Adaptive 2025 Q3 Earnings Profitability Turns 129.7% from Net Loss

Adaptive Biotechnologies (ADPT) delivered a strong earnings report, surpassing revenue expectations by 38.15% and raising full-year MRD guidance to $202–$207 million. The company achieved profitability with EPS of $0.06, reversing a $0.22 loss in 2024 Q3.

Revenue

The total revenue of Adaptive surged by 102.4% to $93.97 million in 2025 Q3, driven by robust performance across segments. The MRD business led the charge with $56.79 million in revenue, reflecting 52% year-over-year growth. Service revenue contributed $50.29 million, while regulatory milestone revenue added $6.50 million. Immune Medicine revenue totaled $37.19 million, with collaboration revenue accounting for $33.74 million and service revenue at $3.44 million.

Earnings/Net Income

Adaptive returned to profitability with EPS of $0.06 in 2025 Q3, a 127.3% improvement from a $0.22 loss in 2024 Q3. Net income reached $9.54 million, a 129.7% turnaround from a $32.10 million net loss. The company’s ability to transition from sustained losses to profitability marks a significant operational milestone.

Price Action

The stock price of Adaptive climbed 4.39% during the latest trading day, 4.70% during the most recent full trading week, and surged 21.56% month-to-date.

Post-Earnings Price Action Review

The stock’s post-earnings performance has been marked by a sharp 21.56% month-to-date surge, outpacing broader market trends. While the immediate 4.39% daily gain aligns with positive sentiment around profitability and guidance raises, the stock’s trajectory will depend on sustained momentum in MRD adoption and execution against 2025 cash burn targets. Analysts remain cautiously optimistic, with a Zacks Rank #3 (Hold) reflecting the balance between strong operational progress and the need for long-term validation of the business model.

CEO Commentary

Chad Robins highlighted the MRD business achieving “major profitability milestones,” including $7 million adjusted EBITDA and cash flow positivity. Strategic priorities include scaling clonoSEQ on the NovaSeq X Plus platform, expanding EMR integrations, and leveraging clinical validation in NCCN guidelines. For immune medicine, disciplined R&D execution and progress in TCR prediction models were emphasized, with 2025 cash burn targets maintained at $25–$30 million.

Guidance

Adaptive raised full-year 2025 MRD revenue guidance to $202–$207 million, driven by stronger clinical performance and milestone revenue. Total company operating expenses are targeted at $335–$340 million, with annual cash burn narrowed to $45–$50 million. MRD is expected to deliver 39–42% YoY revenue growth, with clonoSEQ volume exceeding 104,000 tests (~35% growth over 2024).

Additional News

1. Genentech Agreement Termination: Adaptive recognized $33.7 million in Immune Medicine revenue from the terminated Genentech Agreement, contributing to Q3 results.

2. NCCN Guidelines Update: MRD-guided treatment duration was incorporated into NCCN guidelines for CLL, enhancing clinical adoption.

3. CEO Strategic Priorities: Robins emphasized scaling clonoSEQ on the NovaSeq X Plus platform and expanding EMR integrations to deepen market penetration.