NEW YORK – Adaptive Biotechnologies on Thursday reported a 22 percent increase in Q3 revenues driven by an increase in minimal residual disease testing.
For the three months ended Sept. 30, the company booked $46.4 million in total revenues, up from $37.9 million during the year-ago period and above the consensus Wall Street estimate of $40.2 million.
Of the total Q3 revenues, 81 percent were from the company’s MRD business arm, and 19 percent were from the immune medicine business arm.
Third-quarter immune medicine revenue was $9.0 million, down 32 percent year over year from last year’s $13.3 million.
Adaptive's MRD revenue for the quarter was $37.5 million, representing a 52 percent increase from $24.7 million in Q3 2023. During the quarter, Adaptive's ClonoSeq test volume grew 30 percent year over year to 19,600 tests delivered versus the 15,072 tests during the year-ago period. Earlier this week, Adaptive received expanded Medicare coverage of ClonoSeq for assessing measurable residual disease in mantle cell lymphoma.
Adaptive's net loss for the quarter was $32.1 million, or $.22 per share, compared to a net loss of $50.3 million, or $.35 per share, in Q3 2023. It beat analysts' average estimate of a loss per share of $.29.
"Our focus on execution and disciplined capital allocation are driving MRD growth with a clear path to profitability while we continue to advance our targeted immune medicine programs," Adaptive CEO and Cofounder Chad Robins said in a statement.
The firm raised its full-year 2024 guidance for the MRD business to between $143 million and $145 million, up from the previous guidance range of $140 million to $145 million.
Adaptive ended the quarter with $38.1 million in cash and cash equivalents as well as $205.2 million in short-term marketable securities.