Adaptive Biotechnologies(ADPT) - 2024 Q4 - Annual Results

Revenue Performance - Revenue for Q4 2024 was $47.5 million, a 4% increase year-over-year, while full year revenue reached$ 179.0 million, up 5% from the previous year[3][8]. - The MRD business generated $40.1 million in Q4 2024, reflecting a 31% increase compared to Q4 2023, and$ 145.5 million for the full year, a 42% increase from 2023[4][8]. - Revenue for the year ended December 31, 2024, was $178,957 million, compared to$ 170,276 million in 2023, reflecting a growth of approximately 5.0%[28]. - Revenue from the MRD segment for the year ended December 31, 2024, was $145,529 million, up from$ 102,739 million in 2023, representing a growth of approximately 41.5%[28]. Operating Expenses - Operating expenses for Q4 2024 were $81.3 million, a 30% decrease from$ 116.9 million in Q4 2023, excluding a $25.4 million lease impairment charge[5]. - Operating expenses for the year ended December 31, 2024, totaled$ 341,506 million, compared to $397,311 million in 2023, a decrease of approximately 14.1%[28]. - Share-based compensation expense for the year ended December 31, 2024, was$ 53,610 million, down from $62,908 million in 2023, a decrease of about 14.8%[28]. Profitability and Loss - Net loss for Q4 2024 was$ 33.7 million, significantly reduced from $69.5 million in the same period of 2023[6]. - Adjusted EBITDA for Q4 2024 was a loss of$ 16.4 million, an improvement from a loss of $24.7 million in Q4 2023[7]. - Net loss attributable to Adaptive Biotechnologies Corporation improved from$ (225,250) million in 2023 to $(159,492) million in 2024, a reduction of about 29.2%[26]. - Adjusted EBITDA for the year ended December 31, 2024, was$ (80,371) million, an improvement from $(116,413) million in 2023, indicating a reduction of about 30.9%[28]. Cash and Assets - Cash, cash equivalents, and marketable securities totaled$ 256.0 million as of December 31, 2024[10]. - Cash and cash equivalents decreased from $65,064 million in 2023 to$ 47,920 million in 2024, a decline of about 26.4%[25]. - Total assets decreased from $661,134 million in 2023 to$ 539,376 million in 2024, a decline of approximately 18.4%[25]. - Total shareholders' equity decreased from $308,278 million in 2023 to$ 202,485 million in 2024, a decline of approximately 34.3%[25]. Future Projections - The company expects full year 2025 MRD revenue to be between $175 million and$ 185 million, with total operating expenses projected between $340 million and$ 350 million[11]. Strategic Developments - The FDA's advisory committee voted unanimously to support the use of MRD as a primary endpoint for accelerated approval of new therapies for multiple myeloma[3]. - An exclusive strategic partnership was signed with NeoGenomics to cross-promote clonoSEQ tests alongside NeoGenomics' services[3]. Test Volume - clonoSEQ test volume increased by 34% in Q4 2024, delivering 20,945 tests, and ended the year with 76,105 tests delivered, a 35% increase from 2023[3].