Adaptive Biotechnologies Corp

ADPT

Biological Products, (No Diagnostic Substances)

Mkt Cap

$532.1M

PE

-2.47

Debt

$131.5M

Cash

$71.23M

EV

$592.4M

FCF

-$144.8M

Market Cap

$532.1M

P/E Ratio

-2.47

Debt

$131.5M

Cash

$71.23M

EV

$592.4M

FCF

-$144.8M

Charts data: {"Earnings":[{"time":"2017-12-30","value":-42831000},{"time":"2018-12-30","value":-46447000},{"time":"2019-12-30","value":-69570000},{"time":"2020-12-30","value":-146227000},{"time":"2021-12-30","value":-207298000},{"time":"2022-12-30","value":-200368000},{"time":"2023-12-30","value":-225304000}],"Sales":[{"time":"2017-12-30","value":38448000},{"time":"2018-12-30","value":55663000},{"time":"2019-12-30","value":85071000},{"time":"2020-12-30","value":98382000},{"time":"2021-12-30","value":154344000},{"time":"2022-12-30","value":185308000},{"time":"2023-12-30","value":170276000}],"Net Margins":[{"time":"2017-12-30","value":-1.113998127340824},{"time":"2018-12-30","value":-0.8344322081095162},{"time":"2019-12-30","value":-0.817787495151109},{"time":"2020-12-30","value":-1.4863186355227582},{"time":"2021-12-30","value":-1.3430907583061213},{"time":"2022-12-30","value":-1.0812701016685733},{"time":"2023-12-30","value":-1.323169442552092}],"Assets":[{"time":"2018-12-30","value":332688000},{"time":"2019-12-30","value":912302000},{"time":"2020-12-30","value":1116414000},{"time":"2021-12-30","value":923344000},{"time":"2022-12-30","value":856617000},{"time":"2023-12-30","value":661134000}],"Stockholders Equity":[{"time":"2017-12-30","value":-224616000},{"time":"2018-12-30","value":-258112000},{"time":"2019-12-30","value":571039000},{"time":"2020-12-30","value":743266000},{"time":"2021-12-30","value":604102000},{"time":"2022-12-30","value":464165000},{"time":"2023-12-30","value":308399000}],"ROE":[{"time":"2017-12-30","value":0.19068543647825623},{"time":"2018-12-30","value":0.17994901438135383},{"time":"2019-12-30","value":-0.12183055798290485},{"time":"2020-12-30","value":-0.19673575812696936},{"time":"2021-12-30","value":-0.34315065998788286},{"time":"2022-12-30","value":-0.43167408141501407},{"time":"2023-12-30","value":-0.7305600861221988}],"ROA":[{"time":"2018-12-30","value":-0.1495575434040302},{"time":"2019-12-30","value":-0.07520097511569633},{"time":"2020-12-30","value":-0.13097918872389633},{"time":"2021-12-30","value":-0.2245078757212913},{"time":"2022-12-30","value":-0.2336937044209956},{"time":"2023-12-30","value":-0.34078416780864396}]}

Adaptive 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. 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. 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 and autoimmune disorders. It offers products and services for 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.

Sector

10-Q
9/30/23
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3/31/23
10-K
12/31/22
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10-K
12/31/19
10-Q
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10-Q
6/30/19

Chart P/E ratio

In the chart Earnings are multiplied by this value.

Earnings Growth -

Earnings Stability -

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

The Net Margin is too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Over time the ROA has been decreasing indicating a lower marginal ROA with respect to the calculated one, this could impede growth.

Years	12-2017	12-2018	12-2019	12-2020	12-2021	12-2022	12-2023	TTM
Net Margin	-110%	-83%	-82%	-150%	-130%	-110%	-130%	-120%
ROA	-	-15%	-7.5%	-13%	-22%	-23%	-34%	-35%
ROE	19%	18%	-12%	-20%	-34%	-43%	-73%	-78%

What is the average Net Margin?

The average Net Margin over the past 5 years is -114.77%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is -8.83%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is -19.25%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is -4.36%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is -27.4%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is -16.08%.

Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Under the assumption that FCF does not diminish and debt does not increase, the current years to repay the debt are acceptable.

Data are missing

Years	12-2017	12-2018	12-2019	12-2020	12-2021	12-2022	12-2023	TTM
Debt FCF	-	-	-	-	-	-0.63	-0.78	-0.91
Debt Equity	-	-	-	-	-	0.27	0.42	0.48
MIN
Graham Stability	-	-	-	-	-	-	-	-

What is the Debt/FCF?

The Debt/FCF trailing twelve month is -0.91.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is -0.16.

What is the Graham’s Stability?

Graham’s Stability measure stands at -.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Data are missing

Years	12-2018	12-2020	12-2022	Trend
Revenue	25%	20%	-8.1%	-9.2%
Net Income	-	-	-	-
Stockholders Equity	-	-25%	-34%	-20%
FCF	-	-	-	-

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +25.06%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is -9.19%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is +37.14%.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is -.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is -.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is -19.56%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is +34.06%.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is -.