shares fell by more than 7% in after-hours trading Tuesday after the biotech company posted a wider-than-expected loss in its first earnings report since going public.
The company posted a loss of $1.23 a share, down from a loss of $1.01 a year earlier. Revenue came in at $22.1 million, up 91% increase from a year earlier and higher than the $19.3 million Wall Street analysts were expecting. "We are making important progress across on key catalysts that will enable near-term product applications across our life sciences research, clinical diagnostics, and drug discovery businesses, unlocking one of the largest global addressable markets in healthcare," Adaptive Biotechnologies CEO Chad Robins said in a statement.
Adaptive, which is developing what it calls an "immune medicine platform" to treat various diseases, went public on the Nasdaq on June 27. Adaptive Biotechnologies closed up more than 100% at $40.30 a share on its first trading day, making it at the time in the top five IPO debuts of the year.
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