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Adaptive Biotechnologies Reports First Quarter 2023 Financial Results
SEATTLE, May 03, 2023 (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 03, 2023 (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, 2023. “We started the year strong with clonoSEQ test volume growth of 57% in the first quarter versus the same period in the prior year,” said Chad Robins, chief executive officer and co-founder of Adaptive Biotechnologies. “We are on track to deliver on our annual goals in both MRD and Immune Medicine and remain committed to drive operational efficiencies while managing capital allocation to support growth.” Recent Highlights Revenue of $37.6 million for the first quarter 2023, representing a 3% decrease from $38.6 million in the first quarter 2022, which reflects the expected $3.2 million decline in amortization of the Genentech upfront payment.clonoSEQ test volume increased 57% to 12,079 tests delivered in the first quarter 2023, compared to the first quarter of prior year.Signed a new translational pan-portfolio collaboration with Takeda for the use of clonoSEQ to measure MRD as a clinical endpoint.Immune Medicine generated $16.2 million in revenue during the first quarter 2023 from two distinct areas (Pharma Services and Drug Discovery), representing 43% of total first quarter revenue.Announced the consolidation of the President and Chief Operating Officer roles under Julie Rubinstein. First Quarter 2023 Financial Results Revenue was $37.6 million for the quarter ended March 31, 2023, representing a 3% decrease from the first quarter in the prior year. Immune Medicine revenue was $16.2 million for the quarter, representing a 22% decrease from the first quarter in the prior year mainly driven by a decline in amortization of the Genentech upfront payment. MRD revenue was $21.4 million for the quarter, representing a 20% increase from the first quarter in the prior year. Operating expenses were $94.8 million for the first quarter of 2023, compared to $101.7 million in the first quarter of the prior year, representing a decrease of 7%. Interest expense from our revenue interest purchase agreement was $3.5 million in the first quarter of 2023. Net loss was $57.7 million for the first q...