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Adaptive Biotechnologies
Adaptive Biotechnologies (ADPT) investor relations material
Adaptive Biotechnologies 44th Annual J.P. Morgan Healthcare Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.44th Annual J.P. Morgan Healthcare Conference summary13 Jan, 2026
Business Overview and Financial Performance
Focused on MRD diagnostics for blood cancers and immune medicine, leveraging proprietary immune receptor sequencing technology.
Preliminary 2025 revenue reached approximately $277M, with MRD business now profitable, positive adjusted EBITDA in Q2 2025, and positive cash flow in Q3 2025.
Revenue has grown at a 34% CAGR (2021-2025), with clinical revenue at 53% CAGR and sequencing gross margins around 65%, driven by lab efficiencies and NovaSeq transition.
Over 100,000 patients tested with clonoSEQ; more than 50% of U.S. hematologists/oncologists have used the test in 2025.
Expecting positive adjusted EBITDA and free cash flow for the entire company by end of 2026.
Market Opportunity and Product Positioning
MRD heme total addressable market (TAM) is expanding from $5.5B to $6.2B globally, with U.S. clinical market at $1.8B and potential for $700M expansion via increased testing frequency.
clonoSEQ is the only FDA-cleared MRD assay in lymphoid malignancies, EMR-integrated, supported by over 250 publications, 430+ issued patents, and strong IP protection.
Over 300M covered lives for ALL and MM, with broad clinical and biopharma adoption.
Growth Drivers and Clinical Adoption
Key growth drivers: blood-based testing, community setting expansion, guideline inclusion, robust data generation, and deep EMR integration.
Blood-based testing now 47% of Q4 tests; community setting contributed 18% quarter-over-quarter growth.
Clinical test volumes grew at a 44% CAGR from 2021 to 2025, with EMR integrations expected to contribute over 50% of 2026 volume growth.
EMR integration led to faster volume growth, higher testing frequency, and improved operational efficiency.
What drives clonoSEQ penetration beyond current levels?
IM business: What's next for data monetization?
How does clonoSEQ's biology counter NGS competition?
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Next Adaptive Biotechnologies earnings date
Q4 20255 Feb, 2026
Adaptive Biotechnologies
Next Adaptive Biotechnologies earnings date
Q4 20255 Feb, 2026
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Frequently asked questions
Adaptive Biotechnologies Corporation operates as a commercial-stage biotechnology company. It provides immunosequencing and immunodiagnostic solutions. Furthermore the company offers research and development, and customer-focused services primarily to academic, government, pharmaceutical, biotechnology, hospital/clinical laboratories, and other companies in the United States and internationally. It operates in two segments, Adaptive Diagnostics and Adaptive Therapeutics. The company's immune system platform analyzes and interprets T cell and B cell receptor sequencing data.
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