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Dec 31, 2025
Adaptive Biotechnologies Q4 2025 Earnings Report
Adaptive Biotechnologies reported its financial results for the fourth quarter and full year ended December 31, 2025, showing significant revenue growth and progress across its business segments.
Key Takeaways
Adaptive Biotechnologies delivered a strong performance in Q4 2025, with revenue increasing by 51% year-over-year to $71.7 million. The MRD business achieved profitability and contributed significantly to revenue growth, while the company also made strides in its Immune Medicine platform and secured new data partnerships.
Revenue for Q4 2025 increased by 51% to $71.7 million compared to the prior year.
The MRD business grew by 54% in Q4 2025 and achieved positive Adjusted EBITDA and cash flow.
clonoSEQ test volume increased by 43% in Q4 2025, reaching 30,038 tests delivered.
The company recognized $19.5 million in MRD pharma regulatory milestone revenue in 2025 and signed two data licensing agreements with Pfizer Inc.
Revenue by Segment
Forward Guidance
For the full year 2026, Adaptive Biotechnologies expects MRD business revenue to be between $255 million and $265 million, and total company operating expenses, including cost of revenue, to be between $350 million and $360 million.
Positive Outlook
- Expected continued growth in the MRD business with revenue guidance of $255 million to $265 million for FY 2026.
- Company is well-positioned to drive continued growth and expand margins.
- A strong financial foundation is expected to enable company-wide profitability.
- Disciplined capital allocation will support future growth.
- Management will provide further details on the outlook during the conference call.
Challenges Ahead
- No revenue guidance provided for the Immune Medicine business.
- Total company operating expenses are projected to be between $350 million and $360 million, indicating continued investment.
- The company did not provide specific net income or EPS guidance for the full year 2026.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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