Adaptive Biotechnologies' Q2 2025: Unpacking Key Contradictions in EMR Integration, Pricing, and Growth Strategies

Revenue and Profitability Growth:
- Adaptive Biotechnologies reported total revenue of $58.9 million for Q2 2025, representing a 36% increase from the same period last year.
- The company achieved positive adjusted EBITDA of $1.9 million for the MRD business, marking a significant improvement from a deficit of $11.3 million in the prior year.
- This growth was driven by strong clinical volume increases and improvements in pricing and revenue cycle management activities.

ClonoSEQ Test Volume and Pricing:
- clonoSEQ test volumes increased 37% year-over-year in Q2, with 25,321 tests delivered, and ASP rose by 17% to $1,290 per test.
- The ASP increase was primarily due to successful contracting efforts and improved pricing with major national and regional payers.
- The demand was supported by strong clinical volume growth and EMR integrations, facilitating easier ordering processes.

MRD Business Expansion:
- MRD revenue grew 42% year-over-year to $49.9 million, with significant contributions from increased clinical volume and EMR integrations.
- The integration of clonoSEQ into Flatiron's OncoEMR marked a major milestone, expanding access in the community and contributing to revenue growth.
- The update to NCCN guidelines for multiple myeloma further supported the adoption of MRD testing, driving volume growth.

Immune Medicine Business Growth:
- Immune Medicine revenue increased 13% year-over-year to $8.9 million, driven by advancing pharma partnering and R&D investments.
- The development of a digital TCR-antigen prediction model and building a robust preclinical data package for T cell depletion programs are key strategic focus areas.
- The business is on track to meet its 2025 cash burn target by scaling revenue generation and thoughtfully managing R&D investments.