The following is a summary of the Adaptive Biotechnologies Corporation (ADPT) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Adaptive Biotechnologies reported Q1 2024 revenue of $41.99 million, with a 52% year-over-year increase in its MRD business segment revenue.

• The company reported a net loss of $47.5 million for the quarter, a decrease from $57.7 million the prior year.

• The company had approximately $309 million in cash at the end of Q1 2024.

• Guidance for MRD full-year revenue is $135 million to $140 million with a reduction in operating expenses planned.

• The EBITDA margins improved from -100% to -50% year over year, with a break-even target set for next year.

Business Progress:

• Adaptive is striving for profitability in its MRD business and translating science into breakthrough therapeutic programs in Immune Medicine.

• The company's clonoSEQ positive trend continues, with blood-based testing forming 40% of tests.

• The FDA's ODAC now accepts MRD as a primary endpoint for new therapies, reinforcing clonoSEQ as the preferred assay for multi-myeloma drug developers.

• Immune Medicine operating expenses are to be cut by over 50% from the previous year.

• The company plans to accelerate R&D investments based on expected data readouts throughout 2024 and is working towards deeper sensitivity testing in pharma studies.

• The company is systematically improving gross margins through initiatives like transitioning to NovaSeq and overhauling their Laboratory Information Management System (LIMS).

More details: Adaptive Biotechnologies IR

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