Business
Castle Biosciences Announces Third Quarter 2020 Results
Q3 2020 revenues of $15.2 million, Q3 2020 YTD revenues of $45.4 million DecisionDx-Melanoma report volume returned to quarterly year-over-year increase Q3
About this update from Castle Biosciences, Inc.
[{"type":"text","content":"\nQ3 2020 revenues of $15.2 million, Q3 2020 YTD revenues of $45.4 million\n\nDecisionDx-Melanoma report volume returned to quarterly year-over-year increase\n\nQ3 2020 gross margin of 84%\n\nRecently received final expanded positive Medicare coverage for DecisionDx-Melanoma\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 third quarter and nine months ended Sept. 30, 2020.\n\n“The Castle team made significant progress on our strategic growth initiatives in the third quarter,” said Derek Maetzold, president and chief executive officer of Castle Biosciences. “We also returned to year-over-year volume growth in DecisionDx®-Melanoma report volume, our current lead revenue driver, despite a reduction in melanoma diagnoses, which we believe is due to COVID-19. We are pleased to see, in October, the posting of the expanded local coverage determination (LCD) and accompanying billing and coding article for our DecisionDx-Melanoma test, with an effective date of November 22, 2020.\n\n“As laid out at the beginning of 2020, we planned to launch our two near-term pipeline tests in the second half of the year. We successfully launched DecisionDx®-SCC, our test for patients diagnosed with cutaneous squamous cell carcinoma (SCC) with one or more high-risk factors, on August 31, leveraging our strong, existing dermatologic sales channels. Through October, we have received 282 orders by 193 clinicians for this prognostic test, of which most were existing customers. Additionally, last week we launched our second new test of 2020, DecisionDx® DiffDx™-Melanoma, for use in patients with suspicious pigmented lesions. We estimate that combined, our three commercially available skin cancer products, DecisionDx-Melanoma, DecisionDx-SCC and DecisionDx DiffDx-Melanoma, have a total addressable U.S. market of approximately $2.0 billion.\n\n“We believe evidence development is key to further support clinician adoption and commercial coverage of our tests. During the quarter, we advanced our clinical studies and saw continued progress with publications of peer-reviewed articles.\n\n“As we look ahead to the remainder of 2020 and into 2021, with our team’s continued c...