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ADPT Nasdaq· Adaptive Biotechnologies Corporation
Earnings report Q3 2023

Adaptive Biotechnologies Corporation Reports Decrease in Revenue for Latest Quarter

Segments of revenue

Adaptive Biotechnologies Corporation reported revenue of $37.9 million for the three months ended September 30, 2023, compared to $47.8 million in the same period last year. For the nine months ended September 30, 2023, the company's revenue was $124.5 million, slightly lower than the $130.1 million reported in the same period in 2022.

Strengths

Despite the decrease in revenue, Adaptive Biotechnologies Corporation remains focused on the commercialization of T-Detect, a key product for the company. Management has stated that they are waiting for strong enough data in multiple disease states to impact physician behavior with a clear path to reimbursement. This strategic approach indicates the company's commitment to ensuring the success of T-Detect in the market.

Challenges

The decrease in revenue for the latest quarter is a notable weakness for Adaptive Biotechnologies Corporation. The company experienced a decline of approximately 20% in revenue compared to the same period last year. This decline could be attributed to various factors, such as market conditions or delays in the commercialization of T-Detect.

Noteworthy

Adaptive Biotechnologies Corporation has funded its operations primarily through the sale of convertible preferred stock and common stock. Additionally, the company has received revenue and proceeds from a revenue interest purchase agreement with OrbiMed Royalty & Credit Opportunities IV, LP. This diverse funding approach indicates the company's ability to secure financial resources for its operations.

Summary

Adaptive Biotechnologies Corporation reported a decrease in revenue for the latest quarter, with $37.9 million compared to $47.8 million in the same period last year. The company's focus on the commercialization of T-Detect and its strategic approach to waiting for strong data in multiple disease states demonstrate its commitment to long-term success. However, the decline in revenue poses a challenge for the company, and the reasons behind this decrease should be further analyzed. Adaptive Biotechnologies Corporation has successfully secured funding through various sources, showcasing its financial stability.

Source documents

Form 10-Q  filed on Nov 09, 2023
81 pages scanned

Reference data

Company financials Q3 revenue 45.8M
Analyst estimates Q3 EPS missed by -9.37%
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