Q2 2024 Adaptive Biotechnologies Corp Earnings Call Transcript
Key Points
- MRD revenue grew 36% year-over-year and 8% quarter-over-quarter, driven by both clinical and pharma segments.
- Total operating spend, excluding one-time costs, declined by 15% year-over-year and 8% sequentially.
- Sequencing gross margin increased by 5 percentage points compared to the previous quarter.
- Cash burn reduction of 32% in the first half of the year, ending with approximately $292 million in cash.
- Updated full-year guidance includes raising MRD revenue range and decreasing operating spend.
- Immune medicine revenue decreased by 66% year-over-year, driven by an 82% decrease in Genentech upfront amortization.
- Total company adjusted EBITDA was a loss of $21.4 million in the second quarter.
- Net loss for the quarter was $46.2 million, or $38.4 million excluding one-time asset impairment and restructuring charges.
- The company is still facing challenges with Medicare Advantage collections, impacting overall revenue.
- Some strategic initiatives, such as the LIMS overhaul, have been deprioritized, potentially delaying future efficiencies.
Good day and thank you for standing by. Welcome to the Adaptive Biotechnologies second quarter 2024 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Karina Calzadilla, Head of Investor Relations. Please go ahead.
Thanks, Anton, and good afternoon, everyone. I would like to welcome you to Adaptive Biotechnologies second quarter 2024 earnings conference call. Earlier today, we issued a press release reporting Adaptive financial results for the second quarter of '24.
The press release is available at www.adaptivebiotech.com. We are conducting a live webcast of this call and will be referencing to a slide presentation that has been posted to the Investors section of our corporate website.
During this call, management will make projections and other forward-looking
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