While reporting its Q3 earnings results, Adaptive said it hired Goldman Sachs to perform "a review of strategic alternatives" for its MRD and immune medicine businesses.
Reporting Q3 results below the Wall Street estimate, the company lowered its full-year 2023 guidance by $850 million, citing macroeconomic concerns.
The firm said it is actively forging partnerships in the clinical and applied industrial markets to drive adoption of its nanopore sequencing products.
A year after the EU's In Vitro Diagnostic Medical Device Regulation took effect for new products, its implications for manufacturers and diagnostic labs are starting to emerge.
The preprint raised concerns about the findings of a 2020 cancer microbiome study that spurred the development of a microbiome-based liquid biopsy test for cancer.
During the quarter, the Seattle-based company reported total revenues of $48.9 million, beating analysts' consensus estimate of $44.9 million.
The company missed Q2 Wall Street estimates on the top and bottom line and said it is implementing a $450 million cost-savings program, which will include job cuts.
The Seattle-based immune sequencing firm booked $37.6 million in revenues, with 43 percent from immune medicine and 57 percent from its minimal residual disease business.
With a sole focus on the diagnostics market, the company has rolled out dozens of NGS tests for both oncology and genetic diseases.
Developed by Syracuse University researchers, the approach combines specific binders with a common nanopore to detect various types of proteins.