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Adaptive Biotechnologies (ADPT)
NASDAQ:ADPT
Earnings Data
Report Date
May 06, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
-0.16Last Year’s EPS
-0.2Same Quarter Last Year
Strong Buy
Based on 8 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized strong commercial execution in the MRD business: high revenue and volume growth, meaningful ASP expansion, improved gross margins and adjusted EBITDA turning positive, plus a healthy cash balance and tangible Immune Medicine data monetization. Challenges were highlighted but appear manageable: GAAP net losses remain, Immune Medicine is still loss-making though improving, some guidance depends on payer negotiations and timing, and competition and operational seasonality present risks. On balance, the company presented multiple credible levers for revenue and margin expansion and a clear path to positive free cash flow in 2026.Company Guidance
Strong Full-Year and Quarterly Revenue Growth
Total company revenue reported $277.0M for FY2025 (55% YoY growth); Q4 revenue $71.7M (51% YoY). On a basis excluding noncash Genentech amortization, FY revenue was $235.7M (42% YoY).
MRD (clonoSEQ) Outperformance
Full-year MRD revenue grew 46% YoY to $212M (including $19.5M in milestones). ClonoSEQ clinical testing revenue grew 64% for FY2025 and 59% in Q4 YoY; Q4 volumes reached a record 30,038 tests, up 43% YoY and 11% sequentially.
ASP Expansion and Payer Wins
U.S. average selling price (ASP) rose to $1,307 per test for the year (up 17% YoY) and exited Q4 at ~$1,350. Company renegotiated 8 major payer contracts and signed new agreements (Anthem, Centene, Humana, Aetna, Horizon, multiple Blues, Florida, LA Care), supporting a target ASP of ~$1,400 in 2026.
Material Margin Improvement
Sequencing gross margin (ex-milestones/licensing/Genentech) improved to 71% in Q4 (up 12 percentage points YoY) and 66% for the full year (up from 53% in 2024), helped by production efficiencies and NovaSeq X+ transition.
Profitability Progress and Cash Position
Total company adjusted EBITDA improved to $12.2M for FY2025 from a loss of $80.4M in 2024; Q4 adjusted EBITDA was $4.1M vs. a loss of $16.4M a year ago. MRD adjusted EBITDA was positive $15.2M in 2025. Year-end cash, cash equivalents and marketable securities were $227M.
Commercial & Operational Execution
Broad-based volume drivers: blood-based testing reached 47% of clonoSEQ tests in Q4 (up from 41% YoY); community testing represented ~33% of tests in Q4 (up sequentially). Epic integrations completed in 8 accounts during Q4 (total 173 integrated accounts now driving ~40% of ordering volume). Commercial payer cash collections improved by 74% YoY.
Immune Medicine Data and Partnerships
Immune Medicine scaled to >5 million paired TCRs covering ~20,000 antigens and ~50 HLA types. Immune Medicine revenue grew (Q4 $9.8M vs $3.8M prior year; FY $23.4M, +17% YoY) and the company announced two distinct Pfizer data licensing/target-discovery partnerships.
Clear 2026 Guidance and Path to Cash Flow
2026 guidance: MRD revenue $255M–$265M (midpoint implies 22% YoY growth, 30% excluding milestones), clonoSEQ volume expected to grow >30% YoY, blood-based testing to exceed 50% of MRD volume, community >35% share, ASP target ~ $1,400. Company expects positive adjusted EBITDA and positive free cash flow by end of 2026.
ADPT Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
ADPT Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 05, 2026 | $16.47 | $15.77 | -4.25% |
Nov 05, 2025 | $17.59 | $15.56 | -11.54% |
Aug 05, 2025 | $11.05 | $11.69 | +5.79% |
May 01, 2025 | $7.36 | $9.84 | +33.70% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Adaptive Biotechnologies (ADPT) report earnings?
Adaptive Biotechnologies (ADPT) is schdueled to report earning on May 06, 2026, After Close (Confirmed).
What is Adaptive Biotechnologies (ADPT) earnings time?
Adaptive Biotechnologies (ADPT) earnings time is at May 06, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is ADPT EPS forecast?
ADPT EPS forecast for the fiscal quarter 2026 (Q1) is -0.16.