Business
Castle Biosciences Announces Preliminary Fourth Quarter and Full-Year 2020 Results
Delivered 18,185 gene expression profile test reports in 2020 Year-end 2020 cash and cash equivalents were approximately $410 million Final, expanded LCD for
About this update from Castle Biosciences, Inc.
[{"type":"text","content":"\nDelivered 18,185 gene expression profile test reports in 2020\n\nYear-end 2020 cash and cash equivalents were approximately $410 million\n\nFinal, expanded LCD for CMS coverage for DecisionDx-Melanoma test became effective on Dec. 6, 2020\n\nLaunched two new skin cancer tests in 2H2020, increasing estimated in-market U.S. TAM to $2 billion\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 certain unaudited preliminary performance results for the fourth quarter and full-year 2020.\n\n“At Castle, we are committed to providing innovative, clinically actionable dermatologic tests to improve patient outcomes,” said Derek Maetzold, president and chief executive officer of Castle Biosciences. “In 2020, despite the challenges presented to us all by the global pandemic, our team remained focused on this commitment and performed exceptionally.\n\n“We delivered year-over-year volume growth in 2020 in DecisionDx®-Melanoma reports, our current lead revenue driver, despite a significant reduction in melanoma diagnoses that we believe was due to COVID-19. We also expanded our skin cancer suite of products, adding two new proprietary gene expression profile tests and increasing the estimated U.S. total addressable market (TAM) of our commercially available tests to $2 billion. We expanded our body of evidence in 2020, with 11 supportive peer-reviewed articles published for our four proprietary gene expression profile tests during the year. Evidence development remains a key component of our growth strategy, supporting adoption of our tests by clinicians and reimbursement by commercial payers.\n\n“Even in the face of COVID-19, we more than doubled our employee headcount since the beginning of 2020 through December. Additionally, we completed two equity financings, further strengthening our balance sheet, as we look to accelerate future growth through expanded support for our currently marketed tests, including further commercial team expansion in the first half of 2021, and through our pipeline development.”\n\nFourth Quarter Ended December 31, 2020, Highlights\n\n\nDelivered 5,157 total gene expression profile test reports for all four marketed tests combined in the fourth quarte...