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Adaptive Biotechnologies Corporation (ADPT)

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35.46-0.82 (-2.26%)
At close: 4:00PM EDT

35.83 +0.37 (1.04%)
After hours: 5:53PM EDT

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Neutralpattern detected
Previous Close36.28
Open36.30
Bid35.00 x 800
Ask37.35 x 900
Day's Range34.93 - 36.30
52 Week Range23.68 - 71.25
Volume1,166,929
Avg. Volume1,027,725
Market Cap4.965B
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)-1.11
Earnings DateMay 05, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est64.80
  • Adaptive Biotechnologies Reports First Quarter 2021 Financial Results
    GlobeNewswire

    Adaptive Biotechnologies Reports First Quarter 2021 Financial Results

    SEATTLE, May 05, 2021 (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 March 31, 2021. “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 2020clonoSEQ clinical sequencing volume for the first quarter 2021 grew 35% versus prior yearRecognized $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 approvalsReceived Emergency Use Authorization (EUA) from FDA for T-Detect™ COVID to confirm recent or prior COVID-19 infectionGenerated new data that confirms the ability of T-Detect to diagnose patients with Crohn’s disease and distinguish between patients with colitisNamed 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 http://investors.adaptivebiotech.com. The webcast will be archived and available for replay at least 90 days after the event. About Adaptive Biotechnologies Adaptive Biotechnologies (“we” or “our”) is a commercial-stage biotechnology company focused on harnessing the inherent biology of the adaptive immune system to transform the diagnosis and treatment of disease. We believe the adaptive immune system is nature’s most finely tuned diagnostic and therapeutic for most diseases, but the inability to decode it has prevented the medical community from fully leveraging its capabilities. Our proprietary immune medicine platform reveals and translates the massive genetics of the adaptive immune system with scale, precision and speed to develop products in life sciences research, clinical diagnostics and drug discovery. We have three commercial products and a robust clinical pipeline to diagnose, monitor and enable the treatment of diseases such as cancer, autoimmune conditions and infectious diseases. Our goal is to develop and commercialize immune-driven clinical products tailored to each individual patient. Forward-Looking Statements This press release contains forward-looking statements that are based on management’s beliefs and assumptions and on information currently available to management. All statements contained in this release other than statements of historical fact are forward-looking statements, including statements regarding our ability to develop, commercialize and achieve market acceptance of our current and planned products and services, our research and development efforts and other matters regarding our business strategies, use of capital, results of operations and financial position and plans and objectives for future operations. In some cases, you can identify forward-looking statements by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties and other factors are described under "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in the documents we file with the Securities and Exchange Commission from time to time. We caution you that forward-looking statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. As a result, the forward-looking statements may not prove to be accurate. The forward-looking statements in this press release represent our views as of the date hereof. We undertake no obligation to update any forward-looking statements for any reason, except as required by law. Use of Non-GAAP Financial Measure To supplement our unaudited condensed consolidated statements of operations and unaudited condensed consolidated balance sheets, which are prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”), this press release also includes references to Adjusted EBITDA, which is a non-GAAP financial measure that we define as net loss adjusted for interest and other income, net, income tax benefit (expense), depreciation and amortization and share-based compensation expenses. We have provided a reconciliation of net loss, the most directly comparable GAAP financial measure, to Adjusted EBITDA at the end of this press release. Management uses Adjusted EBITDA to evaluate the financial performance of our business and the effectiveness of our business strategies. We present Adjusted EBITDA because we believe it is frequently used by analysts, investors and other interested parties to evaluate companies in our industry and it facilitates comparisons on a consistent basis across reporting periods. Further, we believe it is helpful in highlighting trends in our operating results because it excludes items that are not indicative of our core operating performance. Adjusted EBITDA has limitations as an analytical tool and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. We may in the future incur expenses similar to the adjustments in the presentation of Adjusted EBITDA. In particular, we expect to incur meaningful share-based compensation expense in the future. Other limitations include that Adjusted EBITDA does not reflect: all expenditures or future requirements for capital expenditures or contractual commitments;changes in our working capital needs;income tax benefit (expense), which may be a necessary element of our costs and ability to operate;the costs of replacing the assets being depreciated and amortized, which will often have to be replaced in the future;the non-cash component of employee compensation expense; andthe impact of earnings or charges resulting from matters we consider not to be reflective, on a recurring basis, of our ongoing operations. In addition, Adjusted EBITDA may not be comparable to similarly titled measures used by other companies in our industry or across different industries. ADAPTIVE MEDIABeth Keshishian917-912-7195media@adaptivebiotech.com ADAPTIVE INVESTORSKarina Calzadilla, Vice President, Investor Relations201-396-1687Carrie Mendivil, Gilmartin Groupinvestors@adaptivebiotech.com Adaptive BiotechnologiesCondensed Consolidated Statements of Operations(in thousands, except share and per share amounts)(unaudited) Three Months Ended March 31, 2021 2020 Revenue Sequencing revenue $15,174 $9,469 Development revenue 23,268 11,441 Total revenue 38,442 20,910 Operating expenses Cost of revenue 9,991 5,343 Research and development 33,772 23,935 Sales and marketing 20,604 14,007 General and administrative 14,936 11,821 Amortization of intangible assets 419 424 Total operating expenses 79,722 55,530 Loss from operations (41,280) (34,620)Interest and other income, net 638 2,894 Income tax benefit — 323 Net loss $(40,642) $(31,403)Net loss per share attributable to common shareholders, basic and diluted $(0.29) $(0.25)Weighted-average shares used in computing net loss per share attributable to common shareholders, basic and diluted 138,967,754 126,058,389 Adaptive BiotechnologiesCondensed Consolidated Balance Sheets(in thousands, except share and per share amounts) March 31, 2021 December 31, 2020 (unaudited) Assets Current assets Cash and cash equivalents $173,624 $123,436 Short-term marketable securities (amortized cost of $540,016 and $564,036, respectively) 540,640 564,833 Accounts receivable, net 19,754 10,047 Inventory 17,422 14,063 Prepaid expenses and other current assets 13,520 14,535 Total current assets 764,960 726,914 Long-term assets Property and equipment, net 56,308 39,692 Operating lease right-of-use assets 88,504 99,350 Long-term marketable securities (amortized cost of $30,681 and $118,429, respectively) 30,688 118,525 Restricted cash 2,138 2,138 Intangible assets, net 9,806 10,225 Goodwill 118,972 118,972 Other assets 717 598 Total assets $1,072,093 $1,116,414 Liabilities and shareholders’ equity Current liabilities Accounts payable $5,197 $3,237 Accrued liabilities 13,484 13,162 Accrued compensation and benefits 5,431 11,950 Current portion of operating lease liabilities 4,308 3,529 Current portion of deferred revenue 78,348 73,319 Total current liabilities 106,768 105,197 Long-term liabilities Operating lease liabilities, less current portion 95,252 104,333 Deferred revenue, less current portion 144,356 163,618 Total liabilities 346,376 373,148 Commitments and contingencies Shareholders’ equity Preferred stock: $0.0001 par value, 10,000,000 shares authorized at March 31, 2021 and December 31, 2020; no shares issued and outstanding at March 31, 2021 and December 31, 2020 — — Common stock: $0.0001 par value, 340,000,000 shares authorized at March 31, 2021 and December 31, 2020; 139,884,698 and 137,646,896 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively 14 14 Additional paid-in capital 1,277,197 1,253,971 Accumulated other comprehensive gain 631 893 Accumulated deficit (552,254) (511,612)Total Adaptive Biotechnologies Corporation shareholders’ equity 725,588 743,266 Noncontrolling interest 129 — Total shareholders’ equity 725,717 743,266 Total liabilities and shareholders’ equity $1,072,093 $1,116,414 Adjusted EBITDA The following table sets forth a reconciliation between our Adjusted EBITDA and our net loss, the most directly comparable GAAP financial measure, for each of the periods presented (in thousands, unaudited): Three Months Ended March 31, 2021 2020 Net loss $(40,642) $(31,403)Interest and other income, net (638) (2,894)Income tax benefit — (323)Depreciation and amortization expense 2,671 1,978 Share-based compensation expense 8,484 4,675 Adjusted EBITDA $(30,125) $(27,967)

  • Earnings Preview: Adaptive Biotechnologies (ADPT) Q1 Earnings Expected to Decline
    Zacks

    Earnings Preview: Adaptive Biotechnologies (ADPT) Q1 Earnings Expected to Decline

    Adaptive Biotechnologies (ADPT) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

  • Adaptive Biotechnologies to Present at the BofA Securities 2021 Virtual Healthcare Conference
    GlobeNewswire

    Adaptive Biotechnologies to Present at the BofA Securities 2021 Virtual Healthcare Conference

    SEATTLE, April 27, 2021 (GLOBE NEWSWIRE) -- Adaptive Biotechnologies Corporation (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 announced it will be participating in the upcoming BofA Securities 2021 Virtual Healthcare Conference. Adaptive Biotechnologies’ management is scheduled to participate in a fireside chat on Tuesday, May 11th at 8:45 a.m. Pacific Time / 11:45 a.m. Eastern Time. Interested parties may access a live and archived webcast of the presentation on the “Investors” section of the company website at: www.adaptivebiotech.com. About Adaptive BiotechnologiesAdaptive Biotechnologies is a commercial-stage biotechnology company focused on harnessing the inherent biology of the adaptive immune system to transform the diagnosis and treatment of disease. We believe the adaptive immune system is nature’s most finely tuned diagnostic and therapeutic for most diseases, but the inability to decode it has prevented the medical community from fully leveraging its capabilities. Our proprietary immune medicine platform reveals and translates the massive genetics of the adaptive immune system with scale, precision and speed to develop products in life sciences research, clinical diagnostics and drug discovery. We have three commercial products and a robust clinical pipeline to diagnose, monitor and enable the treatment of diseases such as cancer, autoimmune conditions and infectious diseases. Our goal is to develop and commercialize immune-driven clinical products tailored to each individual patient. ADAPTIVE INVESTORSKarina Calzadilla, Vice President, Investor Relations201-396-1687Carrie Mendivil, Gilmartin Groupinvestors@adaptivebiotech.com ADAPTIVE MEDIABeth Keshishian917-912-7195media@adaptivebiotech.com