Jun. 3 at 8:42 PM
$CDNA CareDx authorizes new repurchase of up to
$50M of shares
CareDx announced that it has completed the repurchase of
$50M of its common stock representing approximately 5% of outstanding shares. The share repurchase follows the completion of the company's seventh consecutive quarter of testing services volume growth and a first-quarter total revenue of
$84.7M, representing 18% year-over-year growth. CareDx ended the first quarter with
$231M in cash, cash equivalents, marketable securities, and no debt.
"The investments we have made in our commercial organization and operational infrastructure are translating into growth. We saw a clear opportunity to return value to our shareholders at our current price without disrupting the ongoing development of our innovation pipeline," said John W. Hanna, President and CEO of CareDx. "I continue to have confidence in our ability to drive profitable growth and achieve our long term plan of
$500 million in revenue and 20% adjusted EBITA in 2027."
Following the completion of the program, the Company's Board of Directors authorized a new share repurchase program of up to
$50M of the Company's outstanding common stock over the next 24 months. Repurchases under the new program may be made at the Company's discretion in open market purchases, privately negotiated transactions, or through other means, in accordance with applicable laws and regulations. The timing and actual number of shares repurchased will depend on a variety of factors, including price, market conditions, and other considerations.
