Shares of Castle Biosciences, Inc. (NASDAQ: CSTL) surged 10.72% on November 6, 2024, following the company's strong third-quarter financial performance and positive clinical study results for its DecisionDx-Melanoma test.
For the third quarter, Castle Biosciences reported revenue of $85.8 million, up 40% year-over-year, surpassing analyst estimates. The company achieved profitability, with net income of $2.27 million and earnings per share of $0.082, exceeding expectations. Bolstered by its growth momentum, Castle Biosciences raised its full-year 2024 revenue guidance to $320-$330 million.
Moreover, Castle Biosciences presented updated findings from its prospective DECIDE study at the Dermato-Onco2024 conference. The data showed that integrating DecisionDx-Melanoma test results into clinical decision-making led to a significant 25% reduction in unnecessary sentinel lymph node biopsy (SLNB) procedures. Notably, no patients with a low predicted risk of lymph node positivity (less than 5%) who opted for SLNB had a positive node, supporting the test's ability to safely identify patients who can avoid the invasive procedure.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.