Adaptive Biotechnologies Financials
This page shows Adaptive Biotechnologies (ADPT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Adaptive Biotechnologies has an operating margin of -90.8%, meaning the company retains $-91 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -133.3% the prior year.
Adaptive Biotechnologies's revenue grew 5.1% year-over-year to $179.0M, a solid pace of expansion. This earns a growth score of 43/100.
Adaptive Biotechnologies carries a low D/E ratio of 0.65, meaning only $0.65 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 87/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 2.89, Adaptive Biotechnologies holds $2.89 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 96/100.
While Adaptive Biotechnologies generated -$95.2M in operating cash flow, capex of $3.7M consumed most of it, leaving -$98.9M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Adaptive Biotechnologies passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Adaptive Biotechnologies generates $0.60 in operating cash flow (-$95.2M OCF vs -$159.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Adaptive Biotechnologies earns $-14.0 in operating income for every $1 of interest expense (-$162.5M vs $11.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Adaptive Biotechnologies generated $179.0M in revenue in fiscal year 2024. This represents an increase of 5.1% from the prior year.
Adaptive Biotechnologies's EBITDA was -$143.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 30.0% from the prior year.
Adaptive Biotechnologies generated -$98.9M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 40.8% from the prior year.
Adaptive Biotechnologies reported -$159.5M in net income in fiscal year 2024. This represents an increase of 29.2% from the prior year.
Adaptive Biotechnologies earned $-1.08 per diluted share (EPS) in fiscal year 2024. This represents an increase of 30.8% from the prior year.
Adaptive Biotechnologies held $47.9M in cash against $132.4M in long-term debt as of fiscal year 2024.
Adaptive Biotechnologies had 148M shares outstanding in fiscal year 2024. This represents an increase of 1.9% from the prior year.
Adaptive Biotechnologies's gross margin was 59.7% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 4.1 percentage points from the prior year.
Adaptive Biotechnologies's operating margin was -90.8% in fiscal year 2024, reflecting core business profitability. This is up 42.5 percentage points from the prior year.
Adaptive Biotechnologies's net profit margin was -89.1% in fiscal year 2024, showing the share of revenue converted to profit. This is up 43.2 percentage points from the prior year.
Adaptive Biotechnologies invested $103.0M in research and development in fiscal year 2024. This represents a decrease of 15.7% from the prior year.
Adaptive Biotechnologies invested $3.7M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 65.7% from the prior year.
ADPT Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $94.0M+59.6% | $58.9M+12.3% | $52.4M+10.5% | $47.5M+2.2% | $46.4M+7.5% | $43.2M+3.1% | $41.9M-8.5% | $45.8M |
| Cost of Revenue | $18.2M+0.9% | $18.0M+6.0% | $17.0M-5.9% | $18.0M+8.3% | $16.7M-13.7% | $19.3M+7.0% | $18.1M-8.0% | $19.6M |
| Gross Profit | $75.8M+85.5% | $40.9M+15.3% | $35.5M+20.6% | $29.4M-1.2% | $29.8M+24.7% | $23.9M+0.2% | $23.8M-9.0% | $26.2M |
| R&D Expenses | $23.7M-1.9% | $24.1M-0.3% | $24.2M+4.4% | $23.2M-4.0% | $24.2M-4.7% | $25.4M-16.2% | $30.2M+5.2% | $28.7M |
| SG&A Expenses | $18.0M+1.0% | $17.8M+2.2% | $17.4M-3.6% | $18.1M+4.6% | $17.3M-3.6% | $17.9M-8.7% | $19.6M-5.4% | $20.7M |
| Operating Income | $10.3M+141.1% | -$25.0M+15.4% | -$29.6M+12.5% | -$33.8M-3.7% | -$32.6M+31.0% | -$47.3M+3.0% | -$48.8M+31.4% | -$71.1M |
| Interest Expense | $3.0M+0.8% | $2.9M+1.5% | $2.9M-1.6% | $3.0M+0.4% | $2.9M+9.0% | $2.7M-9.9% | $3.0M-0.6% | $3.0M |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | $9.5M+137.3% | -$25.6M+14.2% | -$29.9M+11.4% | -$33.7M-5.1% | -$32.1M+30.6% | -$46.2M+2.7% | -$47.5M+31.6% | -$69.4M |
| EPS (Diluted) | $0.06+135.3% | $-0.17+15.0% | $-0.20+9.1% | $-0.220.0% | $-0.22+29.0% | $-0.31+6.1% | $-0.33+31.2% | $-0.48 |
ADPT Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $490.6M-1.2% | $496.6M-2.8% | $510.9M-5.3% | $539.4M-3.4% | $558.5M-4.5% | $584.9M-5.7% | $620.3M-6.2% | $661.1M |
| Current Assets | $281.4M+7.5% | $261.9M+2.1% | $256.5M-9.6% | $283.8M-8.0% | $308.3M-12.3% | $351.6M-6.0% | $374.0M-8.8% | $410.2M |
| Cash & Equivalents | $55.0M+27.5% | $43.2M-14.8% | $50.6M+5.7% | $47.9M+25.8% | $38.1M-36.3% | $59.8M-16.0% | $71.2M+9.5% | $65.1M |
| Inventory | $9.9M+18.2% | $8.4M-3.2% | $8.7M+2.9% | $8.4M-29.4% | $12.0M-9.5% | $13.2M-0.6% | $13.3M-8.0% | $14.4M |
| Accounts Receivable | $44.8M+1.2% | $44.3M+1.6% | $43.6M+4.4% | $41.7M+2.2% | $40.8M+14.6% | $35.6M-15.3% | $42.0M+10.7% | $38.0M |
| Goodwill | $119.0M0.0% | $119.0M0.0% | $119.0M0.0% | $119.0M0.0% | $119.0M0.0% | $119.0M0.0% | $119.0M0.0% | $119.0M |
| Total Liabilities | $286.4M-9.7% | $317.1M-1.1% | $320.6M-4.8% | $336.9M+0.6% | $334.9M-2.5% | $343.4M-0.6% | $345.6M-2.1% | $352.9M |
| Current Liabilities | $83.4M-9.5% | $92.1M+4.9% | $87.8M-10.4% | $98.1M+11.9% | $87.6M-0.6% | $88.1M+6.2% | $83.0M-5.8% | $88.0M |
| Long-Term Debt | $129.4M-0.8% | $130.5M-0.8% | $131.6M-0.7% | $132.4M-0.2% | $132.7M+0.5% | $132.1M+0.4% | $131.5M+0.7% | $130.7M |
| Total Equity | $204.4M+13.8% | $179.7M-5.6% | $190.4M-6.1% | $202.7M-9.4% | $223.8M-7.4% | $241.6M-12.1% | $274.9M-10.9% | $308.4M |
| Retained Earnings | -$1.3B+0.7% | -$1.4B-1.9% | -$1.3B-2.3% | -$1.3B-2.7% | -$1.3B-2.6% | -$1.2B-3.9% | -$1.2B-4.2% | -$1.1B |
ADPT Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$7.1M+42.7% | -$12.4M+56.4% | -$28.5M-128.0% | -$12.5M+53.8% | -$27.1M-56.4% | -$17.3M+54.9% | -$38.4M-42.4% | -$26.9M |
| Capital Expenditures | $409K-37.6% | $655K-48.0% | $1.3M+1473.8% | $80K-76.7% | $344K-80.1% | $1.7M+14.4% | $1.5M+16.4% | $1.3M |
| Free Cash Flow | -$7.5M+42.4% | -$13.1M+56.0% | -$29.7M-136.6% | -$12.6M+54.1% | -$27.4M-44.0% | -$19.0M+52.3% | -$39.9M-41.2% | -$28.2M |
| Investing Cash Flow | $17.3M+416.5% | $3.3M-86.9% | $25.6M+15.6% | $22.1M+318.4% | $5.3M-10.0% | $5.9M-86.8% | $44.5M+1287.9% | $3.2M |
| Financing Cash Flow | $1.7M+4.6% | $1.6M-70.5% | $5.5M+4192.1% | $127K+217.5% | $40K+33.3% | $30K-31.8% | $44K-49.4% | $87K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ADPT Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 80.7%+11.2pp | 69.4%+1.8pp | 67.6%+5.6pp | 62.0%-2.1pp | 64.1%+8.8pp | 55.3%-1.6pp | 56.9%-0.3pp | 57.2% |
| Operating Margin | 10.9%+53.5pp | -42.5%+13.9pp | -56.5%+14.8pp | -71.3%-1.0pp | -70.3%+39.3pp | -109.6%+6.9pp | -116.5%+38.8pp | -155.2% |
| Net Margin | 10.2%+53.7pp | -43.5%+13.4pp | -56.9%+14.1pp | -71.0%-1.9pp | -69.1%+38.0pp | -107.0%+6.4pp | -113.5%+38.2pp | -151.7% |
| Return on Equity | 4.7% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 1.9%+7.1pp | -5.2%+0.7pp | -5.8%+0.4pp | -6.3%-0.5pp | -5.7%+2.2pp | -7.9%-0.2pp | -7.7%+2.8pp | -10.5% |
| Current Ratio | 3.38+0.5 | 2.84-0.1 | 2.92+0.0 | 2.89-0.6 | 3.52-0.5 | 3.99-0.5 | 4.51-0.2 | 4.66 |
| Debt-to-Equity | 0.63-0.1 | 0.73+0.0 | 0.69+0.0 | 0.65+0.1 | 0.59+0.0 | 0.55+0.1 | 0.48+0.1 | 0.42 |
| FCF Margin | -8.0%+14.2pp | -22.2%+34.5pp | -56.7%-30.2pp | -26.5%+32.5pp | -59.0%-15.0pp | -44.1%+51.1pp | -95.2%-33.5pp | -61.7% |
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Frequently Asked Questions
What is Adaptive Biotechnologies's annual revenue?
Adaptive Biotechnologies (ADPT) reported $179.0M in total revenue for fiscal year 2024. This represents a 5.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Adaptive Biotechnologies's revenue growing?
Adaptive Biotechnologies (ADPT) revenue grew by 5.1% year-over-year, from $170.3M to $179.0M in fiscal year 2024.
Is Adaptive Biotechnologies profitable?
No, Adaptive Biotechnologies (ADPT) reported a net income of -$159.5M in fiscal year 2024, with a net profit margin of -89.1%.
What is Adaptive Biotechnologies's earnings per share (EPS)?
Adaptive Biotechnologies (ADPT) reported diluted earnings per share of $-1.08 for fiscal year 2024. This represents a 30.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Adaptive Biotechnologies's EBITDA?
Adaptive Biotechnologies (ADPT) had EBITDA of -$143.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Adaptive Biotechnologies have?
As of fiscal year 2024, Adaptive Biotechnologies (ADPT) had $47.9M in cash and equivalents against $132.4M in long-term debt.
What is Adaptive Biotechnologies's gross margin?
Adaptive Biotechnologies (ADPT) had a gross margin of 59.7% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Adaptive Biotechnologies's operating margin?
Adaptive Biotechnologies (ADPT) had an operating margin of -90.8% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Adaptive Biotechnologies's net profit margin?
Adaptive Biotechnologies (ADPT) had a net profit margin of -89.1% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Adaptive Biotechnologies's free cash flow?
Adaptive Biotechnologies (ADPT) generated -$98.9M in free cash flow during fiscal year 2024. This represents a 40.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Adaptive Biotechnologies's operating cash flow?
Adaptive Biotechnologies (ADPT) generated -$95.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Adaptive Biotechnologies's total assets?
Adaptive Biotechnologies (ADPT) had $539.4M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Adaptive Biotechnologies's capital expenditures?
Adaptive Biotechnologies (ADPT) invested $3.7M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Adaptive Biotechnologies spend on research and development?
Adaptive Biotechnologies (ADPT) invested $103.0M in research and development during fiscal year 2024.
How many shares does Adaptive Biotechnologies have outstanding?
Adaptive Biotechnologies (ADPT) had 148M shares outstanding as of fiscal year 2024.
What is Adaptive Biotechnologies's current ratio?
Adaptive Biotechnologies (ADPT) had a current ratio of 2.89 as of fiscal year 2024, which is generally considered healthy.
What is Adaptive Biotechnologies's debt-to-equity ratio?
Adaptive Biotechnologies (ADPT) had a debt-to-equity ratio of 0.65 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Adaptive Biotechnologies's return on assets (ROA)?
Adaptive Biotechnologies (ADPT) had a return on assets of -29.6% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Adaptive Biotechnologies's cash runway?
Based on fiscal year 2024 data, Adaptive Biotechnologies (ADPT) had $47.9M in cash against an annual operating cash burn of $95.2M. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Adaptive Biotechnologies's Piotroski F-Score?
Adaptive Biotechnologies (ADPT) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Adaptive Biotechnologies's earnings high quality?
Adaptive Biotechnologies (ADPT) has an earnings quality ratio of 0.60x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Adaptive Biotechnologies cover its interest payments?
Adaptive Biotechnologies (ADPT) has an interest coverage ratio of -14.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Adaptive Biotechnologies?
Adaptive Biotechnologies (ADPT) scores 45 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.