Original from: Castle Biosciences

 

Castle Biosciences, Inc. (Nasdaq: CSTL), a company improving health through innovative tests that guide patient care, today announced its financial results for the fourth quarter and year ended December 31, 2024.

 

“Castle delivered an outstanding fourth quarter that rounded out an exceptional 2024, including 51% revenue growth and 36% test report volume growth compared to 2023,” said Derek Maetzold, president and chief executive officer of Castle Biosciences. “I am incredibly proud of our team's hard work in achieving these results, including achieving our previously provided 2025 revenue guidance range one year ahead of expectations.

 

“We are extremely pleased with the progress we made across our initiatives in 2024 in the areas of our core growth drivers, including a 17% increase in our dermatologic test reports (DecisionDx® -Melanoma and DecisionDx® -SCC combined) and a 130% increase in our TissueCypher® Barrett’s Esophagus test reports, over 2023. We believe this was driven largely by the clinical value of our tests, strong execution on our commercial strategy and expansion of our clinical evidence base.

 

“Building on our momentum and successes, we expect to continue to focus on delivering operational excellence. Further, sound capital allocation remains a priority, including pursuing strategic opportunities, aimed at driving stockholder value in 2025 and beyond.”

 

Twelve Months Ended December 31, 2024, Financial and Operational Highlights

· Revenues were $332.1 million, a 51% increase compared to $219.8 million in 2023.

· Adjusted Revenues, which exclude the effects of revenue adjustments related to tests delivered in prior periods, were $333.8 million, a 49% increase compared to $224.3 million in 2023.

· Delivered 96,071 total test reports in 2024, an increase of 36% compared to 70,429 in 2023:

 - DecisionDx-Melanoma test reports delivered in 2024 were 36,008, compared to 33,330 in 2023.

 - DecisionDx-SCC test reports delivered in 2024 were 16,348, compared to 11,442 in 2023.

 - MyPath®Melanoma test reports delivered in 2024 were 3,909, compared to 3,962 MyPath Melanoma and DiffDx®-Melanoma aggregate test reports in 2023.

 - TissueCypher Barrett’s Esophagus test reports delivered in 2024 were 20,956, compared to 9,100 in 2023.

 - IDgenetix®test reports delivered in 2024 were 17,151, compared to 10,921 in 2023.

 - DecisionDx®-UM test reports delivered in 2024 were 1,699, compared to 1,674 in 2023.

· Gross margin for 2024 was 79%, and Adjusted Gross Margin was 82%, compared to 75% and 80% respectively for the same periods in 2023.

· Net cash provided by operations was $64.9 million, compared to net cash used in operations of $5.6 million in 2023.

· Net income for 2024, which includes non-cash stock-based compensation expense of $50.3 million, was $18.2 million, compared to a net loss of $57.5 million in 2023.

· Adjusted EBITDA for 2024 was $75.0 million, compared to $(4.4) million in 2023.

 

Cash, Cash Equivalents and Marketable Investment Securities

As of December 31, 2024, the Company’s cash, cash equivalents and marketable investment securities totaled $293.1 million.

 

Fourth Quarter Ended December 31, 2024, Financial and Operational Highlights

· Revenues were $86.3 million, a 31% increase compared to $66.1 million during the same period in 2023.

· Adjusted Revenues, which exclude the effects of revenue adjustments related to tests delivered in prior periods, were $85.8 million, a 22% increase compared to $70.2 million for the same period in 2023.

· Delivered 24,071 total test reports, an increase of 19% compared to 20,284 in the same period of 2023:

 - DecisionDx-Melanoma test reports delivered in the quarter were 8,672, compared to 8,591 in the fourth quarter of 2023.

 - DecisionDx-SCC test reports delivered in the quarter were 4,299, compared to 3,530 in the fourth quarter of 2023.

 - MyPath Melanoma test reports delivered in the quarter were 879, compared to 1,018 in the fourth quarter of 2023.

 - TissueCypher Barrett’s Esophagus test reports delivered in the quarter were 6,672, compared to 3,441 in the fourth quarter of 2023.

 - IDgenetix test reports delivered in the quarter were 3,125, compared to 3,299 in the fourth quarter of 2023. In late 2024, the Company made modifications to its promotional investments for IDgenetix, shifting resources to inside sales and non-personal promotion.

 - DecisionDx-UM test reports delivered in the quarter were 424, compared to 405 in the fourth quarter of 2023.

· Gross margin was 76%, and Adjusted Gross Margin was 81%, compared to 78% and 82% respectively for the same periods in 2023.

· Net cash provided by operations was $24.4 million, compared to $18.6 million for the same period in 2023.

· Net income, which includes non-cash stock-based compensation expense of $11.4 million, was $9.6 million, compared to a net loss of $2.6 million for the same period in 2023.

· Adjusted EBITDA was $21.3 million, compared to $9.4 million for the same period in 2023.

 

2025 Outlook

The Company anticipates generating between $280-295 million in total revenue in 2025.

 

Source: Castle Biosciences Reports Fourth Quarter and Full-Year 2024 Results