CareDx does one thing better than almost any company in diagnostics right now: it charges more per test every quarter and still grows volume at the same time. That combination is rare, and the Q3 numbers make the point clearly.
CareDx reported Q3 2026 EPS of $0.70, beating the consensus estimate of $0.25 by $0.45, while quarterly revenue rose 39.3% year over year to $139.36 million, above analyst estimates of $121.96 million. The size of that revenue beat, $17 million above forecast, reflects something more durable than a one-quarter collection quirk.
Excluding specialty oncology, transplant revenue per test of $1,514 grew 15% year over year. Non-GAAP gross margin expanded to 74%, up from 71% in the prior-year quarter, reflecting cost discipline and a 9% increase in revenue per test. When a diagnostics company can simultaneously lift pricing and widen margin, the operating leverage compounds quickly.
Testing volume reached approximately 75,900 tests, up 51% year over year, while Testing Services revenue climbed to $119.2 million, up 65% year over year and 19% sequentially. Volume growth that steep, without a corresponding price concession, tells you something about how deeply AlloSure and AlloMap are embedding into clinical protocol rather than competing on cost.
Medicare’s finalized coverage policy affirms AlloSure Kidney for surveillance testing for up to six tests in the first year post-transplant. That gap between allowed and actual utilization is one of the most underappreciated volume levers on CareDx’s runway.
Full-year 2026 revenue guidance was raised again, to $520 million to $530 million, and the company ended the quarter with $250 million in cash and cash equivalents and no debt. A clean balance sheet paired with accelerating margins gives management real flexibility, buybacks, pipeline investment, or both.
The risks are real. Reimbursement policy can shift. Specialty oncology, acquired via Naveris, is still early-stage relative to transplant and carries lower revenue per test. Kidney testing maintained growth above 20%, heart testing expanded in the mid-teens, and lung testing remained particularly strong, but sustaining those growth rates across all three organ types simultaneously will require continued protocol adoption rather than just favorable collections timing.
CareDx now has 21 centers live on Epic Aura, bringing ordering, results, and longitudinal testing history directly into existing clinical workflows. Workflow integration is the stickiest competitive moat in diagnostics. Centers that order through Epic rarely switch vendors.
The revenue-per-test trajectory is the signal worth watching from here. If transplant pricing holds above $1,500 while volume continues compounding at double-digit rates, the full-year guidance raise may turn out to be conservative by the time Q4 closes.
