Adaptive Biotechnologies Corporation

Total revenue was $70.9 million, up 45% year over year, driven mainly by MRD, which was about 95% of revenue. MRD revenue was $67.1 million, up 53% year over year, with clinical up 54% and pharma up 53%; Immune Medicine revenue was $3.8 million, down 26% year over year. Sequencing gross margin was 70%, up from 62% a year ago, and operating expenses were $90.1 million, up 10% year over year. Adjusted EBITDA was a loss of $2.5 million at the company level; MRD adjusted EBITDA was $12.1 million versus a loss of $4.1 million last year; net loss was $20 million, including about $2.9 million of interest expense related to the OrbiMed royalty financing. For the full year, management raised MRD revenue guidance to $260 million-$270 million from $255 million-$265 million, reiterated total operating expense guidance of $350 million-$360 million, and said it expects positive adjusted EBITDA and positive free cash flow for the full company by the end of 2026.

Chad Robins framed the quarter as strong execution across MRD, emphasizing accelerating clinical adoption, growing pharma use, and better profitability. He pointed to broad-based demand, first milestone revenue tied to MRD as a primary endpoint, and improving embedded workflows in community settings as signs that clonoSEQ is becoming part of routine care. His tone was confident and constructive, but he repeatedly noted that the company is still early in several growth vectors, including EMR optimization and broader pharma pull-through.

Kyle Piskel highlighted the core financials: $70.9 million of revenue, MRD revenue of $67.1 million, sequencing gross margin of 70%, operating expenses of $90.1 million, and a total-company adjusted EBITDA loss of $2.5 million. He said the margin improvement reflects reduced assay costs from the NovaSeq launch, overhead leverage, and favorable pricing, while Q1 net loss was $20 million including $2.9 million of royalty-financing interest expense. On capital allocation and outlook, he reiterated $350 million-$360 million of total operating expense guidance, with about 75% of spend going to MRD, and said the company is disciplined on cash burn and expects to stay within the IM cash burn range of $15 million-$20 million for the year.

Analysts focused on community testing adoption, reimbursement durability amid CMS/PAMA noise, the significance and economics of primary-endpoint pharma milestones, EMR integration progress, and whether pharma backlog and bookings could drive more upside. Management said community conversations have moved from explaining MRD to standardizing protocols and embedding testing into routine practice, and it said clonoSEQ is not currently subject to PAMA reporting for this cycle because of how its episode billing and Medicare revenue mix are structured. They also said primary-endpoint milestones are typically higher than historical secondary-endpoint milestones, that the company has about 190 active studies with 23 primary-endpoint studies, and that EMR integration is still early but already showing strong pull-through.