Adaptive Biotech: MRD Testing Revenue Soars

Adaptive Biotechnologies Q1 earnings showcase a robust performance, with MRD testing leading the charge. Revenue surged by 45% to $70.9 million, driven by a 53% increase in MRD revenue to $67.1 million. The company hit its first primary endpoint milestone, with clonoSEQ clinical volumes soaring by 41% to nearly 32,600 tests. Sequencing gross margins also improved to 70%. Clinical MRD revenue skyrocketed by 54%, with blood-based testing accounting for 49% of volumes and community settings contributing 35%. The pharma side also grew by 53%, with a backlog of $254 million, up 24% from last year. Texas Medicaid now covers clonoSEQ for up to six tests per year per patient, and EMR workflows have boosted repeat orders to 72%. Adaptive Biotechnologies is raising its full-year MRD guidance to $260-$270 million, expecting at least 35% volume growth and over 70% margins. The company is on track for positive adjusted EBITDA and free cash flow by year-end, with cash on hand at $222 million. The momentum in MRD clinical and pharma is creating a positive feedback loop, setting the stage for exceeding plans as the year progresses. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/f0daa044df93d615