Adaptive Biotechnologies Corporation · NASDAQ:ADPT
Adaptive Biotechnologies — Q1 2023 Earnings Presentation
12 slides from Adaptive Biotechnologies's earnings presentation, May 3, 2023
Slide 1: First Quarter 2023 Earnings Conference Call
First Quarter 2023 Earnings Conference Call
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
Slide 3: Q1 2023 highlights
Q1 2023 highlights Ensuring sustainable Achieving operating Progressing R&D future revenue growth efficiencies programs Q1 revenue $37.6M (-3% Y/Y) Streamline organization GNE programs continue to Consolidation of advance Strong clonoSEQ test volume growth (+57% Y/Y) President/COO roles
Slide 4: MRD Q1 2023 highlights … executing on our strategy
MRD Q1 2023 highlights … executing on our strategy clonoSEQ test volume growth of 57% Y/Y Double digit clonoSEQ US volume growth Q/Q in all indications 45% Q/Q growth from community accounts (~18% of clonoSEQ US volume) MRD Rev $21.4M 35% of all MRDs are in blood with 30% Q/Q growth +20% Y/Y
Slide 5: clonoSEQ test volume at all time high
clonoSEQ test volume at all time high clonoSEQ test volume growth over time 12,079 15% 10,526 9,649 9% 8,998 7% 17% 12% 7,698 8% 6,850 6,341 11,419 9,079 9,843 8,178 6,356 7,164 5,928 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 ASP expected to ASP (US) YE ’21 ~$975 YE ‘22 ~$1,100 grow mid-single digit
Slide 6: On track to achieve MRD key milestones for 2023
On track to achieve MRD key milestones for 2023 Increase penetration in community setting MRD Complete EMR (EPIC) integration Growth impact from DLBCL in 2H Filing with FDA for approval of DLBCL assay Read-out data for use in blood in MM Additional data on therapy discontinuation ASP i
Slide 7: Immune medicine revenue mix is driven by distinct and evolving areas
Immune medicine revenue mix is driven by 2 distinct and evolving areas $16.2M combined Multiple sources Healthy portfolio Q1’23 revenue of revenue Evolving Q1 IM revenue 500+ contribution %2 Pharma Per sample sequencing Tiered pricing (RUO v. IUO) Total studies to date Services1 Data analysis
Slide 8: On track to achieve Immune Medicine key milestones for 2023
On track to achieve Immune Medicine key milestones for 2023 GNE collaboration Immune Medicine Speed to the clinic with lead shared product candidate Complete private product prototype; transition focus to IND-readiness Deliver key “go/no go” proof points in autoimmune disorders drug discover
Slide 9: Q1 2023 financial highlights
Q1 2023 financial highlights Total Revenue ($M) Total Operating Expense ($M) Immune Medicine MRD -7% $38.6 $37.6 -3% $102 $95 0.4 0.4 24 21 16.2 -22% 20.8 26 22 Amort. of Intg. G&A 38 33 21.4 +20% S&M 17.8 R&D 13 19 COR Q1 2022 Q1 2023 Q1 2022 Q1 2023 All $ and % figures are rounded 9 $440.7M in cas
Slide 10: Reiterate FY 2023 guidance
Reiterate FY 2023 guidance Revenue: 2023 full year revenue range $205M - $215M MRD and Immune Medicine revenue represents ~55% / 45% of total revenue at mid-point >50% clonoSEQ test volume growth vs FY 2022 FY 2023 operating expenses: Expect FY OPEX (including cost of revenue) below FY 202
Slide 11: Thank You.
Thank You.
Slide 12: Appendix: Reconciliation between Adjusted EBITDA and net loss
Appendix: Reconciliation between Adjusted EBITDA and net loss attributable to Adaptive Biotechnologies Corporation 12
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