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Jun 30, 2024
Adaptive Biotechnologies Q2 2024 Earnings Report
Adaptive Biotechnologies reported financial results for the second quarter of 2024, showing MRD revenue growth and significant reductions in operating spend and cash burn versus prior year.
Key Takeaways
Adaptive Biotechnologies reported a revenue of $43.2 million for the second quarter of 2024. The MRD business grew by 36% compared to the second quarter of 2023. The company also delivered significant reductions in operating spend and cash burn versus prior year.
Revenue for the second quarter of 2024 was $43.2 million.
The MRD business, which contributed 82% of revenue, grew 36% versus the second quarter of 2023.
clonoSEQ test volume in the second quarter of 2024 grew 36% to 18,520 tests delivered versus the second quarter of 2023.
Recognized $3.0 million in MRD regulatory milestone revenue resulting from a biopharmaceutical partner who used data from our MRD assay to support its drug approval.
Revenue by Segment
Forward Guidance
Adaptive Biotechnologies expects full year revenue for the MRD business to be between $140 million and $145 million, updated from the previous range between $135 million and $140 million. We expect full year total company operating expenses, including cost of revenue and excluding one-time costs from asset impairments and other restructuring charges, to be between $340 million and $350 million, updated from the previous range between $350 million and $360 million.
Positive Outlook
- Full year revenue for the MRD business to be between $140 million and $145 million.
- MRD revenue range updated from the previous range between $135 million and $140 million.
- Full year total company operating expenses to be between $340 million and $350 million.
- Operating expenses updated from the previous range between $350 million and $360 million.
- Reduction in annual cash burn.
Challenges Ahead
- No revenue guidance is provided for the Immune Medicine business.
- One-time costs from asset impairments.
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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