The raised MRD guidance and accelerating test volume confirm strong commercial momentum, likely driving upward revisions. Monitor next quarter's test volume growth and margin expansion as the company approaches profitability.
Price Chart
Executive Summary
Adaptive Biotechnologies reported Q1 2026 revenue of $70.9M (up 35% YoY), beating consensus estimates on EPS ($-0.13 vs $-0.16, +18.8% beat). MRD revenue grew 53% to $67.1M, driving a raised full-year MRD guidance range to $260M-$270M. The stock is expected to react positively given accelerating adoption, improved adjusted EBITDA loss narrowing to $2.5M, and raised outlook.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $70.9M, +35% YoY (ex-Genentech +45%)
- MRD revenue $67.1M, +53% YoY; contributed 95% of total revenue
- clonoSEQ test volume 32,595, +41% YoY
- GAAP EPS: -$0.13 vs consensus -$0.16 (beat by 18.8%)
- Adjusted EBITDA loss improved to -$2.5M from -$12.7M YoY
- Full-year 2026 MRD guidance raised to $260M-$270M (from $255M-$265M)
- Immune Medicine revenue declined 57% YoY to $3.8M
- Cash, equivalents and marketable securities $237.2M
Financial Impact
Revenue beat of ~$10M vs consensus (est. $60.9M for prior quarter; Q1 actual $70.9M); EPS beat of 18.8%.
Risk Factors
- Immune Medicine revenue fell 57% YoY, indicating volatility in that segment
- Operating expenses grew 10% YoY, outpacing revenue growth ex-Genentech
- Still GAAP net loss of $20M; profitability timeline uncertain
- Heavy reliance on MRD segment (95% of revenue)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-206455 |
| Document: adpt-20260505.htm | 0001193125-26-206455 |
| Document: 0001193125-26-206455-index-headers.html | 0001193125-26-206455 |
| Document: 0001193125-26-206455-index.html | 0001193125-26-206455 |
| Document: 0001193125-26-206455.txt | 0001193125-26-206455 |
| 8-K Data (Synthetic) | 0001193125-26-206455 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 6, 2026 20d ago | 144 | $26.28 | awaiting T+20 | — | $26.27 (−0.04%) |
Oct 5, 2026 20d ago | Insider Cluster | $26.90 | awaiting T+20 | — | $26.27 (−2.34%) |
Sep 25, 2026 4w ago | Press Release | $29.43 $25.51 | ▼ −13.32% | ▼ −11.84% | $26.27 (−10.74%) |
Sep 18, 2026 5w ago | Insider Cluster | $27.86 $23.95 | ▲ +14.03% | ▲ +13.13% | $26.27 (+5.71%) |
Aug 20, 2026 9w ago | Insider Cluster | $25.99 $27.86 | ▲ +7.20% | ▲ +7.72% | $26.27 (+1.08%) |
Aug 19, 2026 9w ago | Insider Cluster | $25.44 $28.55 | ▼ −12.22% | ▼ −12.22% | $26.27 (−3.26%) |
Aug 18, 2026 9w ago | 144 | $25.49 $26.68 | ▲ +4.67% | ▲ +6.19% | $26.27 (+3.06%) |
Aug 17, 2026 10w ago | 144 | $24.56 $27.67 | ▼ −12.66% | ▼ −13.97% | $26.27 (−6.96%) |
Jul 29, 2026 12w ago | Institutional Cluster | $24.18 $26.44 | ▼ −9.35% | ▼ −5.38% | $26.27 (−8.64%) |
Jul 23, 2026 13w ago | Insider Cluster | $22.27 $25.99 | ▲ +16.70% | ▲ +13.08% | $26.27 (+17.96%) |
US Market Status
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