Adaptive Biotechnologies (ADPT) Goldman Sachs 45th Annual Global Healthcare Conference summary

Business overview and market position

• MRD business consists of clinical (physician sales) and pharma (drug development support) segments, with clonoSEQ as a gold standard for MRD testing in blood cancers.

• Holds robust IP, over 160 published studies, and is the only FDA-cleared MRD assay, with broad US coverage (300M+ lives).

• 2024 revenue guidance is $135M–$140M, with 65% from clinical and 35% from pharma; clinical penetration is ~8%, pharma ~20%.

• Myeloma is most penetrated in pharma, ALL in clinical; significant growth potential remains.

• Focused on volume growth, ASP increases, and cost reduction for near-term profitability.

Strategic review and capital allocation

• Recent strategic review led to retaining both MRD and IM businesses internally, as external offers undervalued future potential.

• Targeted near-term investments in IM to validate proof points, with segmented P&Ls for transparency.

• Capital allocation is roughly 75% to MRD and 25% to IM, with defined investment gates for IM.

Investment focus and growth initiatives

• Investments are focused on leveraging past investments, increasing lab efficiencies (e.g., NovaSeq X Plus), and generating data for new indications.

• Expanded market access and partnerships to optimize revenue cycle management.

• Growth levers include ASP increases, expanded coverage, contracting, and operational improvements.