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Mar 31, 2021
Castle Biosciences Q1 2021 Earnings Report
Reported a revenue increase of 31% compared to Q1 2020 and initiated 2021 revenue guidance.
Key Takeaways
Castle Biosciences announced strong Q1 2021 results with a 31% revenue increase compared to Q1 2020. The company is making progress on growth initiatives, including the acquisition of Myriad's myPath Melanoma laboratory and the development of a new test for systemic therapy response in patients with psoriasis and atopic dermatitis. They are providing 2021 revenue guidance of $80-83 million.
Revenues were $22.8 million, a 31% increase compared to $17.4 million during the same period in 2020.
Total gene expression profile test reports delivered in the first quarter of 2021 were 5,142, compared to 4,935 in the same period of 2020.
Gross margin for the three months ended March 31, 2021, was 87%.
As of March 31, 2021, the Company’s cash and cash equivalents totaled $407 million.
Forward Guidance
Castle Biosciences anticipates generating $80-83 million in total revenue in 2021.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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