Adaptive Biotechnologies Corporation (NASDAQ:ADPT) Q3 2023 Earnings Call Transcript
Adaptive Biotechnologies Corporation (NASDAQ:ADPT) Q3 2023 Earnings Call Transcript November 9, 2023
Adaptive Biotechnologies Corporation misses on earnings expectations. Reported EPS is $-0.35 EPS, expectations were $-0.32.
Operator: Thank you for standing by. At this time, I would like to welcome everyone to today’s Adaptive Biotechnologies 2023 Third Quarter Earnings Call. All lines have been placed on mute to prevent any background noise. Just now after the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to Karina Calzadilla, Head of Investor Relations. Karina, please go ahead.
Karina Calzadilla: Thank you, Greg, and good afternoon, everyone. I would like to welcome you to Adaptive Biotechnologies third quarter 2023 earnings conference call. Earlier today, we issued a press release reporting Adaptive financial results for the third quarter of 2023. 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 make projections and other forward-looking statements within the meaning 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 Tycho Peterson, 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, everybody, and thank you for joining us on our third quarter 2023 earnings call. This quarter marks a pivotal moment in Adaptive’s evolution. As we have previously shared, we have two compelling businesses in MRD and immune medicine. They are at desperate stages of maturity with different investment requirements, operating models and distinct value drivers. To maximize the full potential of each business, we have hired Goldman Sachs to assist with a review of strategic alternatives. We will provide clarity on the path forward by early next year. Why are we making this decision now? MRD is a pure play diagnostic business with strong modes supporting clonoSEQ’s established position as the gold standard in heme MRD.
Its continued momentum and success will require a focused commercial execution to drive increased penetration in current and new indications, as well as further investments in operational scale to solidify its path to profitability. In contrast, immune medicine is now fully focused on drug discovery, supported by a major achievement this quarter with the discovery of a novel target multiple sclerosis. These data validate our target discovery approach in autoimmunity with the ability to unlock additional novel targets in multiple autoimmune indications. The combination of our drug discovery platform with Genentech in oncology and the discovery of this first novel autoimmune target gives us a clear path to successfully build a broad and differentiated therapeutics business.
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