The following is a summary of the Castle Biosciences, Inc. (CSTL) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Castle Biosciences reported Q1 2024 revenue increase of 74% to $73 million, largely due to higher ASPs and test volume growth.

• The company raised their 2024 revenue guidance to $255 million to $265 million, an increase from the previously projected range of $235 million to $240 million.

• A gross margin of 77.9% was achieved, compared to 70.5% in Q1 2023.

• There was a decrease in net loss for Q1 2024 to $2.5 million, compared to a net loss of $29.2 million in the same period in 2023.

Business Progress:

• Total test volume in Q1 2024 increased by 40% compared to Q1 2023.

• Test volumes for DecisionDx-Melanoma and DecisionDx-SCC combined increased by 20% to 11,961 in Q1 2024, with TissueCypher test volume growing 148% and IDgenetix test volume growing 90%.

• There's ongoing progress on their inflammatory skin disease pipeline, with a targeted launch date at the end of 2025.

• The company expanded its sales force for TissueCypher and is planning for potential further expansion in second half of 2024.

• The company is also planning to invest more in internal R&D activities and potential acquisition targets once the decision over Dx-SCC coverage becomes clear.

More details: Castle Biosciences IR

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