- After the market close on Monday, Castle Biosciences Inc CSTL reported that its second-quarter revenues rose 79% Y/Y to $22.75 million, beating the consensus of $18.93 million.
- The increase was attributable to more than double the number of tests delivered during the quarter.
- The company said that revenues for the quarter were revenue adjustments related to tests delivered in prior periods. These adjustments lowered Q2 revenues by $0.2 million, compared to an addition of $2.3 million to revenues for the same period in 2020.
- Castle said it delivered 7,007 gene expression profile test reports, more than twice as many as the 3,314 tests it delivered in Q2 2020.
- By test type, it delivered 5,128 DecisionDx-Melanoma test reports, a 70% increase; 468 DecisionDx-UM test reports, up 53%.
- Castle President and CEO Derek Maetzold said in a statement. "We saw continued recovery trends throughout the second quarter, despite cutaneous melanoma diagnoses remaining below historical 2019 levels by approximately 12%."
- The firm's Q2 net loss widened to $(0.35) per share, from $(0.08). Wall Street analysts had estimated a loss per share of $(0.37).
- Castle Biosciences had cash and cash equivalents of $368.3 million.
- Castle raised its guidance for the year and now anticipates revenues of $89 million to $93 million, up from a previous forecast of $80 million to $83 million. Analysts were expecting revenues of $83.6 million for the year.
- Price Action: CSTL shares closed lower by 4.90% at $68.33 on Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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