Strong Q3 Performance and Market Position Drive Buy Rating for Adaptive BiotechnologiesWe continue to see a mult-year growth & margin story for this heme MRD leader. High-GM MRD ADPT's stock up 193% YTD, investors were optimistic for another strong result in 3Q, and we believe ADPT delivered. MRD sales grew 52% and were 15% ahead of expectations, with clinical MRD sales growing at 83%. In clinical, both volumes (+38% Y/Y; ahead of our 33%) and price (~30% Y/Y; ahead of our 19%) both were drivers. Sequencing Gross margins were ahead, and OpEx modestly below, leading EBITDA ex-Genentech non-cash items to ($6M) vs. our prior ($8.2M), with continued MRD leverage a highlight (2Q 4% to 3Q 12% with a $6.5M milestone). The full year revenue guide was raised by $10M, in line with the MRD upside in 3Q, and OpEx spending lowered, burn reduced.