Adaptive Biotechnologies Reports First Quarter 2025 Financial Results

Core Insights - Adaptive Biotechnologies reported a strong start to 2025 with a 34% growth in MRD revenue, driven by increased clonoSEQ test volume and effective execution [2][4] - The company raised its full-year MRD revenue guidance to a range of $180 million to $190 million, while reducing operating expenses and cash burn targets [2][7][8] Recent Highlights - Revenue for Q1 2025 was $52.4 million, a 25% increase from Q1 2024 [4] - MRD revenue was $43.7 million, reflecting a 34% increase year-over-year, while Immune Medicine revenue decreased by 6% to $8.7 million [4] - clonoSEQ test volume grew by 36% to 23,117 tests delivered compared to Q1 2024 [9] Financial Performance - Operating expenses for Q1 2025 were $82.0 million, down 9% from $90.6 million in Q1 2024 [5] - Net loss for Q1 2025 was $29.8 million, an improvement from a net loss of $47.5 million in the same period of 2024 [6] - Adjusted EBITDA for Q1 2025 was a loss of $12.7 million, compared to a loss of $28.2 million in Q1 2024 [6][27] Updated Financial Guidance - Full-year MRD revenue guidance was updated to $180 million to $190 million, implying annual growth of 24% to 31% [9] - Total company operating expenses are expected to be between $335 million and $345 million, down from the previous range of $340 million to $350 million [7] - Full-year cash burn is now projected to be between $50 million and $60 million, reduced from the earlier range of $60 million to $70 million [8]