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Castle Biosciences Estimates 2022 Revenues in Line With Prior Projections

NEW YORK – Castle Biosciences said Monday that it expects to report full-year 2022 revenues in line with or exceeding previous guidance of $132 million to $137 million.

Castle did not provide preliminary fourth quarter revenues, but estimated that it delivered 12,563 total test reports in the quarter compared to 8,242 in the same period of 2021. This includes approximately 7,295 DecisionDx Melanoma tests, up 29 percent from 5,635 in the same period of 2021, and 1,844 DecisionDx SCC results, an increase of 46 percent from 1,265 in Q4 2021.

Castle said that it delivered 822 MyPath Melanoma and DiffDx Melanoma diagnostic gene expression profile tests during the fourth quarter, up 9 percent year over year. Its Q4 DecisionDx UM test volume is projected to have dropped slightly to 432 tests.

The firm also said it delivered notable results for its two newest tests, which were not on the market in the prior-year quarter — 996 TissueCypher Barrett's Esophagus tests, and 1,174 IDgenetix test reports.

For the full year, Castle said it expects to report overall test volume totaling 44,338, an increase of 58 percent compared to 28,118 tests in 2021.

The company said it ended the year with approximately $123 million in cash and cash equivalents and approximately $136 million in short-term investments.