Adaptive Biotechnologies Corporation reported third‑quarter 2025 results that surpassed expectations, with revenue of $93.97 million versus a consensus estimate of $68.02 million, a 38% beat, and GAAP earnings per share of $0.06 against an estimate of –$0.16, a $0.22 upside.
The strong performance was driven by the MRD segment, which generated $60.48 million in revenue, up 52% year‑over‑year, and became cash‑flow positive for the first time. The Immune Medicine segment contributed $33.49 million, while a one‑time $33.7 million gain from the terminated Genentech agreement boosted net income.
Gross margin improved to 66% from 56% in the prior year, reflecting higher mix of high‑margin MRD contracts and efficient cost management. Operating income rose to $28 million from a loss of $14.3 million a year earlier, and adjusted EBITDA reached $7 million, underscoring the company’s ability to convert revenue growth into profitability.
Management raised full‑year 2025 MRD revenue guidance to $202 million–$207 million, up from the previous $190 million–$195 million range, and narrowed operating expense guidance to $335 million–$340 million. Cash burn guidance was tightened to $45 million–$50 million, signaling confidence in sustaining growth while controlling costs.
CEO Chad Robins highlighted the company’s “scalable moat” created by embedding clonoSEQ into standard‑of‑care tools, noting that the MRD business has reached a major inflection point with profitability and cash‑flow positivity. CFO Kyle Piskel emphasized the company’s trajectory toward a long‑term target of $1,700–$1,800 in adjusted EBITDA per share, reflecting disciplined execution and expanding coverage.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.