DermTech, Inc.
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
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CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
On August 8, 2022, DermTech unveiled its financial results for the second quarter of 2022. These results disclosed that the company anticipated a reduced average selling price for its DermTech Melanoma Test due to changes in Medicare billing codes and less favorable collection patterns from commercial payors. As a consequence of this announcement, the price of DermTech shares tumbled by $2.87, representing a decrease of around 34.05%, with the stock closing at $5.56 on August 9, 2022.
Subsequently, on November 3, 2022, DermTech disclosed its financial results for the third quarter of 2022, reporting that the billable sample volume growth had remained flat due to challenges stemming from limited commercial payer coverage. In light of these difficulties, DermTech projected assay revenue for the entire year 2022 to be at least $13 million, falling below the company’s earlier guidance range. Following this revelation, the price of DermTech shares fell by $1.34, amounting to an approximate decrease of 44.77%, with the stock closing at $1.66 on November 4, 2022.
The lawsuit alleges that, during the Class Period, the Defendants issued statements that were false or misleading and failed to disclose the following: (i) DermTech encountered problems with collecting payments from commercial payors; (ii) consequently, there was a decrease in the average selling price of DermTech’s Melanoma Test; and (iii) due to these factors, the company’s revenue growth would be negatively affected.
