Press release
Castle Biosciences Reports Fourth Quarter and Full-Year 2024 Results
Full-year 2024 revenue of $332 million, an increase of 51% compared to 2023 and above previously reported guidance Delivered 96,071 total test reports in
About this update from Castle Biosciences, Inc.
[{"type":"text","content":"\nFull-year 2024 revenue of $332 million, an increase of 51% compared to 2023 and above previously reported guidance\n\n\nDelivered 96,071 total test reports in 2024, an increase of 36% compared to 2023\n\n\nYear-end 2024 cash, cash equivalents and marketable investment securities of $293 million, a $50 million increase compared to 2023\n\n\nAnticipate generating between $280-295 million in total revenue in 2025\n\n\nConference call and webcast today at 4:30 p.m. ET\n\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 year ended December 31, 2024.\n\n\n“Castle delivered an outstanding fourth quarter that rounded out an exceptional 2024, including 51% revenue growth and 36% test report volume growth compared to 2023,” said Derek Maetzold, president and chief executive officer of Castle Biosciences. “I am incredibly proud of our team's hard work in achieving these results, including achieving our previously provided 2025 revenue guidance range one year ahead of expectations.\n\n\n“We are extremely pleased with the progress we made across our initiatives in 2024 in the areas of our core growth drivers, including a 17% increase in our dermatologic test reports (DecisionDx®-Melanoma and DecisionDx®-SCC combined) and a 130% increase in our TissueCypher® Barrett’s Esophagus test reports, over 2023. We believe this was driven largely by the clinical value of our tests, strong execution on our commercial strategy and expansion of our clinical evidence base.\n\n\n“Building on our momentum and successes, we expect to continue to focus on delivering operational excellence. Further, sound capital allocation remains a priority, including pursuing strategic opportunities, aimed at driving stockholder value in 2025 and beyond.”\n\n\nTwelve Months Ended December 31, 2024, Financial and Operational Highlights\n\n\n\nRevenues were $332.1 million, a 51% increase compared to $219.8 million in 2023.\n\n\n\nAdjusted Revenues, which exclude the effects of revenue adjustments related to tests delivered in prior periods, were $333.8 million, a 49% increase compared to $224.3 million in 2023.\n\n\n\nDelivered 96,071 total test reports in 2024, an increase of 36% compared to 70,429 in...