Castle Biosciences, Inc. - CSTL STOCK NEWS

Castle Biosciences (NASDAQ: CSTL) announces its role as a national sponsor of The Sun Bus, a mobile clinic offering free skin checks and sun safety education. The initiative highlights skin cancer awareness, recognized as the most commonly diagnosed cancer in the U.S. In 2022, The Sun Bus will provide over 360 hours of services at more than 50 locations across various states, including Texas and Georgia. Castle's leadership emphasizes the importance of early detection and prevention in improving patient care.

Castle Biosciences (CSTL) reported Q1 2022 revenues of $26.9 million, an 18% increase from Q1 2021. Adjusted revenues rose 50% to $26.3 million. Total test reports delivered surged 68% year-over-year to 8,627, driven by strong performance in their dermatology tests. The company is optimistic about its pipeline initiatives, which could add $1.9 billion to its U.S. total addressable market. However, they reported a net loss of $24.6 million, significantly higher than the prior year. Cash reserves stand at $309 million, and revenue guidance for the year has been raised to $118-123 million.

Castle Biosciences (CSTL) announced a collaboration with Miss America 2020, Camille Schrier, to promote its IDgenetix® genetic testing for mental health treatment. The test aims to enhance treatment outcomes by tailoring medications based on genetic profiles. Schrier shared her personal experience, indicating a potential improvement in her medication efficacy through IDgenetix. A randomized controlled trial showed that patients using IDgenetix had more than 2.5 times better remission rates than those who did not undergo genetic testing. This initiative coincides with Mental Health Awareness Month.

Castle Biosciences, Inc. (CSTL) is collaborating with the Melanoma Research Foundation and The Skin Cancer Foundation to support skin cancer research and advocacy during Skin Cancer Awareness Month in May. Skin cancer remains the most common cancer in the U.S., with an estimated one in five Americans developing it by age 70. Castle's efforts include sponsorship of educational events and fundraising activities to enhance awareness and treatment options. The company emphasizes its commitment to improving skin cancer patient outcomes through innovative diagnostic tests and partnerships.

Castle Biosciences announced an expansion of its U.S. Federal Supply Schedule contract, effective April 15, 2022, to include its entire skin cancer test portfolio. This includes DecisionDx®-SCC, DecisionDx® DiffDx™-Melanoma, myPath® Melanoma, and DecisionDx®-CMSeq, alongside the already covered DecisionDx®-Melanoma. Veterans and families treated at Veterans Health Administration facilities will benefit from increased access to these tests, which aim to enhance skin cancer diagnosis and management.

Castle Biosciences (CSTL) announced a peer-reviewed study published in Clinical Gastroenterology and Hepatology, demonstrating that their TissueCypher test significantly enhances predictions for patients with Barrett's esophagus at risk of developing esophageal cancer.

The study included data from 552 patients, revealing that 51.8% of those diagnosed as non-dysplastic progressed to high-grade dysplasia or cancer. TissueCypher outperformed traditional evaluations, supporting its integration into clinical practice for better risk management.

Castle Biosciences has acquired AltheaDx, enhancing its portfolio with the IDgenetix test, which now covers seven additional mental health conditions. This acquisition expands Castle's estimated U.S. total addressable market (TAM) by approximately $5 billion to $8 billion. The transaction includes $65 million in initial consideration, with potential future payments of up to $75 million based on performance milestones.

Castle Biosciences, Inc. (NASDAQ: CSTL) will release its financial results for Q1 2022 on May 9, 2022, after market close. A conference call to discuss these results is scheduled for 4:30 p.m. ET on the same day. The company focuses on innovative diagnostic tests for diseases like skin cancers and has ongoing R&D for treatments in psoriasis and related conditions. Investors are encouraged to join the call and can access a webcast through the company's website.

Castle Biosciences (NASDAQ: CSTL) announced a study showing that melanoma patients tested with DecisionDx-Melanoma had a 27% improvement in melanoma-specific survival compared to those who were not tested. The study, part of a collaboration with the National Cancer Institute, analyzed data from 3,261 tested patients against 10,863 untested ones. Results indicated that the DecisionDx-Melanoma test delivers valuable risk stratification, aiding in personalized treatment and potentially improving patient outcomes. The findings will be presented at the 18th European Association of Dermato Oncology Congress.