Adaptive Biotechnologies (ADPT) TD Cowen 46th Annual Health Care Conference summary

Business performance and growth drivers

• Achieved strong volume growth, guideline inclusions, and ASP improvements in 2024, with expectations to continue or exceed 30%+ volume growth in 2025.

• Five key growth drivers: blood-based testing, community presence, guideline inclusion, data generation, and EMR integration, with capital allocated to the most effective areas.

• Community testing is growing faster (14% in Q4) than academic centers (8-9%), with a long-term goal of 50/50 split.

• EMR integration, especially repeat ordering functions, is a major growth catalyst, with early compliance rates around 63-65%.

• Double-digit growth is expected for years, supported by low market penetration and stacking tailwinds from guidelines and data.

Clinical studies, guidelines, and practice impact

• Multiple guideline inclusions in 2024, with a typical 6-9 month lag before impacting clinician ordering patterns.

• Key studies in 2025 include MASTER-2 (maintenance therapy discontinuation in multiple myeloma), PERSEUS (MRD-directed therapy), and BOVen (CLL), with early data supporting practice-changing potential.

• MIDAS study suggests MRD-negative patients in multiple myeloma may forgo transplant, reducing toxicity and changing clinical decisions.

• Recurrence monitoring using MRD is gaining traction, enabling earlier intervention before clinical relapse.

• Over 250 publications support the technology, reinforcing its clinical adoption.

Pricing, reimbursement, and market access

• ASP increased from $1,117 to $1,307 (17%) in 2024, with a projected rise to $1,400 (7%) in 2025, driven by payer contracts and policy expansion.

• Commercial payer coverage is strong in multiple myeloma (~80%), but low in DLBCL (~5%), with ongoing efforts to expand coverage.

• Medicare pays for four tests per patient, while commercial payers have no such limit; efforts are underway to increase the Medicare bundle and secure recurrence monitoring reimbursement.

• Total addressable market (TAM) increased by $500 million due to expanded testing opportunities.