Shares of Castle Biosciences ( NASDAQ: CSTL ) rose 8.6% to $30.92 in Tuesday afternoon trading, after the medical diagnostic company reported Q2 results that beat estimates and revised its FY 2022 revenue guidance higher.
Friendswood, Texas-based CSTL provides several medical diagnostic tests for the identification of skin cancers, mental health conditions and Barrett's esophagus, a condition which causes damage to the esophagus.
CSTL after hours on Monday posted Q2 GAAP EPS of -$0.06 which beat expectations by $0.70 . Its Q2 revenue of $34.8M rose 52.9% Y/Y and beat by $6.43M .
The improvement in quarterly revenue was led by a 57% Y/Y increase in total test reports. For Q2, the company delivered 11,034 reports compared to 7,007 in Q2 2021. CSTL said the quarterly test report volume was a record.
“In our core dermatology business, we delivered a 44% increase in test report volume over the second quarter of 2021 and a 16% increase over the first quarter of 2022," CSTL CEO Derek Maetzold said in the earnings report .
The company also said it now expects FY 2022 revenue of $130M to $135M from a prior outlook of $118M to $123M. The consensus revenue estimate is $124.95M.
Up to Monday's close, Castle Biosciences ( CSTL ) stock -33.6% YTD.
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Castle Biosciences stock gains ~9% after co reports beat-and-raise Q2