Wed, May 15, 10:22 AM (72 days ago)
DermTech, Inc. reported a net loss of $20 million for Q1 2024, an improvement from a $31.3 million net loss in Q1 2023. Revenues increased by 11% to $3.8 million, driven by higher test revenue due to increased average selling prices and reduced revenue adjustments for prior periods. However, billable test samples decreased by 14% due to a strategic focus on geographies with payor coverage and a reduction in sales territories. Operating expenses fell by 33%, primarily due to restructuring efforts, including workforce reductions. Despite these cost-saving measures, substantial doubt remains about DermTech's ability to continue as a going concern due to insufficient cash reserves to meet anticipated operating costs over the next 12 months. The company is exploring strategic alternatives, including potential mergers or acquisitions, to address its financial challenges.