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Adaptive Biotechnologies Corporation (ADPT) 10-Year Financial Performance & Capital Metrics

ADPT • • Industrial / General
HealthcareBiotechnologyPlatform & Technology CompaniesDiagnostics & Immune Monitoring
AboutAdaptive Biotechnologies Corporation, a commercial-stage company, develops an immune medicine platform for the diagnosis and treatment of various diseases. The company offers immunoSEQ, a platform and core immunosequencing product that is used to answer translational research questions, as well as to discover new prognostic and diagnostic signals; and T-Detect COVID for the confirmation of past COVID-19 infection. It also provides clonoSEQ, a clinical diagnostic product for the detection and monitoring of minimal residual disease in patients with multiple myeloma, B cell acute lymphoblastic leukemia, and chronic lymphocytic leukemia, as well as available as a CLIA-validated laboratory developed test for patients with other lymphoid cancers; and immunoSEQ T-MAP COVID for vaccine developers and researchers to measure the T-cell immune response to vaccines. In addition, the company offers a pipeline of clinical products and services that are used for the diagnosing, monitoring, and treatment of diseases, such as cancer, autoimmune conditions, and infectious diseases. It serves the life sciences research, clinical diagnostics, and drug discovery applications. Adaptive Biotechnologies Corporation has strategic collaborations with Genentech, Inc. for the development, manufacture, and commercialization of neoantigen directed T cell therapies for the treatment of a range of cancers; and Microsoft Corporation to develop diagnostic tests for the early detection of various diseases from a single blood test. The company was formerly known as Adaptive TCR Corporation and changed its name to Adaptive Biotechnologies Corporation in December 2011. Adaptive Biotechnologies Corporation was incorporated in 2009 and is headquartered in Seattle, Washington.Show more
  • Revenue $179M +5.1%
  • EBITDA -$143M +30.0%
  • Net Income -$159M +29.2%
  • EPS (Diluted) -1.08 +30.8%
  • Gross Margin 59.72% +7.4%
  • EBITDA Margin -80.07% +33.4%
  • Operating Margin -90.83% +31.9%
  • Net Margin -89.12% +32.6%
  • ROE -62.45% -7.1%
  • ROIC -41.61% -0.7%
  • Debt/Equity 0.44 +37.8%
  • Interest Coverage -14.04 +14.7%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Momentum leader: RS Rating 89 (top 11%)
  • ✓Strong 5Y sales CAGR of 16.0%

✗Weaknesses

  • ✗Negative free cash flow
  • ✗Expensive at 12.9x book value

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y16.04%
3Y5.06%
TTM42.57%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM59.22%

EPS CAGR

10Y-
5Y-
3Y-
TTM59.7%

ROCE

10Y Avg-21.71%
5Y Avg-26.34%
3Y Avg-30.72%
Latest-32.05%

Peer Comparison

Diagnostics & Immune Monitoring
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SEERSeer, Inc.107.44M1.91-1.37-8.13%-486.02%-29.19%0.08
IMDXInsight Molecular Diagnostics Inc.189.76M6.62-1.4225.15%-13.81%-14.81%

Profit & Loss

Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+38.45M55.66M85.07M98.38M154.34M185.31M170.28M178.96M
Revenue Growth %-0.45%0.53%0.16%0.57%0.2%-0.08%0.05%
Cost of Goods Sold+15.68M19.67M22.27M22.53M49.3M57.91M75.55M72.08M
COGS % of Revenue0.41%0.35%0.26%0.23%0.32%0.31%0.44%0.4%
Gross Profit+22.77M35.99M62.8M75.85M105.04M127.4M94.72M106.88M
Gross Margin %0.59%0.65%0.74%0.77%0.68%0.69%0.56%0.6%
Gross Profit Growth %-0.58%0.74%0.21%0.38%0.21%-0.26%0.13%
Operating Expenses+66.4M85.75M141.19M228.67M314.01M327.58M321.76M269.43M
OpEx % of Revenue1.73%1.54%1.66%2.32%2.03%1.77%1.89%1.51%
Selling, General & Admin32.71M44.9M68.78M110.89M169.97M184.13M172.51M157.56M
SG&A % of Revenue0.85%0.81%0.81%1.13%1.1%0.99%1.01%0.88%
Research & Development32M39.16M70.7M116.07M142.34M141.76M122.12M102.95M
R&D % of Revenue0.83%0.7%0.83%1.18%0.92%0.76%0.72%0.58%
Other Operating Expenses1.69M1.7M1.7M1.7M1.7M1.7M27.13M8.91M
Operating Income+-44.48M-49.76M-78.39M-152.82M-208.97M-200.19M-227.03M-162.55M
Operating Margin %-1.16%-0.89%-0.92%-1.55%-1.35%-1.08%-1.33%-0.91%
Operating Income Growth %--0.12%-0.58%-0.95%-0.37%0.04%-0.13%0.28%
EBITDA+-38.68M-43.76M-70.6M-144.34M-195.01M-179.27M-204.8M-143.29M
EBITDA Margin %-1.01%-0.79%-0.83%-1.47%-1.26%-0.97%-1.2%-0.8%
EBITDA Growth %--0.13%-0.61%-1.04%-0.35%0.08%-0.14%0.3%
D&A (Non-Cash Add-back)5.8M6M7.79M8.47M13.95M20.92M22.23M19.26M
EBIT-43.63M-49.76M-78.39M-152.82M-207.3M-196.13M-211.5M-148.01M
Net Interest Income+1.64M3.31M9.79M6.59M1.67M-182K1.73M2.95M
Interest Income1.64M3.31M9.79M6.59M1.67M4.06M15.53M14.53M
Interest Expense000004.24M13.8M11.58M
Other Income/Expense1.64M3.31M9.79M6.59M1.67M-182K1.73M2.95M
Pretax Income+-42.83M-46.45M-68.61M-146.23M-207.3M-200.37M-225.3M-159.59M
Pretax Margin %-1.11%-0.83%-0.81%-1.49%-1.34%-1.08%-1.32%-0.89%
Income Tax+00000000
Effective Tax Rate %1%1%1%1%1%1%1%1%
Net Income+-42.83M-46.45M-68.61M-146.23M-207.28M-200.19M-225.25M-159.49M
Net Margin %-1.11%-0.83%-0.81%-1.49%-1.34%-1.08%-1.32%-0.89%
Net Income Growth %--0.08%-0.48%-1.13%-0.42%0.03%-0.13%0.29%
Net Income (Continuing)-42.83M-46.45M-68.61M-146.23M-207.3M-200.37M-225.3M-159.59M
Discontinued Operations00000000
Minority Interest0000110K-67K-121K-224K
EPS (Diluted)+-0.41-0.44-0.47-1.06-1.46-1.00-1.56-1.08
EPS Growth %--0.07%-0.07%-1.26%-0.38%0.32%-0.56%0.31%
EPS (Basic)-0.41-0.44-0.47-1.06-1.46-1.00-1.56-1.08
Diluted Shares Outstanding105.43M105.43M124.34M131.22M140.35M142.52M144.38M147.1M
Basic Shares Outstanding105.43M105.43M124.34M131.22M140.35M142.52M144.38M147.1M
Dividend Payout Ratio--------

Balance Sheet

Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+205.25M180.72M612.69M726.91M402.75M562.15M410.19M283.75M
Cash & Short-Term Investments192.15M165.02M576.87M688.27M353.06M498.2M346.4M222.29M
Cash Only85.31M55.03M96.58M123.44M139.06M90.03M65.06M47.92M
Short-Term Investments106.84M109.99M480.29M564.83M214M408.17M281.34M174.37M
Accounts Receivable5.58M4.81M12.68M10.05M17.41M40.06M37.97M41.73M
Days Sales Outstanding52.9931.5254.3937.2741.1778.981.3985.11
Inventory4.79M7.84M9.07M14.06M19.26M14.45M14.45M8.44M
Days Inventory Outstanding111.55145.46148.61227.83142.6191.169.842.74
Other Current Assets000009.44M11.37M11.29M
Total Non-Current Assets+157.24M151.97M299.61M389.5M520.6M294.47M250.95M255.62M
Property, Plant & Equipment13.95M19.13M60.35M139.04M172.94M164.21M120.32M94.38M
Fixed Asset Turnover2.76x2.91x1.41x0.71x0.89x1.13x1.42x1.90x
Goodwill118.97M118.97M118.97M118.97M118.97M118.97M118.97M118.97M
Intangible Assets15.32M13.63M11.93M10.22M8.53M6.83M5.13M3.42M
Long-Term Investments8.9M247K105.44M118.53M217.15M0033.66M
Other Non-Current Assets86K247K2.92M2.74M3.01M4.46M6.52M5.18M
Total Assets+362.49M332.69M912.3M1.12B923.34M856.62M661.13M539.38M
Asset Turnover0.11x0.17x0.09x0.09x0.17x0.22x0.26x0.33x
Asset Growth %--0.08%1.74%0.22%-0.17%-0.07%-0.23%-0.18%
Total Current Liabilities+21M22.8M78.31M105.2M113.81M109.79M88.02M98.05M
Accounts Payable1.96M1.79M4.45M3.24M3.31M8.08M7.72M7.26M
Days Payables Outstanding45.7233.2772.9752.4424.4850.9537.2936.79
Short-Term Debt00000000
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Liabilities1.93M3.67M8.49M11.95M15.64M15.94M13.69M16.7M
Current Ratio9.77x7.93x7.82x6.91x3.54x5.12x4.66x2.89x
Quick Ratio9.54x7.58x7.71x6.78x3.37x4.99x4.50x2.81x
Cash Conversion Cycle118.82143.7130.03212.66159.3119.04113.991.06
Total Non-Current Liabilities+566.1M568M262.95M267.95M205.44M282.73M264.84M238.84M
Long-Term Debt0561.19M000000
Capital Lease Obligations0036.61M104.33M106.69M98.77M89.39M79.15M
Deferred Tax Liabilities0-561.19M000000
Other Non-Current Liabilities566.1M6.1M7.01M00125.36M130.66M132.43M
Total Liabilities587.11M590.8M341.26M373.15M319.24M392.52M352.86M336.89M
Total Debt+561.67M561.19M36.61M107.86M111.74M108M98.77M89.39M
Net Debt476.37M506.16M-59.97M-15.57M-27.32M17.97M33.71M41.47M
Debt / Equity--0.06x0.15x0.18x0.23x0.32x0.44x
Debt / EBITDA--------
Net Debt / EBITDA--------
Interest Coverage------47.24x-16.45x-14.04x
Total Equity+-224.62M-258.11M571.04M743.27M604.1M464.1M308.28M202.49M
Equity Growth %--0.15%3.21%0.3%-0.19%-0.23%-0.34%-0.34%
Book Value per Share-2.13-2.454.595.664.303.262.141.38
Total Shareholders' Equity-224.62M-258.11M571.04M743.27M603.99M464.17M308.4M202.71M
Common Stock1K1K12K14K14K14K14K14K
Retained Earnings-249.42M-295.91M-365.48M-511.61M-718.89M-919.08M-1.14B-1.3B
Treasury Stock00000000
Accumulated OCI-166K-107K671K893K-1.14M-4.12M215K166K
Minority Interest0000110K-67K-121K-224K

Cash Flow

Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+-34.86M-32.26M205.4M-149.68M-192.73M-183.94M-156.32M-95.21M
Operating CF Margin %-0.91%-0.58%2.41%-1.52%-1.25%-0.99%-0.92%-0.53%
Operating CF Growth %-0.07%7.37%-1.73%-0.29%0.05%0.15%0.39%
Net Income-42.83M-46.45M-68.61M-146.23M-207.28M-200.19M-225.25M-159.59M
Depreciation & Amortization5.8M6M7.79M8.47M20.98M28.15M22.23M19.26M
Stock-Based Compensation7.01M11.15M13.12M24.76M00053.61M
Deferred Taxes637K-1.24M-1.88M773K0000
Other Non-Cash Items6K5K43K3.34M50.39M59.65M92.88M8.97M
Working Capital Changes-5.47M-1.72M254.93M-40.8M-56.82M-71.55M-46.18M-17.45M
Change in Receivables-2.43M775K-7.82M2.61M-7.36M-22.65M2.03M-3.74M
Change in Inventory-2.7M-3.05M-1.23M-4.99M-5.2M817K-2.84M1.94M
Change in Payables-1.84M1.87M-2.43M5.25M3.94M7.11M-5.41M671K
Cash from Investing+36.43M736K-481.7M-117.04M181.21M2.9M129.65M77.79M
Capital Expenditures-2.51M-6.32M-11.2M-18.8M-61.75M-16.35M-10.7M-3.66M
CapEx % of Revenue0.07%0.11%0.13%0.19%0.4%0.09%0.06%0.02%
Acquisitions--------
Investments--------
Other Investing122K19K-470.5M-98.24M0000
Cash from Financing+50.03M1.25M319.92M293.59M27.15M132.26M2.25M241K
Debt Issued (Net)--------
Equity Issued (Net)--------
Dividends Paid00000000
Share Repurchases--------
Other Financing207K1.25M-934K21.43M429K000
Net Change in Cash--------
Free Cash Flow+-37.36M-38.58M194.2M-168.49M-254.47M-200.29M-167.02M-98.88M
FCF Margin %-0.97%-0.69%2.28%-1.71%-1.65%-1.08%-0.98%-0.55%
FCF Growth %--0.03%6.03%-1.87%-0.51%0.21%0.17%0.41%
FCF per Share-0.35-0.371.56-1.28-1.81-1.41-1.16-0.67
FCF Conversion (FCF/Net Income)0.81x0.69x-2.99x1.02x0.93x0.92x0.69x0.60x
Interest Paid00000000
Taxes Paid00000000

Key Ratios

Metric20172018201920202021202220232024
Return on Equity (ROE)---43.85%-22.25%-30.77%-37.48%-58.33%-62.45%
Return on Invested Capital (ROIC)--14.93%-15.49%-18.5%-24.03%-28.36%-41.33%-41.61%
Gross Margin59.22%64.67%73.82%77.1%68.06%68.75%55.63%59.72%
Net Margin-111.4%-83.44%-80.65%-148.63%-134.3%-108.03%-132.29%-89.12%
Debt / Equity--0.06x0.15x0.18x0.23x0.32x0.44x
Interest Coverage------47.24x-16.45x-14.04x
FCF Conversion0.81x0.69x-2.99x1.02x0.93x0.92x0.69x0.60x
Revenue Growth-44.77%52.83%15.65%56.88%20.06%-8.11%5.1%

Revenue by Segment

201920202021
Sequencing Revenue43.52M41.44M78.9M
Sequencing Revenue Growth--4.78%90.39%
Development Support Revenue39.55M54.44M65.45M
Development Support Revenue Growth-37.65%20.21%
Development Revenue Regulatory Milestones2M2.5M10M
Development Revenue Regulatory Milestones Growth-25.00%300.00%
Development Revenue41.55M56.94M-
Development Revenue Growth-37.04%-

Frequently Asked Questions

Growth & Financials

Adaptive Biotechnologies Corporation (ADPT) reported $252.8M in revenue for fiscal year 2024. This represents a 557% increase from $38.4M in 2017.

Adaptive Biotechnologies Corporation (ADPT) grew revenue by 5.1% over the past year. This is steady growth.

Adaptive Biotechnologies Corporation (ADPT) reported a net loss of $79.6M for fiscal year 2024.

Dividend & Returns

Adaptive Biotechnologies Corporation (ADPT) has a return on equity (ROE) of -62.5%. Negative ROE indicates the company is unprofitable.

Adaptive Biotechnologies Corporation (ADPT) had negative free cash flow of $62.9M in fiscal year 2024, likely due to heavy capital investments.

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