The following is a summary of the Adaptive Biotechnologies Corporation (ADPT) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Adaptive Biotechnologies reported Q3 2024 revenue of $46.4 million, a 22% growth from the previous year, with MRD revenue growing 52% to $37.5 million.

• Operating spend saw a reduction of 11% compared to the previous year, and cash at the end of the period was $267 million, illustrating a sharp reduction in burn rate by 38% in the first nine months compared to the previous period.

• They have raised the lower end of their MRD revenue guidance for the year, indicating improved financial health and expectations.

Business Progress:

• Launched clonoSEQ for mantle cell lymphoma and expect new pricing for clonoSEQ at $2,007 per test to drive future revenue.

• Integration with Electronic Medical Records (EMRs) is progressing, with successful integrations into major systems like Epic, covering more accounts which is expected to enhance volume growth.

• Expanded partnership projects in Immune Medicine with initiatives focusing on oncology and autoimmunity, notably collaborating with Genentech on developing TCR-based therapies.

Opportunities:

• New Medicare pricing and expanded Medicare coverage for the clonoSEQ test is expected to positively impact average selling price per test by fiscal year 2025.

• Increased adoption and application of the clonoSEQ test in clinical settings, aided by prominent use as a primary endpoint in studies, promises growth in clinical use sectors.

• Integration with major EMR systems is anticipated to boost testing volume and simplify the ordering process across healthcare providers.

Risks:

• The pace at which commercial contracts adjust to higher gapfill rates or include previously uncontracted payers is uncertain, potentially affecting forecasted revenue increases.

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