Castle Biosciences Stock Price, News & Analysis

Castle Biosciences (CSTL) reported financial results for 2022, achieving annual revenues of $137 million, a 46% increase compared to 2021, meeting the highest end of its guidance. The total number of test reports delivered reached 44,419, up 58% from the previous year. For 2023, the company anticipates revenues between $170-180 million, supported by the integration of acquired franchises and new evidence development for its tests. However, the net loss for 2022 was $(67.1) million, with operating cash flow at $(41.7) million. The company holds $258.6 million in cash and equivalents as of December 31, 2022.

Castle Biosciences, Inc. (CSTL) announced that CFO Frank Stokes has been recognized as one of Finance & Investing’s Top 25 CFOs of Houston for 2023. This accolade reflects his contributions to the company, particularly during its IPO in 2019 and the acquisitions of Cernostics and AltheaDx. Stokes has been instrumental in facilitating financial growth and operational advancements since joining Castle in December 2017. The company focuses on innovative diagnostic tests that enhance patient care and has a diverse portfolio addressing skin cancers, Barrett’s esophagus, and mental health conditions.

Castle Biosciences, Inc. (NASDAQ: CSTL) presented significant findings at the 2023 Winter Clinical - Miami™ conference regarding its DecisionDx®-Melanoma test, which showed a potential 37% reduction in unnecessary sentinel lymph node biopsies. The test demonstrated 100% sensitivity in identifying patients at low risk for metastasis. Additionally, insights from clinicians on therapy selection for inflammatory skin diseases highlighted the demand for a molecular test, with over 90% of surveyed clinicians supporting its development. Castle aims to launch a gene expression profile test for inflammatory skin diseases by the end of 2025, meeting a clear clinical need.

Castle Biosciences, Inc. (CSTL) announced findings from the DECIDE study, demonstrating that DecisionDx®-Melanoma test results significantly influenced 85% of clinicians' decisions on sentinel lymph node biopsy (SLNB) procedures. This molecular test, the best-studied for cutaneous melanoma, helps determine whether to perform SLNB, showing a reduction in unnecessary procedures. Notably, patients with high-risk test results had a 22% SLN positivity rate, exceeding historical averages. The study's outcomes are supported by over 40 peer-reviewed studies, highlighting the test's clinical value and potential to decrease complication rates and costs associated with SLNB.

Castle Biosciences (NASDAQ: CSTL) announced it will release its fourth quarter and full-year financial results for 2022 after market close on February 28, 2023. A conference call will be held at 4:30 p.m. ET to discuss the results, available via webcast and phone. The company focuses on innovative diagnostics, with a portfolio that includes tests for various cancers and mental health conditions, along with ongoing research programs for additional diseases. For more details, visit Castle's website.

Castle Biosciences, Inc. (NASDAQ: CSTL) announced that Dr. Matthew Goldberg will present at the Precision Medicine World Conference (PMWC) 2023 in Santa Clara, California, from January 25-27. His presentation, titled “Using Molecular Diagnostics to Inform Cancer Management Decisions,” is scheduled for January 25 at 2:30 p.m. PT. Dr. Goldberg will discuss the company’s innovative tests, including DecisionDx®-Melanoma and TissueCypher® Barrett’s Esophagus, aimed at improving treatment decisions and patient outcomes. Castle is committed to advancing precision medicine, addressing significant clinical needs, and optimizing healthcare costs.

Castle Biosciences (Nasdaq: CSTL) presented new data on its skin cancer test portfolio at the 2023 Winter Clinical Dermatology Conference in Hawaii. Findings on DecisionDx®-Melanoma indicate it can accurately identify patients with high-risk tumor biology among those with negative lymph nodes. In a cohort of 3,271 patients, low-risk results showed a 99.7% three-year melanoma-specific survival rate versus 91.8% for high-risk individuals. Additionally, a new clinical algorithm for DecisionDx®-SCC offers a framework for managing high-risk cutaneous squamous cell carcinoma according to NCCN guidelines.

Castle Biosciences (NASDAQ: CSTL) announced preliminary results for 2022, expecting total revenue to reach $132–$137 million. The company delivered 44,338 test reports, marking a 58% increase from 2021, with significant growth in DecisionDx^®-Melanoma tests.

Year-end cash and equivalents are projected at approximately $259 million. Despite these positive metrics, the company cautioned about uncertainties affecting future results, including macroeconomic conditions.