Loading…
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 | -27.2% | 54.8% | -62.7% |
| 2024 | $179M | $-129M | $-159M | $-99M | -78.7% | 5.1% | -29.2% |
| 2023 | $170M | $-189M | $-225M | $-167M | -73.0% | -8.1% | 12.5% |
| 2022 | $185M | $-175M | $-200M | $-200M | -43.1% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 185.31 | 170.28 | 178.96 | 276.98 |
| Operating 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 |
| Research And Development | - | 141.76 | 122.12 | 102.95 | 93.77 |
| Selling General And Administration | - | 184.13 | 172.51 | 157.56 | 167.27 |
| Total Expenses | - | 385.49 | 371.88 | 334.30 | 334.10 |
| Operating Income | - | -200.19 | -201.61 | -155.34 | -57.12 |
| Total Operating Income As Reported | - | -200.19 | -227.04 | -162.55 | -57.12 |
| EBITDA | - | -175.21 | -189.27 | -128.76 | -29.85 |
| Normalized EBITDA | - | -175.21 | -163.84 | -121.55 | -29.85 |
| EBIT | - | -196.13 | -211.50 | -148.01 | -47.68 |
| Interest Income | - | 4.06 | 15.53 | 14.53 | 9.44 |
| Interest Expense | - | 4.24 | 13.80 | 11.58 | 11.78 |
| Net Interest Income | - | -0.18 | 1.73 | 2.95 | -2.33 |
| Other Income Expense | - | - | -25.43 | -7.20 | - |
| Interest Income Non Operating | - | 4.06 | 15.53 | 14.53 | 9.44 |
| Interest Expense Non Operating | - | 4.24 | 13.80 | 11.58 | 11.78 |
| Net Non Operating Interest Income Expense | - | -0.18 | 1.73 | 2.95 | -2.33 |
| Pretax Income | - | -200.37 | -225.30 | -159.60 | -59.46 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -200.37 | -225.30 | -159.60 | -59.46 |
| Net Income From Continuing And Discontinued Operation | - | -200.19 | -225.25 | -159.49 | -59.50 |
| Net Income From Continuing Operation Net Minority Interest | - | -200.19 | -225.25 | -159.49 | -59.50 |
| Net Income | - | -200.19 | -225.25 | -159.49 | -59.50 |
| Net Income Common Stockholders | - | -200.19 | -225.25 | -159.49 | -59.50 |
| Net Income Including Noncontrolling Interests | - | -200.37 | -225.30 | -159.60 | -59.46 |
| Normalized Income | - | -200.19 | -199.82 | -152.29 | -59.50 |
| Diluted NI Availto Com Stockholders | - | -200.19 | -225.25 | -159.49 | -59.50 |
| Basic Average Shares | - | 142.52 | 144.38 | 147.10 | 151.72 |
| Diluted Average Shares | - | 142.52 | 144.38 | 147.10 | 151.72 |
| Reconciled Depreciation | - | 20.92 | 22.23 | 19.26 | 17.83 |
| Reconciled Cost Of Revenue | - | 38.69 | 55.02 | 54.53 | 55.22 |
| Total Unusual Items | - | 0 | -25.43 | -7.20 | 0 |
| Total Unusual Items Excluding Goodwill | - | 0 | -25.43 | -7.20 | 0 |
| Minority Interests | - | 0.18 | 0.05 | 0.10 | -0.04 |
| Special Income Charges | - | 0 | -25.43 | -7.20 | 0 |
| Impairment Of Capital Assets | - | 0 | 25.43 | 7.20 | 0 |
| 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 |
| General And Administrative Expense | - | 88.53 | 83.93 | 72.81 | 72.70 |
| Other Gand A | - | 88.53 | 83.93 | 72.81 | 72.70 |
| Selling And Marketing Expense | - | 95.60 | 88.58 | 84.76 | 94.57 |
| Amortization | - | 1.70 | 1.70 | 1.70 | 1.70 |
| Amortization Of Intangibles Income Statement | - | 1.70 | 1.70 | 1.70 | 1.70 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Adaptive Biotechnologies Corporationthis co. | ADPT | $2.9B | - | 13.23 | -27.2% | - |
| Dyne Therapeutics, Inc. | DYN | $3.0B | -6.82 | 3.13 | -45.9% | -5.30 |
| Warby Parker Inc. | WRBY | $3.0B | 1803.71 | 8.05 | 0.4% | 64.67 |
| LifeStance Health Group, Inc. | LFST | $2.9B | 301.90 | 1.92 | 0.6% | 39.90 |
| GRAIL, Inc. | GRAL |
| 2021 | - | - | - | - | - | - | - |
| $2.9B |
| -6.99 |
| 1.11 |
| -15.8% |
| -7.04 |
| Brookdale Senior Living Inc. | BKD | $2.8B | -10.81 | -63.45 | 587.0% | 23.48 |
| Soleno Therapeutics, Inc. | SLNO | $2.8B | 132.26 | 6.14 | 4.6% | 96.72 |
| Arcutis Biotherapeutics, Inc. | ARQT | $2.7B | -170.10 | 14.49 | -8.5% | 1582.53 |
| Disc Medicine, Inc. | IRON | $2.7B | -12.80 | 3.67 | -28.7% | -12.77 |
| Peer Median | - | -6.91 | 3.40 | -4.0% | 31.69 | |