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Mar 31, 2022
Castle Biosciences Q1 2022 Earnings Report
Achieved revenue growth and progress on strategic initiatives.
Key Takeaways
Castle Biosciences reported an 18% increase in revenue compared to Q1 2021, driven by a 68% increase in total test reports delivered. The company is focused on its dermatology business, pipeline initiatives, and strategic opportunities.
Revenue increased 18% compared to the same period in 2021, reaching $26.9 million.
Adjusted revenue increased 50% over Q1 2021 to $26.3 million.
Delivered 8,627 total test reports, a 68% increase compared to Q1 2021.
Expanded Medicare coverage for IDgenetix to include seven additional mental health conditions.
Forward Guidance
Castle Biosciences is increasing its previously issued guidance for anticipated total revenue in 2022. The Company now anticipates generating $118-123 million in total revenue in 2022, compared to the previously provided guidance of $115-120 million. This includes expected revenue from the TissueCypher Barrett’s Esophagus test, acquired in December 2021, and the IDgenetix pharmacogenomics test for mental health conditions, acquired in April 2022.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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