I’ve seen in the past where there were times when MolDx has taken a month or two long, which I guess they’re asking for a grace period on that. So we think kind of the June, July time period is the right time here to still think about it, I think, in general. Now in terms of likelihood of them – reversing the funny word. I would say medical records at MolDx, I think, have been fairly consistent publicly and also with us that they’re going to try and review a little bit here — do the right thing from an evidence-based perspective. And if they miss things, they’re very appropriately look to take in public comments and say, we kind of missed something here. We should go and make a change as opposed to kind of digging in their heels and saying, well, we said this a year ago, and we had nothing to go ahead and put on your comments for us.
So I think the most relevant recent example that we have talked about last fall was sort of the Cypher LCD, which sort of went from a foundational noncoverage LCD to a foundational covered LCD between their [app and final] (ph) posting. I think there are parallel elements between the Cypher data development and SCC. But of course, that’s an [indiscernible] necessarily the eye the MolDx –. So I’m quite hopeful that once they see the significantly newer and greater data, certain publications that we are answering directly, some of the questions they had about our test, as well as this new ART response data provides an element of knowledge that we aren’t creating new treatment pathways. Our test is having a tremendous impact in improving appropriate care with an existing treatment pathways for patients based upon both risk ratification information, as well as this newer data regarding the adjuvant radiation therapy response.
Catherine Schulte: Okay. Great. And then on TissueCypher, just with volumes flat sequentially here. You mentioned you’re still figuring out that seasonality. So do you think that was seasonality? Or were there other dynamics going on there beyond that in the national sales meeting?
Frank Stokes: Yes. I think there is probably some seasonality there and maybe there could be a little bit of kind of pull-forward, I guess, pull-through. There may have been some patients who were seeing when we were in a pause on taking orders and those orders came through in the fourth quarter, which might have shifted them from — they might have been third quarter orders and got shifted to the fourth. And unfortunately, we don’t know for sure. So that’s a bit of a — bit of a position there. So I think after this quarter, we’ll probably be able to see what a normalized kind of cadence looks like. And be a little bit more able to see where we are in the penetration pathway there.
Catherine Schulte : Okay, great. Thank you.
Operator: Our final question today comes from Mark Massaro with BTIG. Your line is open. Please go ahead.
Unidentified Analyst: Hi guys. This is [Julian] (ph) on for Mark. Thanks for taking the question. I apologize if this has been covered already, I had some technical difficulties. But so I think in recent months, we started to see a pickup in opportunistic M&A. You have a very strong balance sheet. So I was just wondering how you’re thinking about deploying that balance sheet just in light of recent competitor valuations and potentially adding to the bag here specifically for derm? Thanks.
Frank Stokes: Yes. Sure. So you’re right, the assets are challenged in valuation in many cases. We certainly look at other opportunities. I think inorganic growth is down the priority as we think about, one, the value of what we have and two our own capabilities. And so we’re always — we always look at things. We always evaluate things and give them an objective view. But I think for now, external growth is still further down the list of priorities.
Unidentified Analyst: Okay, great. Thanks for taking the question.
Frank Stokes : Thank you.
Operator: This concludes our Q&A. I’ll now hand back to Derek Maetzold for closing remarks.
Derek Maetzold: Thank you, operator. This concludes our first quarter 2024 earnings call. Again, I thank you for joining us today and for your continued interest in Castle Biosciences.
Operator: Ladies and gentlemen, today’s call has now concluded. We’d like to thank you for your participation. You may now disconnect your lines.
