CareDx announced a definitive agreement to sell its Lab Products business to Eurobio Scientific for $170M cash.

Guidance

Investor Takeaways

• Watch Naveris’s revenue growth after closing: performance near its forecast 30%-40% annual pace would support CareDx’s expansion into specialty oncology; slower growth would challenge that thesis.
• Track CareDx testing services volume and average revenue per test to see whether Q1’s testing momentum persists beyond the contribution from prior-period revenue.
• Completion of the announced Lab Products sale would advance CareDx’s stated portfolio focus; subsequent results in Testing Services and Patient and Digital Solutions will show whether those retained businesses continue to drive growth.