NEW YORK – Adaptive Biotechnologies reported after the close of the market on Wednesday that its first quarter revenues increased half a percent over Q1 last year.
For the three months ended March 31, the Seattle-based immune sequencing firm reported revenues of $38.6 million compared to $38.4 million a year ago and above analysts' average estimate of $37.7 million.
"Our first quarter results reflect a solid start to the year," Adaptive Biotechnologies CEO and Cofounder Chad Robins told investors in a conference call recapping this quarter's financial results. Along with the earnings, Robins also highlighted the company's strategic reorganization, which was completed during the first quarter, to realign the company around two key business areas: minimal residual disease and immune medicine. "Both business areas delivered key achievements and are set up for significant growth in 2022 and beyond," Robins said.
First quarter immune medicine revenue was $20.8 million, representing a 4 percent year-over-year increase from last year's $20.1 million, primarily driven by the increase in revenue from the company's pharma and research partners. The company's minimal residual disease revenue was $17.8 million for the quarter, representing a 3 percent dip from $18.3 million in Q1 2021, mostly due to the downsized regulatory milestones.
The company's Q1 R&D expenses jumped 12 percent to $37.8 million from $33.8 million a year ago, mainly attributable to increased personnel costs, including expenses related to the firm's restructuring activities. Its SG&A spending grew 41 percent to $50.2 million from $35.5 million. This growth was largely caused by increased personnel costs, the expansion of the company's overall facility footprint, and higher depreciation expenses.
The firm's first quarter net loss grew to $62.8 million, or $.44 per share, from $40.6 million, or $.29 per share, a year ago. Adaptive used approximately 142 million shares to calculate per-share loss in the recently completed quarter compared to about 139 million shares in Q1 2021. On average, analysts had been expecting a Q1 net loss of $.45 per share.
Adaptive finished the quarter with $114.8 million in cash and cash equivalents and $248.8 million in short-term marketable securities. "Our capital position is strong, and we continue to manage our investments to fuel growth across the businesses," Robins said.
The company reiterated its full-year 2022 revenue projection of $185 million to $195 million.
In mid-morning trading on the Nasdaq, the company's shares dipped less than 1 percent to $9.22.