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Mar 31, 2024
Adaptive Biotechnologies Q1 2024 Earnings Report
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.
Key Takeaways
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.
Revenue by Segment
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.
Positive Outlook
- MRD revenue guidance updated to $135M - $140M from $130M - $140M.
- Total company operating expenses guidance updated to $350M - $360M from $360M - $370M.
Challenges Ahead
- No revenue guidance provided for Immune Medicine business.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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