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Jun 30, 2025
Adaptive Biotechnologies Q2 2025 Earnings Report
Adaptive Biotechnologies reported its financial results for the second quarter of 2025, highlighting strong growth in its MRD business and overall revenue increase.
Key Takeaways
Adaptive Biotechnologies delivered an outstanding second quarter, achieving profitability in its MRD business with accelerating top- and bottom-line growth. The company reported total revenue of $58.9 million, a 36% increase year-over-year, driven primarily by a 42% growth in the MRD business. Net loss significantly decreased to $25.6 million from $46.2 million in the prior year.
Total revenue for Q2 2025 reached $58.9 million, marking a 36% increase compared to the same period last year.
The MRD business achieved profitability with an Adjusted EBITDA of $1.9 million and contributed 85% of the total revenue, growing 42% year-over-year.
clonoSEQ test volume grew 37% to 25,321 tests delivered in Q2 2025.
Net loss for the quarter was $25.6 million, a significant improvement from a $46.2 million net loss in Q2 2024.
Revenue by Segment
Forward Guidance
Adaptive Biotechnologies has raised its full-year 2025 MRD revenue guidance and reduced its total company cash burn targets, reflecting strong confidence in its MRD business performance and improved financial discipline.
Positive Outlook
- Raising full year 2025 MRD revenue guidance to a new range of $190 million to $200 million.
- New MRD revenue guidance implies annual growth of 31% to 37%.
- Reducing total company full year 2025 cash burn guidance to a new range of $45 million to $55 million.
- The updated cash burn guidance is lower than the previous range of $50 million to $60 million.
- Management expects to continue driving impact in MRD and advancing Immune Medicine.
Challenges Ahead
- No revenue guidance is provided for the Immune Medicine business.
- Full year total company operating expenses, including cost of revenue, are expected to be between $335 million and $345 million, which is a significant expenditure.
- The company still anticipates a net cash burn for the full year.
Historical Earnings Impact
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