Castle Biosciences, Inc. - CSTL STOCK NEWS

Castle Biosciences, Inc. (NASDAQ: CSTL) announced that Dr. Matthew Goldberg will present at the Precision Medicine World Conference (PMWC) 2023 in Santa Clara, California, from January 25-27. His presentation, titled “Using Molecular Diagnostics to Inform Cancer Management Decisions,” is scheduled for January 25 at 2:30 p.m. PT. Dr. Goldberg will discuss the company’s innovative tests, including DecisionDx®-Melanoma and TissueCypher® Barrett’s Esophagus, aimed at improving treatment decisions and patient outcomes. Castle is committed to advancing precision medicine, addressing significant clinical needs, and optimizing healthcare costs.

Castle Biosciences (Nasdaq: CSTL) presented new data on its skin cancer test portfolio at the 2023 Winter Clinical Dermatology Conference in Hawaii. Findings on DecisionDx®-Melanoma indicate it can accurately identify patients with high-risk tumor biology among those with negative lymph nodes. In a cohort of 3,271 patients, low-risk results showed a 99.7% three-year melanoma-specific survival rate versus 91.8% for high-risk individuals. Additionally, a new clinical algorithm for DecisionDx®-SCC offers a framework for managing high-risk cutaneous squamous cell carcinoma according to NCCN guidelines.

Castle Biosciences (NASDAQ: CSTL) announced preliminary results for 2022, expecting total revenue to reach $132–$137 million. The company delivered 44,338 test reports, marking a 58% increase from 2021, with significant growth in DecisionDx^®-Melanoma tests.

Year-end cash and equivalents are projected at approximately $259 million. Despite these positive metrics, the company cautioned about uncertainties affecting future results, including macroeconomic conditions.

Castle Biosciences (CSTL) announced findings from a study in collaboration with the Melanoma Research Foundation, revealing that 90% of uveal melanoma (UM) patients value prognostic testing at diagnosis. The DecisionDx-UM test reportedly provides insights into personalized treatment options, significantly reduces decision regret, and is now the standard of care in many US oncology practices. Despite various risk classifications, most patients indicated comparable decision regret levels. The study underscores the importance of personalized information for patient care.

Castle Biosciences, Inc. (NASDAQ: CSTL) announced new data at the ASDP 59th Annual Meeting indicating that the DecisionDx-SCC test can provide significant risk stratification for patients with cutaneous squamous cell carcinoma (cSCC) and uncertain tumor differentiation. This study, which involved 420 patients, revealed that 40% had changing BWH staging based on differentiation status alterations. Furthermore, low-risk patients demonstrated a three-year metastasis-free survival rate of 90.1%, outperforming moderate and high-risk groups, underscoring the test's value in guiding treatment decisions.

Castle Biosciences, Inc. (CSTL) reported a 58% revenue increase to $37.0 million in Q3 2022, delivering a record 12,114 test reports, a 57% rise from Q3 2021. Adjusted revenues reached $37.3 million, marking a similar 58% growth. The company raised its 2022 revenue guidance to $132-137 million from $130-135 million. Despite the strong top-line growth, Castle Biosciences experienced a net loss of $(20.2) million for the quarter, worsening from $(11.8) million in Q3 2021. Gross margins were reported at 70%, with expectations for positive net operating cash flow by 2025.

Castle Biosciences, Inc. (NASDAQ: CSTL) will present company overviews at multiple investor conferences this November. These include the Credit Suisse 31st Annual Healthcare Conference on Nov. 9, 2022, at 12:50 p.m. ET, the Stephens Annual Investment Conference on Nov. 16, 2022, at 11:00 a.m. ET, and the Canaccord Genuity MedTech Conference on Nov. 17, 2022, at 11:30 a.m. ET. Live webcasts will be accessible on their website, with replays available post-event.

Castle focuses on diagnostics, offering tests for skin cancers and other diseases.

Castle Biosciences (CSTL) announced the publication of clinical utility data in Cancer Investigation, revealing that clinicians are effectively using the DecisionDx-SCC test for high-risk cutaneous squamous cell carcinoma (SCC) patients. In the study, 98.1% of 2,503 samples were tested, with 68.8% classified as low-risk. The study reinforces the importance of risk assessment beyond traditional methods, as 75% of samples had multiple high-risk factors. Results indicate that the test aids in aligning treatment plans with patients' metastatic risks, potentially reducing overtreatment.