Castle Biosciences, Inc. - CSTL STOCK NEWS

Castle Biosciences (Nasdaq: CSTL) presented data at the RAD Conference demonstrating that its non-invasive skin scraping technique effectively collects RNA for gene expression analysis in inflammatory skin diseases, including psoriasis and atopic dermatitis. The study, involving a sample of 40 patients, highlighted a >0.99 correlation in RNA yield, suggesting reliability for future tests. Castle's ongoing 4,800 patient study aims to validate a gene expression profile test, with initial results expected in 2023 and potential launch by 2025, addressing a significant need for personalized medication selection.

Castle Biosciences, Inc. (Nasdaq: CSTL) announced that CEO Derek Maetzold and CFO Frank Stokes will present a company overview at the 21st Annual Needham Virtual Healthcare Conference on April 12, 2022, at 3:00 p.m. Eastern time. The presentation can be accessed via a live audio webcast on the company's website, with a replay available for two weeks afterward. Castle Biosciences focuses on innovative diagnostic tests for conditions like skin cancers and Barrett’s esophagus, aiming to improve patient care.

Castle Biosciences (Nasdaq: CSTL) has signed a definitive agreement to acquire AltheaDx, a company specializing in pharmacogenomics and mental health diagnostics, for $65 million, comprising $32.5 million in cash and $32.5 million in stock. This strategic acquisition aims to expand Castle's market presence in the estimated $8 billion U.S. pharmacogenomics market and enhance patient care solutions through the IDgenetix test for mental health conditions. Closing is expected in Q2 2022, contingent on standard conditions.

Castle Biosciences, Inc. (CSTL) announced that the Centers for Medicare & Medicaid Services (CMS) granted Advanced Diagnostic Laboratory Test (ADLT) status for its TissueCypher Barrett’s Esophagus test, effective March 24, 2022. This status allows for Medicare reimbursement, expanding access for patients at risk of esophageal cancer. TissueCypher is designed to predict the development of high-grade dysplasia and/or esophageal cancer in patients with Barrett’s esophagus. This is Castle's fourth test to achieve ADLT status.

Castle Biosciences (Nasdaq: CSTL) announced its participation in the 2022 American Academy of Dermatology Annual Meeting in Boston, showcasing its skin cancer gene expression profile tests, DecisionDx-Melanoma and DecisionDx-SCC. These tests provide independent risk stratification for melanoma and cutaneous squamous cell carcinoma, aiding in patient management. DecisionDx-Melanoma predicts metastasis risk using a 31-gene expression profile, while DecisionDx-SCC evaluates risk for high-risk patients using a 40-gene test. Presentations are scheduled for March 26 and 27, 2022, demonstrating their clinical utility.

Castle Biosciences (CSTL) presented new findings on the performance of its DecisionDx®-Melanoma test at the Society of Surgical Oncology’s 2022 Conference. The study showed that DecisionDx-Melanoma, combined with the proprietary i31-SLNB algorithm, improved predictions of sentinel lymph node (SLN) positivity in melanoma patients compared to traditional T-stage criteria. It demonstrated an Area Under the Curve (AUC) of 0.89 for low-risk tumor identification versus 0.78 for T-stage, highlighting better precision. This advancement could lead to reduced unnecessary procedures and healthcare costs.

Castle Biosciences, Inc. (NASDAQ: CSTL) has announced that CEO Derek Maetzold and CFO Frank Stokes will present at two upcoming investor conferences: the 42nd Annual Cowen Health Care Conference on March 8, 2022, at 2:50 p.m. Eastern time, and the KeyBanc Capital Markets’ Virtual Life Sciences & MedTech Investor Forum on March 22, 2022, at 9:45 a.m. Eastern time. Live webcasts will be available on the company's website, with replays accessible for two weeks post-event. Castle Biosciences focuses on innovative diagnostic tests to enhance patient care.

Castle Biosciences (CSTL) reported a significant increase in full-year 2021 revenue, achieving $94.1 million, a 50% rise from 2020. The company's GEP testing volume grew by 55%, with expectations for 2022 revenue between $115-120 million. Key achievements include expanding the commercial team and successful acquisitions in dermatology and gastrointestinal testing markets, which collectively expand the U.S. addressable market by about $1 billion. However, the company faced a net loss of $31.3 million for 2021, highlighting ongoing challenges despite its operational growth.

Castle Biosciences (CSTL) will announce its fourth quarter and full year 2021 financial results on February 28, 2022, after market close. A conference call and webcast will follow at 4:30 PM ET the same day, providing an opportunity for management to discuss the results and engage in a Q&A session. Investors can access the live event via phone or through the Company’s website. This release highlights the company's dedication to innovative diagnostics aimed at improving patient outcomes.