10-Q · May 5, 2026
Adaptive Biotechnologies reported Q1 2026 revenue of $70.9 million, significantly surpassing estimates of $61.1 million, and a reduced net loss of $20.0 million compared to a loss of $29.9 million in the prior year. The…
Earnings analysis · 10-Q
ADPT earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
Adaptive delivered $71.553 million of Q2 revenue, 21.5% above the prior year, as MRD revenue rose 32.5% to $66.168 million and clonoSEQ volume increased 43% to 36,111 tests. Profitability improved operationally—gross…
Read full summary
Adaptive delivered $71.553 million of Q2 revenue, 21.5% above the prior year, as MRD revenue rose 32.5% to $66.168 million and clonoSEQ volume increased 43% to 36,111 tests. Profitability improved operationally—gross margin reached 71.8% and operating margin improved to -22.0%—but reported EPS declined to -$0.25 from -$0.13 sequentially and -$0.17 year over year because of a $23.733 million debt-liability extinguishment charge. Liquidity increased to $371.7 million after the $345.0 million convertible-note issuance, though the new debt, a 39.8% Immune Medicine revenue decline, and planned business separation temper the otherwise strong MRD trajectory.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.25
What stood out
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Revenue grew 21.5% year over year
Revenue was $71.553 million, up $12.674 million, or 21.5%, from $58.879 million a year earlier and up $0.679 million from the implied $70.874 million in Q1 2026.
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MRD growth and test volume accelerated
MRD revenue increased $16.230 million to $66.168 million, supported by a 43% increase in clonoSEQ test volume to 36,111 delivered tests from 25,321.
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Gross margin expanded year over year
Gross margin was 71.8% on $71.553 million of revenue and $20.165 million of cost of revenue, versus 69.4% in Q2 2025; it was down from 73.6% in Q1 2026.
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Operating loss narrowed materially
Operating loss narrowed to $15.770 million from $25.036 million, improving operating margin to -22.0% from -42.5% a year ago and -27.1% in Q1 2026.
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Adjusted EBITDA approached breakeven
Adjusted EBITDA improved to a $0.726 million loss from a $7.196 million loss, while MRD adjusted EBITDA rose $7.204 million to $9.116 million.
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Cash burn improved and liquidity increased
Six-month operating cash use improved by $24.977 million to $15.937 million from $40.914 million, and cash, cash equivalents and marketable securities rose to $371.7 million from $240.2 million at December 31, 2025.
What to watch
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One-time extinguishment charge widened loss
GAAP net loss widened to $39.941 million from $25.593 million and diluted EPS fell to -$0.25 from -$0.17, principally reflecting a $23.733 million loss on extinguishing the revenue-interest liability.
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New $345.0 million convertible-note obligation
The company issued $345.0 million of 0% convertible senior notes due 2031 in June 2026. The filing identifies potential conversion dilution and cash-repurchase or conversion obligations as risks to liquidity and shareholders.
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Immune Medicine revenue is contracting
Immune Medicine revenue fell 39.8% to $5.385 million from $8.941 million, largely due to $3.940 million less Genentech collaboration revenue. Management expects further short-term decline while winding down services in the second half of 2026.
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Separation execution risk through year-end 2026
Management intends to identify a preferred path to separate MRD and Immune Medicine by year-end 2026; the filing warns the separation may not deliver expected benefits or may distract management and affect retention.
Management's outlook
The 10-Q provides no quantitative revenue or EPS guidance. Management expects MRD revenue to increase in the short and long term, while Immune Medicine revenue is expected to decrease in the short term as Adaptive Immunosequencing services are wound down during the second half of 2026.
Earlier filings 4
10-K · February 26, 2026
Adaptive Biotechnologies reorganized around two businesses (MRD and Immune Medicine) and delivered strong top-line growth in 2025 with revenue of $277.0 million (up from $179.0 million in 2024). Growth was driven by the…
10-Q · August 5, 2025
Adaptive Biotechnologies beat Q2 estimates with revenue of $58,879 (vs $43,190 in Q2 2024) and GAAP EPS of $(0.17) (vs $(0.31) Q2 2024). MRD revenue and milestone recognition drove the quarter; gross margin expanded to…
10-K · March 3, 2025
Adaptive Biotechnologies reorganized in 2024 into two businesses (MRD clinical testing and Immune Medicine drug discovery) and delivered revenue of $179.0 million in 2024, up from $170.3 million in 2023. Growth was…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.