Castle Biosciences Inc. (CSTL) Tops Q3 EPS by 35c, Revenues Beat

Castle Biosciences Inc. (NASDAQ: CSTL) reported Q3 EPS of $0.05, $0.35 better than the analyst estimate of ($0.30). Revenue for the quarter came in at $14.78 million versus the consensus estimate of $9.45 million.

“We are pleased with our strong third quarter performance, driven by solid growth in our DecisionDx®-Melanoma test report volume, which is a result of our investment in evidence development and scaling our commercial team in the first quarter of 2019,” said Derek Maetzold, president and chief executive officer of Castle Biosciences. “Based upon our results, we have decided to execute our commercial expansion plans in December 2019.

“We recently presented the clinical validation study data for our DecisionDx-SCC test for use in patients diagnosed with high risk cutaneous squamous cell carcinoma, which we expect to launch in the second half of 2020. Additionally, we continue to progress our third skin cancer product for use in patients with a suspicious pigmented lesion, which is also on track for anticipated commercial availability in the second half of 2020. We believe these two late stage pipeline products will increase our estimated total addressable U.S. market by more than $1.4 billion, for an estimated total addressable U.S. market of $2.0 billion for current and pipeline products.”

Third Quarter Ended September 30, 2019, Financial Highlights

• Revenues were $14.8 million, an increase of $11.1 million from Q3 2018.
• Delivered 4,126 DecisionDx®-Melanoma test reports in the 2019 third quarter, compared to 3,136 reports during the third quarter of 2018, representing growth of 32%.
• Delivered 356 DecisionDx®-UM test reports in the 2019 third quarter, compared to 324 reports during the third quarter of 2018, representing growth of 10%.
• Gross margin was $13.1 million, or 88%.
• Operating cash flows were $0.8 million in Q3 2019, compared to $(1.9) million in Q3 2018.

For earnings history and earnings-related data on Castle Biosciences Inc. (CSTL) click here.

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