Adaptive Biotechnologies Corp
NASDAQ:ADPT
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Adaptive Biotechnologies Corp
Adaptive Biotechnologies Corp. engages in the development of an immune medicine platform. The company is headquartered in Seattle, Washington and currently employs 858 full-time employees. The company went IPO on 2019-06-27. The firm is focused on using the biology of the adaptive immune system to develop the diagnosis and treatment of disease. Its immune medicine platform combines a suite of chemistry, biology and machine learning to generate clinical immunomics data to decode the adaptive immune system. Its commercial research products include immunoSEQ and immunoSEQ T-MAP. immunoSEQ utilizes bias-controlled polymerase chain reaction (PCR) to sequence immune receptors from deoxyribonucleic (DNA). Its clonoSEQ diagnostic test detects and monitors the number of cancer cells that are present in a patient’s body during and after treatment, known as minimal residual disease (MRD). The company uses its T cell receptor (TCR)-Antigen Map to develop research solutions and diagnostic products, such as immunoSEQ T-MAP and T-Detect. The company also focuses on developing immune-mediated therapies in oncology and other disease areas.
Adaptive Biotechnologies Corp. engages in the development of an immune medicine platform. The company is headquartered in Seattle, Washington and currently employs 858 full-time employees. The company went IPO on 2019-06-27. The firm is focused on using the biology of the adaptive immune system to develop the diagnosis and treatment of disease. Its immune medicine platform combines a suite of chemistry, biology and machine learning to generate clinical immunomics data to decode the adaptive immune system. Its commercial research products include immunoSEQ and immunoSEQ T-MAP. immunoSEQ utilizes bias-controlled polymerase chain reaction (PCR) to sequence immune receptors from deoxyribonucleic (DNA). Its clonoSEQ diagnostic test detects and monitors the number of cancer cells that are present in a patient’s body during and after treatment, known as minimal residual disease (MRD). The company uses its T cell receptor (TCR)-Antigen Map to develop research solutions and diagnostic products, such as immunoSEQ T-MAP and T-Detect. The company also focuses on developing immune-mediated therapies in oncology and other disease areas.
Revenue Beat: Adaptive Biotechnologies reported Q3 revenue of $94 million, up 102% year-over-year and ahead of expectations, driven primarily by strong MRD business growth.
MRD Growth: MRD revenue grew 52% year-over-year to $56.8 million with robust clinical and pharma volume, and the MRD business became cash flow positive ahead of plan.
Guidance Raised: Full-year MRD revenue guidance was raised to $202–207 million (from $190–200 million), and cash burn guidance was lowered, reflecting improved performance.
Margin Expansion: Sequencing gross margin improved by 10 percentage points to 66%, driven by NovaSeq X implementation and operational efficiency.
EMR Integration: Electronic medical record integrations (Epic, Flatiron/OncoEMR) are accelerating test volume, increasing account stickiness, and enabling serial test ordering.
ASP Improvement: Average selling price (ASP) for clonoSEQ increased to over $1,340 per test, with the company confident in exiting the year above $1,300.
Competitive Position: The company sees limited competition in most indications, with clonoSEQ maintaining a strong lead especially as new payer contracts and coverage expand.
Operating Discipline: Operating expenses remained flat sequentially, and cash position ended at $217 million, with total company cash burn down 51% year-over-year.