Overview

* Adaptive Biotechnologies ( ADPT ) Q3 revenue grows 102% yr/yr, beating analyst expectations

* Adjusted EBITDA for Q3 beats consensus, driven by MRD business profitability

* Company raises full-year MRD revenue guidance, indicating confidence in sustained growth

Outlook

* Adaptive Biotechnologies ( ADPT ) raises 2025 MRD revenue guidance to $202 mln-$207 mln

* Company lowers 2025 operating expense guidance to $335 mln-$340 mln

* Adaptive Biotechnologies ( ADPT ) reduces 2025 cash burn guidance to $45 mln-$50 mln

Result Drivers

* MRD BUSINESS - MRD business reached profitability and cash flow positivity, contributing 60% of revenue

* CLONOSEQ TEST VOLUME - clonoSEQ test volume grew 38% in Q3, contributing to MRD revenue growth

* GENENTECH AGREEMENT - Revenue includes $33.7 mln from full amortization of terminated Genentech Agreement

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Beat $93.97 $58.90

Revenue mln mln (6

Analysts

)

Q3 EPS $0.06

Q3 Net $9.55

Income mln

Q3 Beat $28 mln -$10.40

Adjusted mln (4

EBITDA Analysts

)

Q3 $83.68

Operatin mln

g

Expenses

Q3 $10.29

Operatin mln

g Income

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the biotechnology & medical research peer group is "buy"

* Wall Street's median 12-month price target for Adaptive Biotechnologies Corp ( ADPT ) is $17.00, about 0.5% above its November 4 closing price of $16.92

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)