Business
Castle Biosciences Announces First Quarter 2020 Results
Q1 2020 DecisionDx-Melanoma test report volume increased 42% compared to Q1 2019 Q1 2020 revenues of $17.4 million, compared to $8.7 million in Q1 2019, an
About this update from Castle Biosciences, Inc.
[{"type":"text","content":"\nQ1 2020 DecisionDx-Melanoma test report volume increased 42% compared to Q1 2019\nQ1 2020 revenues of $17.4 million, compared to $8.7 million in Q1 2019, an increase of 100%\nOperating cash flow for Q1 2020 was $(0.3) million\nCash and cash equivalents as of March 31, 2020, totaled $98.7 million\nCompany suspends 2020 revenue guidance due to COVID-19\nConference call and webcast today at 4:30 p.m. ET\n\n FRIENDSWOOD, Texas--(BUSINESS WIRE)--\nCastle Biosciences, Inc. (Nasdaq: CSTL), a skin cancer diagnostics company providing personalized genomic information to improve cancer treatment decisions, today announced its financial results for the first quarter ended March 31, 2020.\n\n\n“The Castle Biosciences team continued to perform at an exceptional level in the first quarter, with significant growth in revenue and DecisionDx®-Melanoma test report volume,” said Derek Maetzold, president and chief executive officer. “We are making investments in our business intended to put us in a position of strength as we continue to move through the current COVID-19 situation and execute on our strategy in the latter half of 2020 and 2021. This includes filling key positions and the initiation of clinical studies to drive additional evidence development for DecisionDx-Melanoma as well as to support the commercial launch of our two pipeline tests.\n\n\n“With the recent publication of three peer-reviewed articles that document the clinical validity and impact of DecisionDx®-SCC in patients diagnosed with high-risk cutaneous squamous cell carcinoma (SCC), we plan to launch this pipeline test in the third quarter of 2020. Our proprietary tests are used to inform important treatment plan decisions in early stage cancers and having the opportunity to expand our service to patients diagnosed with high-risk SCC is an important step. The planned launch of our gene expression profile test for suspicious pigmented lesions, our other near-term pipeline test, remains on track for the second half of 2020.\n\n\n“The COVID-19 situation continues to evolve and brings along with it a high level of uncertainty surrounding potential future impacts. The pandemic has caused disruptions to patient flow and a significant reduction in biopsies and the number of patients with a diagnosis of cutaneous melanoma. During the first quarter, our business was not materially...