Adaptive Biotechnologies reported a fourth-quarter per-share loss of $0.09, outperforming the Zacks Consensus Estimate of a $0.19 loss and improving from a $0.23 loss a year earlier. Revenue rose 51% year-over-year to $71.7 million, driven by a 54% increase in MRD segment sales to $61.9 million and a 34% gain in Immune Medicine revenue to $9.8 million. Excluding Genentech-related revenue, total top-line growth was 63%, while Immune Medicine revenue surged 157% on that basis. Adjusted EBITDA swung to a $4.1 million profit from a $16.4 million loss, reflecting the company’s focus on cost discipline and higher test volumes.

For the full year ended December 31, 2025, Adaptive delivered $277.0 million in revenue, up 55% from 2024, or 42% on a Genentech-adjusted basis. MRD revenue grew 46% to $212.3 million, and Immune Medicine sales climbed 93% to $64.6 million (or 17% excluding Genentech amortization). Operating expenses declined 2% to $334.1 million, excluding a $9.2 million restructuring and impairment charge in the prior period. The net loss narrowed to $59.5 million from $159.6 million, and non-GAAP Adjusted EBITDA turned positive at $12.2 million versus an $80.4 million loss in 2024. Cash and marketable securities ended the year at $240.2 million.

Adaptive’s clonoSEQ® minimal residual disease test volume increased 43% year-over-year to 30,038 delivered tests in Q4 and reached 105,587 for the full year. The company secured expanded Medicare coverage for mantle cell lymphoma monitoring, integrated clonoSEQ into Flatiron Health’s OncoEMR® platform, and implemented NovaSeq X Plus sequencing to boost throughput. In 2026, management projects MRD business revenue of $255 million to $265 million and total company operating expenses of $350 million to $360 million, positioning the business for continued margin expansion and company-wide profitability.