Castle Biosciences revenue up 49% in Q2, attributed to GI successes

Health testing company Castle Biosciences finished the second quarter with $34.3 million in revenue, a 49 percent increase from the same quarter last year, it said Aug. 8.

The second quarter revenue was a 16 percent increase from this year's  first quarter, the company said in an Aug. 8 news release. 

Castle Biosciences attributed its growth to its newest successes in gastroenterology and mental health. 

The company has seen promising data with its TissueCypher Barrett's Esophagus test in the gastroenterology market, and its IDgenetix test in the mental health market. 

"Turning to our newest franchises, gastroenterology and mental health, we are making great progress with our integration efforts, and the initial reception from clinicians for both tests is strong," Derek Maetzold, president and CEO of Castle Biosciences said in the report. "We made these acquisitions to contribute meaningfully to our top-line growth in the mid- to long-term, and along with focused investments, we believe they will contribute to our anticipated operating cash-flow neutrality by 2025."

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