Press release
Castle Biosciences Reports Fourth Quarter and Full-Year 2022 Results
Full-year 2022 revenue was up 46% over 2021 to $137 million, meeting top end of guided range Delivered 44,419 total test reports in 2022, an increase of 58%
About this update from Castle Biosciences, Inc.
[{"type":"text","content":"\nFull-year 2022 revenue was up 46% over 2021 to $137 million, meeting top end of guided range\n\nDelivered 44,419 total test reports in 2022, an increase of 58% compared to 2021\n\nFull-year 2023 revenue is expected to be between $170-180 million\n\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 fourth quarter and twelve months ended Dec. 31, 2022.\n\n“In 2022, we delivered strong year-over-year growth in revenue and test report volume, reflecting solid execution by our Castle team,” said Derek Maetzold, president and chief executive officer of Castle Biosciences. “Further, we believe our success continues to lay the foundation for future growth in 2023 and beyond. We are pleased to provide our financial outlook for 2023, expecting between $170-180 million in total revenue.\n\n“We expect continued progress on our growth initiatives in 2023, including expanded evidence development supporting our proprietary commercial and pipeline tests and the continued integrations of our acquired franchises--gastroenterology and mental health--which we expect to contribute to achieving our 2025 financial targets of total revenue between $255-330 million and net operating cash flow positivity.”\n\nTwelve Months Ended Dec. 31, 2022, Financial and Operational Highlights\n\n\nRevenues were $137.0 million, a 46% increase compared to $94.1 million during 2021. Included in revenues for the year were revenue adjustments related to tests delivered in prior periods. These prior period revenue adjustments for the twelve months ended Dec. 31, 2022, were $2.0 million of net negative revenue adjustments, compared to $3.3 million of net positive revenue adjustments for 2021.\n\n\nAdjusted revenues, which exclude the effects of revenue adjustments related to tests delivered in prior periods, were $139.0 million, a 53% increase, compared to $90.8 million for 2021.\n\n\nTotal test reports delivered in 2022 were 44,419, a 58% increase compared to 28,145 in 2021:\n\n\nDecisionDx®-Melanoma test reports delivered in 2022 were 27,803, compared to 20,328 in 2021, an increase of 37%.\n\n\nDecisionDx®-SCC test reports delivered in 2022 were 5,967, compared to 3,...