📈 Price History

Ratio Health

— Excellent

— Good

— Average

— Poor

By Category

📊 Sector Averages

About

Adaptive Biotechnologies Corporation, a commercial-stage company, develops an immune medicine platform for the diagnosis and treatment of various diseases.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

See full financials →

📊 Quick Scorecard

Loading…

⭐ Superinvestors Holding ADPT

View All Superinvestors →

Manager	Shares	Value	% of Fund	Period
Andreas Halvorsen Viking Global Investors	29.99M	$416.3M	1.16%	Mar 2026
Cathie Wood ARK Investment Management	2.09M	$29.1M	0.23%	Mar 2026
Steve Cohen Point72 Asset Management	1.02M	$14.2M	0.02%	Mar 2026
Jim Simons Renaissance Technologies LLC	239.8K	$3.3M	0.01%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management used phrases like 'strong execution', 'outperformed on both the top and bottom line', 'tracking ahead of schedule on key milestones', and 'firing on all cylinders' to convey clear confidence and specificity about MRD profitability, raised guidance, and integration momentum.

Q3 2025

Confident Specific

Management used emphatic language such as 'significant achievement', 'strong execution', and 'impressive growth' to describe results, and repeatedly raised guidance and highlighted profitability milestones.

Q4 2025

Confident Specific

Management repeatedly used phrases like 'outstanding year', 'strong execution', 'meaningful progress', 'achieved profitability ahead of expectations', and provided precise figures (46% MRD revenue growth, 64% clonoSEQ clinical testing growth, $227M cash, 68% reduction in cash burn). The tone was positive and backed by detailed operational and financial metrics.

Q1 2026 latest

Confident Specific

Management used specific metrics (53% MRD growth, 41% clonoSEQ volume growth, 70% sequencing gross margin) and raised full-year guidance from $255-265M to $260-270M. Repeated phrases like 'strong start,' 'disciplined execution,' and 'well positioned' reinforce confidence.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. Management demonstrated accelerating momentum in MRD with 53% revenue growth, raised full-year guidance, and showed margin expansion (sequencing gross margin up 8pp to 70%). Key metrics (community penetration, blood-based testing, EMR integration) are tracking ahead of or at full-year targets. The first primary endpoint milestone in pharma validates MRD's role in drug development and supports the flywheel between pharma and clinical. Risks remain: competition in DLBCL, dependency on Medicare bundle expansion timing, and lumpy pharma milestone revenue. Next quarter watch: continued clinical volume growth trajectory, pharma booking conversion, and any updates on Medicare bundle negotiations. Overall, the call reinforces confidence in achieving profitability by year-end.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Adaptive Biotechnologies: MRD revenue up 53% YoY, raises full-year guidance to $260M-$270M

Revenue & Profitability

Total revenue for Q1 2026 was $70.9 million, up 45% year-over-year. MRD revenue grew 53% to $67.1 million. Sequencing gross margin (excluding milestones) was 70%, up from 62% a year ago. Total operating expenses were $90.1 million, up 10% year-over-year. Net loss was $20 million, which included $2.9 million of interest expense. Adjusted EBITDA was a loss of $2.5 million, with MRD segment adjusted EBITDA of $12.1 million. Cash and cash equivalents were approximately $222 million at quarter end.

Outlook

Management sees strong and sustainable demand in MRD, driven by increasing adoption in clinical practice and drug development. The FDA's new clinical trial model incorporating real-time data submission reinforces the value of MRD endpoints. The company expects to achieve positive adjusted EBITDA and positive free cash flow for the full company by the end of 2026. Full-year MRD revenue guidance was raised to $260-$270 million, implying ~25% year-over-year growth (33% excluding milestones).

Growth Drivers

Key growth levers include: clinical volume growth of 41% year-over-year (with community volumes up 67%); blood-based testing now representing 49% of MRD volume; serial monitoring orders driven by Flatiron EMR integration; and pricing improvement (U.S. ASP up 11% year-over-year to $1,360 per test). Pharma backlog grew 24% year-over-year to $254 million, with 10 new registrational studies signed in Q1. DLBCL volumes grew over 19% sequentially. The company is raising its full-year volume growth target to at least 35%.

Balance Sheet & CapEx

Not explicitly discussed in this earnings call. Management noted continued investment in commercial infrastructure, including EMR integrations, reimbursement, and personnel, but no specific CapEx guidance was provided.

Margins

Sequencing gross margin improved to 70% in Q1 2026 from 62% a year ago, driven by NovaSeq efficiencies and favorable pricing. Management sees a path to a 'North Star' of 75% gross margin, with a linear step-up throughout the year. MRD segment adjusted EBITDA turned positive at $12.1 million versus a loss of $4.1 million in the prior year. Total company adjusted EBITDA loss was $2.5 million. Operating expenses are guided to $350-$360 million for the full year.

Key Risks

Risks flagged include: uncertainty around PAMA reporting (management stated they are not subject to current reporting requirements); timing of Medicare bundle renegotiation to increase tests per episode; potential impact from CMS cost-saving initiatives (e.g., CRUSH); and the lumpy nature of pharma revenue quarter-to-quarter. Competition in DLBCL and the need to maintain rapid growth to stay ahead of emerging competition were also noted.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

🔍

🔎 See cross-company document search → ?

📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-29

Q2 saw robust MRD revenue and volume growth, margin expansion, and a strengthened balance sheet. Guidance was raised for MRD revenue and clinical volume, while the separation of Immune Medicine advanced and capital structure was optimized.

Q1 2026 Q1 2026 2026-05-05

Q1 revenue grew 45% year-over-year, led by 53% MRD growth and record clinical volumes. Sequencing gross margin rose to 70%, and full-year MRD guidance was raised to $260M–$270M. Strong adoption, operational efficiency, and expanding pharma partnerships support continued momentum.

Q4 2025 Q4 2025 2026-02-05

Achieved 55% revenue growth and 68% lower cash burn in 2025, with MRD profitability and strong clonoSEQ test volume growth. 2026 guidance targets 22% MRD revenue growth, over 30% test volume increase, and positive company-wide adjusted EBITDA and free cash flow by year-end.

Q3 2025 Q3 2025 2025-11-05

Q3 saw robust MRD revenue growth, margin expansion, and positive cash flow, driven by clinical adoption, EMR integration, and payer wins. Full-year MRD guidance was raised, with strong volume and ASP momentum, while regulatory and competitive positioning remain favorable.

Q2 2025 Q2 2025 2025-08-05

Q2 saw 36% revenue growth, MRD business profitability, and raised full-year guidance. EMR integrations and updated guidelines are driving volume and pricing gains, with strong momentum in both clinical and pharma MRD segments.

📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

🎯

Discover Our Proven Investment Framework Learn how we analyze and rank stocks using advanced quantitative models, multi-dimensional scoring systems, and dynamic discriminatory ranking techniques that have guided successful investment decisions across market cycles.

📊 Explore The Finmagine™ Methodology

A comprehensive, bias-free framework for analyzing and ranking stocks by Financial Strength, Growth Potential, Competitive Edge, Management Quality, and Value.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

Not SEC-Registered:
Finmagine is not registered as an investment adviser with the U.S. Securities and Exchange Commission (SEC) or any state securities authority. Nothing on this platform constitutes investment advice as defined under the Investment Advisers Act of 1940.

Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

Forward-Looking Statements:
This analysis may contain forward-looking statements, forecasts, or projections that are inherently subject to risks, uncertainties, and assumptions. Actual results may differ materially from those expressed or implied. Finmagine does not undertake any obligation to update such statements in the future.

Limitation of Liability:
The content is provided "as is" without any warranties, express or implied. Finmagine expressly disclaims any liability for errors, omissions, or any losses incurred as a result of reliance on the information provided. Readers assume full responsibility for their investment decisions.