On May 5, 2021 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, reported financial results for the quarter ended March 31, 2021 (Press release, Adaptive Biotechnologies, MAY 5, 2021, View Source [SID1234579205]).
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"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 2020
clonoSEQ clinical sequencing volume for the first quarter 2021 grew 35% versus prior year
Recognized $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 approvals
Received Emergency Use Authorization (EUA) from FDA for T-Detect COVID to confirm recent or prior COVID-19 infection
Generated new data that confirms the ability of T-Detect to diagnose patients with Crohn’s disease and distinguish between patients with colitis
Named 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 the prior year.
Cash, cash equivalents and marketable securities was $745.0 million as of March 31, 2021.
2021 Financial Guidance
Adaptive Biotechnologies expects full year 2021 revenue to be in the range of $145 million to $155 million, representing 52% growth at the mid-point of the range over full year 2020 revenue.
Webcast and Conference Call Information
Adaptive Biotechnologies will host a conference call to discuss its first quarter 2021 financial results after market close on Wednesday, May 5, 2021 at 4:30 PM Eastern Time. The conference call can be accessed at View Source The webcast will be archived and available for replay at least 90 days after the event.