Adaptive Biotechnologies Corporation (ADPT) Earnings
Adaptive Biotechnologies Corporation is expected to report next earnings on November 4, 2026 (in NaN days), with a consensus EPS estimate of $-0.10. ADPT has beaten EPS estimates in 8 of its last 12 reported quarters (average surprise -2.4% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 29, 2026 | $-0.13 | $-0.25 | -87.1% | $72M | +9.3% |
| May 5, 2026 | $-0.16 | $-0.13 | +18.8% | $71M | +16.2% |
| Feb 5, 2026 | $-0.19 | $-0.09 | +52.6% | $72M | +22.6% |
| Nov 5, 2025 | $-0.16 | $-0.15 | +6.3% | $94M | +58.2% |
| May 1, 2025 | $-0.28 | $-0.20 | +28.6% | $52M | +24.5% |
| Nov 7, 2024 | $-0.30 | $-0.22 | +26.7% | $46M | +15.5% |
| Aug 1, 2024 | $-0.32 | $-0.26 | +18.8% | $43M | +6.5% |
| Feb 14, 2024 | $-0.32 | $-0.30 | +6.3% | $46M | -6.5% |
| Nov 9, 2023 | $-0.32 | $-0.35 | -9.4% | $38M | -13.1% |
| Aug 2, 2023 | $-0.33 | $-0.33 | +0.0% | $49M | +8.1% |
| May 3, 2023 | $-0.34 | $-0.40 | -17.6% | $38M | +1.0% |
| Feb 14, 2023 | $-0.37 | $-0.28 | +24.3% | $55M | +1.9% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · July 29, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Market Positioning * The minimally invasive residual disease (MRD) and liquid biopsy testing market is currently early-stage and underdeveloped, and the company does not view the space as a competitive winner-takes-all market * The company benefits from growing industry and provider awareness of MRD and liquid biopsy (DLVCL) utility in both the short and long term * A key focus for the second half of the year and beyond is further demonstrating the clinical performance of the enhanced version of the company's ccDNA assay, launched in the prior year - Operational Progress * Serial testing repeat order fulfillment has improved steadily, rising from 60% in the first measured full quarter (Q4 prior year) to 72% last quarter and 75% in the current quarter * The company completed its first custom serial testing interface integration with Epic EMR in the current quarter, with early results positive; more performance data will be available over the next two quarters * The company is working with advisor Morgan Stanley to evaluate value-maximizing paths for separating the MRD business from the larger company to unlock shareholder value - Strategic Platform * The company has built core scalable competencies including clinical evidence generation, market access and reimbursement, revenue cycle management, and efficient laboratory operations with expandable gross margins * The company maintains a disciplined capital allocation approach, both for organic and inorganic growth, focusing only on opportunities where the company can hold a differentiated competitive advantage with high gross margins and strong test sensitivity/specificity
Guidance
- The company maintained its full-year MRD revenue growth guidance at 38% to 40%. The midpoint of this range matches the prior year's percentage growth rate, which represents a larger absolute growth increase off a bigger current year base - The guidance does not build in expected upside from ongoing improvements in serial testing penetration, so higher adoption represents potential upside to the current full-year forecast - Management notes that MRD pharma services revenue was very strong in the first half of the year, particularly in multiple myeloma and leukemias, but they maintain prudent guidance due to the inherent lumpiness of pharma revenue tied to variable trial enrollment and sample arrival timing. Management expects strong performance for the full year and sees no underlying factors that would cause a slowdown relative to guidance, with upside possible from current strong trends - Growing use of MRD as a clinical trial endpoint in multiple myeloma supports continued strong growth opportunity for pharma services
Segment performance
No specific financial performance data for individual product segments, including absolute revenue figures or revenue contribution percentages, was provided in the available transcript.
Risks & headwinds
No explicit discussion of business risks, operational failures, or material downside threats to performance or strategy was provided in the available transcript.
Analyst Q&A
Q: Dan Brennan (TD Cowen) asked for context on the 38-40% full-year MRD growth guidance, specifically whether the implied growth slowdown from first half low-40s growth is due to conservatism, easier year-ago comparisons, or built-in cushion, and also asked for an update on the strong Q2 MRD pharma business performance. /
A: Management stated they are comfortable hitting the 38-40% growth guidance for the full year. The midpoint matches last year's percentage growth off a much larger base, and the guidance is a prudent positioning with half the year remaining. Management does not expect deceleration, notes strong year-to-date growth drivers could deliver upside, and remains focused on executing to unlock that upside. For pharma, management noted the business is inherently lumpy due to variable trial enrollment timing, but called out very strong first half results, growing adoption of MRD as a trial endpoint, and large expansion opportunities in multiple myeloma and leukemias that leave them optimistic for full year performance.
Q: Brennan also asked for an update on the planned separation of the company's MRD business, and any incremental color on the standalone strategic value after separation. /
A: CEO Chad confirmed the core goal is to separate the MRD business to let it pursue its independent growth strategy freely. The IM business remains a call option for shareholders, as it has been framed previously. Management is working with Morgan Stanley to evaluate multiple possible value-maximizing paths for separation, will update the market at the appropriate time, and has not yet finalized a specific outcome.
Q: Casey Woodering (J.P. Morgan) asked whether the updated 38-40% growth guidance includes anticipated benefits from the improving serial testing penetration rate (now 75% of repeat orders fulfilled, up from 72% last quarter), and how the penetration rate is expected to trend in the second half. /
A: Management confirmed the current guidance does not specifically account for additional serial testing growth, so improvements in this metric represent potential upside to the full-year forecast. Serial testing adoption is a core focus, and the company is working to scale lessons learned from high penetration with OncoEMR/Flatiron customers to other EMR platforms, including the newly completed custom Epic integration that has shown positive early results, with more data coming over the next two quarters.
Q: Callum Titchmarch (Morgan Stanley) asked whether separation changes the outlook for the standalone MRD business, specifically if a Heme-only MRD platform is sufficient long-term, or if the company plans to expand into solid tumors after separation. /
A: CEO Chad confirmed that separation, combined with new capital from a recent convertible debt offering, gives the company flexibility to leverage its existing core platform capabilities (clinical evidence generation, reimbursement, lab operations) into new areas including solid tumors and other disease spaces. The company maintains a disciplined capital allocation approach and will only pursue opportunities that meet its criteria for differentiated competitive advantage, high gross margins, and strong growth profile, while continuing to capture the large existing long-term growth opportunity in Heme MRD.