CSTL

T13.0% portfolio

Castle Biosciences, Inc.

Next est. report 2026-07-30 · AMC

Genomics '25: Molecular Diagnostics & Clinical GenomicsMedTech Long '26: Diagnostics & Early Detection

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Overview

Castle Biosciences, Inc. is a diagnostics firm offering proprietary gene expression profile tests. Its main products, DecisionDx-Melanoma for skin cancer and Ti

Castle Biosciences, Inc. is a diagnostics firm offering proprietary gene expression profile tests. Its main products, DecisionDx-Melanoma for skin cancer and TissueCypher for Barrett's esophagus, assess disease risk and guide treatment. AdvanceAD-Tx targets atopic dermatitis. The company sells these specialized tests to patients through their healthcare providers, expanding its focus beyond dermatological cancers into gastroenterology and inflammatory skin conditions.

What They Do (Plain English & Analogies): Castle Biosciences is like a specialized detective agency for certain skin and gut conditions. Instead of looking for clues at a crime scene, they analyze a patient's genes to figure out how aggressive a disease might be or which treatment would work best. For example, if someone has skin cancer (melanoma), they can run a test on the tumor to predict if it's likely to spread, helping doctors decide if more intense monitoring or treatment is needed. They also have tests for a gut condition called Barrett's esophagus to assess risk, and a new test for a severe skin condition (atopic dermatitis) to help doctors pick the right medication. They provide these advanced genetic tests to doctors to help them make more personalized and informed decisions for their patients.
Very Brief History: Castle Biosciences, Inc. was founded in 2007 and is headquartered in Friendswood, Texas. The company has grown into a commercial-stage diagnostics firm, initially focusing on dermatological cancers with flagship products like DecisionDx-Melanoma. Over time, it has expanded its offerings to include tests for other conditions such as uveal melanoma, squamous cell carcinoma, ambiguous pigmented lesions, Barrett's esophagus, and more recently, atopic dermatitis.
"Street Stereotype": Castle Biosciences is generally perceived by investors and analysts as an "exceptional mid-cap momentum" company within the Diagnostics & Early Detection sector. The market views it as a growth story, particularly driven by the high-volume utilization of its TissueCypher test and solid margin improvements. There's an expectation of continued expansion beyond its core dermatological cancer diagnostics into new areas like gastroenterology and inflammatory skin conditions.
Subsidiaries On Linked In*: {"subsidiaries":[]}
Customer Sectors & Example Clients: Castle Biosciences' customers are primarily in the healthcare sector, specifically medical professionals and institutions involved in dermatology and gastroenterology. Example clients would include dermatologists, oncologists (for melanoma and SCC), gastroenterologists, pathologists, and hospitals and clinics that treat patients with skin cancers, uveal melanoma, Barrett's esophagus, and atopic dermatitis.
New Customers / Segments They'Re Targeting: The company is actively targeting new customer segments beyond its traditional dermatological cancer focus. A significant new area is gastroenterology, specifically patients with Barrett's esophagus, through its TissueCypher test. They are also expanding into inflammatory skin conditions with their AdvanceAD-Tx test, targeting patients aged 12 and older with moderate-to-severe atopic dermatitis and the dermatologists who treat them. This represents a move into a broader market for systemic treatment selection.
Supply Chain And Sourcing Geographies: The provided transcript and existing text tables do not offer specific details regarding Castle Biosciences' supply chain or the geographic sourcing of its products and components. The company operates laboratory facilities, including an expanded facility in the Phoenix area, suggesting in-house processing of tests. However, information on where raw materials, reagents, or equipment are sourced from is not disclosed.
Sales Geographies And Expansion Plans: Castle Biosciences primarily sells its products in the United States. The transcript mentions a "prospective U.S.-based study" for DecisionDx-Melanoma and the company's headquarters are in Friendswood, Texas. While the company is focused on expanding its test adoption and volume within the U.S. market, there is no explicit mention in the provided information about plans to expand sales into new international geographies.
How Key Themes May Help/Hurt: Castle Biosciences is a constituent member of the "MedTech Long '26: Diagnostics & Early Detection" theme, which is bullish. The theme's drivers, such as accelerating technological advancements in genomics and multiomics, directly benefit CSTL as their core business is based on proprietary gene expression profile tests. The increasing global prevalence of chronic diseases, particularly cancer (melanoma, SCC, Barrett's esophagus as a precursor to esophageal cancer), and an aging population, create a sustained demand for advanced diagnostic solutions like those offered by CSTL. Favorable regulatory developments and legislative actions, such as the potential for Medicare coverage pathways for novel tests, could enhance market access and accelerate commercialization for tests like AdvanceAD-Tx and DecisionDx-SCC. The company's focus on early detection and personalized treatment aligns perfectly with the theme's core tenets. However, the theme also highlights potential challenges. Persistent reimbursement pressures and evolving payer policies, including delayed coverage for novel tests, could significantly impact CSTL's profitability and market uptake, especially for newer tests like AdvanceAD-Tx where reimbursement details are still pending. Significant regulatory hurdles and lengthy approval processes, even with breakthrough designation for DecisionDx-Melanoma, can impede timely rollout and broad adoption. Intensifying competition from both established players and new entrants in the diagnostics and early detection space may lead to pricing pressures and increased commercialization costs.

3 Main Long-Term Bull Details

Strong Growth in Core and New Tests: The company demonstrates robust year-over-year volume growth in its core revenue drivers like DecisionDx-Melanoma (16% in Q1 2026) and especially TissueCypher (58% in Q1 2026), with expectations for continued strong growth. The promising early orders for AdvanceAD-Tx indicate a significant new market opportunity.
Robust Clinical Evidence and Pipeline: Castle Biosciences consistently generates and presents strong clinical evidence supporting the utility and improved outcomes associated with its tests, such as the new data for DecisionDx-Melanoma at the AAD meeting and TissueCypher studies at Digestive Disease Week. The ongoing FDA submission for DecisionDx-Melanoma and the development of AdvanceAD-Tx highlight a pipeline focused on high-value diagnostic solutions.
Strategic M&A Potential and Financial Strength: The company explicitly states that M&A is expected to play a role in its growth story, indicating a proactive approach to expanding its portfolio. With $261.7 million in cash, cash equivalents, and marketable securities as of March 31, 2026, Castle Biosciences has the financial flexibility to pursue strategic acquisitions that fit its criteria.

3 Main Long-Term Bear Details

Reimbursement Uncertainty and Payer Policies: The company faces ongoing challenges with reimbursement, particularly for newer tests like AdvanceAD-Tx, where clarity on traditional governmental or private payer reimbursement is expected by the end of Q3 2026. Delays or unfavorable coverage decisions could significantly impact revenue and market adoption. The ongoing reconsideration request for DecisionDx-SCC also highlights persistent reimbursement hurdles.
Competitive Landscape and Evolving Guidelines: While not explicitly named, the diagnostics market is competitive. The discussion around NCCN guidelines for melanoma suggests potential challenges from evolving clinical recommendations or competing diagnostic approaches. Maintaining a competitive advantage requires continuous investment in clinical evidence and staying ahead of new entrants.
Reliance on Test Volume Growth and Sales Force Expansion: A significant portion of the company's growth relies on increasing test report volumes and expanding its sales force. While successful so far, sustained high growth rates can become challenging, and increased sales and marketing expenses (up to $41 million in Q1 2026) indicate the cost associated with driving adoption. Seasonality in test volumes, as observed with TissueCypher, could also introduce variability.

Competitors And Differentiation: While specific competitor names are not explicitly mentioned in the provided text, Castle Biosciences differentiates itself through its proprietary gene expression profile (GEP) tests. Their tests, such as DecisionDx-Melanoma and TissueCypher, aim to provide more precise and personalized risk assessment and treatment guidance than traditional methods like AJCC staging alone or standard histopathology. For example, DecisionDx-Melanoma significantly improves risk prediction within AJCC stages, identifying patients with substantially higher or lower mortality risk. TissueCypher refines risk assessment for Barrett's esophagus, informing real-world management decisions and surveillance intervals. AdvanceAD-Tx differentiates by guiding systemic treatment selection for atopic dermatitis based on molecular profiles, aiming to identify patients more likely to respond to specific therapies like JAK inhibitors. Their competitive positioning relies on robust clinical evidence and data demonstrating improved patient outcomes and more informed clinical decisions.
Recent Performance & What The Market'S Focused On: Castle Biosciences delivered strong first-quarter 2026 results, with revenue of $83.7 million and core revenue drivers (excluding DecisionDx-SCC and IDgenetix) growing approximately 42% year-over-year. The company raised its 2026 revenue outlook to between $345 million and $355 million. Test report volumes for DecisionDx-Melanoma grew 16% year-over-year, and TissueCypher volumes surged by 58%. The market is focused on the continued strong volume growth of TissueCypher and DecisionDx-Melanoma, the progress and reimbursement outlook for the new AdvanceAD-Tx test (which received ~650 orders in Q1 under limited access), and the timing of a draft LCD for DecisionDx-SCC. Investors are also tracking the company's path to cash flow positivity, given the Q1 net loss of $14.5 million and negative adjusted EBITDA of $5.1 million, and the impact of operating expenses on profitability. The upcoming FDA submission for DecisionDx-Melanoma is also a key event.

Revenue Segments And Estimated Mix: DecisionDx-Melanoma — Mix: Significant, core revenue driver; Source: Q1 2026 transcript, 10,021 test reports, 16% YoY growth; Trend: Mid-to-high single-digit volume growth expected for full year 2026
TissueCypher — Mix: Significant, core revenue driver; Source: Q1 2026 transcript, 11,745 test reports, 58% YoY growth; Trend: Year-over-year growth approaching 50% expected for full year 2026
AdvanceAD-Tx — Mix: Emerging, midterm revenue driver; Source: Q1 2026 transcript, ~650 orders in Q1, limited access; Trend: Expected to be a midterm revenue driver for 2027 and 2028, reimbursement clarity by end of Q3 2026
DecisionDx-SCC — Mix: Smaller, excluded from core growth; Source: Q1 2026 transcript, excluded from core revenue growth calculation; Trend: Reconsideration request accepted, draft LCD expected H2 2026
IDgenetix — Mix: Smaller, excluded from core growth; Source: Q1 2026 transcript, excluded from core revenue growth calculation; Trend: Onetime adjustment for amortization expense in Q1 2025
Product Brands: DecisionDx-Melanoma
DecisionDx-UM
DecisionDx-SCC
DecisionDx DiffDx-Melanoma
myPath Melanoma
TissueCypher
AdvanceAD-Tx
IDgenetix

Bull / Bear Details

Castle Biosciences, a commercial-stage diagnostics firm, is demonstrating strong execution and growth in its core DecisionDx-Melanoma and TissueCypher franchise

Thesis

Castle Biosciences, a commercial-stage diagnostics firm, is demonstrating strong execution and growth in its core DecisionDx-Melanoma and TissueCypher franchises, leading to an increased 2026 revenue outlook. The company is expanding its pipeline with AdvanceAD-Tx for atopic dermatitis, showing promising early adoption and clinical validation. While navigating reimbursement complexities for new tests and existing SCC coverage, ongoing regulatory submissions and robust clinical evidence underpin its long-term growth trajectory. (Updated: 2026-07-20)

Bull case

Castle Biosciences is experiencing robust growth in its core revenue drivers, with Q1 2026 core test report volumes up 36% year-over-year. TissueCypher, in particular, saw a 58% year-over-year growth in test reports. This strong performance has led the company to raise its 2026 revenue guidance to between $345 million and $355 million, signaling continued positive momentum and market penetration.
The company's AdvanceAD-Tx test for atopic dermatitis is showing promising early adoption, with approximately 650 orders received in Q1 2026 under a limited access program. Published clinical validation data in a peer-reviewed journal supports the test's utility in guiding systemic treatment selection, positioning it as a significant midterm revenue driver with potential for material revenue contributions in 2027 and 2028.
Castle Biosciences continues to strengthen its market position through robust clinical evidence and regulatory progress. New data for DecisionDx-Melanoma presented at the 2026 AAD meeting demonstrated improved risk prediction, and an FDA submission for the test is on track for 2026. Additionally, the company anticipates a draft Local Coverage Determination (LCD) for DecisionDx-SCC in the second half of 2026.

Bear case

Despite the promising early adoption of AdvanceAD-Tx, reimbursement clarity for the test is not expected until the end of Q3 2026. Delays in securing favorable coverage decisions from governmental or private payers could significantly impede the test's market uptake and revenue generation, potentially impacting the company's midterm growth projections for this new product.
The company's adjusted gross margin declined to 75.6% in Q1 2026 from 81.2% in Q1 2025. This compression is primarily attributed to higher expenses for lab supplies, lab services, personnel costs, and increased depreciation due to investments in laboratory facilities and growing test report volumes. Sustained margin pressure could impact overall profitability as the business scales.
Castle Biosciences is awaiting a draft Local Coverage Determination (LCD) for DecisionDx-SCC from Novitas and MolDx, expected in the second half of 2026. Any significant delays in the release of this draft LCD beyond the anticipated timeframe or the issuance of a restrictive LCD could negatively impact the revenue contribution and market access for this specialized test.

Bull / Bear Case

Bear Case: Despite strong top-line growth, Castle Biosciences faces significant reimbursement uncertainty for its new AdvanceAD-Tx test, with clarity not expected until Q3 2026. Delays or unfavorable coverage decisions could impede market uptake and revenue generation. The company is also awaiting a draft Local Coverage Determination (LCD) for DecisionDx-SCC in the second half of 2026, which remains a reimbursement hurdle. Adjusted gross margin declined to 75.6% in Q1 2026 from 81.2% in Q1 2025 due to higher operating expenses, and the company reported a net loss of $14.5 million and negative adjusted EBITDA in Q1 2026. Sustained unprofitability and reliance on costly sales force expansion, coupled with potential competitive pressures and evolving NCCN guidelines, pose risks to long-term profitability and market share.
Bull Case: Castle Biosciences is demonstrating robust growth in its core diagnostic franchises, with Q1 2026 core test report volumes up 36% year-over-year, leading to a raised 2026 revenue guidance of $345 million to $355 million. TissueCypher, a key growth driver, saw 58% year-over-year growth in test reports, with expectations for continued strong performance. The new AdvanceAD-Tx test for atopic dermatitis shows promising early adoption with 650 orders in Q1 2026 under limited access and recent New York State Department of Health approval, positioning it as a significant midterm revenue driver. The company continues to strengthen its market position through robust clinical evidence, ongoing FDA submission for DecisionDx-Melanoma, and a healthy balance sheet with $261.7 million in cash, providing flexibility for strategic M&A in a growing diagnostics market.
More Compelling & Why: Bull. The Bull Case is more compelling, anchored by a P/S ratio of 2.17 (TTM), which appears reasonable for a company demonstrating strong core revenue growth of 42% (excluding certain segments) and operating in a growing diagnostics market. The strongest argument is the consistent execution in core franchises and the promising early adoption and recent regulatory approval for AdvanceAD-Tx, providing a significant midterm growth driver. My view would flip to Bear if AdvanceAD-Tx reimbursement clarity by Q3 2026 is unfavorable or significantly delayed, or if core revenue growth decelerates materially below guidance without clear mitigating factors.

Key Factors5 rows

Key Factor	Why It Matters	What To Watch	What It Signals	Where/How To Track	Free Alt Data	Paid Alt Data
TissueCypher Test Report Volume Growth	Sustained high growth in TissueCypher test report volumes demonstrates successful market penetration and increasing clinical adoption, validating its role as a key revenue driver and supporting the company's overall growth strategy.	Quarterly TissueCypher test report volumes and year-over-year growth rates. Management expects year-over-year growth approaching 50% for the full year 2026.	Quarterly year-over-year growth rates for TissueCypher test reports consistently at or above 50% = bullish; Growth rates significantly decelerating below 50% year-over-year = bearish.	Castle Biosciences' Q2, Q3, and Q4 2026 earnings calls and associated press releases.	Google Trends: Search volume for 'TissueCypher test' or 'Barrett's esophagus molecular test' as a proxy for awareness and interest.	Earnest Analytics: Diagnostic test volume data for specific GI-related molecular tests.
DecisionDx-Melanoma FDA Submission	An FDA submission, following breakthrough designation, provides regulatory validation for DecisionDx-Melanoma, potentially expanding its market access, enhancing physician adoption, and strengthening its competitive position.	Official announcement of the FDA submission for DecisionDx-Melanoma, including the type of submission (e.g., PMA) and any subsequent updates on the review timeline.	Formal FDA submission announcement in 2026 = bullish; Significant delays in submission or negative feedback from FDA = bearish.	Company press releases, SEC filings (10-Q, 10-K), and future earnings calls (expected sometime in 2026).	FDA website for medical device submissions and approvals.	Clarivate: Regulatory intelligence tracking for diagnostic device submissions.
AdvanceAD-Tx Reimbursement Clarity	Securing favorable reimbursement for AdvanceAD-Tx is crucial for its commercial viability and ability to become a significant midterm revenue driver, impacting market adoption and profitability.	Announcement of specific payer coverage decisions, average selling price (ASP), and management's updated revenue expectations for AdvanceAD-Tx for 2027 and 2028.	Announcement of broad commercial or governmental payer coverage with favorable ASPs by end of Q3 2026 = bullish; Delays beyond Q3 2026 or unfavorable coverage terms = bearish.	Castle Biosciences' Q3 2026 earnings call and press release (expected end of Q3 2026).	Industry news and forums discussing new diagnostic test reimbursement policies.	Definitive Healthcare: Payer policy changes for atopic dermatitis diagnostic tests.
DecisionDx-SCC Draft LCD Publication	A positive draft Local Coverage Determination (LCD) from Medicare contractors (MolDx/Novitas) is essential for securing broad Medicare reimbursement and driving increased adoption of DecisionDx-SCC.	Publication of the draft LCD by MolDx or Novitas in the second half of 2026, specifically examining the coverage criteria and patient population included.	Publication of a favorable draft LCD with broad coverage criteria in H2 2026 = bullish; Significant delays beyond H2 2026 or restrictive coverage criteria = bearish.	MolDx and Novitas websites, company press releases (expected H2 2026).	CMS/Medicare contractor websites for LCD updates and policy changes.	Avalere Health: Medicare policy tracking and analysis for diagnostic tests.
2026 Revenue Guidance Updates	Upward revisions to full-year revenue guidance signal strong execution and increasing demand for Castle Biosciences' diagnostic tests, reinforcing investor confidence and potential for stock appreciation.	Any further revisions to the 2026 total revenue guidance range, currently $345 million to $355 million.	Upward revision above $355 million = bullish; Downward revision below $345 million = bearish.	Company's Q2 and Q3 2026 earnings calls and associated press releases.	Company investor relations website for official announcements.	AlphaSense: Sentiment analysis of management commentary on future guidance.

Key Reported Metrics, Reratings Triggers & Results3 rows

As a core revenue driver and flagship product, its consistent double-digit growth demonstrates the durability of the melanoma franchise and the effectiveness of

Key reported metrics
Metric	Last period	Why it matters
DecisionDx-Melanoma Test Reports Growth	16%	As a core revenue driver and flagship product, its consistent double-digit growth demonstrates the durability of the melanoma franchise and the effectiveness of clinical evidence in driving adoption. Sustained growth is vital for the company's foundation.
TissueCypher Test Reports Growth	58%	TissueCypher is a high-growth segment and a key driver for the company's expansion into gastroenterology. Continued strong year-over-year growth in test reports is crucial for the overall growth story and market penetration.
Total Revenue	-4.9%	Despite a slight decline in the last period due to specific factors, the company raised its full-year revenue guidance. Investors will closely monitor total revenue growth to assess the overall business health and the impact of core drivers.

Key Questions

Will Castle Biosciences demonstrate continued strong year-over-year growth in DecisionDx-Melanoma and TissueCypher test volumes in Q2 2026, validating its raise

Will Castle Biosciences demonstrate continued strong year-over-year growth in DecisionDx-Melanoma and TissueCypher test volumes in Q2 2026, validating its raised full-year revenue guidance of $345 million to $355 million?

Question 2: What will be the nature of the AdvanceAD-Tx reimbursement update by the end of Q3 2026, and will it support significant commercial expansion and revenue contribution in 2027 and 2028?
Question 3: Will Novitas and MolDx release a draft Local Coverage Determination (LCD) for DecisionDx-SCC in the second half of 2026, and will its terms be favorable enough to significantly improve the test's reimbursement and market access?

Earnings Transcript SummaryTable

2026-05-06 · 2026Q1 Earnings Call

3 Things Management Is Most Focused On	Call Takeaway & Tone	Prior Quarter'S Y/Y Growth By Segment	3 Things Analysts Most Pressed On (And Mgmt Responses)	Revenue Segments
1. Executing growth priorities and raising 2026 revenue outlook: Management delivered strong Q1 results and raised their 2026 revenue outlook to between $345 million to $355 million, up from the previous guidance of $340 million to $350 million, reflecting confidence in their growth strategy. 2. Driving adoption and competitive advantage for DecisionDx-Melanoma through robust clinical evidence: Management highlighted 16% year-over-year growth in DecisionDx-Melanoma test reports and presented new data demonstrating the test's ability to significantly improve risk prediction within AJCC stages. 3. Expanding the gastroenterology franchise with TissueCypher and its clinical evidence: TissueCypher showed 58% year-over-year growth in test reports, and new studies were presented at Digestive Disease Week demonstrating its utility in refining risk assessment and informing management decisions for Barrett's esophagus patients.	The overall takeaway of the call was positive and confident. Castle Biosciences delivered strong first-quarter results, driven by significant year-over-year growth in its core revenue drivers, DecisionDx-Melanoma and TissueCypher. Management raised the full-year 2026 revenue outlook, signaling confidence in their growth strategy and execution. The early response to the new AdvanceAD-Tx test was also highlighted as very positive. While analysts questioned some sequential trends and future growth phasing, management provided reassuring responses, emphasizing clinical evidence, market penetration, and strategic capacity planning. The tone was optimistic about continued progress and long-term value creation.	In Q4 2025, DecisionDx-Melanoma test reports grew 15.56% year-over-year. In Q4 2025, TissueCypher test reports grew 76.90% year-over-year.	1. TissueCypher volume decline quarter-over-quarter despite strong Y/Y growth: Management explained that they are now seeing seasonality, with Q1 historically having fewer GI procedures, but noted that March was a record month for TissueCypher and the trend continued in April, expecting year-over-year growth approaching 50% for the full year. 2. Reimbursement initiatives for AdvanceAD-Tx and potential for material revenue: Management stated they expect to provide more detail on reimbursement by the end of Q3 2026, based on traditional reimbursement approaches, and also mentioned other potential avenues like interested parties controlling costs or partnerships with pharmaceutical companies. 3. DecisionDx-Melanoma volume growth expectations for the year (mid-to-high single-digit guidance vs. strong Q1): Management reiterated their mid-to-high single-digit growth expectations for 2026, noting that Q1 had an easier comparable than the rest of the year.	Total test report volumes for core revenue drivers grew 36% year-over-year. Excluding DecisionDx-SCC and IDgenetix revenue, total revenue growth was approximately 42% year-over-year. DecisionDx-Melanoma test reports grew 16% year-over-year. TissueCypher test reports grew 58% year-over-year.

Transcript TidbitsTable

2026-05-06

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)	Hiring
Castle Biosciences' AdvanceAD-Tx test, designed to guide systemic treatment selection for moderate-to-severe atopic dermatitis patients, received approximately 650 orders in Q1 2026 under a limited access program. The company expects to add a similar number of TissueCypher tests in 2026 as in 2025, indicating year-over-year growth approaching 50%. DecisionDx-Melanoma data presented at the 2026 American Academy of Dermatology Annual Meeting demonstrated the test's ability to significantly improve risk prediction within AJCC stages, identifying patients with substantially higher or lower mortality risk than staging alone would predict. The company also stated that M&A is expected to play a role in its growth story, with continued evaluation of candidates that fit its strategic opportunities criteria.	The company aims to sustain its competitive advantage for DecisionDx-Melanoma through robust clinical evidence. Feedback from clinicians regarding NCCN guidelines suggests a perception that the guidelines are 'more political than we even thought' concerning a study that 'failed to meet the 5% cut point'.	The gastroenterology market experiences seasonality, with historically fewer GI procedures in the first quarter of the year. The company noted that long revenue cycles from a revenue cycle management (RCM) perspective are a factor for new test reimbursement. M&A is recognized as a potential growth strategy within the industry.	Castle Biosciences raised its 2026 revenue outlook to between $345 million and $355 million, up from the previously provided range of $340 million to $350 million. The company expects DecisionDx-Melanoma to achieve mid- to high single-digit volume growth for the full year 2026. TissueCypher is anticipated to add a similar number of test reports in 2026 as in 2025, indicating year-over-year growth approaching 50%. The AdvanceAD-Tx test is viewed as a midterm (2027 and 2028) revenue driver, with more detail on reimbursement expected by the end of the third quarter 2026. The company is moving forward with an FDA submission for melanoma in 2026. A draft LCD for DecisionDx-SCC is anticipated in the second half of 2026, following accepted reconsideration requests. M&A is expected to play a role in the company's future growth.	The		We delivered strong first quarter results, building on our momentum from 2025. Test report volumes for our core revenue drivers grew 36% compared to the first quarter of 2025. raising our 2026 revenue outlook to between $345 million to $355 million. March of 2026 saw an all-time high record month for test reports delivered. TissueCypher test reports... which is 58% growth. having 650 orders come in the door in the first quarter is very, very nice reinforcement of the opportunity that we have here. We are quite pleased with the continued early response of the dermatologic clinicians out there in the field. We still continue to believe that there -- that kind of a year plus review cycle should be plenty of time for a reconsideration request... That would be surprising.	volumes did decline very modestly quarter-over-quarter. Q1 was a bit of an easier comp than we expect for the rest of the year. I don't quite understand what NCCN sees here. I think, unfortunately, from an NCCN standpoint, there's a belief that this is really more political than we even thought, I guess you would say. the primary hurdle for our AD test is just our -- candidly, our willingness to -- how available do we want to make it. it was a little bit surprising to see the net loss and the lower-than-expected EBITDA in the quarter.	Increases in personnel costs reflect a higher headcount driven by sales force expansion, headcount expansions in administrative support functions, and additions made to support business growth in response to growing test report volumes. There was also a higher headcount to support continued business growth and increases in clinical studies costs. The company currently covers both dermatology and gastroenterology verticals with fewer than 100 sales representatives.