CareDx Inc (NASDAQ: CDNA) stock fell over 1.9% in the pre-market session of March 7th, 2019 (Source: Google finance) after the company in the fourth quarter of FY 18 has reported 88% growth in the revenue to $23.5 million. Testing services revenue for the fourth quarter grew 119% to $18.9 million compared with $8.6 million in the same period of 2017. The significant growth in testing services revenue was primarily driven by the 4,575 AlloSure patient results the company provided in the fourth quarter. Growth also came from the 4,057 AlloMap patient results the company provided, which was a 6% increase compared to the prior year quarter and from the January 1 increase in the AlloMap Medicare reimbursement rate from 2,840 to 3,240. Product revenue during the quarter grew 24% to $4.6 million, compared to $3.7 million in the same period of 2017. AlloSure is the biggest contributor to the company’s robust growth. Penetration of transplant centers continues ahead of the initial plan and the level of surveillance stations continues to grow rapidly. AlloSure’s positioning and market acceptance is gaining momentum and positions CareDx to deliver continued growth in the quarters and years ahead. For the fourth quarter of 2018, net loss was $3.8 million compared to a net loss of $31.7 million in the same period of 2017. Net loss for the full year ended December 31, 2018 was $46.8 million compared with a net loss of $55.5 million in 2017.
During the fourth quarter, a 100 centers provided AlloSure results to their transplantations. The company estimate these 100 centers account for approximately 60% of the transplant volume in the United States. CareDx provided 4,575 AlloSure results in the fourth quarter to approximately 3,400 kidney transplant patients. The company has continued progress in AlloSure Registry (K-OAR) enrollment, with 47 centers initiated and 748 patients enrolled as of December 31, 2018
For the fourth quarter of 2018, adjusted EBITDA was a gain of $0.8 million compared to a loss of $2.0 million in the fourth quarter of 2017. Cash and cash equivalents at December 31, 2018 was $64.6 million. The increase in cash from $26.2 million at the start of the quarter was primarily due to the successful follow-on offering completed during the quarter, partially offset by the full repayment of the debt. Net operating cash flow was positive $2.0 million in the fourth quarter 2018.
For the full year 2019, CareDx expects revenue to be in the range of $105 million to $107 million