Shares of Adaptive Biotechnologies Corp (ADPT) fell 5.27% on August 1, 2024, after the company reported its second-quarter financial results. Despite reporting revenue growth and cost reductions, the stock price declined, potentially reflecting investor concerns over the company's path to profitability.
In the second quarter, Adaptive Biotechnologies reported a 12% year-over-year increase in revenue to $43.2 million. The company's MRD (minimal residual disease) business, which contributed 82% of revenue, grew by an impressive 36% compared to the same period last year. However, the company's Immune Medicine revenue declined by 66% year-over-year.
On the cost front, Adaptive Biotechnologies made progress in reducing its operating expenses, which decreased by 6% year-over-year to $90.5 million. The company attributed this reduction to cost-cutting measures and restructuring efforts. Despite these efforts, the company reported a net loss of $46.2 million for the quarter, slightly lower than the prior year's loss of $47.8 million.
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