Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| Moving on to our DecisionDx-SCC tests, we continue to see a very strong test report volume momentum with 11,442 test reports delivered in 2023, an increase of 92% compared to 2022 |
| Furthermore, the fourth quarter marked the second consecutive quarter in which we achieved positive cash flow from operations and positive adjusted EBITDA |
| Reiterating Derek's sentiment, we're excited with the strong year we had in 2023 and the momentum we are carrying forward |
| We also achieved impressive test volume results by delivering a total of 70,429 total test reports in 2023, representing 59% growth compared to 2022 |
| Our excellent progress in 2023 is due to their accomplishments and dedication to the patients that we serve |
| It's a great test and it gets good traction |
| As you saw from the report, we're getting -- we're very pleased with the traction we're getting there |
| We are very pleased with our volume performance and believe these two core dermatology offerings continue to represent a significant growth opportunity |
| As you may recall, this test expanded our estimated in-market commercial US time by $1 billion, and we believe that it contributes to long-term value creation, and also positions us to make a meaningful impact on patient care in other areas with unmet clinical needs |
| The second publication is from an independent multicenter study of sentinel lymph node negative patients, showing that patients who received routine imaging after high risk DecisionDx-melanoma test scores, had an earlier recurrence diagnosis, with lower tumor burden leading to better clinical outcomes, including improved overall survival |
| In the current high interest rate environment, we believe our strong financial position allows us to continue to invest in our business, execute on our strategic growth plans, and maintain our competitive lead |
| And further, DecisionDx-melanoma is the only melanoma prognostic test shown to be associated with improved patient survival |
| We grew revenue 60% year over year for the full year to $219.8 million, nearly $45 million above the midpoint of our expectations at the beginning of 2023, We've now grown revenue at a 43% CAGR rate over the last five years, continuing our track record of consistent execution |
| I'm happy to report that we closed outstanding fourth quarter, achieving very strong results for 2023, with fourth quarter revenue of $66.1 million |
| So still maintaining the guidance we gave and feel good about getting there |
| We believe our success in 2023 has allowed us to enter 2024 with momentum, and the potential to further position the company as an industry leader |
| We delivered strong growth in both revenue and test report volume as we continue to execute on our growth initiatives |
| We believe the documented clinical impact our tests have in improving outcomes in patients diagnosed with cutaneous melanoma including improved survival, coupled with our prior commercial expansion investments, have been and continue to be significant drivers of growth |
| We believe a significant driver of growth is our differentiated tests for the treatment of mental health conditions, including identifying drug-drug, drug-gene, and lifestyle factors to improve medication response or remission rates in a large, underpenetrated mental health market |
| As with our growth in DecisionDx-melanoma, we believe that our strong growth for DecisionDx-SCC is due in large part to the combination of a high clinical need in the high risk patient population, coupled with the value that our test provides |
| In conclusion, our 2023 financial and operational results were outstanding |
| We believe these studies demonstrate the clear positive impact testing with DecisionDx-melanoma has on patient outcomes |
| Sort of what I think we're seeing is the actual experience of our expectation, which is good by the way |
| Thanks for taking our question, and congrats on a solid quarter, and a solid 2023 |
| The adoption of the TissueCypher Barrett's Esophagus test has exceeded our expectations to date |
| The increase was driven by higher ASPs and test volume growth |
| We have demonstrated clinical validity, utility, and patient impact in fifty peer-reviewed publications, and studied the test in more than 10,000 patients, including two 2023 publications, demonstrating an association with clinical use of our tests and improved patient outcomes |
| In the fourth quarter of 2023 we delivered total revenue of $66.1 million, a 72% increase over the fourth quarter of 2022, and we delivered $219.8 million for the full year 2023, a 60% increase over 2022 |
| The therapy itself and at least based upon a publication back in January of this year, the use of our tests in these ART-eligible patients to help rule out unnecessary intervention probably saves the Medicare trust fund north of $900 million, which is a great way to improve healthcare outcomes by reducing complications with no benefit |
| We opened our new state-of-the-art laboratory in Pittsburgh, Pennsylvania; received advanced diagnostic laboratory test or ADLT status for our DecisionDx-SCC test, bringing our total to five tests that have been designated as ADLTs; expanded our significant body of evidence across our entire test portfolio; made progress across our pipeline initiatives; and won multiple awards for being a top workplace |
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| And that would be a poor outcome for healthcare costs and for patients, but we are assuming we don't have that coverage for the rest of the year |
| And that would be, as we talked about in the past, Kyle, that would be a just a terrible outcome for patients |
| As you know better than we do, Kyle, when you're not paid appropriately for a service you provided, it has a negative impact on group gross margin |
| I think you'll see OpEx growth will be will be lower than revenue growth |
| But like other companies, we continue to see pressure on costs, and inflation is real |
| None of our accomplishments would be possible without the hard work and strong execution of the entire Castle team, and I can't thank them enough |
| I mean that's, -- that would be tough to put a patient through |
| The problem is that we also recognize that because we don't ARV with people with non-dysplastic Barrett's Esophagus disease, which is that ends up being the larger population of people actually progress to cancer, because we're just surveying them |
| So, um, we haven't made any decisions about keeping or dropping availability of the test, but we would have to have to wrestle with that at some point if it got there, I guess |
| A little bit of a delay |
| We're seeing every day with literally thousands of doctors how it's changing the way they're treating their patients, and you and I talked about it, you know my dad's 85, and if he had a small squamous cancer on his on his head, and just because it was a little bit over a centimeter and the doctor wants to do head above the shoulders radiation therapy, that's awfully tough |
| Based upon the DecisionDx-SCC test result, however, say it was a low risk class one test result, you have a low likelihood of progressing |
| Our net loss for the fourth quarter of 2023 was $2.6 million, compared to a net loss of $20.6 million for the fourth quarter of 2022, and our net loss for the full year 2023 was $57.5 million compared to a net loss of $67.1 million for 2022 |
| So if we were to not have coverage for one or any of our tests, then that would impact that gross margin |
| And so that was a fairly easy concept to present to guest neurologists during diligence, and I think on the side sort of under sizing the market opportunity during diligence a couple of years ago, and that obviously having impact in terms of volume |
| A number of factors and risks could cause actual results to differ materially from those contained in these forward-looking statements |
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