Business
Castle Biosciences Announces Second Quarter 2020 Results
Q2 2020 revenues of $12.7 million, compared to $10.7 million in Q2 2019 DecisionDx-Melanoma test report volume decreased 19% compared to Q2 2019 Gross margin
About this update from Castle Biosciences, Inc.
[{"type":"text","content":"\nQ2 2020 revenues of $12.7 million, compared to $10.7 million in Q2 2019\nDecisionDx-Melanoma test report volume decreased 19% compared to Q2 2019\nGross margin of 83%\nPositive operating cash flow\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 second quarter and six months ended June 30, 2020.\n\n\n“While our second quarter financial results reflect COVID-19 impacts, thanks to the strong execution by our employees, we continue to successfully navigate these challenging times,” said Derek Maetzold, Castle’s president and chief executive officer. “We have seen a notable improvement in DecisionDx®-Melanoma orders since April’s low, with sequential gains throughout the quarter leading to a year-over-year increase in June and continued year-over-year gains in July. Additionally, we maintained strong gross margins and delivered positive operating cash flow for the quarter.\n\n\n“With the publication of multiple peer-reviewed articles, we saw significant evidence development, including publication of two systematic reviews and meta-analyses regarding Decision-Dx Melanoma. Evidence development supports both clinician adoption and payor coverage of our commercially available tests, DecisionDx-Melanoma and DecisionDx®-UM, and our pipeline tests. Additionally, as we continue to position ourselves for near- and long-term growth, we are moving forward with our planned commercial team expansion in the second half of 2020.\n\n\n“We are pleased with the continued progress of our pipeline tests, which importantly allows us to expand our services for patients who are diagnosed with early stage skin cancers. We plan for DecisionDx-SCC, our pipeline test for patients with high-risk cutaneous squamous cell carcinoma (SCC), to be commercially available at the beginning of September. DecisionDx-SCC is designed to identify a patient’s risk of metastasis, in order to enable more informed, risk-appropriate clinical decisions regarding adjuvant therapy and other management options.\n\n\n“In addition, our team completed the clinical validation work needed to launch our pipeline test for use in suspicious pigmented lesions, and as previously stated, we expect ...