Adaptive Biotechnologies Q1 Loss Narrows, MRD Surges

Adaptive Biotechnologies reported a first-quarter 2025 loss per share of $0.20, a marked improvement from the previous year's $0.33 loss per share and better than analysts’ expectations. Revenue increased 25% year-over-year to $52.4 million, with the Minimal Residual Disease (MRD) business accounting for 83% of total revenue after a 34% surge. The company delivered 23,117 clonoSEQ tests, up 36% from last year, and expanded its healthcare provider network. Operating expenses dropped by 9%, and gross margin improved to 68%. Despite four negative EPS estimate revisions in the past 90 days, shares have risen 22.8% year-to-date. Management remains focused on MRD profitability, disciplined cost controls, and sustainable growth.