Adaptive Biotechnologies Corporation (ADPT) Earnings
Adaptive Biotechnologies Corporation is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $-0.14. ADPT has beaten EPS estimates in 9 of its last 12 reported quarters (average surprise +26.6% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $-0.16 | $-0.13 | +18.8% | $71M | +16.2% |
| Feb 5, 2026 | $-0.19 | $-0.09 | +52.6% | $72M | +22.6% |
| Nov 5, 2025 | $-0.16 | $-0.15 | +6.3% | $94M | +58.2% |
| May 1, 2025 | $-0.28 | $-0.20 | +28.6% | $52M | +24.5% |
| Nov 7, 2024 | $-0.30 | $-0.22 | +26.7% | $46M | +15.5% |
| Aug 1, 2024 | $-0.32 | $-0.26 | +18.8% | $43M | +6.5% |
| Feb 14, 2024 | $-0.32 | $-0.30 | +6.3% | $46M | -5.5% |
| Nov 9, 2023 | $-0.32 | $-0.35 | -9.4% | $38M | -11.7% |
| Aug 2, 2023 | $-0.33 | $-0.33 | +0.0% | $49M | +9.0% |
| May 3, 2023 | $-0.34 | $-0.40 | -17.6% | $38M | +2.3% |
| Feb 14, 2023 | $-0.37 | $-0.28 | +24.3% | $55M | +0.9% |
| Nov 3, 2022 | $-0.37 | $-0.32 | +13.5% | $48M | +0.0% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 5, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- MRD business has accelerating momentum: MRD revenue up 53% y-o-y, Clonacy clinical volumes up 41% y-o-y, blood-based testing and community volumes growing, pricing increasing. - Biopharma business: MRD pharma revenue up 53% y-o-y, new bookings strong, backlog ~$254 million, ~20 ongoing interventional studies using MRD. - Immune medicine programs: Scaling TCR antigen datasets, advancing AI ML modeling, partnering with Pfizer on RA target discovery.
Guidance
Raising full-year MRD revenue guidance to $260 to $270 million range. Reiterating full-year total operating expense guidance $350 to $360 million. Expecting positive adjusted EBITDA and positive free cash flow for full company by end of 2026.
Segment performance
MRD revenue grew 53% year over year. Clinical revenue up 54% y-o-y, Clonacy clinical volumes increased 41% y-o-y. Blood-based testing reached 49% of MRD volume, community volumes grew 67% y-o-y and represent 35% of total testing, US ASP growth 11% y-o-y to 1360 per test. Biopharma MRD revenue grew 53% y-o-y (33% excluding milestones), new bookings strong driving backlog to ~$254 million (24% y-o-y). Immune medicine revenue $3.8 million, down 26% y-o-y due to timing of sample receipts and processing. TCR antigen datasets over 6 million functional pairs, AI model outperformed public benchmarks in predicting TCR antigen binding, partnered with Pfizer on RA target discovery, IM cash burn expected $15 to $20 million in 2026.
Analyst Q&A
Q: Andrew Brackman on community testing and reimbursement;
A: Conversations shifted to practical implementation, ClonoSeq not subject to PAMA reporting requirements currently, in process of multi-pronged strategy for reimbursement.
Q: David Westenberg on MRD as primary endpoint, pharma impact, and clinical trial monetization;
A: Increasing use of MRD in pharma studies, potential for MRD as companion diagnostic, initial exploration on clinical trial matching.
Q: Mark Mazzaro on pharma backlog and EHR integration;
A: Backlog breakdown, primary endpoint milestones higher than secondary, early in EHR integration with strong playbook.
Q: Sabu Namby on Medicare bundle and milestone payments;
A: Strong relationship and productive discussions on Medicare bundle, renegotiations take time, sequencing margin expected to step up to ~75% gross margin.
Q: Sebastian Sandler on pharma bookings and EBITDA;
A: Prudent on bookings guide, EBITDA improvement in MRD business with continued growth trajectory.
Q: Dan Brennan on volume guide and commercial organization;
A: Confident in 35% volume growth with upside potential, commercial team with 65 sales reps, focusing on EMR integrations and data generation.
Q: John Wilkin on sequencing business acceleration;
A: Traction in pharma MRD space, growth potential with lumpy quarter to quarter nature