NASDAQ$ADPT

Adaptive Biotechnologies Corporation · Q1 2024 earnings

Q1 2024 earnings · · Investor relations

Briefing

Reported an 11% increase in revenue compared to the first quarter of the prior year, driven by a 52% growth in MRD revenue, while implementing strategic decisions to maximize the value of MRD and Immune Medicine businesses.

Adaptive Biotechnologies reported revenue of $41.9 million for Q1 2024, an 11% increase year-over-year. The MRD business grew by 52%, contributing 78% of the total revenue. The company's net loss was $47.5 million, an improvement from the $57.7 million loss in the same period last year. They are focusing on separate segment reporting and disciplined capital allocation for MRD and Immune Medicine.

  • Revenue for the first quarter of 2024 was $41.9 million, with the MRD business contributing 78% and growing 52% year-over-year.
  • clonoSEQ test volume grew 41% to 17,040 tests delivered in the first quarter of 2024 compared to the first quarter of 2023.
  • Recognized $4.5 million within MRD revenue from biopharmaceutical clinical studies due to achievement of regulatory milestones.
  • The FDA's ODAC voted unanimously in favor of using MRD as a primary endpoint to support accelerated approval of new therapies for multiple myeloma.

Headline financials

Total Revenue

$41.9M

Previous: $37.6M+11.2%
EPS (adj)

-$0.33

Previous: -$0.40+17.5%
Capital Expenditures

-$1.51M

Previous: -$2.92M+48.3%
Free Cash Flow

-$49M

Previous: -$60.6M+19.1%
Net Income

-$47.5M

Previous: -$57.7M+17.7%
Operating Income

-$48.8M

Previous: -$57.2M+14.7%
Gross Profit

$23.8M

Previous: $19M+25.6%
Cash & Equivalents

$71.2M

Previous: $94.6M-24.7%
Total Assets

$620M

Previous: $791M-21.6%
R&D Expense

$30.2M

No prior period
Stock-Based Comp

$14.3M

Previous: $14.7M-2.5%

Revenue & EPS history

Adaptive Biotechnologies · Revenue · Quarterly

$41.9M

Q1 2024+11.2%vs Q1 2023
Beat estimate in 13 of 16 quarters(81%)
ActualEstimate

Revenue by segment

Adaptive Biotechnologies · $58.9M total across 2 segments · Q2 2025

  • MRD
    $49.9M—
  • Immune Medicine
    $8.94M—

Forward guidance

Adaptive Biotechnologies expects full year revenue for the MRD business to be between $135 million and $140 million, updated from the previous range between $130 million and $140 million. We expect full year total company operating expenses, including cost of revenue, to be between $350 million and $360 million, updated from the previous range between $360 million and $370 million. No revenue guidance is provided for the Immune Medicine business.

Tailwinds

  • MRD revenue guidance updated to $135M - $140M from $130M - $140M.
  • Total company operating expenses guidance updated to $350M - $360M from $360M - $370M.

Headwinds

  • No revenue guidance provided for Immune Medicine business.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 19 quarterly earnings reports · overlaid with Q1 2024

Historical avgQ1 2024

+1.3%

Avg return

Earnings day

+0.0%

Avg return

5 days after

-0.9%

Avg return

30 days after

48%

13 / 27 earnings

Positive

+33.2%

Q1 2025

Best reaction

-22.2%

Q3 2023

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q2 2025———
Q1 2026+1.2%-1.9%+22.6%
Q4 2025-4.3%-5.2%-9.8%
Q3 2025-4.8%-6.8%-5.2%
Q1 2025+33.2%+19.7%+29.3%
Q4 2024-3.2%+6.8%-6.7%
Q3 2024+1.2%+3.1%+9.0%
Q2 2024-5.5%+1.3%+3.3%
Q1 2024-1.2%+8.7%+21.1%
Q4 2023+9.4%+6.4%-10.5%
Q3 2023-22.2%-9.3%+4.4%
Q2 2023-15.5%-18.8%-17.5%
Q1 2023-8.3%-5.8%+6.4%
Q4 2022+15.4%+9.3%-3.3%
Q3 2022+13.2%-0.9%+14.1%
Q2 2022+19.3%+22.8%-8.4%
Q1 2022-1.1%-19.2%-22.5%
Q4 2021+5.3%-8.0%-15.3%
Q3 2021+6.7%+5.7%-26.6%
Q2 2021+4.8%-2.4%+9.8%
Q1 2021+0.9%-11.2%-1.0%
Q4 2020-2.6%+2.0%-32.8%
Q3 2020+8.0%+2.1%+14.9%
Q2 2020-3.8%+2.8%+0.2%
Q1 2020-6.7%-0.2%+9.9%
Q4 2019-5.6%-10.7%-15.4%
Q3 2019-3.7%+0.7%+11.8%
Q2 2019+3.5%+9.7%-5.4%
Q1 2019———
Q4 2018———
Q3 2018———
Q2 2018———
Q1 2018———
Q3 2016———
Q2 2016———
Q1 2016———
Q4 2015———
Q3 2015———
Q2 2015———
Q1 2015———
Q4 2014———
Q3 2014———
Q2 2014———

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