Castle Biosciences Stock Price, News & Analysis

Castle Biosciences, Inc. (Nasdaq: CSTL) announced participation in the Oppenheimer MedTech, Tools, & Diagnostics Summit on May 26, 2021. CEO Derek Maetzold and CFO Frank Stokes will deliver a pre-recorded investor presentation and hold virtual one-on-one meetings. The presentation will be accessible on the conference site and Castle's website from May 26 to June 16, 2021. Castle specializes in personalized genomic information for dermatologic diagnostics, offering tests for various skin cancers and conditions.

Castle Biosciences (Nasdaq: CSTL) has appointed Tiffany Olson to its board of directors, effective immediately. Olson, who has extensive experience in public diagnostics, is expected to enhance the company’s strategic direction. Currently the president of Nuclear & Precision Health Solutions at Cardinal Health, Olson previously held leadership roles at NaviMed and Roche Diagnostics. She is recognized for her contributions to personalized medicine and has received several awards. Her appointment aims to strengthen Castle's board with her insights into high-growth operations.

Castle Biosciences (CSTL) reported a 31% revenue increase to $22.8 million for Q1 2021 compared to $17.4 million in Q1 2020. Notably, March 2021 saw a 30% rise in orders for the DecisionDx®-Melanoma test. The company anticipates 2021 revenues between $80-83 million. Gross margins were strong at 87%, with total gene expression profile test reports reaching 5,142. Castle also announced plans to acquire Myriad myPath Laboratory enhancing its service offerings. The expanded commercial team aims to improve patient care through innovative genomic tests.

Castle Biosciences, Inc. (Nasdaq: CSTL) has initiated a pipeline initiative to develop a genomic test predicting therapy responses for moderate to severe psoriasis and atopic dermatitis. This initiative expands their focus beyond cancer diagnostics. The company aims to launch the test by the end of 2025, potentially adding $1.9 billion to their U.S. total addressable market. A multi-center study involving 4,800 patients will support the test's development. This innovative approach could enhance patient care by optimizing early treatment decisions and reducing healthcare costs.

Castle Biosciences (CSTL) has partnered with the Colorado Melanoma Foundation to sponsor the Sun Bus, a mobile initiative providing free skin cancer screenings and public education. Starting in May 2021, the Sun Bus will travel through Texas, Colorado, Arizona, and New Mexico. This initiative, highlighted by Dr. Neil Box, aims to raise awareness post-pandemic about the importance of regular health screenings. Castle’s CEO, Derek Maetzold, emphasized their commitment to improving patient outcomes through early detection and personalized care using their genomic diagnostic tests.

Castle Biosciences (Nasdaq: CSTL) announces national sponsorship of the American Academy of Dermatology's "Skin Cancer, Take a Hike!™" program during Skin Cancer Awareness Month. Since 2014, this event raised $1.5 million to promote skin cancer prevention and early detection. The initiative aims to combat skin cancer, which affects approximately 9,500 individuals daily. Castle emphasizes the importance of awareness, prevention, and early detection in improving health outcomes, aligning with AAD's goals of public education and free screenings.

Castle Biosciences (Nasdaq: CSTL) has announced the acquisition of Myriad myPath Laboratory for $32.5 million, aimed at enhancing its skin cancer genomic testing capabilities. This acquisition will allow Castle to integrate the myPath Melanoma 23-gene expression profile test into its offerings, complementing its existing DecisionDx DiffDx-Melanoma test. The transaction, expected to close in approximately four weeks, is anticipated to provide a comprehensive molecular testing solution for difficult-to-diagnose melanocytic lesions, ultimately improving patient diagnosis and treatment pathways.