Business
Castle Biosciences Reports First Quarter 2022 Results
Q1 2022 revenue increased 18% over Q1 2021 to $26.9 million Q1 2022 adjusted revenue increased 50% over Q1 2021 to $26.3 million Delivered 8,627 total test
About this update from Castle Biosciences, Inc.
[{"type":"text","content":"\nQ1 2022 revenue increased 18% over Q1 2021 to $26.9 million\nQ1 2022 adjusted revenue increased 50% over Q1 2021 to $26.3 million\nDelivered 8,627 total test reports in Q1 2022, an increase of 68% compared to Q1 2021\nDecisionDx-Melanoma test report volume increased 48% over Q1 2021\nConference call and webcast today at 4:30 p.m. ET\n\n FRIENDSWOOD, Texas--(BUSINESS WIRE)--\nCastle Biosciences, Inc. (Nasdaq: CSTL), a company improving health through innovative tests that guide patient care, today announced its financial results for the first quarter ended March 31, 2022.\n\n“We saw significant progress and execution on our growth initiatives in the first quarter, with record test report volume,” said Derek Maetzold, president and chief executive officer of Castle Biosciences. “We remain laser-focused on the execution of our three operational growth pillars — our strong core dermatology business, pipeline initiatives and strategic opportunities — and are pleased with our results.\n\n“In 2021, we made commercial investments, including a significant sales team expansion, in our proprietary skin cancer test business to further our position of strength in 2022 and beyond. We believe these investments, coupled with the demonstrated utility of our tests, are the drivers behind the nearly 70% increase in total test volume during the first quarter.\n\n“We reported initial proof of concept data on our sample collection method for our pipeline test for inflammatory skin diseases, and we remain on track to launch this test in 2025, which would add an additional $1.9 billion to our estimated U.S. total addressable market (TAM), if successful.\n\n“We are encouraged with the initial progress on our gastroenterology franchise and TissueCypher® Barrett’s Esophagus (BE) test. We successfully hired and trained our commercial team for this test, who were in the field in February 2022, and received new Advanced Diagnostic Laboratory Test (ADLT) status from the Centers for Medicare & Medicaid Services (CMS) in March 2022. Further, the recent acquisition of AltheaDx and the IDgenetix® pharmacogenomic test (PGx), in alignment with our M&A strategy to diversify our portfolio and create near- and long-term revenue growth opportunity, adds approximately $5.0 billion to our estimated U.S. TAM. IDgenetix now has expanded Medicare coverage, from depression...