DermTech Inc. (DMTK) has developed an innovative skin cancer test with minimally invasive procedures, and test sales are on the rise. Insurance companies are willing to cover the cost of such testing.
Essentially, DermTech has developed a patch that can be adhered to the birthmark. It is possible to examine RNA elements on the patch (which were in the patch during removal of the birthmark) to determine if the RNA elements indicate the presence of skin cancer markers. Based on the evidence, the DermTech method is less invasive and more accurate than a standard biopsy. According to DermTech, their test is 99 % accurate.
SKIN also reported in another study that the DMTK stock’s patch was nearly five times more accurate than conventional visual methods in detecting melanoma. A study published in Dermatologist Magazine shows the DermTech patch has an accuracy of more than 91% in accurately detecting melanomas and more than 99% inaccurately excluding lesions that are not melanomas. Additionally, it has been reported that this method can reduce the need for a biopsy by 90%.
Even though some dermatological procedures have been rescheduled or canceled due to the coronavirus, DermTech’s revenue grew by 75% over the past year. Revenue increased 220 % year over year and nearly 30 % sequentially to $ 1.6 million for a common Medicare program in the fourth quarter.
DermTech Inc. (DMTK) went up 7.97% on Friday’s trading session, a rise equivalent to $4.25 from the previous market close price. During the trading session, the shares dropped to $51.57, while the day’s peak was recorded at $58.25. According to data provided by Barchart, DMTK finished the previous session at $53.35, with a trading volume of 3.15 million shares.