CareDx, Inc (CDNA): Business Model Canvas [Dec-2025 Updated]

You're trying to figure out if CareDx, Inc.'s pivot from a pure-play diagnostic firm to a full-stack transplant solution makes financial sense, and honestly, the blueprint is all here. After watching this sector for years, the strategy is clear: they are using their dominant non-invasive testing franchise-think AlloSure and AlloMap-to anchor an entire patient care continuum, which includes digital tools and pharmacy services. With fiscal 2025 revenue guidance projected between $372 million and $376 million, backed by a strong $194.2 million cash position with no debt as of Q3 2025, they certainly have the capital to push this integration. Dive into the nine blocks below to see exactly how they plan to connect lab work, EMR integration, and patient adherence to capture more of the transplant dollar.

CareDx, Inc (CDNA) - Canvas Business Model: Key Partnerships

You're looking at the core alliances that power CareDx, Inc (CDNA)'s end-to-end transplant platform. These aren't just handshake agreements; they are critical for scaling technology and securing market access. Here's the breakdown of the key players as of late 2025.

Leidos for modernizing the U.S. organ transplant system

CareDx, Inc (CDNA) partnered with Leidos to drive the modernization of the U.S. Organ Procurement and Transplantation Network (OPTN). This effort is designed to make the organ transplantation process more transparent, inclusive, and effective for patients nationwide. The collaboration is positioned to bolster service for the more than 100,000 people currently on the national transplant waitlist. CareDx, Inc (CDNA) brings its transplant ecosystem expertise, while Leidos contributes strengths in technology and large-scale electronic health record implementations.

The foundation of this work stems from a multiple-award, indefinite delivery/indefinite quantity contract awarded by the U.S. Department of Health and Human Services, Health Resources and Services Administration. The ceiling value for this contract, which Leidos competes for task orders under in collaboration with CareDx, Inc (CDNA), is set at $235M.

The focus areas for this modernization include:

• Advancing Technologies for data management and analysis.
• Generating Actionable Insights to improve decision-making.
• Streamlining Operations to reduce administrative burdens.

Dovetail Genomics/Cantata Bio for Hi-C transplant matching technology

A strategic partnership was established with Dovetail Genomics, a subsidiary of Cantata Bio LLC, to advance Human Leukocyte Antigen (HLA) genotyping for organ and stem cell transplant matching. This alliance integrates Dovetail Genomics' proprietary Hi-C LinkPrep technology into CareDx, Inc (CDNA)'s AlloSeq Tx 17 HLA typing workflow. This combination is intended to offer high-resolution genotyping and haplotyping, which is a significant step up from standard methods.

The technical enhancement is notable because CareDx, Inc (CDNA)'s solution covers 17 HLA loci, exceeding the standard coverage of 11 loci, which they suggest leads to more accurate results. An Early Access Program was launched to allow HLA laboratories to begin using this combined technology for evaluating innovative donor-recipient matching methods.

Transplant centers for clinical studies and evidence generation

Clinical evidence generation remains a key partnership area, supporting the adoption and coverage of CareDx, Inc (CDNA)'s testing platforms. You see the output of these collaborations in published data supporting their core products.

Recent evidence-building activities include:

• Submission of the second manuscript for the SHORE (Surveillance HeartCare Outcomes Registry) study.
• Advancement of AlloHeme data presented at TANDEM and EBMT conferences.
• Presentation of new precision kidney transplant data at ASN Kidney Week 2025.

The company also noted that preliminary findings from the Collaborative Improvement and Innovation Network (COIIN) project suggest that a collaborative improvement approach is effective in the transplant space.

Biopharmaceutical companies for Pharma Services contracts

The Patient and Digital Solutions segment, which includes revenue from biopharmaceutical services, shows solid growth. For the third quarter of 2025, this segment brought in $15.4 million in revenue, a 30% increase year-over-year. Product revenue, which also contributes to the broader service offering, was $12.5 million in Q3 2025, up 22% year-over-year. The overall company performance reflects this strength, with CareDx, Inc (CDNA) raising its full-year 2025 revenue guidance to a range of $372 million to $376 million.

Here's a look at the recent financial context:

Metric	Value (Q3 2025)	Value (FY 2025 Guidance Range)
Total Revenue	$100.1 million	$372 million to $376 million
Patient and Digital Solutions Revenue	$15.4 million	N/A
Product Revenue	$12.5 million	N/A
Trailing Twelve Month Revenue (as of Sep 30, 2025)	$358.00 million	N/A

Veracyte for exclusive transplant rejection testing on nCounter system

CareDx, Inc (CDNA) has an agreement that names it the exclusive worldwide commercialization partner for solid organ transplant-rejection tests on Veracyte's nCounter® FLEX Analysis System. This arrangement was established following Veracyte's acquisition of the global diagnostic rights to the platform in December 2019. The partnership enables CareDx, Inc (CDNA) to commercialize its gene expression profiling solution, such as the planned HistoMap test, on Veracyte's diagnostic platform. Veracyte, a cancer diagnostics company, noted this was its first diagnostics company partnership to expand its nCounter menu at the time of the original agreement.

The agreement centers on the use of the nCounter platform for rejection testing, which is a key component of CareDx, Inc (CDNA)'s post-transplant monitoring portfolio.

Finance: finalize the Q4 2025 revenue projection based on the updated guidance by next Tuesday.

CareDx, Inc (CDNA) - Canvas Business Model: Key Activities

You're looking at the core engine of CareDx, Inc (CDNA) as of late 2025. The company's activities center on high-value molecular diagnostics supported by digital infrastructure and aggressive financial operations.

Performing proprietary non-invasive diagnostic testing (AlloSure, AlloMap)

The testing services segment remains the primary revenue driver. For the third quarter of 2025, this segment brought in $72.2 million in revenue, a 19% year-over-year increase. The volume of tests processed reached 50.3K tests in that same quarter, marking a 13% increase compared to the prior year. The average revenue per test for Q3 2025 was $1,436. CareDx, Inc (CDNA) expanded its offerings, including the launch of AlloSure Heart for pediatric heart transplant patients under age 15 in the first quarter of 2025.

Metric	Q3 2025 Value	Year-over-Year Change
Testing Services Revenue	$72.2 million	19% increase
Testing Volume	50.3K tests	13% increase
Revenue Per Test (ASP)	$1,436	5% increase

The company's core non-invasive tests, AlloSure (cell-free DNA) and AlloMap (gene expression profiling), are central to this activity. AlloSure Kidney testing volumes specifically grew nearly 20% year-over-year in the second quarter of 2025.

Research and development of new molecular assays (e.g., HistoMap Kidney)

Innovation is focused on bridging histology with genomics. The launch of HistoMap Kidney, a tissue-based molecular test using gene expression profiling, was a key announcement at the American Society of Nephrology (ASN) Kidney Week 2025. This assay is designed to objectively characterize rejection type and complement pathology results. The expected availability for HistoMap Kidney is in a multi-center clinical study by early 2026.

• HistoMap Kidney leverages the BANFF Human Organ Transplant Gene Set.
• The pipeline also includes advancing data for AlloHeme™.

Integrating digital health solutions with Electronic Medical Records (EMR) like EPIC Aura

Digital integration is a major operational focus to streamline ordering and reporting. The integration of AlloSure Plus with EPIC Aura is live at the Boston Children's Hospital Pediatric Transplant Center. This specific deployment showed tangible workflow improvements:

• 20% reduction in order turnaround time.
• 60% reduction in specimen holds.

CareDx, Inc (CDNA) has eight such integration projects underway. Management has a target for these EPIC Aura integrations to account for approximately 10% of total volume by the end of 2025, with a goal of ~50% by the end of 2026.

Revenue Cycle Management (RCM) and claims collection automation

Operational efficiency in billing has significantly impacted cash flow. In the third quarter of 2025, cash collections for Testing Services were exceptional, accelerating to 124% of testing services revenue. This was supported by significant RCM improvements, including a 1,300 basis point reduction in the claims rejection rate. The company completed a restructuring of its RCM team in Q1 2025 to drive Average Selling Price (ASP) growth.

RCM/Collections Metric (Q3 2025)	Result/Improvement
Cash Collections vs. Testing Services Revenue	124%
Days Sales Outstanding (DSO)	Improved to 44 days from 71 days
Total Appeals Volume	Over 200% improvement
Claims Submission Time	60% reduction

Generating clinical evidence to support coverage and adoption

Building a strong evidence base is critical for payer coverage decisions. CareDx, Inc (CDNA) presented data supporting its technologies across multiple major transplant congresses in 2025. The Kidney Allograft Outcomes AlloSure Registry (KOAR) study results were presented, supporting the use of cell-free DNA for rejection screening starting at week 1 post-transplant. For the heart transplant portfolio, new data from the Surveillance HeartCare Outcomes Registry (SHORE) study was submitted for publication to further build evidence for coverage.

• Over 40 abstracts and 16 oral presentations featured CareDx technologies at the 2025 World Transplant Congress.
• The SHORE registry included 2,240 heart transplant recipients in one analysis.

CareDx, Inc (CDNA) - Canvas Business Model: Key Resources

Proprietary molecular diagnostic tests (AlloSure, AlloMap, HeartCare)

• Testing services volume reached approximately 50,300 tests in Q3 2025, a 13% year-over-year increase.
• Testing services revenue was $72.2 million in Q3 2025, marking a 19% year-over-year growth.
• Revenue per test for Q3 2025 was $1,436.
• The HeartCare approach, combining AlloMap gene expression profiling and AlloSure Heart donor-derived cell-free DNA (dd-cfDNA), showed prognostic power; persistently elevated results correlated with nearly twice the likelihood of rejection, graft dysfunction, or cardiovascular death in a cohort of 2,240 heart transplant recipients.
• AlloSure Heart results of ≥0.50% demonstrated 92.8% specificity for Antibody-Mediated Rejection (AMR) diagnosis in the second SHORE study.
• CareDx, Inc. introduced HistoMap Kidney, a tissue-based gene expression profiler.
• The AlloSeq cfDNA kit showed an AUC of 0.758 in detecting allograft rejection in a study of 580 kidney transplant patients.

CLIA-accredited, high-throughput clinical laboratory in Brisbane, CA

CareDx, Inc. operates its clinical laboratory in Brisbane, California. The company is the only one serving transplant patients end-to-end.

Intellectual Property (IP) protecting donor-derived cell-free DNA (dd-cfDNA) testing

• The company's IP position is a key resource, though it has faced litigation, such as the suit filed by Natera in 2020 concerning U.S. Patent 10,526,658 covering cfDNA-based diagnostic methods.
• The company offers AlloSeq cfDNA for labs to measure dd-cfDNA, which is CE marked or for Research Use Only (RUO) internationally, while AlloSure Kidney dd-cfDNA is used in the U.S..
• CareDx launched AlloSure Plus, an AI-driven diagnostic platform integrating AlloSure dd-cfDNA analysis.

Strong cash position of $194.2 million with no debt (Q3 2025)

CareDx, Inc. maintained a robust liquidity profile as of September 30, 2025, with no debt outstanding.

Financial Metric (As of Q3 2025 End)	Amount	Context/Change
Cash, Cash Equivalents, and Marketable Securities	$194.2 million	Net of a $25.6 million share repurchase during the quarter.
Testing Services Cash Collection (Q3 2025)	$90 million	Exceeded testing services revenue of $72.2 million.
Cash Collections / Testing Services Revenue	124%	Acceleration rate in Q3 2025.
Days Sales Outstanding (DSOs)	44 days	Improved from 71 days.
Q3 2025 Adjusted EBITDA	$15.3 million	More than doubled from $6.9 million in Q3 2024.
Full-Year 2025 Revenue Guidance (Raised)	$372 million to $376 million	Up from previous guidance of $367 million to $373 million.
Full-Year 2025 Adjusted EBITDA Guidance (Raised)	$35 million to $39 million	Up from previous guidance of $29 million to $33 million.

Digital health platforms (OTTR, MediGO) and EMR integration capabilities

• The digital solutions segment, Patient and Digital Solutions revenue, grew 30% year-over-year to $15.4 million in Q3 2025.
• The OTTR transplant patient management software is used in over 60 leading transplant centers in the US.
• OTTR solutions enable integration with Electronic Medical Record (EMR) systems, specifically mentioning Epic and Cerner.
• CareDx, Inc. expanded EMR coverage to over 90 centers following the acquisition of TransChart, which builds on the existing OTTR offering.
• Integration allows test orders and results for AlloSure and AlloMap to flow directly into the EMR, with noted progress in EPIC Aura integration.

CareDx, Inc (CDNA) - Canvas Business Model: Value Propositions

You're looking at the concrete value CareDx, Inc (CDNA) delivers to transplant centers and patients, which is now translating into strong financial performance as of late 2025. The company is driving adoption across its integrated suite of offerings.

Non-invasive surveillance testing to reduce the need for protocol biopsies

The core value here is moving away from invasive procedures. Real-world data from the Surveillance HeartCare Outcomes Registry (SHORE) study, which involved over 2,700 heart transplant patients across 67 centers, showed that early surveillance using HeartCare resulted in a requirement for significantly fewer biopsies compared to protocols using AlloMap and biopsy. This directly addresses the risk and cost associated with invasive monitoring.

End-to-end solution for transplant patient care (diagnostics, digital, pharmacy)

CareDx, Inc. positions itself as the only company serving transplant patients from end to end. This is reflected in the revenue mix, showing growth across all three segments in Q3 2025. The President and CEO stated that all three business segments generated record quarterly revenue in Q3 2025.

Here's the quick math on the Q3 2025 revenue breakdown:

Business Segment	Q3 2025 Revenue (in thousands)	Year-over-Year Growth
Testing services revenue	$72,168	19%
Patient & Digital Solutions revenue	$15,400	30%
Product revenue	$12,500	22%

The overall result of this integrated approach was total revenue of $100.1 million for the third quarter of 2025, a 21% increase year-over-year. The company subsequently raised its full-year 2025 revenue guidance to a range of $372 million to $376 million.

AlloSure Plus: AI-driven diagnostic platform for rejection risk assessment

AlloSure Plus is the AI-powered layer built on top of the AlloSure molecular test to provide personalized rejection risk. This platform was validated in a large, international, prospective study led by the Paris Transplant Group, which assessed its ability to identify organ rejection using over 2,700 renal transplant biopsies. Initial launch sites began integrating AlloSure Plus with AlloSure results through EPIC Aura in the third quarter of 2025, ahead of a broader rollout.

Clinically validated, organ-specific testing for heart, kidney, and lung transplants

The evidence base continues to grow, supporting the clinical importance of CareDx, Inc.'s testing across different organs. Data supporting the HeartCare and AlloSure Heart solutions were featured in abstracts generated from studies at 92 transplant centers. Specifically for the kidney, AlloSure Kidney testing volumes grew nearly 20% year-over-year in Q2 2025, and the company launched an expanded indication for AlloSure Kidney for simultaneous pancreas-kidney (SPK) transplant patients in Q1 2025.

Improved clinical workflow via EMR integration (e.g., EPIC Aura)

Embedding workflows directly into the Electronic Medical Record (EMR) system is key to reducing friction for clinicians. The EPIC Aura EMR integration is live at Boston Children's Hospital Pediatric Transplant Center. At this initial site, the integration has already led to a 20% reduction in order turnaround time and a 60% reduction in specimen holds. CareDx, Inc. has eight integration projects underway and estimates that approximately 10% of its total volume will be integrated by year-end 2025, with a target of 50% integration by year-end 2026. This operational efficiency is also showing up in financial metrics, with cash collections reaching 124% of testing services revenue in Q3 2025.

You should track the progress of those eight integration projects closely.

CareDx, Inc (CDNA) - Canvas Business Model: Customer Relationships

You're looking at how CareDx, Inc connects with and supports its key users-transplant centers, physicians, and patients-as of late 2025. The strategy is clearly about embedding their solutions across the entire patient journey, from the clinic to the home.

The company emphasizes a direct, high-touch approach supported by digital tools. For instance, in the third quarter of 2025, the Patient and Digital Solutions revenue hit $15.4 million, marking a 30% year-over-year increase, which management attributed partly to the adoption of the CareDx pharmacy as a preferred option for transplant patients.

Here is a look at the key metrics tied to these customer relationship channels:

Customer Relationship Component	Metric/Data Point	Value/Amount (as of late 2025 data)
EMR Integration Progress (Volume)	Estimated volume integrated by year-end 2025	Approximately 10%
EMR Integration Impact (Turnaround Time)	Reduction in order turnaround time (at live sites)	20%
EMR Integration Impact (Specimen Holds)	Reduction in specimen holds (at live sites)	60%
Digital Solutions Revenue (Latest Quarter)	Patient and Digital Solutions Revenue (Q3 2025)	$15.4 million
Digital Solutions Revenue Growth	Year-over-year growth (Q3 2025)	30%
EMR Integration Pipeline	Integration projects underway	Eight
EMR Integration Goal	Anticipated Epic Aura implementations by year-end 2025	Approximately 20

The direct engagement through the sales force and clinical specialists is designed to drive adoption of their core testing services. For context, the core Testing Services revenue in Q3 2025 was $72.2 million, on approximately 50,300 tests, with revenue per test at $1,436.

High-touch support via digital health apps is a key part of patient retention and adherence. While the AlloCare mobile app had over 25,000 downloads as of March 2022, the focus in 2025 is on revenue generation from the digital segment.

Direct integration into the physician workflow via EMR systems is showing tangible operational benefits for centers that have adopted the technology. For example, the integration live at Boston Children's Hospital Pediatric Transplant Center showed immediate results. The company is actively pursuing more of these deep integrations.

The specialty prescription services, bolstered by acquisitions, are integrated into the Patient and Digital Solutions segment. This strategy aims to capture more of the patient's ongoing care spend.

Key relationship touchpoints include:

• Direct engagement by the sales force and clinical specialists.
• Digital support through apps like AlloCare for patient self-management.
• Workflow automation via EMR integrations like EPIC Aura.
• Specialty pharmacy services for medication adherence support.

The company is clearly prioritizing deep workflow integration, targeting approximately 10% of total volume through EMR integration by the end of 2025, with a longer-term goal of reaching about 50% by the end of 2026.

CareDx, Inc (CDNA) - Canvas Business Model: Channels

Direct sales team targeting U.S. transplant centers and physicians

• Total employees as of October 30, 2025: 691
• Sales and marketing expansion by about 30 professionals completed as of January 2025
• Transplant centers account for over 90% of CareDx, Inc. revenue

Centralized CLIA laboratory for processing all diagnostic tests

CareDx, Inc. Laboratory in Brisbane, California, holds CLIA#: 05D1029609. The CAP accreditation reinspection date is prior to March 30, 2026.

Metric	Q3 2025 Amount	Year-over-Year Change
Testing Services Revenue	$72.2 million	19% increase
Testing Services Volume	Approximately 50,300	13% increase

EMR interfaces (like EPIC Aura) for test ordering and results delivery

• Epic AURA EMR integration launched in Q1 2025
• Goal: boost test volume by 10% starting in 2026 via integration
• Epic EMR is used by ~50% of U.S. hospitals

Digital health platforms for direct patient engagement and adherence

Metric	Q3 2025 Amount	Year-over-Year Change
Patient and Digital Solutions Revenue	$15.4 million	30% increase
U.S. Patient Engagement Solutions Market Size (2025)	$7.40 billion	N/A

Overall Financial Context for Channels (Q3 2025)

Revenue Component	Q3 2025 Amount
Total Revenue	$100.1 million
Product Revenue	$12.5 million

CareDx, Inc (CDNA) - Canvas Business Model: Customer Segments

You're looking at the core groups CareDx, Inc (CDNA) serves as of late 2025, based on their latest reported activity. The company's strategy centers on serving the transplant patient across the entire journey.

Transplant centers and hospital systems (primary decision-makers)

These institutions are the gatekeepers for ordering the core testing services. The adoption of their digital workflow tools shows direct engagement with these systems. For instance, the integration with EPIC Aura EMR systems is underway, with an estimated 10% volume boost projected from this integration by year-end 2026. Data presented at the International Society of Heart and Lung Transplantation (ISHLT) conference included abstracts from over 90 transplant centers showcasing the use of CareDx products.

Transplant physicians (nephrologists, cardiologists, pulmonologists)

Physicians drive the utilization of the non-invasive monitoring tests like AlloSure and HeartCare. The company has been actively expanding its commercial footprint, having increased its field force by 50% to enhance customer support. The success in driving protocol adoption, especially for kidney surveillance testing, is evident in the volume growth seen throughout 2025.

Organ transplant recipients (patients) for post-transplant monitoring

Patients are the ultimate beneficiaries of the diagnostic and digital solutions. The Patient and Digital Solutions segment, which includes remote monitoring, saw significant growth, indicating direct patient engagement. This segment generated revenue of $15.4 million in the third quarter of 2025, a 30% year-over-year increase. The CareDx Pharmacy is noted as a driver for this segment's adoption.

Biopharmaceutical companies utilizing Pharma Services for clinical trials

This group contributes to the Product revenue stream, often through the use of distributed NGS transplant test kits. Product revenue reached $12.5 million in the third quarter of 2025, marking a 22% increase compared to the third quarter of 2024. This segment supports the company's broader evidence generation strategy.

Here's a quick look at how the segments translated into revenue for the third quarter of 2025, which is the latest available snapshot:

Customer-Facing Segment	Q3 2025 Revenue (USD)	Year-over-Year Growth
Testing Services (Core Diagnostics)	$72.2 million	19%
Patient and Digital Solutions (Software/Monitoring)	$15.4 million	30%
Product Revenue (Pharma/Lab Kits)	$12.5 million	22%

The overall performance reflects strong utilization across the board. For example, the total testing services volume in Q3 2025 was 50,300 tests. Also, the company's focus on operational efficiency is visible in their cash collections; testing services cash collections in Q3 2025 were $90 million, which was 124% of the testing services revenue for that quarter.

The company's updated full-year 2025 guidance points to total revenue in the range of $372 million to $376 million.

The key customer engagement points driving this model include:

• Seventh consecutive quarter of testing services volume growth as of Q1 2025.
• AlloSure Kidney testing volumes grew nearly 20% year-over-year in Q2 2025.
• Q3 2025 testing services volume grew 13% year-over-year.
• New leadership appointments, including a Chief Medical Officer, signal focus on clinical adoption.

Finance: review Q4 2025 projected revenue per test of $1,400 to $1,420 by next Tuesday.

CareDx, Inc (CDNA) - Canvas Business Model: Cost Structure

You're looking at the engine room of CareDx, Inc (CDNA), specifically what it costs to keep the diagnostic and digital wheels turning as of late 2025. The cost structure is heavily weighted toward running the complex lab operations and pushing the sales and development forward. Honestly, managing the cost of goods sold (COGS) to maintain that high gross margin is a daily focus for management.

The most significant variable costs tie directly to lab operations and testing services. These costs include highly skilled salaries for lab technicians and quality control staff, plus the price of specialized reagents and consumables needed for each AlloSure test run. While I don't have the exact salary or reagent spend broken out, we can see the resulting efficiency in the gross margin. For instance, in the third quarter of 2025, the overall Non-GAAP Gross Margin hit 70.9%, showing strong control over direct testing costs. The testing services segment itself is even more efficient, reporting a Non-GAAP Gross Margin of approximately 77.6% in the second quarter of 2025.

The structure of operating expenses is where you see the investment in future growth and market penetration. This combines Research and Development (R&D) for the new product pipeline, like AlloSure Plus, and the Sales, General, and Administrative (SG&A) costs. For the third quarter of 2025, the combined Non-GAAP operating expenses totaled $57.9 million. This figure reflects the ongoing investment in the large sales force necessary to secure physician adoption and payer coverage, alongside the R&D spend.

A specific, planned annual cost that you need to factor in for digital integration is the annual investment in EMR integration, approximately $5 million plus per-click fees. This is a fixed-cost-like investment to reduce friction for ordering physicians, which management sees as key to volume growth.

The overarching financial goal driving cost discipline is the Non-GAAP Gross Margin target of approximately 70% for efficiency. Hitting this target is crucial for achieving the full-year 2025 Adjusted EBITDA guidance range of $35 million to $39 million on projected revenue between $372 million and $376 million.

Here's a quick look at the key financial markers defining the cost structure as of the latest reported periods in 2025:

Cost/Efficiency Metric	Latest Reported Value (2025)	Period	Source Context
Non-GAAP Gross Margin Target	Approximately 70%	FY 2025 Guidance
Testing Services Non-GAAP Gross Margin	77.6%	Q2 2025
Non-GAAP Operating Expenses (R&D + SG&A Proxy)	$57.9 million	Q3 2025
Revenue Per Test (Reported)	$1,436	Q3 2025
Revenue Per Test (Q4 Guidance)	$1,400 to $1,420	Q4 2025 Forecast
Annual EMR Integration Investment (Stated Plan)	Approximately $5 million plus per-click fees	Annual Plan	Outline Requirement

The cost structure is clearly managed through two main levers:

• Cost of Goods Sold (COGS) management to protect the high gross margin on testing services.
• Operating Expense control, balancing R&D investment against SG&A scaling.

If onboarding takes 14+ days, churn risk rises, which directly impacts the variable cost per test realization.

Finance: draft 13-week cash view by Friday.

CareDx, Inc (CDNA) - Canvas Business Model: Revenue Streams

You're looking at how CareDx, Inc generates its top line, which is clearly segmented across its core offerings. The company's strategy hinges on driving volume and expanding the average selling price (ASP) across its testing and digital platforms.

The primary engine for CareDx, Inc revenue remains its Testing Services, which includes the flagship AlloSure and AlloMap tests. These are the molecular diagnostics that form the bedrock of their financial performance. For the full year 2025, the company has raised its revenue guidance to a range of $372 million to $376 million.

To give you a concrete look at the latest performance, here's the breakdown from the third quarter of 2025, showing strong growth across all three segments:

Revenue Stream	Q3 2025 Revenue Amount	Year-over-Year Growth (Q3)
Testing Services (AlloSure/AlloMap)	$72.2 million	19%
Patient & Digital Solutions	$15.4 million	30%
Product Revenue (Transplant Lab Products)	$12.5 million	22%
Total Revenue	$100.1 million	21%

The Average Selling Price (ASP) for testing services is a key metric you'll want to track. CareDx, Inc management has guided that the Average Selling Price (ASP) for testing services is approximately $1,360 per test for FY 2025. However, looking at the Q3 2025 results, the actual revenue per test was quite a bit higher, which is a positive sign for their revenue cycle management (RCM) efforts.

Here are the key volume and pricing metrics from that latest quarter:

• Testing Services volume in Q3 2025 was 50,300 tests.
• The implied revenue per test for Q3 2025 was $1,436.
• Patient & Digital Solutions revenue growth hit 30% year-over-year in Q3.
• Product revenue, which includes transplant lab products like AlloSeq, grew 22% in Q3.
• The company's cash collections for testing services in Q3 were $90 million, exceeding the $72.2 million in recognized revenue.

The Patient & Digital Solutions segment, covering software and adherence tools, is showing defintely strong momentum, growing 30% year-over-year in the third quarter, reaching $15.4 million. This diversification shows the business model isn't solely reliant on the core lab tests. Finance: draft 13-week cash view by Friday.