Adaptive Biotechnologies Provides Strategic Review Update and Announces Preliminary First Quarter 2024 Revenue

Announces CFO transition

SEATTLE, April 02, 2024 (GLOBE NEWSWIRE) -- Adaptive Biotechnologies Corporation (Nasdaq: ADPT), a commercial stage biotechnology company that aims to translate the genetics of the adaptive immune system into clinical products to diagnose and treat disease, today announced a business update, including the conclusion of its recent strategic review, preliminary revenue for the first quarter ended March 31, 2024, and transition of the chief financial officer role.

Strategic Review Update

After evaluating a number of potential opportunities as part of the strategic review, Adaptive’s management team and board of directors concluded that the current best outcome to maximize shareholder value is to operate the MRD and Immune Medicine businesses internally within Adaptive while increasing their independence from one another by restructuring each business with dedicated resources and separate segment reporting. Importantly, under this structure, Adaptive preserves its strong capital position which will bridge the MRD business to profitability and support targeted investments in Immune Medicine.

Management will provide further details on the process and outcome of the strategic review during the conference call this afternoon.

First Quarter 2023 Preliminary, Unaudited Revenue Results

• Total revenue of approximately $41 to $43 million for the first quarter of 2024, an increase of approximately 12% compared to the first quarter of 2023.
• MRD revenue of approximately $31 to $32 million for the first quarter of 2024, an increase of approximately 47% compared to the first quarter of 2023.

CFO Transition

Adaptive Biotechnologies announced that Tycho Peterson, chief financial officer (CFO), will be departing the company to pursue another opportunity. Kyle Piskel, who currently serves as the company’s Principal Accounting Officer and has held various financial roles at Adaptive over the past 8 years, will succeed Tycho as full-time CFO. Kyle previously served as the company’s Interim CFO from February to June 2022 and brings over 15 years of financial expertise to the role.

“I am excited to announce Kyle as our new chief financial officer,” said Chad Robins, chief executive officer and co-founder, Adaptive Biotechnologies. “I am confident he has the business knowledge to operate and execute, with the necessary guardrails in place, so that our team can maximize the full value of both MRD and Immune Medicine businesses. I would like to thank Tycho for his financial leadership and significant contributions to Adaptive over the past two years, including his leadership during the strategic review process. We wish him success in his next endeavor.”