Adaptive Biotechnologies (NASDAQ:ADPT) Announces Earnings Results

Key Points

• Adaptive Biotechnologies beat estimates—reported a ($0.13) EPS vs. ($0.16) expected and revenue of $70.87M vs. $61.03M—driven by robust MRD demand as MRD revenue grew 53% YoY to $67.1M and management raised full‑year MRD guidance to $260–$270M.
• Sequencing gross margin expanded to 70% (up 8 points YoY) and MRD delivered positive adjusted EBITDA of $12.1M, with the company targeting >70% sequencing gross margins and positive adjusted EBITDA and free cash flow by end of 2026.
• Offsetting strengths, Immune Medicine revenue fell 26% to $3.8M with an adjusted EBITDA loss of $10.4M and expected 2026 cash burn of $15–$20M, while insiders sold shares and the stock dipped to $13.78 after the report.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) posted its quarterly earnings data on Tuesday. The company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.16) by $0.03, FiscalAI reports. The firm had revenue of $70.87 million during the quarter, compared to the consensus estimate of $61.03 million. Adaptive Biotechnologies had a negative net margin of 21.48% and a negative return on equity of 46.68%. The business's revenue for the quarter was up 35.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.20) EPS.

Here are the key takeaways from Adaptive Biotechnologies' conference call:

• MRD momentum and guidance — MRD revenue grew 53% year‑over‑year to $67.1M in Q1 and management raised full‑year MRD revenue guidance to $260M–$270M (includes a $9M milestone recognized in Q1).
• Margin and profitability progress — sequencing gross margin expanded to 70% (up 8 pts YoY) and MRD delivered positive adjusted EBITDA of $12.1M, with the company targeting >70% sequencing gross margins and positive adjusted EBITDA and free cash flow by end of 2026.
• Biopharma validation and backlog — bookings drove a pharma backlog of about $254M (up 24% YoY), including registrational studies and the company’s first recognized primary‑endpoint milestone (CEPHEUS), signaling stronger, higher‑value pharma demand for MRD endpoints.
• Clinical adoption and reimbursement traction — clonoSEQ set a quarterly volume record (~632,600 tests), blood‑based testing rose to 49% of MRD volume, community testing grew 67% YoY to 35% of volumes, U.S. ASPs increased 11% to $1,360, and clonoSEQ was listed in the Texas Medicaid Policy Manual.
• Immune Medicine remains a drag — Immune Medicine revenue fell 26% to $3.8M with an adjusted EBITDA loss of $10.4M, and management expects IM cash burn of $15M–$20M for 2026 while commercialization/partnerships are still being developed.

Adaptive Biotechnologies Price Performance

ADPT stock traded down $0.72 during trading on Tuesday, reaching $13.78. 3,176,459 shares of the company were exchanged, compared to its average volume of 1,541,203. The company has a 50-day moving average of $14.32 and a two-hundred day moving average of $15.92. Adaptive Biotechnologies has a twelve month low of $8.38 and a twelve month high of $20.76.

Insider Buying and Selling at Adaptive Biotechnologies

In other news, insider Sharon Benzeno sold 63,103 shares of the company's stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $13.17, for a total value of $831,066.51. Following the sale, the insider directly owned 272,751 shares of the company's stock, valued at approximately $3,592,130.67. This represents a 18.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Julie Rubinstein sold 141,583 shares of the company's stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $13.29, for a total transaction of $1,881,638.07. Following the completion of the sale, the chief operating officer directly owned 516,610 shares in the company, valued at approximately $6,865,746.90. This represents a 21.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 2,419,313 shares of company stock worth $34,192,596 over the last 90 days. 5.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. California State Teachers Retirement System raised its holdings in Adaptive Biotechnologies by 1.0% during the second quarter. California State Teachers Retirement System now owns 98,321 shares of the company's stock worth $1,145,000 after buying an additional 933 shares during the last quarter. Captrust Financial Advisors raised its holdings in Adaptive Biotechnologies by 7.6% during the second quarter. Captrust Financial Advisors now owns 15,762 shares of the company's stock worth $184,000 after buying an additional 1,119 shares during the last quarter. Panagora Asset Management Inc. raised its holdings in Adaptive Biotechnologies by 1.2% during the fourth quarter. Panagora Asset Management Inc. now owns 164,737 shares of the company's stock worth $2,675,000 after buying an additional 1,945 shares during the last quarter. Corient Private Wealth LLC raised its holdings in Adaptive Biotechnologies by 3.4% during the fourth quarter. Corient Private Wealth LLC now owns 71,908 shares of the company's stock worth $1,168,000 after buying an additional 2,347 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Adaptive Biotechnologies by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 68,830 shares of the company's stock worth $511,000 after buying an additional 2,914 shares during the last quarter. 99.17% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Wall Street Zen downgraded shares of Adaptive Biotechnologies from a "buy" rating to a "hold" rating in a report on Saturday, March 7th. Piper Sandler set a $21.00 price target on shares of Adaptive Biotechnologies in a report on Friday, February 6th. BTIG Research upped their price target on shares of Adaptive Biotechnologies from $21.00 to $22.00 and gave the stock a "buy" rating in a report on Friday, February 6th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Adaptive Biotechnologies in a report on Monday, April 20th. Finally, JPMorgan Chase & Co. upped their price target on shares of Adaptive Biotechnologies from $20.00 to $21.00 and gave the stock an "overweight" rating in a report on Friday, February 6th. Six research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Adaptive Biotechnologies has a consensus rating of "Moderate Buy" and an average target price of $19.43.

About Adaptive Biotechnologies

Adaptive Biotechnologies is a clinical-stage biotechnology company that focuses on harnessing the adaptive immune system to transform the diagnosis and treatment of disease. Through proprietary immune receptor sequencing and analysis, the company decodes the genetic information of T-cell and B-cell receptors to identify signatures of immune response. Its core technology platform provides insights into immune-driven conditions, enabling more precise monitoring and targeted therapeutic development.

The company's flagship product, immunoSEQ, offers high-throughput immune repertoire profiling for researchers and pharmaceutical partners.

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