Castle Biosciences - CSTL STOCK NEWS

Castle Biosciences, a precision medicine company, announced a milestone for its TissueCypher Barrett’s Esophagus test, surpassing 25,000 test reports delivered since acquiring the test in late 2021. TissueCypher predicts the risk of progression from Barrett’s esophagus (BE) to esophageal cancer. BE is the only known precursor to esophageal adenocarcinoma, a rapidly increasing cancer in the U.S. with a five-year survival rate of 22%. TissueCypher, supported by 14 peer-reviewed studies, outperforms traditional pathology diagnoses, providing personalized risk scores and actionable insights. This test can help clinicians make informed decisions, potentially preventing esophageal cancer through tailored surveillance and intervention strategies.

Castle Biosciences presented new data from their DECIDE study showing that their DecisionDx-Melanoma test reduced unnecessary sentinel lymph node biopsy (SLNB) procedures by 25%. The study, presented at Dermato-Onco2024, included 471 patients with T1-T2a melanoma tumors. Among patients who underwent SLNB, none with low-risk DecisionDx-Melanoma results (predicted risk <5%) had positive nodes, while 9.8% of those with predicted risk ≥5% showed positive results. The test integrates tumor biology with clinicopathologic factors to predict SLN positivity risk, helping physicians and patients make informed decisions about SLNB procedures.

Castle Biosciences (CSTL) reported strong Q3 2024 financial results with revenue increasing 39% to $85.8 million compared to Q3 2023. Total test reports grew 41% to 26,010. The company raised its full-year 2024 revenue guidance to $320-330 million from $275-300 million. Q3 highlights include a gross margin of 79%, net income of $2.3 million, and Adjusted EBITDA of $21.6 million. Notable growth was seen across multiple tests, with TissueCypher® Barrett's Esophagus test reports increasing 115% and IDgenetix® test reports up 81%. The company's cash position stood at $279.8 million as of September 30, 2024.

Castle Biosciences (CSTL) presented new data at ACG 2024 showing their TissueCypher® test can significantly reduce healthcare costs and improve quality of life for Barrett's esophagus (BE) patients. Using a simulation model of 10,000 patients, the study demonstrated a $17M decrease in BE management costs when patients identified by TissueCypher as high-risk received endoscopic eradication therapy. The test reduced esophageal cancer progression by 58.4% and EAC-related death by 59.6%. The abstract received a Presidential Poster Award, an honor given to only 5-7% of submissions for outstanding research.

Castle Biosciences (CSTL) has announced its executive management's participation in three upcoming investor conferences in November 2024. The company will present overviews at the Guggenheim Securities Healthcare Innovation Conference on Nov. 11 at 2:30 p.m. ET and the Stephens 26th Annual Investment Conference on Nov. 20 at 9:00 a.m. ET. Additionally, Castle will be available for one-on-one investor meetings during the UBS Global Healthcare Conference on Nov. 12. Live audio webcasts of the presentations will be accessible through Castle's investor relations website, with replays available after the events.

Castle Biosciences presented new data at the 2024 ASDS Annual Meeting supporting the clinical utility of its DecisionDx-Melanoma and DecisionDx-SCC tests in guiding skin cancer treatment decisions. The CONNECTION study showed that using DecisionDx-Melanoma could reduce unnecessary sentinel lymph node biopsies (SLNB) by up to 64% in patients with T1 melanoma tumors, while maintaining high survival rates. For squamous cell carcinoma (SCC), DecisionDx-SCC demonstrated utility in guiding radiologic surveillance imaging decisions for patients with stage T2b tumors. The test identified low-risk patients who could safely defer imaging and higher-risk patients who may benefit from imaging for early detection of disease progression.

Castle Biosciences announced two recent studies supporting the clinical need for its MyPath® Melanoma gene expression profile (GEP) test. The studies, published in the Journal of Cutaneous Pathology and Melanoma Management, demonstrate:

• Significant disagreement in diagnosing melanocytic lesions using pathology alone
• Variability in surgical management among dermatologists
• Risk-aligned changes and increased confidence in decisions resulting from GEP testing

Key findings include:

• 24% of suspicious lesions had differing diagnoses by nine board-certified dermatopathologists
• 84.2% of clinicians decreased recommended surgical margins with benign GEP results
• 100% of clinicians increased surgical excision recommendations with malignant GEP results
• Overall increase in patient management plan confidence with GEP results

Castle Biosciences (Nasdaq: CSTL), a company focused on improving health through innovative diagnostic tests, has announced the release date for its third quarter 2024 financial results. The company will disclose its financial performance for the quarter and nine months ended Sept. 30, 2024, after market close on Monday, Nov. 4, 2024.

Following the release, Castle Biosciences will host a conference call and webcast at 4:30 p.m. Eastern time on the same day to discuss the results. Interested parties can access the live webcast through the provided link or via the Investor Relations page on the company's website. For those joining by phone, dial-in details for both U.S. and international participants are provided, along with the access code. A brief Q&A session will follow management's commentary.

Castle Biosciences (Nasdaq: CSTL) has announced its sponsorship of the 71st Annual Montagna Symposium on the Biology of the Skin, scheduled for Oct. 17-21, 2024, in Stevenson, Washington. The event, hosted by the Oregon Health & Science University Department of Dermatology, aims to bring together clinicians and scientists to explore focused aspects of dermatology and skin biology.

Dr. Matthew Goldberg, SVP of medical at Castle Biosciences, expressed pride in supporting the symposium's mission to exchange knowledge and integrate recent discoveries into clinical practice. The Montagna Symposium, established in 1950, has attracted over 5,000 attendees and serves as a platform for new concepts in cutaneous biology.

This year's symposium will focus on skin of color dermatology, covering topics such as genetics, social determinants of health, and cutaneous disorders affecting people with pigmented skin. Dr. Tamia Harris-Tryon, the symposium program chair, highlighted the importance of support from organizations like Castle Biosciences in challenging disease management paradigms for improved patient care.