Adaptive Biotechnologies (ADPT) Q1 2026 earnings summary

Executive summary

• Achieved strong Q1 2026 performance with total revenue of $70.9M, up 45% year-over-year, driven by 53% MRD revenue growth and record clonoSEQ test volumes, with MRD contributing 95% of revenue.

• Clinical testing revenue rose 54% year-over-year, and MRD clinical and pharma segments contributed 65% and 35% respectively.

• Net loss narrowed to $20.0M from $29.9M in Q1 2025, reflecting improved operating leverage and adjusted EBITDA loss improved to $2.5M from $12.7M.

• Ended quarter with $222M–$237.2M in cash, cash equivalents, and marketable securities, reflecting reduced cash burn and strong financial discipline.

• Achieved first MRD U.S. primary endpoint milestone and highest ever quarter for new MRD pharma bookings, with backlog up 24% year-over-year to ~$254M.

Financial highlights

• Q1 2026 total revenue: $70.9M (+45% year-over-year); MRD revenue: $67.1M (+53% year-over-year); Immune Medicine revenue: $3.8M, down 26–57% year-over-year.

• Sequencing gross margin increased 8 percentage points year-over-year to 70%; total company gross margin reached 74%.

• Adjusted EBITDA improved to $(2.5)M, an 85% year-over-year improvement; MRD segment delivered $12.1M adjusted EBITDA.

• Net loss for Q1 2026 was $20.0M, including $2.9M interest expense from royalty financing.

• Operating expenses increased to $90.1M, up from $82.0M, driven by higher sales, marketing, and administrative costs.

Outlook and guidance

• Raised full-year 2026 MRD revenue guidance to $260M–$270M, up from $255M–$265M, reflecting strong Q1 clinical volume and momentum.

• Expect MRD revenue to be weighted 45% in H1 and 55% in H2.

• On track to achieve positive adjusted EBITDA and free cash flow for the full company by end of 2026.

• Operating expense guidance reiterated at $350M–$360M for the year.

• Management expects existing liquidity to fund operations for at least the next 12 months.