Plain-text annual report
Annual
Report
2022
Letter from
Our CEO
DEAR FELLOW STOCKHOLDERS,
2022 was a year of significant growth and success for Castle, driven by strong execution and our
steadfast commitment to improve patient care through our innovative, actionable tests.
REVENUE46%
58%
DELIVERED TEST
REPORTS
198NEW EMPLOYEES
WELCOMED
81%
EMPLOYEE
ENGAGEMENT
2022 FINANCIAL AND
OPERATIONAL HIGHLIGHTS
In 2022, we delivered strong year-over-year growth in
revenue and test report volume, reflecting solid execution
by our Castle team. Our full-year 2022 revenue increased by
46% over 2021 to $137 million, meeting the top end of our
guided range. With commercial team expansions in both our
Dermatology and Gastroenterology franchises and consistent
execution of our sales objectives, we delivered 44,419 total
test reports in 2022, an increase of 58% compared to 2021.
Additionally, in 2022, we saw strong provider growth and
continued adoption with 2,312 new ordering clinicians and
7,670 total ordering clinicians for our dermatologic tests.
KEY SUCCESSES WITHIN OUR
FOUNDATIONAL GUIDEPOSTS
At our Investor Day in late September, we highlighted
three foundational guideposts – Exceptional Employees,
Continuous Evolution & Improvement and Customer &
Solution Centric. These guideposts are grounded in our
Mission, Vision and Values and guide how we operate our
business. As I reflect on our accomplishments in 2022, I
would like to celebrate a few highlights within each of these
core areas from our many successes over the past year.
Exceptional Employees
Building our Castle team: Over the course of 2022, we
welcomed 198 new individuals to the Castle family to help
support our growing businesss – new team members with
unique perspectives and strengths that we believe will help
us continue to excel in the years to come.
Maintaining a strong culture: We are proud of the culture
we have created at Castle, built on our values of excitement,
collaboration, integrity, innovation, trust and excellence. In
our annual employee engagement survey in June of 2022,
we achieved an engagement score of 81%, compared to the
benchmark average of only 53% for healthcare companies
participating in the Top Workplaces program. Our
engagement score indicates that 81% of Castle employees
reported they are “engaged” or “highly engaged,”
suggesting they are motivated to deliver their best work,
stay with Castle and recruit others to join the company. As a
result of our strong engagement scores, Castle was named
a Top Workplace in Arizona, Houston and the USA over the
course of last year. We believe we have created something
special at Castle and are committed to maintaining it.
Continuous Evolution & Improvement
NCI/SEER collaboration: Last year, we announced a
collaboration with the National Cancer Institute (NCI) to
link DecisionDx®-Melanoma testing data with data from the
Surveillance, Epidemiology and End Results (SEER) Program’s
registries on cutaneous melanoma (CM) cases. Through the
collaboration, patients who received DecisionDx-Melanoma
test reports were linked to those who were entered into
the SEER registries’ database and had associated survival
outcomes, using a third-party Honest Broker for the SEER
registries. In the study, patients tested with DecisionDx-
Melanoma had improved survival compared to untested
patients, with a 27% (hazard ratio (HR)=0.73, p=0.028) and
21% (HR=0.79, p=0.006) Melanoma Specific Survival and
Overall Survival benefit, respectively. These data provided
direct evidence that the test’s results have the potential to
improve patient survival when used as part of a melanoma
management plan.
Growing our body of clinical evidence: We are a leader in
the field of molecular diagnostics by challenging the status
quo with deep scientific expertise, unique value insight and
strong data development. In 2022, we made great strides in
demonstrating our tests’ potential to transform how diseases
are managed through the publication of 14 peer-reviewed
studies across our innovative test portfolio and through our
ongoing, robust clinical research efforts.
Customer & Solution Centric
Opportunities to impact patient care in new areas of
unmet clinical need: Over the course of 2022, we made
significant progress in developing our two newest franchises –
Gastroenterology with our TissueCypher® Barrett’s Esophagus
test, and Mental Health with our IDgenetix® test. We believe
the growth and early success we have seen in both of these
franchises sets us up well for future progress in 2023 and beyond.
I am humbled by the drive and passion of our talented Castle
team, who are dedicated to our mission of improving health
through innovative tests that guide patient care. I believe it
is their commitment to execution of our strategy and patient
care that drove our successes in 2022. As we look ahead,
we remain focused on value creation, which we expect to be
powered by our ongoing momentum and steady steps toward
achieving our vision of transforming disease management.
On behalf of all of us at Castle, thank you for your ongoing
support. We are excited about what is to come.
Sincerely,
DEREK J. MAETZOLD
Founder, President and CEO
“ I am humbled by the drive and passion
of our talented Castle team, who are
dedicated to our mission of improving
health through innovative tests that
guide patient care.”
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p=qqq;n1 }z|~5Qz Pwz ’UWT~V/ w~Q {zPzRWvVz{ Pw~P Pwz vVyURW~PvUV vQ VUP W~PzRv~X ~V{ vQ Pwz P/Tz Pw~P Pwz
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$z}R5~R/ eKm eged
4@1X5^X38U ,Q\^./X-\ ‘[[X^\11
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4@1X5^X38U +X585^X8U 85] H^^4.5/X5Z ‘[[X^\11
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azW}zR Uy Pwz (U~R{ Uy &vRz|PURQ
$z}R5~R/ eKm eged
azW}zR Uy Pwz (U~R{ Uy &vRz|PURQ
$z}R5~R/ eKm eged
azW}zR Uy Pwz (U~R{ Uy &vRz|PURQ
$z}R5~R/ eKm eged
azW}zR Uy Pwz (U~R{ Uy &vRz|PURQ
$z}R5~R/ eKm eged
azW}zR Uy Pwz (U~R{ Uy &vRz|PURQ
$z}R5~R/ eKm eged
azW}zR Uy Pwz (U~R{ Uy &vRz|PURQ
$z}R5~R/ eKm eged
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