Adaptive Biotechnologies(ADPT) - 2024 Q3 - Quarterly Results

Revenue Performance - Revenue for Q3 2024 was $46.4 million, a 22% increase from Q3 2023[4] - The MRD business contributed $37.5 million, representing a 52% increase year-over-year[4] - Revenue for the nine months ended September 30, 2024, was $124,492 thousand, compared to $131,498 thousand for the same period in 2023, reflecting a decrease of about 5.3%[20] Test Volume and Pricing - clonoSEQ test volume grew 30% to 19,600 tests delivered compared to Q3 2023[3] - The updated Medicare CLFS Gapfill Determination for clonoSEQ is $2,007 per test, a 17% increase[3] Operating Expenses - Operating expenses decreased by 11% to $79.1 million from $88.9 million in Q3 2023[4] - Operating expenses for the nine months ended September 30, 2024, totaled $280,459 thousand, compared to $260,210 thousand for the same period in 2023, an increase of approximately 7.8%[20] Net Loss and Adjusted EBITDA - Net loss for Q3 2024 was $32.1 million, down from $50.3 million in the same period last year[5] - Adjusted EBITDA loss was $14.3 million, an improvement from a loss of $29.8 million in Q3 2023[6] - Net loss attributable to Adaptive Biotechnologies Corporation for the three months ended September 30, 2024, was $32,071 thousand, compared to a net loss of $50,300 thousand for the same period in 2023, showing an improvement of about 36.2%[16] - Adjusted EBITDA for the nine months ended September 30, 2024, was $(63,926) thousand, compared to $(91,748) thousand for the same period in 2023, indicating an improvement of approximately 30.3%[16] Cash and Assets - Cash, cash equivalents, and marketable securities totaled $267.2 million as of September 30, 2024[6] - Cash and cash equivalents decreased from $65,064 thousand to $38,084 thousand, a reduction of about 41.4%[15] - Total current assets decreased from $410,188 thousand to $308,345 thousand, a decline of approximately 25%[15] - Total assets decreased from $661,134 thousand as of December 31, 2023, to $558,506 thousand as of September 30, 2024, representing a decline of approximately 15.6%[15] Deferred Revenue and Share-based Compensation - The current portion of deferred revenue increased from $48,630 thousand to $51,856 thousand, an increase of approximately 4.6%[15] - Share-based compensation expense for the nine months ended September 30, 2024, was $40,778 thousand, compared to $47,352 thousand for the same period in 2023, a decrease of about 13.9%[20] Immune Medicine Revenue - Immune Medicine revenue was $9.0 million, reflecting a 32% decrease from the prior year[4]