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DermTech Posts 48 Percent Jump in Q1 Revenues

NEW YORK — DermTech on Tuesday afternoon reported a 48 percent year-over-year jump in revenues for the first quarter of 2022 but fell just short of Wall Street's expectations.

For the three-month period ended March 31, DermTech's revenues came in at $3.7 million, up from $2.5 million in the year-ago quarter. Analysts had, on average, been expecting Q1 revenues of $3.8 million.

Driving the increase was a roughly 60 percent rise in revenues from the company's noninvasive skin cancer tests to $3.5 million from $2.2 million the year before as billable sample volume grew 53 percent year on year to approximately 14,370.

DermTech's net loss for the first quarter nearly doubled to $30.1 million, or $1.01 per share, from $15.1 million, or $.55 per share, a year earlier, missing Wall Street's consensus loss estimate of $.89 per share.

Contributing to the higher loss was a 174 percent rise in R&D spending to $6.3 million in Q1 2022 from $2.3 million the year before, primarily due to higher employee-related costs and clinical trial expenses. SG&A costs, meantime, more than doubled to $24.0 million from $11.7 million, reflecting higher headcount and marketing expenditures.

At the end of March, DermTech — which went public at the beginning of 2021 — had $145.1 million in cash and cash equivalents, $54.1 million in short-term marketable securities, and $3.0 million in restricted cash.

Looking ahead, La Jolla, California-based DermTech affirmed its earlier full-year 2022 guidance for assay revenue of $22 million to $26 million.

In morning trading on the Nasdaq, DermTech shares were down 4 percent at $9.08.