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Castle Biosciences Inc   (CSTL)
    Sector  Healthcare    Industry Medical Laboratories
   Industry Medical Laboratories
   Sector  Healthcare
 

Castle Biosciences Inc reports $0.04 million tax charge in Q4 financial results

Company shows strong growth and positive EPS improvement in recent quarter


Published Feb 29 2024 / Modified Feb 29 2024
CSIMarket Team / CSIMarket.com


glowing-2245832__340Castle Biosciences Inc is a medical laboratory company that specializes in providing diagnostic tests and services for the detection and monitoring of various diseases.
The company recently reported its financial performance for the October to December 2023 period, revealing positive results and strong growth.

During this period, Castle Biosciences Inc saw a significant improvement in its earnings per share (EPS), with a decrease in loss per share from $-0.76 to $-0.09 compared to the same period the previous year.
This improvement in EPS was also evident when comparing to the previous quarter's loss per share of $-0.26.
These positive results indicate that the company has been able to reduce its losses and move closer to profitability.

In addition to the improved EPS, Castle Biosciences Inc also experienced a modest increase in revenue, with a growth of 3.387% to $66.12 million from $63.95 million in the same quarter the previous year.
Sequentially, the revenue advanced by 7.524% from $61.49 million.
These revenue figures are notable considering the challenging market conditions faced by most companies in the Medical Laboratories sector, which have seen diminishing transactions and diminishing revenue.

Furthermore, Castle Biosciences Inc reported a net shortfall of $-0.039 million for the October to December 2023 period, compared to net proceeds of $25.487 million in the same quarter the previous year.
However, excluding a $0.04 million tax charge, the company would have reported a net profit for the period.
This further highlights the positive trajectory of the company's financial performance.

The increase in inventories and supplies to $7.9 million is also worth noting, as it indicates potential growth and rising demand for the company's products and services.
Similarly, the rise in accounts receivable to $38.3 million suggests an increase in customer demand and sales.

Looking at the company's performance for the fiscal year 2023 as a whole, Castle Biosciences Inc reported a net loss of $-0.10 million and revenue of $219.79 million.
However, compared to the previous fiscal year, there was a decrease in shortfall per share from $-2.58 to $-2.14, while revenue surged by 60.38% from $137.04 million.
These results demonstrate the company's ability to improve its financial performance and achieve significant growth.

In terms of stock performance, Castle Biosciences Inc has shown positive momentum, with a 0.12% improvement over the course of the last five trading days.
Year-to-date, the stock has performed well, delivering a 11.07% return.
The stock is currently trending higher and is only 8.7% below its 52-week high.

Overall, Castle Biosciences Inc has demonstrated impressive financial performance in the October to December 2023 period, with improvements in EPS, revenue growth, and a narrowing of net losses.
The increase in inventories and accounts receivable further indicates rising demand for the company's products and services.
With a strong year-to-date stock performance, the company appears to be on a positive trajectory for future success.



Castle Biosciences Inc's Net Profit Margin

Castle Biosciences Inc's Income per Employee



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