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Adaptive Biotechnologies Reports Second Quarter 2022 Financial Results
SEATTLE, Aug. 03, 2022 (GLOBE NEWSWIRE) -- Adaptive Biotechnologies Corporation (“Adaptive Biotechnologies”) (Nasdaq: ADPT), a commercial stage biotechnology
About this update from Adaptive Biotechnologies Corporation
[{"type":"text","content":"SEATTLE, Aug. 03, 2022 (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 June 30, 2022. “We are pleased to deliver another strong quarter across both the MRD and Immune Medicine businesses,” said Chad Robins, chief executive officer and co-founder of Adaptive Biotechnologies. “I am encouraged by the MRD business momentum as more clinical data and reimbursement decisions continue to drive clonoSEQ adoption. In parallel, data emerging from our immune medicine platform has led to growing interest from pharma partners that will drive revenue and may accelerate diagnostic use cases and potential drug discovery opportunities.” Recent Highlights Revenue of $43.7 million for the second quarter 2022, representing a 13% increase from the second quarter 2021.clonoSEQ test volume in the second quarter 2022 grew 53% versus the second quarter of prior year and 17% over the first quarter of 2022.Received expanded Medicare coverage of clonoSEQ for assessment of MRD in patients with Diffuse Large B-Cell Lymphoma (DLBCL).Signed a new pan-portfolio agreement with major partner for the use of clonoSEQ to measure MRD as a clinical endpoint.Sharpened focus on Immune Medicine commercialization strategy to prioritize pharma partnering and drug discovery opportunities. Second Quarter 2022 Financial Results Revenue was $43.7 million for the quarter ended June 30, 2022, representing a 13% increase from the second quarter in the prior year. Immune Medicine revenue was $22.4 million for the quarter, representing a 3% decrease from the second quarter in the prior year. MRD revenue was $21.3 million for the quarter, representing a 38% increase from the second quarter in the prior year. Operating expenses were $96.2 million for the second quarter of 2022, compared to $88.3 million in the second quarter of the prior year, representing an increase of 9%. Net loss was $52.1 million for the second quarter of 2022, compared to $49.3 million for the same period in 2021. Cash, cash equivalents and marketable securities was $450.7 million as of June 30, 2022. 2022 Financial Guidance Adaptive Biotechnologi...