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Castle Biosciences Presents Foundational Guideposts and Three-Year Financial Targets at 2022 Investor Day

Castle’s three-year financial targets include anticipated total revenue of $255-$330 million and anticipated net operating cash flow positivity for the year ending December 31, 2025

FRIENDSWOOD, Texas, September 20, 2022--(BUSINESS WIRE)--During its Investor Day today, senior leaders of Castle Biosciences, Inc. (Nasdaq: CSTL), a company improving health through innovative tests that guide patient care, will present the Company’s foundational guideposts – exceptional employees, continuous evolution and improvement, and customer and solution centric – as well as three-year financial targets.

"The guideposts presented today – exceptional employees, continuous evolution and improvement, and customer and solution centric – are firmly grounded in Castle’s mission, vision and values, and are foundational to how we operate our business," said Derek Maetzold, president and chief executive officer of Castle Biosciences. "We expect these principles to drive continued value creation and allow us to continue to meet the evolving needs of clinicians and their patients to improve shared decision-making."

"With Castle’s strong balance sheet, focused investments in our growth plans, and innovative portfolio of tests, we believe we are well-positioned to achieve our three-year financial targets, including anticipated total revenue of $255-$330 million for the year ending December 31, 2025," said Frank Stokes, chief financial officer of Castle Biosciences. "Additionally, we expect we will continue to see strong top-line growth and gross margins, balanced by disciplined capital allocation, which should contribute to our anticipated net operating cash flow positivity by 2025."

Maetzold and Stokes will be joined by the following Castle leaders and key opinion leader discussing the Company’s dermatology, gastroenterology and mental health tests, as well as its inflammatory skin disease pipeline program: Robert Cook, Ph.D., Castle Biosciences’ senior vice president, research and development; Matthew Goldberg, M.D., F.A.A.D., Castle Biosciences’ medical director; Craig Munroe, M.D., Castle Biosciences’ gastroenterology medical director; and Brent Moody, M.D., F.A.C.P., F.A.A.D., dermatologist and Mohs surgeon at Skin Cancer Surgery Center in Nashville, Tennessee.

Prepared remarks for Castle’s Investor Day will begin today at 4:00 p.m. Eastern time, followed by a Question & Answer session. During the webcast, Castle will present a slide deck associated with the event, which has been posted to the Investor Relations page of the Company’s website (https://ir.castlebiosciences.com/overview/default.aspx).

To register for the virtual event, please visit the Events & Presentations section of the Company’s investor relations page (https://ir.castlebiosciences.com/overview/default.aspx). A replay of the webcast will be available following the conclusion of the broadcast.

About Castle Biosciences

Castle Biosciences (Nasdaq: CSTL) is a leading diagnostics company improving health through innovative tests that guide patient care. The Company aims to transform disease management by keeping people first: patients, clinicians, employees and investors.

Castle’s current portfolio consists of tests for skin cancers, uveal melanoma, Barrett’s esophagus and mental health conditions. Additionally, the Company has active research and development programs for tests in other diseases with high clinical need, including its test in development to predict systemic therapy response in patients with moderate-to-severe psoriasis, atopic dermatitis and related conditions. To learn more, please visit www.CastleBiosciences.com and connect with us on LinkedIn, Facebook, Twitter and Instagram.

DecisionDx-Melanoma, DecisionDx-CMSeq, DecisionDx-SCC, MyPath Melanoma, DecisionDx DiffDx-Melanoma, DecisionDx-UM, DecisionDx-PRAME, DecisionDx-UMSeq, TissueCypher and IDgenetix are trademarks of Castle Biosciences, Inc.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the "safe harbor" created by those sections. These forward-looking statements include, but are not limited to, statements concerning: our expectations regarding (i) the principles discussed in this press release driving continued value creation and allowing us to continue to meet the evolving needs of clinicians and their patients and help improve shared decision-making; (ii) anticipated total revenue of $255-$330 million for the year ending December 31, 2025 and our positioning to achieve our three-year financial targets; and (iii) our strong top-line growth and gross margins, balanced by disciplined capital allocation, and their impact on our ability to achieve net operating cash flow positivity by 2025. The words "believe," "expect," "should," "will" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. These forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those in the forward-looking statements, including, without limitation: the accuracy of our assumptions and expectations underlying our three-year revenue and other financial targets, including, without limitation, our assumptions or expectations regarding: (i) continued reimbursement for our DecisionDx-SCC test at the current rate and reimbursement for our other products and subsequent coverage decisions, (ii) our estimated total addressable markets for our products and product candidates and the related expenses, capital requirements and potential needs for additional financing, (iii) the anticipated cost, timing and success of our product candidates, and our plans to research, develop and commercialize new tests and (iv) our ability to successfully integrate new businesses, assets, products or technologies acquired through acquisitions; subsequent study or trial results and findings may contradict earlier study or trial results and findings; actual application of our tests may not provide the aforementioned benefits to patients; and the risks set forth under the heading "Risk Factors" in our Quarterly Report on Form 10-Q for the three months ended June 30, 2022, and in our other filings with the SEC. The forward-looking statements are applicable only as of the date on which they are made, and we do not assume any obligation to update any forward-looking statements, except as may be required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220920005193/en/

Contacts

Investor Contact:
Camilla Zuckero
czuckero@castlebiosciences.com

Media Contact:
Allison Marshall
amarshall@castlebiosciences.com