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Adaptive Biotechnologies (ADPT) investor relations material
Adaptive Biotechnologies TD Cowen 46th Annual Health Care Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
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