ADPT Nasdaq Earnings call
Adaptive Biotechnologies Corp (ADPT) · Q1 2026 results
Share price: $29.94 · 2026-11-11
Results Q1 2026 vs Q4 2025 · previous quarter · published 5 May 2026 and 5 Feb 2026
Net loss widened on the previous quarter. Management sounded upbeat, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
Loss widened
Net income vs Q4 2025
Outlook given
Net income -20.0M vs -13.5M
Revenue −1.1%
Net income -20.0M vs -29.9M in Q1 2025 and -13.5M last quarter.
2 · How management spoke
Upbeat
More upbeat than 77% of company calls
Answers to analysts: upbeat, in line with the script.
Similar to last call.
3 · What stood out
Key theme
MRD revenue grew 53% to $67.1 million compared to the prior year, with clinical and pharma contributing 65% and 35% of that total respectively.
Valuation
Reverse DCF. Free cash flow from the last full fiscal year, grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
Valuation unavailable: free cash flow and profit were negative in the last full year and on average over the last three, so there is nothing to discount.
Current price
$29.94
close of 2026-11-11
Revenue growth, 3 years
+14.3% a year
compound annual rate (CAGR)
Free cash flow 2023
−$0.2B
Free cash flow 2024
−$0.1B
Free cash flow 2025
−$0.0B
Read between the lines
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Guidance
ADPT updated its guidance to expect volumes to grow to at least 35% in 2026 based on first quarter performance and momentum.
Source quote
“Based on our first quarter performance and continued momentum, we now expect volumes to grow to at least 35% in 2026 with potential for upside.”
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Figure
MRD revenue grew 53% year-over-year due to broad-based strength across both clinical and pharma segments.
Source quote
“MRD revenue grew 53% year-over-year, reflecting broad-based strength across both clinical and pharma.”
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Fading
Total company revenue fell to $71.7 million in the fourth quarter because there are no ongoing Genentech collaboration economics in the results after Q3.
Source quote
“Total company revenue for the fourth quarter was $71.7 million and for the full year was $277 million, representing 51%... As a result, there are no ongoing Genentech collaboration economics in our results after Q3. Total company adjusted EBITDA was $4.1 million in the fourth quarter compared to a loss of $16.4 million a year ago.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q1 2026. Ring: Q4 2025.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Finally, strong top line growth, combined with continued operational efficiencies positions us to achieve over 70% sequencing gross margins and expand adjusted EBITDA.”
“This increase reflects stronger-than-expected clinical volume performance in the first quarter and continued momentum across key growth drivers.”
“At the segment level, MRD continues to demonstrate strong profitability with adjusted EBITDA of $12.1 million compared to a loss of $4.1 million in the prior year, reflecting the impact...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-03-31)
| Metric | Q1 2026period end 2026-03-31 | Q4 2025period end 2025-12-31 | Change | Q1 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 70.9M | 71.7M | −1.1% | 52.4M | +35.1% |
| Gross profit | 52.2M | 322.0K | +16100.6% | 35.5M | +47.1% |
| Operating income | -19.2M | -12.8M | Loss widened | -29.6M | Loss narrowed |
| Net income | -20.0M | -13.5M | Loss widened | -29.9M | Loss narrowed |
| EPS | -0.13 | -0.09 | Loss widened | -0.20 | Loss narrowed |
| P/E | 12-mo loss | 12-mo loss | — | 12-mo loss | — |
Topics
Most discussed now
- New This improvement reflects reduced assay costs due to efficiencies from Adaptive Biotechnologies' NovaSeq launch in the second half of 2025…
- After kind of internal and external evaluation with outside counsel, Adaptive Biotechnologies has determined that it is currently not…
- At the segment level, MRD continues to demonstrate strong profitability with adjusted EBITDA of $12.1 million compared to a loss...
- The quarter reflects strong financial execution supported by...
- Adaptive Biotechnologies has Medicare revenues under the PLA code that are under that recurrence monitoring that are well below the 50%...
Faded since Q4 2025
- Dropped Adaptive Biotechnologies is starting to get some traction on the commercial side as it has implemented contract rate renegotiations and new…
- Fading MRD revenue was $61.9 million, up 54% year-over-year with clinical and...
- Fading Adaptive Biotechnologies maintained its strong cash position giving us the flexibility to execute across both businesses.
- Fading Adaptive Biotechnologies has got to navigate the coverage dynamics on the commercial payer front, and hopefully, it can continue to see…
Latest announcements
Official filings, newest first.
- Results of operations; Director or officer change · SEC 8-K
- Material agreement; Agreement terminated; New financial obligation; Unregistered share sale; Other events · SEC 8-K
- Other events · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations · SEC 8-K
- Results of operations · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Other events · SEC 8-K