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Sep 30, 2023
Adaptive Biotechnologies Q3 2023 Earnings Report
Adaptive Biotechnologies reported a decrease in revenue and net loss for Q3 2023, while highlighting progress in MRD test volume growth and Immune Medicine target discovery.
Key Takeaways
Adaptive Biotechnologies reported a 21% decrease in revenue compared to the third quarter of the prior year, driven by reductions in GNE amortization and MRD/IM pharma services. The company is undergoing a strategic review to maximize the value of its MRD and Immune Medicine businesses. clonoSEQ test volume grew 56% year-over-year.
Revenue for Q3 2023 was $37.9 million, a 21% decrease from Q3 2022.
clonoSEQ test volume in Q3 2023 grew 56% to 15,072 tests delivered versus the third quarter of prior year.
Immune Medicine achieved a key milestone with the discovery of a novel target in multiple sclerosis.
Operating expenses, excluding cost of revenue, for Q3 2023 decreased 11% versus the same period last year.
Revenue by Segment
Forward Guidance
Adaptive Biotechnologies is updating full year 2023 revenue guidance to exclude revenue from the Immune Medicine business.
Positive Outlook
- MRD business full year 2023 revenue to be in the range of $100 million to $105 million.
- Total company operating expenses, including cost of revenue, for full year 2023 to be around $375 million.
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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