Castle Biosciences Q2 Earnings Edges Out Expectation On Record Test Report Volume - Castle Biosciences (NASDAQ:CSTL)

After the market close on Monday, Castle Biosciences Inc CSTL reported that its second-quarter revenues rose 79% Y/Y to $22.75 million, beating the consensus of $18.93 million.
The increase was attributable to more than double the number of tests delivered during the quarter.
The company said that revenues for the quarter were revenue adjustments related to tests delivered in prior periods. These adjustments lowered Q2 revenues by $0.2 million, compared to an addition of $2.3 million to revenues for the same period in 2020.
Castle said it delivered 7,007 gene expression profile test reports, more than twice as many as the 3,314 tests it delivered in Q2 2020.
By test type, it delivered 5,128 DecisionDx-Melanoma test reports, a 70% increase; 468 DecisionDx-UM test reports, up 53%.
Castle President and CEO Derek Maetzold said in a statement. "We saw continued recovery trends throughout the second quarter, despite cutaneous melanoma diagnoses remaining below historical 2019 levels by approximately 12%."
The firm's Q2 net loss widened to $(0.35) per share, from $(0.08). Wall Street analysts had estimated a loss per share of $(0.37).
Castle Biosciences had cash and cash equivalents of $368.3 million.
Castle raised its guidance for the year and now anticipates revenues of $89 million to $93 million, up from a previous forecast of $80 million to $83 million. Analysts were expecting revenues of $83.6 million for the year.
Price Action: CSTL shares closed lower by 4.90% at $68.33 on Tuesday.

Market News and Data brought to you by Benzinga APIs