Adaptive Biotechnologies Reports Second Quarter 2024 Financial Results

Core Insights - Adaptive Biotechnologies reported a strong quarter with a 36% growth in MRD revenue and significant reductions in operating expenses and cash burn compared to the previous year [1][2][4]. Financial Performance - Total revenue for Q2 2024 was $43.2 million, a 12% decrease from Q2 2023, with MRD revenue at $35.3 million, reflecting a 36% increase year-over-year [3][4]. - The clonoSEQ test volume increased by 36% to 18,520 tests delivered in Q2 2024 compared to Q2 2023 [2]. - Immune Medicine revenue was $7.9 million for the quarter, representing a 66% decrease from the same period last year [3]. Operating Expenses - Total operating expenses for Q2 2024 were $90.5 million, down 6% from $96.7 million in Q2 2023. Excluding impairment charges, operating expenses decreased by 14% [4]. - MRD operating expenses were $58.4 million, a 1% decrease year-over-year, while Immune Medicine operating expenses were $26.1 million, down 15% [4]. Net Loss and Adjusted EBITDA - The net loss for Q2 2024 was $46.2 million, slightly improved from a loss of $47.8 million in Q2 2023 [5]. - Adjusted EBITDA for Q2 2024 was a loss of $21.4 million, compared to a loss of $24.8 million in the same quarter last year [5]. Cash Position - As of June 30, 2024, the company had cash, cash equivalents, and marketable securities totaling $291.9 million [6]. Updated Financial Guidance - The company raised its full-year MRD revenue guidance to between $140 million and $145 million, up from the previous range of $135 million to $140 million [7]. - Total company operating expenses are now expected to be between $340 million and $350 million, down from the previous range of $350 million to $360 million [8].