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Mar 31, 2025
Adaptive Biotechnologies Q1 2025 Earnings Report
Adaptive Biotechnologies reported its first quarter 2025 financial results, showing strong revenue growth driven by its MRD business and improved financial metrics.
Key Takeaways
Adaptive Biotechnologies reported a strong start to 2025 with total revenue of $52.4 million, a 25% increase from the prior year. The MRD business, contributing 83% of total revenue, grew 34% year-over-year, driven by a 36% increase in clonoSEQ test volume. The company also significantly reduced its net loss and adjusted EBITDA loss compared to the previous year.
Total revenue for Q1 2025 was $52.4 million, a 25% increase from Q1 2024.
MRD business revenue grew 34% year-over-year to $43.7 million, accounting for 83% of total revenue.
clonoSEQ test volume increased by 36% to 23,117 tests delivered in Q1 2025.
Net loss significantly improved to $29.8 million from $47.5 million in Q1 2024, and Adjusted EBITDA loss narrowed to $12.7 million from $28.2 million.
Revenue by Segment
Forward Guidance
Adaptive Biotechnologies updated its full year 2025 financial guidance, raising MRD revenue expectations while lowering operating expense and cash burn targets.
Positive Outlook
- Full year 2025 MRD revenue guidance raised to a new range of $180 million to $190 million, up from $175 million to $185 million.
- Implies annual MRD revenue growth of 24% to 31%.
- Full year 2025 total company operating expenses guidance reduced to between $335 million and $345 million, down from $340 million to $350 million.
- Full year 2025 total company cash burn guidance reduced to between $50 million and $60 million, down from $60 million and $70 million.
- Focus on driving MRD business to profitability and advancing Immune Medicine drug discovery programs.
Challenges Ahead
- No revenue guidance provided for the Immune Medicine business.
- Operating expenses are still projected to be substantial.
- Company still expects to incur a cash burn for the full year.
Historical Earnings Impact
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