Adaptive Biotechnologies Corporation · Q1 2024 earnings

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

Revenue & EPS history

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.