Castle Biosciences Announces Preliminary Q4 And FY23 Results; Expects To Deliver More Than $210M For FY23 Total Revenue Vs $203.95M Est.; Year-End 2023 Cash, Cash Equivalents And Marketable Investment Securities Expected To Be ~$243M
Portfolio Pulse from Benzinga Newsdesk
Castle Biosciences, Inc. (NASDAQ:CSTL) announced preliminary Q4 and FY23 results, expecting to surpass $210M in total revenue, a 53% growth over 2022. The company delivered 70,429 total test reports in 2023, a 59% increase from the previous year. Year-end cash, equivalents, and marketable securities are projected to be around $243M. Notable increases in test reports were seen in DecisionDx-SCC (91%), TissueCypher (234%), and IDgenetix (172%), while DecisionDx-UM saw a slight decrease (6%). The financials are unaudited and subject to adjustment.
January 08, 2024 | 1:20 am
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POSITIVE IMPACT
Castle Biosciences anticipates a significant revenue increase to over $210M for FY23, exceeding estimates and showing a 53% growth. The company also reports a substantial increase in test reports and a strong year-end cash position.
The positive preliminary results showing revenue growth and increased test report deliveries are likely to be viewed favorably by investors, potentially leading to a short-term increase in CSTL's stock price. The strong financial position with significant cash reserves further supports the company's stability and potential for future growth, which can instill investor confidence. However, the unaudited status of the financials introduces some uncertainty, hence the confidence score is not at the maximum.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100