Adaptive Biotechnologies (ADPT) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue rose 25% year-over-year to $52.4 million, driven by 34% MRD segment growth and record clonoSEQ test volumes, with net loss narrowing to $29.8 million from $47.5 million and adjusted EBITDA loss improving to $12.7 million from $28.2 million.

• Operating expenses decreased 9% to $82 million, and cash, cash equivalents, and marketable securities totaled $232.8 million at quarter end, with cash burn reduced by 38% year-over-year.

• Expanded Medicare coverage for clonoSEQ in mantle cell lymphoma, supporting higher reimbursement rates and long-term value per patient.

• Sequencing gross margin improved by 17 percentage points to 62% year-over-year.

• Achieved $4.5 million in MRD pharma regulatory milestone revenue and advanced key payer agreements.

Financial highlights

• Q1 2025 total revenue was $52.4 million (+25% YoY); MRD revenue $43.7 million (+34% YoY); Immune Medicine revenue $8.7 million (-6% YoY).

• clonoSEQ test volume increased 36% to 23,117 tests; U.S. ASP grew 14% to over $1,220 per test.

• Adjusted EBITDA loss improved to $12.7 million from $28.2 million year-over-year; net loss was $29.8 million.

• Cash, cash equivalents, and marketable securities totaled $232.8 million as of March 31, 2025; Q1 2025 cash burn was ~$23 million, down 38% from Q1 2024.

• Operating expenses were $82 million, down 9% year-over-year; research and development expenses fell 20% to $24.2 million.

Outlook and guidance

• Raised full-year 2025 MRD revenue guidance to $180–$190 million (previously $175–$185 million).

• Lowered full-year 2025 operating expense guidance to $335–$345 million and cash burn to $50–$60 million.

• Expect 30% growth in clonoSEQ test volumes for 2025, with sequential growth each quarter.

• On track for positive adjusted EBITDA in the MRD segment in 2H 2025 and company-wide cash flow break-even in 1H 2026.

• MRD milestone revenue guidance increased to $8–$9 million.