Adaptive Biotechnologies Corporation · Q2 2023 earnings

Briefing

Adaptive Biotechnologies reported a strong quarter with clonoSEQ test volume growth and FDA IND acceptance in cancer cell therapy.

Adaptive Biotechnologies reported a revenue of $48.9 million for the second quarter of 2023, representing a 12% increase compared to the same period last year. The company continues to drive operational efficiencies, as reflected by a 5% decrease in operating expenses, excluding the cost of revenue.

• Revenue of $48.9 million for the second quarter 2023, representing 12% growth from $43.7 million in the second quarter 2022.
• clonoSEQ test volume in the second quarter 2023 grew 52% to 13,665 tests delivered versus the second quarter of prior year.
• FDA accepted an investigational new drug (IND) application by Genentech for the first T-cell receptor (TCR) based therapeutic product candidate in oncology.
• Operating efficiencies improved, with a 5% decrease in operating expenses, excluding cost of revenue, for the second quarter 2023 versus the same period last year.

Headline financials

Revenue & EPS history

Adaptive Biotechnologies reiterates full year 2023 revenue to be in the range of $205 million to $215 million. The company continues to expect operating expenses, including cost of revenue, to be below full year 2022 operating expenses of $385.5 million.