Adaptive Biotechnologies Corporation · NASDAQ:ADPT

Adaptive Biotechnologies — Q3 2023 Earnings Presentation

10 slides from Adaptive Biotechnologies's earnings presentation, Nov 9, 2023

  1. Slide 1: Third Quarter 2023 Earnings Conference Call

    Third Quarter 2023 Earnings Conference Call

  2. Slide 2: Safe Harbor

    Safe Harbor This presentation has been prepared by Adaptive Biotechnologies Corporation (“we,” “us,” “our,” “Adaptive” or the “Company”) and is made for informational purposes only. The information set forth herein does not purport to be complete or to contain all relevant information. Statements co

  3. Slide 3: Q3 2023 highlights

    Q3 2023 highlights Total Revenue of $37.9M (-21% Y/Y) MRD Business IM Business Operating efficiencies  Q3 MRD revenue grew 24% Y/Y  Q3 IM revenue declined 52% Y/Y  Continuing to advance operating  Strong clonoSEQ test volume growth mainly due to reduction in GNE efficiencies initiatives of 56% Y

  4. Slide 4: MRD clinical continues to deliver strong results

    MRD clinical continues to deliver strong results clonoSEQ test volumes / ASP All metrics continue to improve  Q3’23 clonoSEQ test volume +56% Y/Y; +10% Q/Q % clonoSEQ MRD tests in % contribution from Blood Community  clonoSEQ US ASPs in Q3’23 grew 3% Q/Q +10% +13% 15,072 36% 21% 30% +15% 13,665 13

  5. Slide 5: MRD pharma experienced softening, but growing backlog

    MRD pharma experienced softening, but growing backlog  Q3’23 revenue declined 4% Y/Y and 16% Q/Q  Macro factors impacting biopharma  >$190M of backlog projected at the end of 2023  ~20% growth vs backlog at end of 2022  Greater proportion of clinical trials are larger prospective studies  Laun

  6. Slide 6: Sharpened IM focus on drug discovery in cancer and autoimmunity

    Sharpened IM focus on drug discovery in cancer and autoimmunity High unmet clinical need… Drug Discovery efforts to meet the need  Novel Targets MS, RA, AI T1D, IBD  Discover causative antigens in autoimmune disorders  Enable targeted therapy Antibody Tx Against novel Autoimmune targets disorders

  7. Slide 7: Q3 2023 financial highlights

    Q3 2023 financial highlights Total Revenue ($M) MRD Revenue ($M) +24% -21% Immune Medicine $5.1 $24.7 $47.8 $(0.4) $20.0 $37.9 $27.9 $13.3 IM Q3’22 clonoSEQ Pharma Q3’23 Immune Medicine Revenue ($M) -52% $27.9 $(12.4) $24.7 MRD $20.0 $13.3 $(2.1) Q3’22 Q3’23 Q3’22 GNE Pharma 1 Q3’23 All $ and % figu

  8. Slide 8: Q3 2023 financial highlights (cont'.)

    Q3 2023 financial highlights (cont’.) Q3'23 Q2'23 Q3'22 QoQ % YoY %  Opex (excluding COR) declined 11% Y/Y and 12% Q/Q Total Revenue $37.9 $48.9 $47.8 -22% -21%  Gross margin of 49% reflects no milestone in the quarter Cost of Revenue (COR) 19.3 17.9 14.9 8% 30% and includes one-time costs from co

  9. Slide 9: FY 2023 guidance update

    FY 2023 guidance update  FY 2023 revenue guidance update:  MRD business FY 2023 revenue between $100M-$105M o >50% clonoSEQ test volume growth vs FY 2022 (unchanged)  Withdrawing IM business FY 2023 revenue guidance in conjunction with strategic review  FY 2023 operating expenses:  Expect FY OP

  10. Slide 10: Appendix: Reconciliation between Adjusted EBITDA and net loss

    Appendix: Reconciliation between Adjusted EBITDA and net loss attributable to Adaptive Biotechnologies Corporation Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net loss attributable to Adaptive Biotechnologies Corporation $ (50,300) $ (45,281) $ (155,809) $ (1

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