Adaptive Biotechnologies ( (ADPT) ) has released its Q3 earnings. Here is a breakdown of the information Adaptive Biotechnologies presented to its investors.
Adaptive Biotechnologies, a commercial-stage biotechnology company, is dedicated to utilizing the genetics of the adaptive immune system to develop clinical products for diagnosing and treating various diseases, including cancer and autoimmune disorders. The company operates primarily in the biotechnology sector with a focus on Minimal Residual Disease (MRD) and Immune Medicine.
In its third quarter of 2024 financial results, Adaptive Biotechnologies reported a 22% increase in revenue compared to the same quarter last year, reaching $46.4 million. The MRD segment was a significant driver of this growth, contributing 81% of the total revenue and showing a 52% increase from the previous year.
Key financial highlights include a substantial growth in clonoSEQ test volume by 30% and a significant increase in its Medicare Clinical Laboratory Fee Schedule rate by 17%. The company also achieved a milestone with expanded Medicare coverage for clonoSEQ in Mantle Cell Lymphoma. Additionally, Adaptive Biotechnologies reported a net loss of $32.1 million for the quarter, marking an improvement from the $50.3 million loss in the same period last year.
The company has updated its full-year financial guidance, anticipating MRD revenue to be between $143 million and $145 million, with a decrease in operating expenses and cash burn. This reflects Adaptive Biotechnologies’ strategic focus on driving growth and moving toward profitability.
Looking ahead, Adaptive Biotechnologies remains committed to executing its strategic initiatives with a clear path to profitability. The company is optimistic about concluding the year strongly and advancing its targeted Immune Medicine programs, underlined by its recent achievements and updated financial outlook.
