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Adaptive Biotechnologies Reports First Quarter 2021 Financial Results
SEATTLE, May 05, 2021 (GLOBE NEWSWIRE) -- Adaptive Biotechnologies Corporation (“Adaptive Biotechnologies”) (Nasdaq: ADPT), a commercial stage biotechnology
About this update from Adaptive Biotechnologies Corporation
[{"type":"text","content":"SEATTLE, May 05, 2021 (GLOBE NEWSWIRE) -- Adaptive Biotechnologies Corporation (“Adaptive Biotechnologies”) (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, today reported financial results for the quarter ended March 31, 2021. “We started the year strong with revenue increasing 84% year over year, driven by growth in both our sequencing and development revenue categories,” said Chad Robins, chief executive officer and co-founder of Adaptive Biotechnologies. “I am encouraged by the solid momentum across all areas of our business as we continue to capitalize on the multiple opportunities originating from our platform.” Recent Highlights Revenue of $38.4 million for the first quarter 2021, representing an 84% increase from the first quarter 2020clonoSEQ clinical sequencing volume for the first quarter 2021 grew 35% versus prior yearRecognized $7.0 million in MRD regulatory milestones resulting from two biopharmaceutical partners who used data from our MRD assay to support their respective U.S. Food and Drug Administration (FDA) drug approvalsReceived Emergency Use Authorization (EUA) from FDA for T-Detect™ COVID to confirm recent or prior COVID-19 infectionGenerated new data that confirms the ability of T-Detect to diagnose patients with Crohn’s disease and distinguish between patients with colitisNamed Leslie Trigg and Katey Einterz Owen, PhD to the Board of Directors First Quarter 2021 Financial Results Revenue was $38.4 million for the quarter ended March 31, 2021, representing an 84% increase from the first quarter in the prior year. Sequencing revenue was $15.2 million for the quarter, representing a 60% increase from the first quarter in the prior year. Development revenue was $23.3 million for the quarter, representing a 103% increase from the first quarter in the prior year. Operating expenses were $79.7 million for the first quarter of 2021, compared to $55.5 million in the first quarter of the prior year, representing an increase of 44%. Net loss was $40.6 million for the first quarter of 2021, compared to $31.4 million for the same period in 2020. Adjusted EBITDA (non-GAAP) was a loss of $30.1 million for the first quarter of 2021, compared to a loss of $28.0 million for the first quarter of th...