CDNA · CareDx, Inc

CareDx's 8-K filing on April 28, 2026, contains two highly material events: a definitive agreement to acquire Naveris and the release of Q1 2026 financial results. The acquisition of Naveris, a commercial-stage precision oncology diagnostics company, for $160 million upfront plus up to $100 million in revenue-based milestones, strategically extends CareDx's precision medicine testing services into viral-mediated cancer MRD surveillance, a market with a $4.5 billion TAM. Naveris reported unaudited 2025 revenue of $34 million, expected to grow 30-40% annually for three years, and the transaction is expected to be neutral to CareDx's FY2026 AEBITDA guidance. The acquisition is subject to customary closing conditions, including HSR clearance, and is anticipated to close in Q3 2026. Financially, Q1 2026 results showed strong momentum: total revenue of $118 million, up 39% year-over-year, driven by Testing Services revenue of $91 million (+48% YoY) and volume of approximately 54,900 tests (+17% YoY). GAAP net income was $3 million, compared to a net loss of $10 million in Q1 2025, while Adjusted EBITDA more than tripled to $19 million from $5 million. Management raised full-year 2026 revenue guidance to $447-$465 million (from $420-$444 million) and AEBITDA guidance to $43-$57 million. Additionally, the Board authorized a $100 million share repurchase program over 24 months, signaling confidence in the company's financial position and outlook. The combination of a transformative acquisition, strong organic growth, and increased guidance underscores a pivotal moment for CareDx as it pivots toward higher-margin testing services and expands into oncology.