{"id":50471,"date":"2022-11-03T21:02:09","date_gmt":"2022-11-03T20:02:09","guid":{"rendered":"https:\/\/pharma-trend.com\/en\/dermtech-reports-third-quarter-2022-financial-results\/"},"modified":"2022-11-03T21:02:09","modified_gmt":"2022-11-03T20:02:09","slug":"dermtech-reports-third-quarter-2022-financial-results","status":"publish","type":"post","link":"https:\/\/pharma-trend.com\/en\/dermtech-reports-third-quarter-2022-financial-results\/","title":{"rendered":"DermTech Reports Third-Quarter 2022 Financial Results"},"content":{"rendered":"
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LA JOLLA, Calif.–(BUSINESS WIRE)–DermTech, Inc. (NASDAQ: DMTK) (\u201cDermTech\u201d or the \u201cCompany\u201d), a leader in precision dermatology enabled by a non-invasive skin genomics platform, today reported its third-quarter 2022 financial results.\n<\/p>\n

\n\u201cWe achieved meaningful year-over-year billable sample volume growth, but sequential growth was flat due to headwinds caused by limited commercial payer coverage,\u201d said John Dobak, M.D., CEO, DermTech. \u201cDespite these challenges, we have more positive activity with payers now than we\u2019ve ever had and are confident we\u2019re on the path to meaningfully growing covered lives in the U.S. We remain closely engaged with commercial payers and believe that we\u2019ll potentially add 30 to 40 million covered lives by the end of the first quarter of 2023. We\u2019ve recently executed an agreement with a large regional payer and have received an excellent policy from a prominent laboratory benefits manager. We\u2019ve also completed price negotiations with a national government payer that runs the largest integrated health care system in the U.S. We\u2019ve spent productive time with national payer medical directors and have several scheduled comprehensive reviews with medical policy teams in the upcoming months, which we see as additional, important potential business catalysts.\u201d\n<\/p>\n

\nDr. Dobak continued, \u201cWe believe the value proposition of our DermTech Melanoma Test (DMT) continues to be embraced by our customers, but growth in utilization with certain customers is tempered because of typical payor tactics to impede our adoption momentum. Due to these factors, we expect to finish 2022 below our previous guidance range. It\u2019s difficult to provide a revised forecast due to commercial payer collection challenges which affect estimating ASP and the potential for additional changes in estimates for anticipated cash collections, but we do expect to achieve at least $13 million in assay revenue for the full-year 2022.\u201d\n<\/p>\n

\nDr. Dobak concluded, \u201cI also want to emphasize that we\u2019ve further strengthened our operating discipline and are adjusting expenses to be in-line with our tempered near-term revenue trajectory. With these modifications to our operating plan and our ability to access capital, we can extend our cash runway multiple quarters beyond the first quarter of 2024.\u201d\n<\/p>\n

\nThird-Quarter 2022 Financial Results<\/b>\n<\/p>\n