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Castle Biosciences Q3 Revenues up 58 Percent on Strong Melanoma Test Volume

NEW YORK – Castle Biosciences reported after the close of the market on Wednesday that its third quarter revenues rose 58 percent year over year, driven by record diagnostic test volume for the firm.

For the three months ended Sept. 30, the company reported $37.0 million in total revenues compared to $23.5 million during the same period in 2021.

Castle said it delivered 12,114 total test reports in the third quarter of 2022, an increase of 57 percent compared to 7,727 in Q3 2021. Among these were 7,354 DecisionDx-Melanoma tests, a sharp uptick from 5,505 in Q3 2021; 1,636 DecisionDx-SCC tests; 834 MyPath Melanoma and DiffDx-Melanoma diagnostic gene expression profile reports; and 392 DecisionDx-UM tests.

The company also returned 690 TissueCypher Barrett's Esophagus tests and 1,208 IDgenetix test reports during the quarter.

Castle President and CEO Derek Maetzold lauded the company's achievement of a new record in quarterly test volume "despite typical seasonality."

"Our strategic growth initiatives, specifically the acquisitions and integrations of TissueCypher and IDgenetix, are progressing as expected. We are pleased with the results from these franchises to date … [and expect] growth from these acquisitions, coupled with our expectation for continued strong organic revenue, should position us well for long-term value creation for stockholders," he said.

Castle's Q3 R&D spending rose 45 percent to $10.9 million from $7.5 million in the year-ago quarter. Its SG&A expenses were $36.6 million, up 62 percent from $22.6 million.

The firm's net loss was $20.2 million, or $.77 per share, during the quarter compared to $11.8 million, or $.47 per share, in the same period in 2021.

Castle ended the quarter with $134.2 million in cash and cash equivalents and $131.8 million in marketable investments.

The company increased its guidance for total 2022 revenue to a range of $132 million to $137 million compared to a previous guidance of $130 million to $135 million.

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