Business
Adaptive Announces Preliminary Unaudited Revenue for Full Year 2019
SEATTLE, Jan. 21, 2020 (GLOBE NEWSWIRE) -- Adaptive Biotechnologies Corporation (Nasdaq:ADPT), a commercial stage biotechnology company that aims to translate
About this update from Adaptive Biotechnologies Corporation
[{"type":"text","content":"SEATTLE, Jan. 21, 2020 (GLOBE NEWSWIRE) -- Adaptive Biotechnologies Corporation (Nasdaq:ADPT), a commercial stage biotechnology company that aims to translate the genetics of the adaptive immune system into clinical products to diagnose and treat disease, announced today preliminary unaudited revenue for the full year 2019.\n Preliminary and unaudited revenue for full year 2019 is expected to be in the range of $84 – $85 million, reflecting growth of approximately 52% at the midpoint of the range over full year 2018. “We are pleased with our strong performance in the fourth quarter, as we continued accelerating our efforts to scale our business to aggressively pursue the large pipeline opportunity in front of us,” said Chad Robins, CEO and co-founder of Adaptive Biotechnologies. “Following our FDA clearance and reimbursement progress for clonoSEQ, we focused on investing in market development activities to educate clinicians about the benefits of monitoring MRD for their patients, activating key accounts, and establishing order workflow. During the fourth quarter, these investments translated into meaningful growth in our clinical volumes which grew by more than 25% from third quarter 2019.” Partly reflecting these investments, Adaptive expects operating and net loss for the year ended December 31, 2019 to increase compared to 2018 and expects operating and net loss for the three months ended December 31, 2019 to increase compared to the three months ended September 30, 2019. The preliminary financial results and clinical volume growth rate included in this release are estimates prior to the completion of Adaptive’s financial closing procedures and audit procedures by its external auditors and therefore may be subject to adjustment when the actual results are available. Adaptive expects to provide full year 2019 financial results during its fourth quarter 2019 earnings call in late February 2020. About Adaptive Biotechnologies Adaptive Biotechnologies is a commercial-stage biotechnology company focused on harnessing the inherent biology of the adaptive immune system to transform the diagnosis and treatment of disease. We believe the adaptive immune system is nature’s most finely tuned diagnostic and therapeutic for most diseases, but the inability to decode it has prevented the medical community from fully leveraging its capabil...