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Adaptive Biotechnologies Corporation, a commercial-stage company, develops an immune medicine platform for the diagnosis and treatment of various diseases. The company offers immunosequencing platform which combines a suite of proprietary chemistry, computational biology, and machine learning to generate clinical immunomics data to decode the adaptive immune system. It provides clonoSEQ diagnostic test which detects and monitors the remaining number of cancer cells that are present in a patient's body during and after treatment, known as Minimal Residual Disease (MRD). The company offers products and services for life sciences research, clinical diagnostics, and drug discovery applications. The company was formerly known as Adaptive TCR Corporation and changed its name to Adaptive Biotechnologies Corporation in December 2011. Adaptive Biotechnologies Corporation was incorporated in 2009 and is headquartered in Seattle, Washington.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $277M | $-30M | $-59M | $-49M | -26.4% | 54.8% | - |
| 2024 | $179M | $-129M | $-159M | $-99M | -78.8% | 5.1% | - |
| 2023 | $170M | $-189M | $-225M | $-167M | -73.1% | -8.1% | - |
| 2022 | $185M | $-175M | $-200M | $-200M | -43.1% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 185.31 | 170.28 | 178.96 | 276.98 |
| Cost Of Revenue | 57.91 | 75.55 | 72.08 | 71.36 |
| Gross Profit | 127.40 | 94.72 | 106.88 | 205.62 |
| Operating Expense | 327.58 | 296.33 | 262.22 | 262.74 |
| Operating Income | -200.19 | -201.61 | -155.34 | -57.12 |
| EBITDA | -175.21 | -189.27 | -128.76 | -29.85 |
| EBIT | -196.13 | -211.50 | -148.01 | -47.68 |
| Pretax Income | -200.37 | -225.30 | -159.59 | -59.46 |
| Net Income | -200.19 | -225.25 | -159.49 | -59.50 |
| Net Income Common Stockholders | -200.19 | -225.25 | -159.49 | -59.50 |
| Total Expenses | 385.49 | 371.88 | 334.30 | 334.10 |
| Interest Expense | 4.24 | 13.80 | 11.58 | 11.78 |
| Interest Income | 4.06 | 15.53 | 14.53 | 9.44 |
| Research And Development | 141.76 | 122.12 | 102.95 | 93.77 |
| Selling General And Administration | 184.13 | 172.51 | 157.56 | 167.27 |
| Normalized EBITDA | -175.21 | -163.84 | -121.55 | -29.85 |
| Normalized Income | -200.19 | -199.82 | -152.29 | -59.50 |
| Basic EPS | -1.40 | -1.56 | -1.08 | -0.39 |
| Diluted EPS | -1.40 | -1.56 | -1.08 | -0.39 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Total Unusual Items | 0 | -25.43 | -7.21 | 0 |
| Total Unusual Items Excluding Goodwill | 0 | -25.43 | -7.21 | 0 |
| Net Income From Continuing Operation Net Minority Interest | -200.19 | -225.25 | -159.49 | -59.50 |
| Reconciled Depreciation | 20.92 | 22.23 | 19.26 | 17.83 |
| Reconciled Cost Of Revenue | 38.69 | 55.02 | 54.53 | 55.23 |
| Net Interest Income | -0.18 | 1.73 | 2.95 | -2.33 |
| Net Income From Continuing And Discontinued Operation | -200.19 | -225.25 | -159.49 | -59.50 |
| Total Operating Income As Reported | -200.19 | -227.03 | -162.55 | -57.12 |
| Diluted Average Shares | 142.52 | 144.38 | 147.10 | 151.72 |
| Basic Average Shares | 142.52 | 144.38 | 147.10 | 151.72 |
| Diluted NI Availto Com Stockholders | -200.19 | -225.25 | -159.49 | -59.50 |
| Minority Interests | 0.18 | 0.05 | 0.10 | -0.04 |
| Net Income Including Noncontrolling Interests | -200.37 | -225.30 | -159.59 | -59.46 |
| Net Income Continuous Operations | -200.37 | -225.30 | -159.59 | -59.46 |
| Other Income Expense | 0 | -25.43 | -7.21 | 0 |
| Special Income Charges | 0 | -25.43 | -7.21 | 0 |
| Impairment Of Capital Assets | 0 | 25.43 | 7.21 | 0 |
| Net Non Operating Interest Income Expense | -0.18 | 1.73 | 2.95 | -2.33 |
| Interest Expense Non Operating | 4.24 | 13.80 | 11.58 | 11.78 |
| Interest Income Non Operating | 4.06 | 15.53 | 14.53 | 9.44 |
| Depreciation Amortization Depletion Income Statement | 1.70 | 1.70 | 1.70 | 1.70 |
| Depreciation And Amortization In Income Statement | 1.70 | 1.70 | 1.70 | 1.70 |
| Amortization | 1.70 | 1.70 | 1.70 | 1.70 |
| Amortization Of Intangibles Income Statement | 1.70 | 1.70 | 1.70 | 1.70 |
| Selling And Marketing Expense | 95.60 | 88.58 | 84.76 | 94.57 |
| General And Administrative Expense | 88.53 | 83.93 | 72.81 | 72.70 |
| Other Gand A | 88.53 | 83.93 | 72.81 | 72.70 |
| Operating Revenue | 185.31 | 170.28 | 178.96 | 276.98 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Adaptive Biotechnologies Corporationthis co. | ADPT | $2.2B | - | 9.51 | -26.4% | -52.76 |
| BioCryst Pharmaceuticals, Inc. | BCRX | $2.3B | 7.43 | -16.08 | -221.4% | 7.00 |
| Definium Therapeutics, Inc. | DFTX | $2.2B | - | 6.09 | -55.3% | -10.05 |
| Axogen, Inc. | AXGN | $2.2B | - | 15.30 | -12.2% | -1002.00 |
| GRAIL, Inc. | GRAL |
| $2.1B |
| - |
| 0.78 |
| -15.8% |
| -3.15 |
| Mineralys Therapeutics, Inc. | MLYS | $2.1B | - | 3.22 | -23.9% | -8.50 |
| Tyra Biosciences, Inc. | TYRA | $2.0B | - | 7.00 | -46.3% | -11.87 |
| Ocular Therapeutix, Inc. | OCUL | $2.0B | - | 3.04 | -40.6% | -5.06 |
| Aurinia Pharmaceuticals Inc. | AUPH | $2.0B | 7.38 | 3.48 | 49.4% | 12.59 |
| Peer Median | - | 7.41 | 3.35 | -32.3% | -6.78 | |