Adaptive Biotechnologies Turns A Profit, Raises MRD Forecast To $276 Million-$286 Million
Third-quarter revenue fell 11% to $83.9 million on a missing Genentech payment, while clonoSEQ tests delivered rose 46%.
Adaptive Biotechnologies, which reads the genetic code of immune cells to build cancer diagnostics and research tools, reported total company profitability for the third quarter and raised its full-year MRD revenue outlook to $276 million to $286 million. Total revenue still fell 11% to $83.9 million, because the Genentech Agreement produced no revenue this quarter.
Revenue down, core testing up
Excluding Genentech revenue, the company said quarterly revenue rose 39% from a year earlier. Revenue from minimal residual disease (MRD) testing, which detects leftover cancer cells, was $72.6 million, up 28%, or 44% excluding milestones.
Immune Medicine revenue was $11.3 million, down 70%, though it rose 229% excluding Genentech revenue. The company delivered 39,587 clonoSEQ tests in the quarter, up 46% from the third quarter of 2025.
CEO Chad Robins said the company achieved profitability "ahead of expectations" and delivered "44% growth in core MRD revenue."
Profit measures narrowed from last year
Adjusted EBITDA, a profit measure that excludes items such as interest, taxes and stock pay, was $14.3 million, against $28.0 million a year earlier. Net income was $2.8 million, against $9.5 million, and free cash flow was $7.7 million.
Excluding Genentech revenue, the company reported a year-earlier net loss of $24.2 million and an adjusted EBITDA loss of $5.8 million. Operating expenses were $84.4 million, up 1% from $83.7 million. Cash and marketable securities stood at $400.2 million at September 30.
Guidance and the Immune Medicine split
The new MRD forecast, up from $268 million to $278 million, implies annual growth of 30% to 35%, the company said. It now expects total operating expenses, including cost of revenue, of about $350 million, versus a prior range of $350 million to $355 million. No revenue guidance is given for Immune Medicine, which the company said is progressing through a separation process.
Robins pointed to new myeloma guidelines and a new definition of cure that he said "amplify the need for MRD testing." The company also submitted a technical assessment to MolDX seeking an additional Medicare bundle for maintenance testing in multiple myeloma.
Management was scheduled to detail the outlook on a conference call at 4:30 p.m. ET Wednesday.
Sources
- 8-K Filing — Adaptive Biotechnologies Corp (ADPT) — SEC EDGAR
- Exhibit adpt-ex99_1.htm — Adaptive Biotechnologies Corp 8-K exhibit — SEC EDGAR
- Adaptive Biotechnologies Reports Third Quarter 2026 — globenewswire.com
