Results: Castle Biosciences Reports Preliminary Q4 and 2024 Performance
Castle Biosciences, Inc. (Nasdaq: CSTL), a company dedicated to improving patient care through innovative tests, today announced preliminary unaudited performance results for the fourth quarter and full year ending December 31, 2024.
Castle Biosciences, Inc. (Nasdaq: CSTL), a leader in diagnostic testing solutions aimed at improving patient care, announced its preliminary unaudited financial results for the fourth quarter and full-year 2024. The company reported strong performance in the final quarter of the year, reflecting continued momentum across its growth initiatives and the hard work of its dedicated team.
Fourth Quarter 2024 Performance
Castle Biosciences achieved significant growth in the fourth quarter of 2024. The company delivered a total of 24,071 test reports, a 19% increase compared to 20,284 test reports in the same period of 2023. Key highlights include:
- DecisionDx®-Melanoma: 8,672 reports, a slight increase of 1% compared to the previous year’s 8,591 reports.
- DecisionDx®-SCC: 4,299 reports, reflecting a 22% increase from 3,530 reports in Q4 2023.
- MyPath® Melanoma: 879 reports, a 14% decrease from the 1,018 reports in Q4 2023.
- TissueCypher® Barrett’s Esophagus: 6,672 reports, a 94% increase compared to 3,441 reports in Q4 2023.
- IDgenetix®: 3,125 reports, a slight decrease of 5% from 3,299 reports in Q4 2023. The company made strategic changes in its promotional efforts for IDgenetix in late 2024, reallocating resources to inside sales and non-personal promotion.
- DecisionDx®-UM: 424 reports, a 5% increase from 405 reports in the same quarter last year.
Full-Year 2024 Performance
For the full year ending December 31, 2024, Castle Biosciences expects to meet or exceed the top end of its revenue guidance, projecting revenues in the range of $320-330 million. The company delivered a total of 96,071 test reports for the year, marking a 36% increase from 70,429 test reports in 2023. Significant highlights for the year include:
- DecisionDx®-Melanoma: 36,008 reports, an 8% increase from 33,330 reports in 2023.
- DecisionDx®-SCC: 16,348 reports, representing a 43% increase from 11,442 reports in 2023.
- MyPath® Melanoma: 3,909 reports, a slight 1% decrease from 3,962 reports in 2023.
- TissueCypher® Barrett’s Esophagus: 20,956 reports, a remarkable 130% increase from 9,100 reports in 2023.
- IDgenetix®: 17,151 reports, a 57% increase from 10,921 reports in 2023.
- DecisionDx®-UM: 1,699 reports, a modest 1% increase from 1,674 reports in 2023.
Cash Position and Marketable Securities
As of December 31, 2024, Castle Biosciences expects to report cash and cash equivalents of approximately $120 million. In addition, the company estimates holding approximately $173 million in marketable investment securities at year-end 2024.
Recent Publication
A recent Results study published in the World Journal of Surgical Oncology highlighted the positive impact of Castle’s DecisionDx®-Melanoma test. The study, part of the multicenter DECIDE trial, demonstrated that integrating the DecisionDx®-Melanoma test results into sentinel lymph node biopsy (SLNB) decision-making led to a 18.5% reduction in SLNB procedures compared to a matched cohort. The study found no patients with a predicted low risk of SLN positivity who had a positive node after undergoing SLNB, indicating the test’s potential in refining treatment decisions.
Reimbursement Update
On January 9, 2025, Castle Biosciences received an update regarding Medicare coverage. The Medicare Administrative Contractor, Novitas, finalized a local coverage determination that excludes coverage for the DecisionDx®-SCC test, which may impact future reimbursement for the test under Medicare.
About Castle Biosciences
Castle Biosciences (Nasdaq: CSTL) is a leading diagnostics company focused on improving health through innovative tests that Results guide patient care. The company’s goal is to transform disease management by placing patients at the center, offering a broad portfolio of diagnostic tests, including those for skin cancers, Barrett’s esophagus, mental health conditions, and uveal melanoma. Castle Biosciences Results also has active research and development programs for tests aimed at guiding systemic therapy selection for patients with moderate-to-severe atopic dermatitis seeking biologic treatments.
