Adaptive Biotechnologies(ADPT) - 2025 Q1 - Quarterly Results

Revenue Performance - Revenue for Q1 2025 was $52.4 million, a 25% increase from Q1 2024[5] - MRD revenue was $43.7 million, representing a 34% increase year-over-year, contributing 83% of total revenue[8] - Total revenue for Q1 2025 was $52,443 thousand, up from $41,873 thousand in Q1 2024, representing a year-over-year increase of approximately 25%[26] - The revenue from the MRD segment in Q1 2025 was $43,721 thousand, compared to $32,626 thousand in Q1 2024, marking an increase of approximately 34%[26] - The Immune Medicine segment reported a revenue of $8,722 thousand in Q1 2025, compared to $9,247 thousand in Q1 2024, indicating a decline of about 5.7%[26] Operating Expenses - Operating expenses decreased by 9% to $82.0 million from $90.6 million in Q1 2024[6] - Operating expenses for Q1 2025 totaled $82,047 thousand, a decrease from $90,635 thousand in Q1 2024, showing a reduction of about 9%[26] - Share-based compensation expense in Q1 2025 was $12,147 thousand, down from $14,298 thousand in Q1 2024, reflecting a decrease of approximately 15%[25] - The company reported no restructuring expenses in Q1 2025, compared to $1,044 thousand in Q1 2024, indicating a strategic shift in operational focus[25] Financial Performance - Net loss for Q1 2025 was $29.8 million, an improvement from a net loss of $47.5 million in the same period last year[7] - The net loss attributable to Adaptive Biotechnologies Corporation decreased to $(29,852) thousand in Q1 2025 from $(47,507) thousand in Q1 2024, indicating a significant improvement in financial performance[25] - Adjusted EBITDA loss was $12.7 million, compared to a loss of $28.2 million in Q1 2024[9] - Adjusted EBITDA for Q1 2025 was $(12,748) thousand, an improvement from $(28,180) thousand in Q1 2024, reflecting a reduction in net loss[25] - The total adjusted EBITDA for the Immune Medicine segment in Q1 2025 was $(5,446) thousand, an improvement from $(6,927) thousand in Q1 2024[26] Guidance and Projections - Full year 2025 MRD revenue guidance raised to $180 million to $190 million, implying annual growth of 24% to 31%[8] - Full year total company operating expenses guidance updated to $335 million to $345 million[10] - Expected full year total company cash burn reduced to $50 million to $60 million[11] Cash Position - Cash, cash equivalents, and marketable securities totaled $232.8 million as of March 31, 2025[9] Test Volume - clonoSEQ test volume grew 36% to 23,117 tests delivered compared to Q1 2024[8] Interest Expense - Interest expense for Q1 2025 was $2,905 thousand, slightly down from $2,993 thousand in Q1 2024[25]