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Sep 30, 2024
Adaptive Biotechnologies Q3 2024 Earnings Report
Adaptive Biotechnologies reported financial results for the quarter ended September 30, 2024.
Key Takeaways
Adaptive Biotechnologies reported a 22% increase in revenue compared to the third quarter of the prior year, with MRD revenue growing by 52%. The company's focus on execution and disciplined capital allocation drove MRD growth with a clear path to profitability, while they continue to advance their targeted Immune Medicine programs.
Revenue for the third quarter of 2024 was $46.4 million, with the MRD business contributing 81% and growing 52% year-over-year.
clonoSEQ test volume in the third quarter of 2024 grew 30% to 19,600 tests delivered compared to the third quarter of 2023.
The company obtained an updated Medicare Clinical Laboratory Fee Schedule (CLFS) Gapfill Determination for clonoSEQ of $2,007 per test, a 17% increase.
Adaptive Biotechnologies received expanded Medicare coverage of clonoSEQ for assessing measurable residual disease in Mantle Cell Lymphoma.
Revenue by Segment
Forward Guidance
Adaptive Biotechnologies updated full year guidance to reflect an increase to the bottom end of the previous MRD revenue range, a decrease in operating spend and a reduction in annual cash burn.
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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