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DermTech, Inc. (NASDAQ: DMTK) has announced an agreement with Blue Shield of California to provide reimbursement coverage for its products, effective February 1, 2021. This agreement affects approximately 3.7 million covered lives across various insurance programs. DermTech's Pigmented Lesion Assay (PLA), a non-invasive gene expression test for melanoma detection, boasts a 99% negative predictive value. This marks the second significant partnership with a Blues plan, highlighting the growing recognition of DermTech’s genomic technology in early melanoma detection and cost reduction in healthcare.
DermTech (NASDAQ: DMTK) announced its participation in the virtual Dermatology Drug Development Summit, showcasing a session on precision medicine in dermatology. Dr. Michael D. Howell highlighted the proprietary Smart Sticker platform, which allows non-invasive skin sampling for early skin cancer detection, emphasizing its potential in personalized medicine. The session aimed to address high unmet needs in dermatological treatments, promoting innovative practices in the industry. DermTech is focused on transforming dermatological practices through advanced genomic technologies.
DermTech, Inc. (NASDAQ: DMTK) has entered an agreement with Blue Cross Blue Shield of Illinois, effective November 3, 2020, to include its non-invasive gene expression test, the PLA, for early melanoma detection in the Commercial PPO and Medicare Advantage plans. The PLA boasts a 99% negative predictive value, significantly improving early detection while reducing unnecessary biopsies and overall healthcare costs.
This partnership marks an important step in expanding access to DermTech's innovative skin genomics platform, aiming to transform dermatology and enhance patient care.
DermTech (NASDAQ: DMTK) announced the presentation of a clinical research abstract at the 40th annual Fall Clinical Dermatology Conference. The study, led by Dr. Stephanie R Jackson Cullison, revealed the enhanced performance of the DermTech Pigmented Lesion Assay through the new test called PLAplus. By combining DNA and RNA analyses, the test's sensitivity improved from 91% to 97%, enabling earlier detection of cutaneous melanoma. This advancement supports DermTech's mission to transform dermatology with its non-invasive genomics platform.
DermTech, Inc. (NASDAQ: DMTK) reported Q3 2020 financial results, highlighting a significant 220% increase in assay revenues, reaching $1.2 million compared to Q3 2019. The total revenue for the quarter was $1.4 million, a 141% increase year-over-year. Billable sample volume grew by 86%, totaling approximately 6,700 samples. However, the company also reported a net loss of $9.4 million, compared to a loss of $5.7 million in the same quarter last year. Due to COVID-19 uncertainties, DermTech refrained from offering future financial guidance.
DermTech, a leader in precision dermatology, announced participation in two upcoming investor conferences. The company will present at the Stifel 2020 Virtual Healthcare Conference on November 18, 2020, at 1:20 p.m. Eastern time, and at the Canaccord Genuity Virtual MedTech & Diagnostics Forum on November 19, 2020, at 4:00 p.m. Eastern time. Interested individuals can access live and archived webcasts via DermTech's website. DermTech focuses on non-invasive skin genomics for early skin cancer detection and aims to enhance patient care while lowering costs.
DermTech, Inc. (NASDAQ: DMTK) will release its third quarter 2020 financial results on November 10, 2020, after market close. The company will host a conference call at 1:30 PM PT to discuss its financial outcomes and recent highlights. Interested parties can join the call via telephone or through a live webinar on DermTech's investor website. DermTech focuses on precision dermatology, utilizing a non-invasive skin genomics platform for early skin cancer detection and customized treatments. For further details, visit DermTech's investor relations site.