Castle Biosciences Stock Price, News & Analysis

Castle Biosciences has announced the acquisition of Cernostics for approximately $30 million, with potential additional payments of up to $50 million based on milestones. This acquisition enables Castle to expand into the gastrointestinal market through the TissueCypher® Barrett’s Esophagus Assay, aimed at predicting high-grade dysplasia and esophageal cancer in Barrett’s esophagus patients. The deal is expected to add roughly $1 billion to Castle's U.S. total addressable market (TAM).

Castle Biosciences, Inc. (NASDAQ: CSTL) presented its DecisionDx® gene expression profile tests for skin cancer at the American Society for Dermatologic Surgery 2021 Annual Meeting (Nov. 19-21, 2021). These tests, including DecisionDx-Melanoma and DecisionDx-SCC, aim to enhance personalized treatment decisions and patient outcomes. Key findings indicated that integrating genetic data with clinical features can better predict metastasis and recurrence risks. The studies support the clinical utility of these tests in managing melanoma and cutaneous squamous cell carcinoma.

Castle Biosciences (NASDAQ:CSTL) announced a study showcasing its DecisionDx-Melanoma test's predictive capabilities in cutaneous melanoma. The study, involving 438 patients, revealed that those classified as Class 1A (low risk) achieved a remarkable five-year recurrence-free survival rate of 95.8% and a distant metastasis-free survival rate of 99.2%. This underscores the test's role in aiding personalized treatment decisions and improving patient outcomes, with significant independent predictive value over traditional staging methods.

Castle Biosciences, Inc. (Nasdaq: CSTL) will present at the Canaccord Genuity Virtual MedTech, Diagnostics and Digital Health & Services Forum on Thursday, Nov. 18, 2021, at 9:30 a.m. Eastern time. CEO Derek Maetzold and CFO Frank Stokes will share insights about the company’s innovative diagnostics aimed at improving patient outcomes. Live audio webcasts will be available on the company’s website, with replays accessible for two weeks post-event. Castle specializes in personalized genomic information for better treatment decisions in cancers like melanoma.

Castle Biosciences, Inc. (CSTL) reported a 54% revenue increase in Q3 2021, totaling $23.5 million compared to Q3 2020. The company is on track to meet its 2021 revenue guidance of $89-93 million. Despite a 16% decline in melanoma diagnoses versus pre-COVID levels, test report volume rose to 7,352. Gross margins were 77.9%, with adjusted gross margins at 80.9%. Cash reserves stand at $363 million. Strategic acquisitions, including Cernostics, are expected to broaden market reach and support future growth.

Castle Biosciences (CSTL) released a study validating the i31-GEP SLNB algorithm, which integrates the DecisionDx®-Melanoma gene expression profile with clinicopathologic features to improve predictions of sentinel lymph node biopsy (SLNB) positivity in melanoma patients. The algorithm demonstrated a high correlation (0.999) between predicted and observed SLN positivity rates, with a sensitivity of 95.1%. This advancement may help clinicians identify patients who can safely avoid SLNB, thus optimizing treatment strategies and potentially reducing unnecessary procedures.