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Adaptive Biotechnologies Reports Second Quarter 2024 Financial Results
SEATTLE, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Adaptive Biotechnologies Corporation (“Adaptive Biotechnologies”) (Nasdaq: ADPT), a commercial stage biotechnology
About this update from Adaptive Biotechnologies Corporation
[{"type":"text","content":"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 36% and delivered significant reductions in operating spend and cash burn versus prior year,” said Chad Robins, chief executive officer and co-founder of Adaptive Biotechnologies. “I am encouraged by our progress towards MRD profitability and our execution on key Immune Medicine programs with disciplined capital allocation.” Recent Highlights Revenue for the second quarter of 2024 was $43.2 million. The MRD business, which contributed 82% of revenue, grew 36% 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 $43.2 million for the quarter ended June 30, 2024, representing a 12% decrease from the second quarter in the prior year. MRD revenue was $35.3 million for the quarter, representing a 36% increase from the second quarter in the prior year. Immune Medicine revenue was $7.9 million for the quarter, representing a 66% decrease from the second quarter in the prior year. Operating expenses for the second quarter of 2024, which include $7.2 million of long-lived assets impairment charges, were $90.5 million, compared to $96.7 million in the second quarter of the prior year, representing a decrease of 6%. Excluding the impact of the long-lived assets impairment charges, operating expenses for the second quarter of 2024 decreased 14% compared to the second quarter of 2023. MRD operating expenses for the second quarter of 2024, which include $2.8 million of the long-lived assets impairment charges, were $58.4 million, representing a 1% decrease from the second quarter in the pr...