On November 3, 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 September 30, 2021 (Press release, Adaptive Biotechnologies, NOV 3, 2021, View Source [SID1234594229]).
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"We are pleased to deliver another quarter of strong growth with continued momentum across research, diagnostic and drug discovery," said Chad Robins, chief executive officer and co-founder of Adaptive Biotechnologies. "Achievements during the quarter mark important advancements in the evolution of our immune medicine platform as a clinical product development engine."
Recent Highlights
Revenue of $39.5 million for the third quarter 2021, representing a 50% increase from the third quarter 2020
clonoSEQ clinical sequencing volume in the third quarter 2021 grew 47% versus prior year and 8% over the second quarter of 2021
Launched an enhanced version of the clonoSEQ Assay for CLL patients, which provides IGHV mutation status in the same test where we measure the trackable MRD sequence
Received positive Tech Assessment from MolDX for coverage of T-Detect COVID in certain cases including immunocompromised patients
Increased interest by research collaborators and vaccine manufacturers to use immunoSEQ T-MAP COVID to assess whether T cells may provide a correlate of protection
Vaccibody initiated its phase 1/2 study to address emerging SARS-CoV-2 variants of concern and use as a potential universal booster with their two candidates, one of which includes T cell-based components identified by Adaptive Biotechnologies’ immune medicine platform
Third Quarter 2021 Financial Results
Revenue was $39.5 million for the quarter ended September 30, 2021, representing a 50% increase from the third quarter in the prior year. Sequencing revenue was $22.1 million for the quarter, representing a 96% increase from the third quarter in the prior year. Development revenue was $17.4 million for the quarter, representing a 16% increase from the third quarter in the prior year.
Operating expenses were $95.8 million for the third quarter of 2021, compared to $63.3 million in the third quarter of the prior year, representing an increase of 51%.
Net loss was $56.0 million for the third quarter of 2021, compared to $36.7 million for the same period in 2020.
Adjusted EBITDA (non-GAAP) was a loss of $41.1 million for the third quarter of 2021, compared to a loss of $28.4 million for the third quarter of the prior year.
Cash, cash equivalents and marketable securities was $632.4 million as of September 30, 2021.
2021 Financial Guidance
Adaptive Biotechnologies reiterates full year 2021 revenue to be in the range of $148 million to $155 million, representing 54% 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 third quarter 2021 financial results after market close on Wednesday, November 3, 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.