DermTech, Inc.
| Company Name | DermTech, Inc. |
| Stock Symbol | DMTK |
On August 8, 2022, DermTech disclosed that it was reducing its full-year 2022 outlook to reflect a lower average selling price (ASP) for the Company’s DermTech Melanoma Test (DMT). The Company claimed that “[t]he ASP pressure is primarily the result of Medicare billing code edits, which are expected to be improved in the coming quarters, as well as less favorable collection patterns from commercial payors.”
On this news, DermTech’s stock price fell $2.87, or 34%, to close at $5.56 per share on August 9, 2022, thereby injuring investors.
On November 3, 2022, DermTech disclosed that “[w]e achieved meaningful year-over-year billable sample volume growth, but sequential growth was flat due to headwinds caused by limited commercial payer coverage.” The Company further disclosed that growth in utilization of DMT with certain customers “is tempered because of typical payor tactics to impede our adoption momentum” and that as a result “we expect to finish 2022 below our previous guidance range.”
On this news, DermTech’s stock price fell $1.34, or 44.7%, to close at $1.66 per share on November 4, 2022, thereby injuring investors further.
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