Adaptive Biotechnologies Reports Third Quarter 2024 Financial Results
Adaptive Biotechnologies reported its Q3 2024 financial results, highlighting a 22% revenue increase to $46.4 million compared to Q3 2023. The MRD business contributed 81% of revenue, growing 52% year-over-year, with clonoSEQ test volume rising 30% to 19,600 tests. The company achieved an updated Medicare CLFS Gapfill rate for clonoSEQ at $2,007 per test, a 17% increase, and expanded Medicare coverage for Mantle Cell Lymphoma.
Operating expenses decreased 11% to $79.1 million, with a net loss of $32.1 million, down from $50.3 million in Q3 2023. Adjusted EBITDA loss improved to $14.3 million from $29.8 million. Cash reserves stood at $267.2 million.
Updated 2024 guidance projects MRD revenue between $143 million and $145 million and total operating expenses between $335 million and $340 million.
Adaptive Biotechnologies ha riportato i risultati finanziari del terzo trimestre 2024, evidenziando un aumento dei ricavi del 22% a 46,4 milioni di dollari rispetto al terzo trimestre 2023. Il settore MRD ha contribuito all'81% delle entrate, con una crescita del 52% su base annua, mentre il volume dei test clonoSEQ è aumentato del 30%, raggiungendo 19.600 test. L'azienda ha raggiunto un tasso di Gapfill CLFS Medicare aggiornato per clonoSEQ di 2.007 dollari per test, un incremento del 17%, ed ha ampliato la copertura Medicare per il Linfoma a Cellule della Mantello.
Le spese operative sono diminuite dell'11% a 79,1 milioni di dollari, con una perdita netta di 32,1 milioni di dollari, in calo rispetto ai 50,3 milioni nel terzo trimestre 2023. La perdita di EBITDA rettificato è migliorata a 14,3 milioni di dollari rispetto ai 29,8 milioni di dollari. Le riserve di cassa ammontavano a 267,2 milioni di dollari.
Le previsioni aggiornate per il 2024 indicano ricavi MRD tra 143 milioni e 145 milioni di dollari e spese operative totali tra 335 milioni e 340 milioni di dollari.
Adaptive Biotechnologies informó sobre sus resultados financieros del tercer trimestre de 2024, destacando un aumento del 22% en los ingresos a 46,4 millones de dólares en comparación con el tercer trimestre de 2023. El negocio de MRD aportó el 81% de los ingresos, creciendo un 52% interanual, y el volumen de pruebas de clonoSEQ aumentó un 30% a 19,600 pruebas. La compañía logró una tasa de Gapfill CLFS de Medicare actualizada para clonoSEQ de 2,007 dólares por prueba, un incremento del 17%, y amplió la cobertura de Medicare para el Linfoma de Células de la Manta.
Los gastos operativos disminuyeron un 11% a 79,1 millones de dólares, con una pérdida neta de 32,1 millones de dólares, bajando de 50,3 millones en el tercer trimestre de 2023. La pérdida de EBITDA ajustado mejoró a 14,3 millones de dólares desde 29,8 millones de dólares. Las reservas de efectivo se situaron en 267,2 millones de dólares.
Las proyecciones actualizadas para 2024 estiman ingresos de MRD entre 143 millones y 145 millones de dólares y gastos operativos totales entre 335 millones y 340 millones de dólares.
Adaptive Biotechnologies는 2024년 3분기 재무 결과를 보고하며 22%의 매출 증가를 강조하여 2023년 3분기에 비해 4640만 달러에 달한다고 전했습니다. MRD 사업은 매출의 81%를 차지하며, 전년 대비 52% 성장했고, clonoSEQ 테스트 수는 30% 증가하여 1만 9600건에 이릅니다. 이 회사는 clonoSEQ에 대한 Medicare CLFS Gapfill 비율을 테스트당 2007달러로 업데이트하였으며, 이는 17% 증가한 수치로, 맨틀 세포 림프종에 대한 Medicare 커버리지를 확대하였습니다.
운영 비용은 11% 감소하여 7910만 달러, 순손실은 3210만 달러로 2023년 3분기 5030만 달러에서 감소했습니다. 조정된 EBITDA 손실은 2980만 달러에서 1430만 달러로 개선되었습니다. 현금 준비금은 2억 6720만 달러로 유지되었습니다.
업데이트된 2024년 가이던스는 MRD 매출을 1억 4300만 달러에서 1억 4500만 달러 사이로, 총 운영 비용을 3억 3500만 달러에서 3억 4000만 달러 사이로 예상하고 있습니다.
Adaptive Biotechnologies a communiqué ses résultats financiers pour le troisième trimestre 2024, mettant en avant une augmentation de 22% des revenus pour atteindre 46,4 millions de dollars par rapport au troisième trimestre 2023. Le secteur MRD a contribué à 81% des revenus, avec une croissance de 52% d'une année sur l'autre, tandis que le volume des tests clonoSEQ a augmenté de 30%, atteignant 19 600 tests. L'entreprise a obtenu un taux de Gapfill CLFS Medicare mis à jour pour clonoSEQ de 2 007 dollars par test, soit une augmentation de 17%, et a élargi la couverture Medicare pour le lymphome à cellules du manteau.
Les dépenses d'exploitation ont diminué de 11% pour s'élever à 79,1 millions de dollars, avec une perte nette de 32,1 millions de dollars, en baisse par rapport à 50,3 millions de dollars au troisième trimestre 2023. La perte d'EBITDA ajusté s'est améliorée à 14,3 millions de dollars contre 29,8 millions de dollars. Les réserves de liquidités se sont élevées à 267,2 millions de dollars.
Les prévisions mises à jour pour 2024 projettent un chiffre d'affaires MRD entre 143 millions et 145 millions de dollars, et des dépenses d'exploitation totales entre 335 millions et 340 millions de dollars.
Adaptive Biotechnologies hat seine finanziellen Ergebnisse für das 3. Quartal 2024 vorgestellt und einen Umsatzanstieg von 22% auf 46,4 Millionen Dollar im Vergleich zum 3. Quartal 2023 hervorgehoben. Das MRD-Geschäft trug 81% zum Umsatz bei und wuchs um 52% im Jahresvergleich, während das Testvolumen für clonoSEQ um 30% auf 19.600 Tests anstieg. Das Unternehmen erreichte einen aktualisierten Medicare CLFS Gapfill-Satz für clonoSEQ von 2.007 Dollar pro Test, was einem Anstieg von 17% entspricht, und erweiterte die Medicare-Abdeckung für das Mantelzellenlymphom.
Die Betriebsausgaben sanken um 11% auf 79,1 Millionen Dollar, mit einem Nettverlust von 32,1 Millionen Dollar, der gegenüber 50,3 Millionen Dollar im 3. Quartal 2023 zurückging. Der angepasste EBITDA-Verlust verbesserte sich auf 14,3 Millionen Dollar von 29,8 Millionen Dollar. Die Barreserven beliefen sich auf 267,2 Millionen Dollar.
Die aktualisierten Prognosen für 2024 gehen von einem MRD-Umsatz zwischen 143 Millionen und 145 Millionen Dollar und gesamten Betriebsausgaben zwischen 335 Millionen und 340 Millionen Dollar aus.
- Revenue increased by 22% to $46.4 million.
- MRD revenue grew by 52% to $37.5 million.
- clonoSEQ test volume increased by 30% to 19,600 tests.
- Medicare CLFS Gapfill rate for clonoSEQ increased by 17% to $2,007 per test.
- Expanded Medicare coverage for clonoSEQ for Mantle Cell Lymphoma.
- Operating expenses decreased by 11% to $79.1 million.
- Net loss reduced to $32.1 million from $50.3 million.
- Adjusted EBITDA loss improved to $14.3 million from $29.8 million.
- Cash reserves of $267.2 million.
- Updated 2024 MRD revenue guidance to $143 million-$145 million.
- Immune Medicine revenue decreased by 32% to $9.0 million.
- Interest and other income decreased to $3.5 million from $4.3 million.
- Interest expense was $2.9 million, down from $3.7 million.
- Immune Medicine Adjusted EBITDA loss was $5.2 million, slightly worse than $5.0 million.
SEATTLE, Nov. 07, 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 September 30, 2024.
“Our focus on execution and disciplined capital allocation are driving MRD growth with a clear path to profitability while we continue to advance our targeted Immune Medicine programs,” said Chad Robins, chief executive officer and co-founder of Adaptive Biotechnologies. “The increased clonoSEQ® Medicare Gapfill rate and the extension of coverage to Mantle Cell Lymphoma underscore clonoSEQ’s value to patients. I look forward to a strong finish to the year and continued progress toward our strategic goals.”
Recent Highlights
- Revenue for the third quarter of 2024 was
$46.4 million . The MRD business, which contributed81% of revenue, grew52% versus the third quarter of 2023. - clonoSEQ test volume in the third quarter of 2024 grew
30% to 19,600 tests delivered versus the third quarter of 2023. - Obtained updated Medicare Clinical Laboratory Fee Schedule (CLFS) Gapfill Determination for clonoSEQ of
$2,007 per test, a17% increase from the previous implied rate under the episode structure. - Received expanded Medicare coverage of clonoSEQ for assessing measurable residual disease in Mantle Cell Lymphoma.
- Recognized
$5.0 million in MRD pharma regulatory milestone revenue. - 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.
Third Quarter 2024 Financial Results
Revenue was
Operating expenses for the third quarter of 2024 were
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 third quarter 2024 financial results after market close on Thursday, November 7, 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, including segment 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | $ | 46,435 | $ | 37,919 | $ | 131,498 | $ | 124,492 | ||||||||
| Operating expenses | ||||||||||||||||
| Cost of revenue | 16,667 | 19,346 | 54,035 | 55,937 | ||||||||||||
| Research and development | 24,163 | 28,533 | 79,761 | 93,371 | ||||||||||||
| Sales and marketing | 20,551 | 20,493 | 63,184 | 66,673 | ||||||||||||
| General and administrative | 17,258 | 20,075 | 54,750 | 63,208 | ||||||||||||
| Amortization of intangible assets | 428 | 428 | 1,275 | 1,270 | ||||||||||||
| Impairment of long-lived assets | — | — | 7,205 | — | ||||||||||||
| Total operating expenses | 79,067 | 88,875 | 260,210 | 280,459 | ||||||||||||
| Loss from operations | (32,632 | ) | (50,956 | ) | (128,712 | ) | (155,967 | ) | ||||||||
| Interest and other income, net | 3,474 | 4,282 | 11,462 | 10,918 | ||||||||||||
| Interest expense | (2,939 | ) | (3,652 | ) | (8,628 | ) | (10,788 | ) | ||||||||
| Net loss | (32,097 | ) | (50,326 | ) | (125,878 | ) | (155,837 | ) | ||||||||
| Add: Net loss attributable to noncontrolling interest | 26 | 26 | 78 | 28 | ||||||||||||
| Net loss attributable to Adaptive Biotechnologies Corporation | $ | (32,071 | ) | $ | (50,300 | ) | $ | (125,800 | ) | $ | (155,809 | ) | ||||
| Net loss per share attributable to Adaptive Biotechnologies Corporation common shareholders, basic and diluted | $ | (0.22 | ) | $ | (0.35 | ) | $ | (0.86 | ) | $ | (1.08 | ) | ||||
| Weighted-average shares used in computing net loss per share attributable to Adaptive Biotechnologies Corporation common shareholders, basic and diluted | 147,516,398 | 144,704,868 | 146,908,234 | 144,208,940 | ||||||||||||
| Adaptive Biotechnologies Condensed Consolidated Balance Sheets (in thousands, except share and per share amounts) | ||||||||
| September 30, 2024 | December 31, 2023 | |||||||
| (unaudited) | ||||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 38,084 | $ | 65,064 | ||||
| Short-term marketable securities (amortized cost of | 205,245 | 281,337 | ||||||
| Accounts receivable, net | 40,814 | 37,969 | ||||||
| Inventory | 11,955 | 14,448 | ||||||
| Prepaid expenses and other current assets | 12,247 | 11,370 | ||||||
| Total current assets | 308,345 | 410,188 | ||||||
| Long-term assets | ||||||||
| Property and equipment, net | 51,314 | 68,227 | ||||||
| Operating lease right-of-use assets | 46,530 | 52,096 | ||||||
| Long-term marketable securities (amortized cost of | 23,866 | — | ||||||
| Restricted cash | 2,978 | 2,932 | ||||||
| Intangible assets, net | 3,853 | 5,128 | ||||||
| Goodwill | 118,972 | 118,972 | ||||||
| Other assets | 2,648 | 3,591 | ||||||
| Total assets | $ | 558,506 | $ | 661,134 | ||||
| Liabilities and shareholders’ equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 7,351 | $ | 7,719 | ||||
| Accrued liabilities | 6,062 | 8,597 | ||||||
| Accrued compensation and benefits | 12,337 | 13,685 | ||||||
| Current portion of operating lease liabilities | 10,021 | 9,384 | ||||||
| Current portion of deferred revenue | 51,856 | 48,630 | ||||||
| Total current liabilities | 87,627 | 88,015 | ||||||
| Long-term liabilities | ||||||||
| Operating lease liabilities, less current portion | 81,804 | 89,388 | ||||||
| Deferred revenue, less current portion | 32,781 | 44,793 | ||||||
| Revenue interest liability, net | 132,700 | 130,660 | ||||||
| Other long-term liabilities | 20 | — | ||||||
| Total liabilities | 334,932 | 352,856 | ||||||
| Commitments and contingencies | ||||||||
| Shareholders’ equity | ||||||||
| Preferred stock: | — | — | ||||||
| Common stock: | 14 | 14 | ||||||
| Additional paid-in capital | 1,493,394 | 1,452,502 | ||||||
| Accumulated other comprehensive gain | 497 | 215 | ||||||
| Accumulated deficit | (1,270,132 | ) | (1,144,332 | ) | ||||
| Total Adaptive Biotechnologies Corporation shareholders’ equity | 223,773 | 308,399 | ||||||
| Noncontrolling interest | (199 | ) | (121 | ) | ||||
| Total shareholders’ equity | 223,574 | 308,278 | ||||||
| Total liabilities and shareholders’ equity | $ | 558,506 | $ | 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net loss attributable to Adaptive Biotechnologies Corporation | $ | (32,071 | ) | $ | (50,300 | ) | $ | (125,800 | ) | $ | (155,809 | ) | ||||
| Interest and other income, net | (3,474 | ) | (4,282 | ) | (11,462 | ) | (10,918 | ) | ||||||||
| Interest expense | 2,939 | 3,652 | 8,628 | 10,788 | ||||||||||||
| Depreciation and amortization expense | 4,591 | 5,763 | 14,808 | 16,839 | ||||||||||||
| Impairment of long-lived assets | — | — | 7,205 | — | ||||||||||||
| Restructuring expense | 193 | — | 1,917 | — | ||||||||||||
| Share-based compensation expense | 13,522 | 15,336 | 40,778 | 47,352 | ||||||||||||
| Adjusted EBITDA | $ | (14,300 | ) | $ | (29,831 | ) | $ | (63,926 | ) | $ | (91,748 | ) | ||||
Segment Information (Including Segment Adjusted EBITDA)
The following tables set forth our segment information for the three and nine months ended September 30, 2024 and 2023, respectively (in thousands, unaudited):
| Three Months Ended September 30, 2024 | ||||||||||||||||
| MRD | Immune Medicine | Unallocated Corporate | Total | |||||||||||||
| Revenue | $ | 37,470 | $ | 8,965 | $ | — | $ | 46,435 | ||||||||
| Operating expenses | 52,538 | 20,689 | 5,840 | 79,067 | ||||||||||||
| Adjusted EBITDA | (6,120 | ) | (5,212 | ) | (2,968 | ) | (14,300 | ) | ||||||||
| Reconciliation of Net Loss to Adjusted EBITDA: | ||||||||||||||||
| Net loss | $ | (15,068 | ) | $ | (11,724 | ) | $ | (5,305 | ) | $ | (32,097 | ) | ||||
| Net loss attributable to noncontrolling interest | — | — | 26 | 26 | ||||||||||||
| Net loss attributable to Adaptive Biotechnologies Corporation | (15,068 | ) | (11,724 | ) | (5,279 | ) | (32,071 | ) | ||||||||
| Interest and other income, net | — | — | (3,474 | ) | (3,474 | ) | ||||||||||
| Interest expense | — | — | 2,939 | 2,939 | ||||||||||||
| Depreciation and amortization expense | 2,428 | 1,728 | 435 | 4,591 | ||||||||||||
| Restructuring expense | 167 | 26 | — | 193 | ||||||||||||
| Share-based compensation expense | 6,353 | 4,758 | 2,411 | 13,522 | ||||||||||||
| Adjusted EBITDA | $ | (6,120 | ) | $ | (5,212 | ) | $ | (2,968 | ) | $ | (14,300 | ) | ||||
| Three Months Ended September 30, 2023 | ||||||||||||||||
| MRD | Immune Medicine | Unallocated Corporate | Total | |||||||||||||
| Revenue | $ | 24,668 | $ | 13,251 | $ | — | $ | 37,919 | ||||||||
| Operating expenses | 55,977 | 26,400 | 6,498 | 88,875 | ||||||||||||
| Adjusted EBITDA | (21,616 | ) | (4,986 | ) | (3,229 | ) | (29,831 | ) | ||||||||
| Reconciliation of Net Loss to Adjusted EBITDA: | ||||||||||||||||
| Net loss | $ | (31,309 | ) | $ | (13,148 | ) | $ | (5,869 | ) | $ | (50,326 | ) | ||||
| Net loss attributable to noncontrolling interest | — | — | 26 | 26 | ||||||||||||
| Net loss attributable to Adaptive Biotechnologies Corporation | (31,309 | ) | (13,148 | ) | (5,843 | ) | (50,300 | ) | ||||||||
| Interest and other income, net | — | — | (4,282 | ) | (4,282 | ) | ||||||||||
| Interest expense | — | — | 3,652 | 3,652 | ||||||||||||
| Depreciation and amortization expense | 2,489 | 2,546 | 728 | 5,763 | ||||||||||||
| Share-based compensation expense | 7,204 | 5,616 | 2,516 | 15,336 | ||||||||||||
| Adjusted EBITDA | $ | (21,616 | ) | $ | (4,986 | ) | $ | (3,229 | ) | $ | (29,831 | ) | ||||
| Nine Months Ended September 30, 2024 | ||||||||||||||||
| MRD | Immune Medicine | Unallocated Corporate | Total | |||||||||||||
| Revenue | $ | 105,380 | $ | 26,118 | $ | — | $ | 131,498 | ||||||||
| Operating expenses | 170,785 | 70,663 | 18,762 | 260,210 | ||||||||||||
| Adjusted EBITDA | (34,668 | ) | (19,172 | ) | (10,086 | ) | (63,926 | ) | ||||||||
| Reconciliation of Net Loss to Adjusted EBITDA: | ||||||||||||||||
| Net loss | $ | (65,405 | ) | $ | (44,545 | ) | $ | (15,928 | ) | $ | (125,878 | ) | ||||
| Net loss attributable to noncontrolling interest | — | — | 78 | 78 | ||||||||||||
| Net loss attributable to Adaptive Biotechnologies Corporation | (65,405 | ) | (44,545 | ) | (15,850 | ) | (125,800 | ) | ||||||||
| Interest and other income, net | — | — | (11,462 | ) | (11,462 | ) | ||||||||||
| Interest expense | — | — | 8,628 | 8,628 | ||||||||||||
| Depreciation and amortization expense | 7,733 | 5,777 | 1,298 | 14,808 | ||||||||||||
| Impairment of long-lived assets | 2,819 | 4,386 | — | 7,205 | ||||||||||||
| Restructuring expense | 1,195 | 722 | — | 1,917 | ||||||||||||
| Share-based compensation expense | 18,990 | 14,488 | 7,300 | 40,778 | ||||||||||||
| Adjusted EBITDA | $ | (34,668 | ) | $ | (19,172 | ) | $ | (10,086 | ) | $ | (63,926 | ) | ||||
| Nine Months Ended September 30, 2023 | ||||||||||||||||
| MRD | Immune Medicine | Unallocated Corporate | Total | |||||||||||||
| Revenue | $ | 71,977 | $ | 52,515 | $ | — | $ | 124,492 | ||||||||
| Operating expenses | 170,946 | 88,753 | 20,760 | 280,459 | ||||||||||||
| Adjusted EBITDA | (71,081 | ) | (11,149 | ) | (9,518 | ) | (91,748 | ) | ||||||||
| Reconciliation of Net Loss to Adjusted EBITDA: | ||||||||||||||||
| Net loss | $ | (98,969 | ) | $ | (36,236 | ) | $ | (20,632 | ) | $ | (155,837 | ) | ||||
| Net loss attributable to noncontrolling interest | — | — | 28 | 28 | ||||||||||||
| Net loss attributable to Adaptive Biotechnologies Corporation | (98,969 | ) | (36,236 | ) | (20,604 | ) | (155,809 | ) | ||||||||
| Interest and other income, net | — | — | (10,918 | ) | (10,918 | ) | ||||||||||
| Interest expense | — | — | 10,788 | 10,788 | ||||||||||||
| Depreciation and amortization expense | 6,812 | 7,907 | 2,120 | 16,839 | ||||||||||||
| Share-based compensation expense | 21,076 | 17,180 | 9,096 | 47,352 | ||||||||||||
| Adjusted EBITDA | $ | (71,081 | ) | $ | (11,149 | ) | $ | (9,518 | ) | $ | (91,748 | ) | ||||
FAQ
What was Adaptive Biotechnologies' Q3 2024 revenue?
How much did the MRD business contribute to Adaptive Biotechnologies' Q3 2024 revenue?
What was the clonoSEQ test volume for Adaptive Biotechnologies in Q3 2024?
What is the updated Medicare CLFS Gapfill rate for clonoSEQ?
What was Adaptive Biotechnologies' net loss for Q3 2024?
What is the updated full-year 2024 MRD revenue guidance for Adaptive Biotechnologies?
