CDNACareDx, Inc.

Services-Medical Laboratories

Revenue: $380M; 14% YoY
Operating margin: -8.1%; 166% YoY
EBITDA: −$16M; 129% YoY
Market cap: $4.6B
Employees: 765; $496K revenue each
Net debt / EBITDA: —; −$250M net debt
AI in 10-K: 3.2; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
9% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
209% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
19% of assets
Over 40% of assets
Shareholder dissentNo
85% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$496K · 79th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.2 per 10K words · 72nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$13M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$296M	$322M	$280M	$334M	$380M	14%
Operating income	−$30M	−$77M	−$203M	$41M	−$31M	176%
Net income	−$31M	−$77M	−$190M	$53M	−$21M	141%
Operating cash flow	−$19M	−$25M	−$18M	$38M	$42M	10%
Stock-based comp	$36M	$47M	$49M	$66M	$35M	47%
Buybacks	$0	$642K	$28M	$522K	$88M	16714%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $13M · 26
Net: −$13M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	26	125
FY2024	—	—	30	93
FY2023	—	—	17	94
FY2022	—	—	16	90
FY2021	—	—	63	100