Adaptive Biotechnologies’ Immunoseq platform allows for the sequencing of patients’ immune systems. (Adaptive Biotechnologies Photo)
Adaptive Biotechnologies‘ stock fell 7 percent Tuesday after the company posted larger-than-expected losses during the first quarterly earnings report since it went public in June.
Earnings: Adaptive reported a net loss of $15.7 million in the second quarter, compared to $12.5 million in the same period in 2018. The net loss per share came in at $1.23, greater than the average analyst estimate of $0.14 per share.
Revenue: The Seattle-based biotech brought in $22.1 million for the quarter ended June 30, 2019, up 91 percent from the year-ago quarter. Wall Street analysts had expected revenues of $19.3 million.
The company attributed $11.9 million of that revenue to sales of its sequencing technology and a further $10.3 million to development revenue. Expenses rose to $38.2 million from $24.9 million for the same quarter last year.
Adaptive is known for the large deals that it has signed with Genentech for cancer drug discovery and with Microsoft on a novel artificial intelligence effort, which aims to diagnose multiple diseases from a single blood test.
On the Microsoft front, Adaptive CEO Chad Robins told investors on an earnings call Tuesday that the company is …read more