Adaptive Biotechnologies reports $38.6M in Q1 revenue as it repositions following job cuts

Adaptive Biotechnologies Co-founder and CEO Chad Robins talking from the Well being Tech stage on the 2018 GeekWire Summit. (GeekWire Picture / Kevin Lisota)

Adaptive Biotechnologies introduced its first quarter earnings Wednesday, two months after shedding 12% of its workforce.

The general public Seattle firm pulled in $38.6 million in income, up 0.5% from the year-ago quarter.

In early March, Adaptive laid off about 100 workers because it restructured its enterprise to concentrate on two key areas, immune drugs and its services and products to detect minimal residual illness in blood cancers. The corporate additionally just lately employed a brand new chief monetary officer, Tycho Peterson, who was beforehand managing direct or life science instruments and diagnostics at J.P. Morgan Chase.

“I’m inspired by the strong momentum throughout each enterprise areas as we optimize our useful resource allocation to capitalize on the a number of alternatives forward,” Adaptive CEO and co-founder Chad Robins stated in an announcement.

The corporate’s restructure occurred towards a backdrop of declining inventory values general within the biotech sector, and solely six months after the corporate reduce the ribbon on a brand new headquarters. Adaptive’s inventory worth at market shut Wednesday was $9.25, down from its excessive in February 2021 of almost $70.

The corporate additionally reported knowledge on its T-Detect check for Lyme illness, from a research of 990 topics. Adaptive stated its check is twice as delicate for detecting the illness as present exams (54% vs 30% detection), and that it expects the check to be prepared for the 2022 Lyme season, which usually peaks in the summertime. Within the fall, the corporate had reported earlier knowledge on the check, which might be made obtainable by way of medical labs.

Income final quarter from Adaptive’s minimal residual illness operations was $17.8 million, a 3% lower from the primary quarter final 12 months, and $20.8 million for immune drugs, a 4% enhance.

Working bills have been $101.7 million for the quarter, in comparison with $79.7 million the primary quarter of final 12 months, a 28% enhance. Internet loss was $62.8 million, in comparison with $40.6 million for a similar interval final 12 months.

Adaptive expects income for 2022 to be within the vary of $185 to $195 million and on March 31 the corporate had $500.7 million in money, money equivalents and marketable securities.

The corporate additionally highlighted another key milestones for the quarter:

  • Elevated testing quantity 45% over the primary quarter final 12 months for the corporate’s clonoSEQ minimal residual illness assay.
  • Achieved $3 million in milestone income from a biopharma accomplice who used Adaptive’s minimal residual illness assay to help its drug approval, and expanded an settlement with an current accomplice utilizing the know-how.
  • Entered a brand new collaboration with Janssen Pharmaceutical Firms to map T cell responses as a part of the pharma large’s vaccine program for respiratory syncytial virus.

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