Adaptive Biotechnologies Corporation (NASDAQ:ADPT) Q2 2024 Earnings Conference Call August 1, 2024 4:30 PM ET

Company Participants

Karina Calzadilla – Head-Investor Relations
Chad Robins – Chief Executive Officer and Co-Founder
Kyle Piskel – Chief Financial Officer
Susan Bobulsky – Chief Commercial Officer-MRD

Conference Call Participants

Mark Massaro – BTIG
David Westenberg – Piper Sandler
Tejas Savant – Morgan Stanley
Dan Brennan – TD Cowen
Andrew Brackmann – William Blair
Rachel Vatnsdal – JPMorgan
Sung Ji Nam – Scotiabank

Operator

Good day and thank you for standing by. Welcome to the Adaptive Biotechnologies Second Quarter 2024 Earnings Call. At this time all participants are in listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [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.

Karina Calzadilla

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 2024. The press release is available at www.adaptivebiotech.com. We are conducting a live webcast of this call and we’ll be referencing to a slide presentation that has been posted to the Investors section in our corporate website. During the call, management will be making projections and other forward-looking statements within the meanings of federal securities laws regarding future events and the future financial performance of the Company. These statements reflect management’s current perspective of the business as of today.

Actual results may differ materially from today’s forward-looking statements, depending on a number of factors, which are set forth in our public filings with the SEC and listed in this presentation. In addition, non-GAAP financial measures will be discussed during the call, and a reconciliation from non-GAAP to GAAP metrics can be found in our earnings release. Joining the call today are Chad Robins, our CEO and Co-Founder; and Kyle Piskel, our Chief Financial Officer. Additional members from management will be available for Q&A.

With that, I will turn the call over to Chad Robins. Chad?

Chad Robins

Thanks, Karina. Good afternoon, everyone, and thank you for joining us on our second quarter earnings call. It is Seafair Weekend here in Seattle, so if the Blue Angels are flying overhead, we are live and I may pause for a couple of seconds. Let’s jump in. Our second quarter results are extremely encouraging. We are laser focused on fueling growth on the top-line, reducing spend, and managing our capital, and this is exactly what we achieved this quarter as you can see on Slide 3. MRD revenue grew 36% versus prior year and 8% versus prior quarter with growth coming from both clinical and pharma.