On November 12, 2019 Adaptive Biotechnologies Corporation ("Adaptive Biotechnologies") (Nasdaq: ADPT) reported financial results for the quarter ended September 30, 2019 (Press release, Adaptive Biotechnologies, NOV 12, 2019, View Source [SID1234550979]).
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
"During the third quarter, we continued to make strong progress across our existing products and our pipeline," said Chad Robins, chief executive officer and co-founder of Adaptive. "We are encouraged to see increasing demand for clonoSEQ as we continue developing the market and expanding our label. We were also excited to confirm our first clinical signal for immunoSEQ Dx, proving that we can read and translate how the adaptive immune system diagnoses disease."
Recent Highlights
Revenue of $26.1 million for the third quarter of 2019, an increase of 52% over the third quarter of 2018
Achieved milestone for immunoSEQ Dx with confirmation of the first clinical signal in acute Lyme disease
Entered into a partnership for use of the clonoSEQ Assay as preferred MRD test for drug development across Amgen’s hematology franchise
Entered into a partnership with Illumina to enable the development of IVD test kits for our diagnostic products
Third Quarter 2019 Financial Results
Revenue was $26.1 million for the quarter ended September 30, 2019, representing a 52% increase from the third quarter in the prior year. Sequencing revenue was $11.7 million for the quarter, representing a 38% increase from the third quarter in the prior year. Development revenue increased to $14.4 million for the quarter, representing a 65% increase from the third quarter in the prior year.
Operating expenses were $44.1 million for the third quarter of 2019, compared to $26.3 million in the third quarter of the prior year, representing an increase of 68%.
Net loss was $14.0 million for the third quarter of 2019, compared to $8.3 million for the same period in 2018.
Adjusted EBITDA (non-GAAP) was a loss of $12.7 million for the third quarter of 2019, compared to a loss of $5.1 million for the third quarter of the prior year.
Cash, cash equivalents and marketable securities was $708.7 million as of September 30, 2019.
2019 Financial Guidance
Management will provide updates to the 2019 revenue outlook on the conference call scheduled to discuss the third quarter 2019 financial results.
Webcast and Conference Call Information
Adaptive Biotechnologies will host a conference call to discuss its third quarter 2019 financial results after market close on Tuesday, November 12, 2019 at 4:30 PM Eastern Time. The conference call can be accessed live over the phone (800) 361-2311 for U.S. callers or (409) 937-8761 for international callers (Conference ID: 3698520). The webcast can be accessed at View Source