Adaptive Biotechnologies (NASDAQ:ADPT) Announces Earnings Results

Adaptive Biotechnologies (NASDAQ:ADPT) issued its earnings results on Wednesday. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.12, FiscalAI reports. Adaptive Biotechnologies had a negative return on equity of 36.81% and a negative net margin of 20.73%. The firm had revenue of $83.90 million for the quarter, compared to the consensus estimate of $71.57 million. During the same quarter in the previous year, the company posted $0.06 earnings per share. The business’s quarterly revenue was down 10.7% compared to the same quarter last year.

Here are the key takeaways from Adaptive Biotechnologies’ conference call:

• Adaptive reported Q3 revenue of $83.9 million, up 39%, and MRD revenue growth of 44% excluding prior-year milestones. It generated $14.3 million in adjusted EBITDA and $8 million in free cash flow, and raised its 2026 MRD revenue guidance to $276 million–$286 million.
• Clinical testing volume grew 46% year over year to nearly 40,000 clonoSEQ tests, with growth across reimbursed indications. Blood-based and community testing also expanded; management said updated myeloma guidelines and a new definition of cure could further support adoption, though those benefits remain prospective.
• MRD pharma sequencing revenue grew 55% year over year excluding milestones, while the study portfolio reached 191 active studies and backlog rose 34% to about $270 million. Management expects approximately 25% full-year pharma sequencing growth, but noted that quarterly revenue and milestone timing can be lumpy.
• More frequent Medicare testing beyond the existing four-test episode bundle pressured realized ASP, particularly in multiple myeloma. Adaptive has submitted for an additional maintenance-testing bundle and is in discussions with MolDX, but the timing and terms of any expanded coverage are uncertain; the company also said it does not expect full-year GAAP net income or positive EPS.
• Adaptive said it remains on track to announce a path forward for separating its Immune Medicine business by year end. The segment recognized a Pfizer milestone after delivering rheumatoid arthritis data, but management did not provide details on the separation outcome.

Adaptive Biotechnologies Stock Up 2.8%

NASDAQ ADPT traded up $0.75 during trading on Thursday, hitting $27.46. 449,516 shares of the company traded hands, compared to its average volume of 2,273,993. Adaptive Biotechnologies has a 12 month low of $12.00 and a 12 month high of $30.74. The business has a fifty day simple moving average of $26.37 and a 200 day simple moving average of $19.76. The company has a market capitalization of $4.38 billion, a P/E ratio of -67.26 and a beta of 2.18. The company has a current ratio of 4.79, a quick ratio of 4.68 and a debt-to-equity ratio of 2.22.

Trending Headlines about Adaptive Biotechnologies

Here are the key news stories impacting Adaptive Biotechnologies this week:

• Positive Sentiment: Adaptive reported its first profitable quarter, earning $0.02 per share versus analysts’ expected loss of $0.10. Revenue of $83.9 million also exceeded the $71.6 million consensus estimate. Q3 results
• Positive Sentiment: Core MRD revenue grew 44%, and Adaptive raised its 2026 MRD revenue outlook to $276 million–$286 million. Management also outlined a target average selling price of $1,700–$1,800, supporting the case for continued growth in this business. MRD outlook
• Negative Sentiment: Total quarterly revenue fell 10.7% year over year, despite beating estimates. That decline may temper the impact of the earnings beat and MRD growth. Quarterly earnings results
• Negative Sentiment: COO Julie Rubinstein sold 11,881 shares. The sales were made under a pre-arranged Rule 10b5-1 plan, which may make them less informative as a signal about near-term business prospects. Insider sale report

Insider Activity

In related news, COO Julie Rubinstein sold 11,881 shares of the firm’s stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $25.47, for a total value of $302,609.07. Following the transaction, the chief operating officer directly owned 377,802 shares of the company’s stock, valued at approximately $9,622,616.94. This trade represents a 3.05% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 1,050,763 shares of company stock worth $26,806,633. Corporate insiders own 5.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on ADPT shares. Morgan Stanley lifted their price target on Adaptive Biotechnologies from $22.00 to $27.00 and gave the company an “equal weight” rating in a report on Monday, October 12th. BTIG Research increased their price objective on Adaptive Biotechnologies from $25.00 to $34.00 and gave the stock a “buy” rating in a report on Tuesday, September 22nd. Guggenheim raised their price objective on shares of Adaptive Biotechnologies from $25.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, October 1st. TD Cowen raised their price objective on shares of Adaptive Biotechnologies from $28.00 to $32.00 and gave the company a “buy” rating in a research report on Tuesday, October 13th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Adaptive Biotechnologies in a research note on Thursday, October 15th. Six analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $30.06.

About Adaptive Biotechnologies

Adaptive Biotechnologies Corporation (NASDAQ: ADPT) is a biotechnology company focused on using the genetics of the adaptive immune system to develop diagnostic and research tools. Based in Seattle, Washington, the company analyzes immune-cell receptors to help identify and measure disease, support drug development and improve understanding of immune responses.

Adaptive’s products include clonoSEQ, a clinical assay used to detect and monitor measurable residual disease in certain blood cancers, including multiple myeloma, acute lymphoblastic leukemia and chronic lymphocytic leukemia.