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Investing.com -- Adaptive Biotechnologies Corp (NASDAQ:ADPT) shares surged 8.5% after the company reported second quarter results that significantly exceeded analyst expectations, driven by strong performance in its Minimal Residual Disease (MRD) business.
The biotechnology company posted a second quarter loss of -$0.17 per share, beating analyst estimates of -$0.24 by $0.07. Revenue jumped to $58.9 million, substantially outpacing the consensus estimate of $49.4 million and representing a 36% increase YoY. The company’s MRD business, which contributed 85% of total revenue, grew 42% compared to the same quarter last year.
In a significant milestone, Adaptive’s MRD business achieved profitability in the quarter with Adjusted EBITDA of $1.9 million. The company’s clonoSEQ test volume grew 37% YoY to 25,321 tests delivered.
"We delivered an outstanding second quarter, achieving profitability in our MRD business with accelerating top- and bottom-line growth," said Chad Robins, CEO and co-founder of Adaptive Biotechnologies.
Following the strong performance, Adaptive raised its full-year 2025 MRD revenue guidance to between $190 million and $200 million, up from the previous range of $180 million to $190 million. This new guidance implies annual growth of 31% to 37%. The company also reduced its expected cash burn for the year to between $45 million and $55 million, down from the previous range of $50 million to $60 million.
Total (EPA:TTEF) operating expenses for the quarter were $83.9 million, down 7% from $90.5 million in the same period last year. The company ended the quarter with $222 million in cash, cash equivalents, and marketable securities.
Adaptive also highlighted the launch of clonoSEQ integration into Flatiron’s OncoEMR, an electronic medical record platform for community oncology, and the implementation of NovaSeq X Plus for clonoSEQ clinical sequencing.
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