Adaptive Biotechnologies Announces Preliminary, Unaudited 2021 Revenue Results and CFO Transition
11 January 2022 - 12:30AM
Adaptive Biotechnologies Corporation (Nasdaq: ADPT) today reported
preliminary, unaudited revenue for the year ended December 31,
2021. Total revenue for the year ended December 31, 2021 is
estimated to be in the range of $153 million to $154 million,
representing an approximate increase of 56% at the mid-point of the
range compared to $98.4 million for the year ended December 31,
2020.
“The Adaptive team delivered strong results in 2021, setting the
stage to accelerate our immune medicine and MRD business areas,”
said Chad Robins, chief executive officer and co-founder of
Adaptive Biotechnologies. “Our goal is to transform the genetics of
the adaptive immune system into novel diagnostics and therapeutics.
We are in a strong position and poised for sustainable future
growth.”
These preliminary, unaudited results are based on management’s
initial analysis of operations for the year ended December 31, 2021
and are subject to change. Adaptive Biotechnologies expects to
issue full financial results for the year ended December 31, 2021
on or around February 15, 2022.
Adaptive further announced that Chad Cohen, chief financial
officer, will be resigning from his role, effective on or about
February 15, 2022, following the filing of Adaptive
Biotechnologies’ Annual Report on Form 10-K for the year ended
December 31, 2021. Adaptive Biotechnologies’ principal accounting
officer, Kyle Piskel, will serve as interim CFO after Mr. Cohen’s
resignation. Adaptive Biotechnologies has initiated a search for a
permanent CFO with the capabilities and qualifications to help
accelerate the development and commercialization of products
resulting from the insights provided by its proprietary immune
medicine platform. Mr. Cohen will continue to work with Adaptive
Biotechnologies and Mr. Piskel in a consulting capacity to ensure a
smooth transition.
“I’d like to thank Chad Cohen for his excellent contributions to
both the financial and operational success at Adaptive over the
last seven years,” said Chad Robins, chief executive officer and
co-founder of Adaptive Biotechnologies. “We wish him all the best
and we look forward to working with him through the
transition.”
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. For more information, please
visit adaptivebiotech.com and follow us
on www.twitter.com/adaptivebiotech.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.
MEDIA CONTACT:Laura
Cooper205-908-5603media@adaptivebiotech.com
ADAPTIVE INVESTORS:Karina Calzadilla, Vice
President, Investor Relations201-396-1687Carrie Mendivil, Gilmartin
Groupinvestors@adaptivebiotech.com
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