Adaptive Biotechnologies Reports Second Quarter 2024 Financial Results
Adaptive Biotechnologies (Nasdaq: ADPT) reported Q2 2024 financial results, showing a 12% decrease in total revenue to $43.2 million. However, the MRD business grew 36% to $35.3 million, contributing 82% of total revenue. clonoSEQ test volume increased 36% to 18,520 tests. Operating expenses decreased 6% to $90.5 million, including $7.2 million in long-lived assets impairment charges. Net loss was $46.2 million, slightly improved from $47.8 million in Q2 2023. The company updated its 2024 guidance, raising the MRD revenue range to $140-$145 million and reducing expected operating expenses to $340-$350 million. Cash, cash equivalents, and marketable securities stood at $291.9 million as of June 30, 2024.
Adaptive Biotechnologies (Nasdaq: ADPT) ha riportato i risultati finanziari del secondo trimestre del 2024, mostrando un decremento del 12% nel fatturato totale a $43,2 milioni. Tuttavia, il settore MRD è cresciuto del 36% a $35,3 milioni, contribuendo all'82% del fatturato totale. Il volume dei test clonoSEQ è aumentato del 36% a 18.520 test. Le spese operative sono diminuite del 6% a $90,5 milioni, includendo $7,2 milioni in oneri per impairment di attivi a lungo termine. La perdita netta è stata di $46,2 milioni, leggermente migliorata rispetto ai $47,8 milioni del secondo trimestre del 2023. L'azienda ha aggiornato le proprie previsioni per il 2024, innalzando l'intervallo di fatturato MRD a $140-$145 milioni e riducendo le spese operative attese a $340-$350 milioni. Contanti, equivalenti di cassa e titoli negoziabili ammontavano a $291,9 milioni al 30 giugno 2024.
Adaptive Biotechnologies (Nasdaq: ADPT) informó los resultados financieros del segundo trimestre de 2024, mostrando una disminución del 12% en los ingresos totales a $43,2 millones. Sin embargo, el negocio de MRD creció un 36% a $35,3 millones, contribuyendo con el 82% de los ingresos totales. El volumen de pruebas clonoSEQ aumentó un 36% a 18,520 pruebas. Los gastos operativos disminuyeron un 6% a $90,5 millones, incluyendo $7,2 millones en cargos por deterioro de activos a largo plazo. La pérdida neta fue de $46,2 millones, mejorando ligeramente desde los $47,8 millones del segundo trimestre de 2023. La compañía actualizó sus pronósticos para 2024, elevando el rango de ingresos de MRD a $140-$145 millones y reduciendo las expectativas de gastos operativos a $340-$350 millones. El efectivo, equivalentes de efectivo y valores negociables se situaron en $291,9 millones al 30 de junio de 2024.
Adaptive Biotechnologies(Nasdaq: ADPT)는 2024년 2분기 재무 결과를 발표하며, 총 수익이 12% 감소하여 4,320만 달러에 이르렀다고 전했습니다. 그러나 MRD 사업부는 36% 성장하여 3,530만 달러를 기록하며 총 수익의 82%를 기여했습니다. clonoSEQ 테스트 수량이 36% 증가하여 18,520건에 달했습니다. 운영 비용은 6% 감소하여 9,050만 달러가 되었으며, 여기에는 720만 달러의 장기 자산 손상 비용이 포함됩니다. 순손실은 4,620만 달러로, 2023년 2분기의 4,780만 달러에서 약간 개선되었습니다. 회사는 2024년 예상 수익을 업데이트하며 MRD 수익 범위를 1억 4천만 달러에서 1억 4천 5백만 달러로 상향 조정하고, 예상 운영 비용을 3억 4천만 달러에서 3억 5천만 달러로 하향 조정했습니다. 현금, 현금 등가물 및 유가 증권의 총액은 2024년 6월 30일 기준으로 2억 9,190만 달러입니다.
Adaptive Biotechnologies (Nasdaq: ADPT) a annoncé les résultats financiers du deuxième trimestre 2024, montrant une diminution de 12% des revenus totaux à 43,2 millions de dollars. Cependant, le secteur MRD a connu une croissance de 36% pour atteindre 35,3 millions de dollars, contribuant à hauteur de 82% des revenus totaux. Le volume des tests clonoSEQ a augmenté de 36% pour atteindre 18 520 tests. Les dépenses d'exploitation ont diminué de 6% pour atteindre 90,5 millions de dollars, y compris 7,2 millions de dollars de charges liées à la dépréciation des actifs à long terme. La perte nette s'élevait à 46,2 millions de dollars, légèrement améliorée par rapport aux 47,8 millions de dollars du deuxième trimestre 2023. L'entreprise a mis à jour ses prévisions pour 2024, augmentant la fourchette de revenus MRD à 140-145 millions de dollars et réduisant les dépenses d'exploitation attendues à 340-350 millions de dollars. Les liquidités, les équivalents de liquidités et les titres négociables s'élevaient à 291,9 millions de dollars au 30 juin 2024.
Adaptive Biotechnologies (Nasdaq: ADPT) berichtete über die finanziellen Ergebnisse des zweiten Quartals 2024, die einen Rückgang der Gesamterlöse um 12% auf 43,2 Millionen Dollar zeigen. Der MRD-Bereich wuchs jedoch um 36% auf 35,3 Millionen Dollar und trug 82% zur Gesamteinnahme bei. Das Volumen der clonoSEQ-Tests stieg um 36% auf 18.520 Tests. Die Betriebskosten sanken um 6% auf 90,5 Millionen Dollar, einschließlich 7,2 Millionen Dollar an Abschreibungen auf langfristige Vermögenswerte. Der Nettoverlust betrug 46,2 Millionen Dollar, ein leichter Rückgang von 47,8 Millionen Dollar im zweiten Quartal 2023. Das Unternehmen aktualisierte seine Prognosen für 2024 und hob die MRD-Umsatzspanne auf 140 bis 145 Millionen Dollar an, während die erwarteten Betriebskosten auf 340 bis 350 Millionen Dollar gesenkt wurden. Bargeld, Zahlungsmitteläquivalente und handelbare Wertpapiere beliefen sich zum 30. Juni 2024 auf 291,9 Millionen Dollar.
- MRD revenue grew 36% year-over-year to $35.3 million
- clonoSEQ test volume increased 36% to 18,520 tests
- Recognized $3.0 million in MRD regulatory milestone revenue
- Raised full-year MRD revenue guidance to $140-$145 million
- Reduced expected operating expenses for 2024 to $340-$350 million
- Total revenue decreased 12% year-over-year to $43.2 million
- Immune Medicine revenue decreased 66% to $7.9 million
- Net loss of $46.2 million for Q2 2024
- $7.2 million in long-lived assets impairment charges
Insights
Adaptive Biotechnologies' Q2 2024 results present a mixed picture, with strong growth in its Minimal Residual Disease (MRD) business offset by a significant decline in Immune Medicine revenue. The company's focus on MRD is paying off, with 36% year-over-year growth in both MRD revenue and clonoSEQ test volume. This segment now accounts for 82% of total revenue, highlighting its importance to the company's future.
The
The company's cash position remains strong at
While the net loss of
Adaptive Biotechnologies' Q2 results underscore the growing importance of Minimal Residual Disease (MRD) testing in oncology. The
The
However, the sharp decline in Immune Medicine revenue is concerning. This segment, which includes T-cell receptor sequencing and other immune profiling services, may be facing challenges in market adoption or competition. The company's strategic shift towards MRD, while financially prudent, could potentially limit its ability to capitalize on other applications of its immune system sequencing technology.
The reduction in Immune Medicine operating expenses suggests a deliberate scaling back of this segment. While this may improve short-term financials, it's important to monitor whether this decision could impact long-term innovation and market positioning in the broader field of immune system diagnostics and therapeutics.
SEATTLE, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Adaptive Biotechnologies Corporation (“Adaptive Biotechnologies”) (Nasdaq: ADPT), a commercial stage biotechnology company that aims to translate the genetics of the adaptive immune system into clinical products to diagnose and treat disease, today reported financial results for the quarter ended June 30, 2024.
“We had another strong quarter with MRD revenue growth of
Recent Highlights
- Revenue for the second quarter of 2024 was
$43.2 million . The MRD business, which contributed82% of revenue, grew36% 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. - Updated full year guidance to reflect a raise in the MRD revenue range, a decrease in operating spend and a reduction in annual cash burn.
Second Quarter 2024 Financial Results
Revenue was
Operating expenses for the second quarter of 2024, which include
Interest and other income, net was
Net loss was
Adjusted EBITDA (non-GAAP) was a loss of
Cash, cash equivalents and marketable securities was
2024 Updated Financial Guidance
Adaptive Biotechnologies expects full year revenue for the MRD business to be between
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
Management will provide further details on the outlook during the conference call.
Webcast and Conference Call Information
Adaptive Biotechnologies will host a conference call to discuss its second quarter 2024 financial results after market close on Thursday, August 1, 2024 at 4:30 PM Eastern Time. The conference call can be accessed at http://investors.adaptivebiotech.com. The webcast will be archived and available for replay at least 90 days after the event.
About Adaptive Biotechnologies
Adaptive Biotechnologies (“we” or “our”) is a commercial-stage biotechnology company focused on harnessing the inherent biology of the adaptive immune system to transform the diagnosis and treatment of disease. We believe the adaptive immune system is nature’s most finely tuned diagnostic and therapeutic for most diseases, but the inability to decode it has prevented the medical community from fully leveraging its capabilities. Our proprietary immune medicine platform reveals and translates the massive genetics of the adaptive immune system with scale, precision and speed. We apply our platform to partner with biopharmaceutical companies, inform drug development, and develop clinical diagnostics across our two business areas: Minimal Residual Disease (MRD) and Immune Medicine. Our commercial products and clinical pipeline enable the diagnosis, monitoring, and treatment of diseases such as cancer, autoimmune disorders, and infectious diseases. Our goal is to develop and commercialize immune-driven clinical products tailored to each individual patient.
Forward-Looking Statements
This press release contains forward-looking statements that are based on management’s beliefs and assumptions and on information currently available to management. All statements contained in this release other than statements of historical fact are forward-looking statements, including statements regarding our ability to develop, commercialize and achieve market acceptance of our current and planned products and services, our research and development efforts and other matters regarding our business strategies, use of capital, results of operations and financial position and plans and objectives for future operations.
In some cases, you can identify forward-looking statements by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties and other factors are described under "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in the documents we file with the Securities and Exchange Commission from time to time. We caution you that forward-looking statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. As a result, the forward-looking statements may not prove to be accurate. The forward-looking statements in this press release represent our views as of the date hereof. We undertake no obligation to update any forward-looking statements for any reason, except as required by law.
Use of Non-GAAP Financial Measure
To supplement our unaudited condensed consolidated statements of operations and unaudited condensed consolidated balance sheets, which are prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”), this press release also includes references to Adjusted EBITDA, which is a non-GAAP financial measure that we define as net loss attributable to Adaptive Biotechnologies Corporation adjusted for interest and other income, net, interest expense, income tax (expense) benefit, depreciation and amortization expense, impairment costs for long-lived assets, restructuring expense and share-based compensation expense. We define our segment Adjusted EBITDA in the same way to the extent the net loss attributable to Adaptive Biotechnologies Corporation and adjustments are allocable to each segment. We have provided reconciliations of net loss attributable to Adaptive Biotechnologies Corporation, the most directly comparable GAAP financial measure, to Adjusted EBITDA at the end of this press release.
Management uses Adjusted EBITDA, including segment Adjusted EBITDA, to evaluate the financial performance of our business and segments and to evaluate the effectiveness of our strategies. We present these figures because we believe it is frequently used by analysts, investors and other interested parties to evaluate companies in our industry and it facilitates comparisons on a consistent basis across reporting periods. Further, we believe it is helpful in highlighting trends in our operating results because it excludes items that are not indicative of our core operating performance.
Adjusted EBITDA, including segment Adjusted EBITDA, has limitations as an analytical tool and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. We may in the future incur expenses similar to the adjustments we make. In particular, we expect to incur meaningful share-based compensation expense in the future. Other limitations include that Adjusted EBITDA does not reflect:
- all expenditures or future requirements for capital expenditures or contractual commitments;
- changes in our working capital needs;
- interest expense, which is an ongoing element of our costs to operate;
- income tax (expense) benefit, which may be a necessary element of our costs and ability to operate;
- the costs of replacing the assets being depreciated and amortized, which will often have to be replaced in the future;
- the noncash component of employee compensation expense;
- long-lived assets impairment costs; and
- the impact of earnings or charges resulting from matters we consider not to be reflective, on a recurring basis, of our ongoing operations, such as our restructuring activities and reductions in workforce.
In addition, Adjusted EBITDA may not be comparable to similarly titled measures used by other companies in our industry or across different industries.
ADAPTIVE INVESTORS
Karina Calzadilla, Vice President, Investor Relations
201-396-1687
investors@adaptivebiotech.com
ADAPTIVE MEDIA
Erica Jones, Associate Corporate Communications Director
206-279-2423
media@adaptivebiotech.com
| Adaptive Biotechnologies Condensed Consolidated Statements of Operations (in thousands, except share and per share amounts) (unaudited) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | $ | 43,190 | $ | 48,926 | $ | 85,063 | $ | 86,573 | ||||||||
| Operating expenses | ||||||||||||||||
| Cost of revenue | 19,317 | 17,910 | 37,368 | 36,591 | ||||||||||||
| Research and development | 25,353 | 32,237 | 55,598 | 64,838 | ||||||||||||
| Sales and marketing | 20,314 | 23,872 | 42,633 | 46,180 | ||||||||||||
| General and administrative | 17,895 | 22,302 | 37,492 | 43,133 | ||||||||||||
| Amortization of intangible assets | 424 | 423 | 847 | 842 | ||||||||||||
| Impairment of long-lived assets | 7,205 | — | 7,205 | — | ||||||||||||
| Total operating expenses | 90,508 | 96,744 | 181,143 | 191,584 | ||||||||||||
| Loss from operations | (47,318 | ) | (47,818 | ) | (96,080 | ) | (105,011 | ) | ||||||||
| Interest and other income, net | 3,766 | 3,612 | 7,988 | 6,636 | ||||||||||||
| Interest expense | (2,696 | ) | (3,605 | ) | (5,689 | ) | (7,136 | ) | ||||||||
| Net loss | (46,248 | ) | (47,811 | ) | (93,781 | ) | (105,511 | ) | ||||||||
| Add: Net loss attributable to noncontrolling interest | 26 | 1 | 52 | 2 | ||||||||||||
| Net loss attributable to Adaptive Biotechnologies Corporation | $ | (46,222 | ) | $ | (47,810 | ) | $ | (93,729 | ) | $ | (105,509 | ) | ||||
| Net loss per share attributable to Adaptive Biotechnologies Corporation common shareholders, basic and diluted | $ | (0.31 | ) | $ | (0.33 | ) | $ | (0.64 | ) | $ | (0.73 | ) | ||||
| Weighted-average shares used in computing net loss per share attributable to Adaptive Biotechnologies Corporation common shareholders, basic and diluted | 147,414,095 | 144,397,693 | 146,600,811 | 143,956,867 | ||||||||||||
| Adaptive Biotechnologies Condensed Consolidated Balance Sheets (in thousands, except share and per share amounts) | ||||||||
| June 30, 2024 | December 31, 2023 | |||||||
| (unaudited) | ||||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 59,824 | $ | 65,064 | ||||
| Short-term marketable securities (amortized cost of | 232,056 | 281,337 | ||||||
| Accounts receivable, net | 35,610 | 37,969 | ||||||
| Inventory | 13,214 | 14,448 | ||||||
| Prepaid expenses and other current assets | 10,848 | 11,370 | ||||||
| Total current assets | 351,552 | 410,188 | ||||||
| Long-term assets | ||||||||
| Property and equipment, net | 55,418 | 68,227 | ||||||
| Operating lease right-of-use assets | 48,521 | 52,096 | ||||||
| Restricted cash | 2,976 | 2,932 | ||||||
| Intangible assets, net | 4,281 | 5,128 | ||||||
| Goodwill | 118,972 | 118,972 | ||||||
| Other assets | 3,152 | 3,591 | ||||||
| Total assets | $ | 584,872 | $ | 661,134 | ||||
| Liabilities and shareholders’ equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 9,867 | $ | 7,719 | ||||
| Accrued liabilities | 6,709 | 8,597 | ||||||
| Accrued compensation and benefits | 9,519 | 13,685 | ||||||
| Current portion of operating lease liabilities | 9,806 | 9,384 | ||||||
| Current portion of deferred revenue | 52,225 | 48,630 | ||||||
| Total current liabilities | 88,126 | 88,015 | ||||||
| Long-term liabilities | ||||||||
| Operating lease liabilities, less current portion | 84,370 | 89,388 | ||||||
| Deferred revenue, less current portion | 38,844 | 44,793 | ||||||
| Revenue interest liability, net | 132,082 | 130,660 | ||||||
| Other long-term liabilities | 20 | — | ||||||
| Total liabilities | 343,442 | 352,856 | ||||||
| Commitments and contingencies | ||||||||
| Shareholders’ equity | ||||||||
| Preferred stock: | — | — | ||||||
| Common stock: | 14 | 14 | ||||||
| Additional paid-in capital | 1,479,832 | 1,452,502 | ||||||
| Accumulated other comprehensive (loss) gain | (182 | ) | 215 | |||||
| Accumulated deficit | (1,238,061 | ) | (1,144,332 | ) | ||||
| Total Adaptive Biotechnologies Corporation shareholders’ equity | 241,603 | 308,399 | ||||||
| Noncontrolling interest | (173 | ) | (121 | ) | ||||
| Total shareholders’ equity | 241,430 | 308,278 | ||||||
| Total liabilities and shareholders’ equity | $ | 584,872 | $ | 661,134 | ||||
Adjusted EBITDA
The following is a reconciliation of net loss attributable to Adaptive Biotechnologies Corporation, the most directly comparable GAAP financial measure, to Adjusted EBITDA for the periods presented (in thousands, unaudited):
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net loss attributable to Adaptive Biotechnologies Corporation | $ | (46,222 | ) | $ | (47,810 | ) | $ | (93,729 | ) | $ | (105,509 | ) | ||||
| Interest and other income, net | (3,766 | ) | (3,612 | ) | (7,988 | ) | (6,636 | ) | ||||||||
| Interest expense | 2,696 | 3,605 | 5,689 | 7,136 | ||||||||||||
| Depreciation and amortization expense | 5,003 | 5,653 | 10,217 | 11,076 | ||||||||||||
| Impairment of long-lived assets | 7,205 | — | 7,205 | — | ||||||||||||
| Restructuring expense | 680 | — | 1,724 | — | ||||||||||||
| Share-based compensation expense | 12,958 | 17,345 | 27,256 | 32,016 | ||||||||||||
| Adjusted EBITDA | $ | (21,446 | ) | $ | (24,819 | ) | $ | (49,626 | ) | $ | (61,917 | ) | ||||
Segment Information (Including Segment Adjusted EBITDA)
The following tables set forth our segment information for the three and six months ended June 30, 2024 and 2023, respectively (in thousands, unaudited):
| Three Months Ended June 30, 2024 | ||||||||||||||||
| MRD | Immune Medicine | Unallocated Corporate | Total | |||||||||||||
| Revenue | $ | 35,284 | $ | 7,906 | $ | — | $ | 43,190 | ||||||||
| Operating expenses | 58,361 | 26,133 | 6,014 | 90,508 | ||||||||||||
| Adjusted EBITDA | (11,289 | ) | (7,033 | ) | (3,124 | ) | (21,446 | ) | ||||||||
| Reconciliation of Net Loss to Adjusted EBITDA: | ||||||||||||||||
| Net loss | $ | (23,077 | ) | $ | (18,228 | ) | $ | (4,943 | ) | $ | (46,248 | ) | ||||
| Net loss attributable to noncontrolling interest | — | — | 26 | 26 | ||||||||||||
| Net loss attributable to Adaptive Biotechnologies Corporation | (23,077 | ) | (18,228 | ) | (4,917 | ) | (46,222 | ) | ||||||||
| Interest and other income, net | — | — | (3,766 | ) | (3,766 | ) | ||||||||||
| Interest expense | — | — | 2,696 | 2,696 | ||||||||||||
| Depreciation and amortization expense | 2,604 | 1,967 | 432 | 5,003 | ||||||||||||
| Impairment of long-lived assets | 2,819 | 4,386 | — | 7,205 | ||||||||||||
| Restructuring expense | 561 | 119 | — | 680 | ||||||||||||
| Share-based compensation expense | 5,804 | 4,723 | 2,431 | 12,958 | ||||||||||||
| Adjusted EBITDA | $ | (11,289 | ) | $ | (7,033 | ) | $ | (3,124 | ) | $ | (21,446 | ) | ||||
| Three Months Ended June 30, 2023 | ||||||||||||||||
| MRD | Immune Medicine | Unallocated Corporate | Total | |||||||||||||
| Revenue | $ | 25,882 | $ | 23,044 | $ | — | $ | 48,926 | ||||||||
| Operating expenses | 58,944 | 30,681 | 7,119 | 96,744 | ||||||||||||
| Adjusted EBITDA | (23,079 | ) | 1,264 | (3,004 | ) | (24,819 | ) | |||||||||
| Reconciliation of Net Loss to Adjusted EBITDA: | ||||||||||||||||
| Net loss | $ | (33,063 | ) | $ | (7,636 | ) | $ | (7,112 | ) | $ | (47,811 | ) | ||||
| Net loss attributable to noncontrolling interest | — | — | 1 | 1 | ||||||||||||
| Net loss attributable to Adaptive Biotechnologies Corporation | (33,063 | ) | (7,636 | ) | (7,111 | ) | (47,810 | ) | ||||||||
| Interest and other income, net | — | — | (3,612 | ) | (3,612 | ) | ||||||||||
| Interest expense | — | — | 3,605 | 3,605 | ||||||||||||
| Depreciation and amortization expense | 2,267 | 2,608 | 778 | 5,653 | ||||||||||||
| Share-based compensation expense | 7,717 | 6,292 | 3,336 | 17,345 | ||||||||||||
| Adjusted EBITDA | $ | (23,079 | ) | $ | 1,264 | $ | (3,004 | ) | $ | (24,819 | ) | |||||
| Six Months Ended June 30, 2024 | ||||||||||||||||
| MRD | Immune Medicine | Unallocated Corporate | Total | |||||||||||||
| Revenue | $ | 67,910 | $ | 17,153 | $ | — | $ | 85,063 | ||||||||
| Operating expenses | 118,247 | 49,974 | 12,922 | 181,143 | ||||||||||||
| Adjusted EBITDA | (28,548 | ) | (13,960 | ) | (7,118 | ) | (49,626 | ) | ||||||||
| Reconciliation of Net Loss to Adjusted EBITDA: | ||||||||||||||||
| Net loss | $ | (50,337 | ) | $ | (32,821 | ) | $ | (10,623 | ) | $ | (93,781 | ) | ||||
| Net loss attributable to noncontrolling interest | — | — | 52 | 52 | ||||||||||||
| Net loss attributable to Adaptive Biotechnologies Corporation | (50,337 | ) | (32,821 | ) | (10,571 | ) | (93,729 | ) | ||||||||
| Interest and other income, net | — | — | (7,988 | ) | (7,988 | ) | ||||||||||
| Interest expense | — | — | 5,689 | 5,689 | ||||||||||||
| Depreciation and amortization expense | 5,305 | 4,049 | 863 | 10,217 | ||||||||||||
| Impairment of long-lived assets | 2,819 | 4,386 | — | 7,205 | ||||||||||||
| Restructuring expense | 1,028 | 696 | — | 1,724 | ||||||||||||
| Share-based compensation expense | 12,637 | 9,730 | 4,889 | 27,256 | ||||||||||||
| Adjusted EBITDA | $ | (28,548 | ) | $ | (13,960 | ) | $ | (7,118 | ) | $ | (49,626 | ) | ||||
| Six Months Ended June 30, 2023 | ||||||||||||||||
| MRD | Immune Medicine | Unallocated Corporate | Total | |||||||||||||
| Revenue | $ | 47,309 | $ | 39,264 | $ | — | $ | 86,573 | ||||||||
| Operating expenses | 114,969 | 62,353 | 14,262 | 191,584 | ||||||||||||
| Adjusted EBITDA | (49,465 | ) | (6,163 | ) | (6,289 | ) | (61,917 | ) | ||||||||
| Reconciliation of Net Loss to Adjusted EBITDA: | ||||||||||||||||
| Net loss | $ | (67,660 | ) | $ | (23,088 | ) | $ | (14,763 | ) | $ | (105,511 | ) | ||||
| Net loss attributable to noncontrolling interest | — | — | 2 | 2 | ||||||||||||
| Net loss attributable to Adaptive Biotechnologies Corporation | (67,660 | ) | (23,088 | ) | (14,761 | ) | (105,509 | ) | ||||||||
| Interest and other income, net | — | — | (6,636 | ) | (6,636 | ) | ||||||||||
| Interest expense | — | — | 7,136 | 7,136 | ||||||||||||
| Depreciation and amortization expense | 4,323 | 5,361 | 1,392 | 11,076 | ||||||||||||
| Share-based compensation expense | 13,872 | 11,564 | 6,580 | 32,016 | ||||||||||||
| Adjusted EBITDA | $ | (49,465 | ) | $ | (6,163 | ) | $ | (6,289 | ) | $ | (61,917 | ) | ||||
FAQ
What was Adaptive Biotechnologies' (ADPT) revenue for Q2 2024?
How much did Adaptive Biotechnologies' (ADPT) MRD business grow in Q2 2024?
What is the updated 2024 revenue guidance for Adaptive Biotechnologies' (ADPT) MRD business?
How many clonoSEQ tests did Adaptive Biotechnologies (ADPT) deliver in Q2 2024?
