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Adaptive Biotechnologies (1HM) Q3 2026 Earnings Report

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DE:1HM Q3 2026 EPS Results

Actual EPS
EUR 0.02
Consensus EPS
-EUR 0.08
Beat/Miss
Beat by +EUR 0.10
One Year Ago EPS
EUR 0.05

DE:1HM Q3 2026 Revenue Results

Actual Revenue
EUR 75.12M
Expected Revenue
EUR 64.08M
Beat/Miss
Beat by +EUR 11.04M
YoY Revenue Growth
-10.72%

Earnings Announcement Details

Quarter
Q3 2026
Date
11/04/2026
Time
After Close
Conference Call
Wednesday, November 4, 2026
DE:1HM Upcoming Earnings

Adaptive Biotechnologies's next earnings date is estimated for February 16, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

DE:1HM Q3 2026 Earnings Call
0:00 / 0:00

Q3 2026 Earnings Slide Deck

No slide deck is available for this earnings event.

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Nov 04, 2026|% Change Since:17.48%|
Earnings Call Sentiment|Positive

The call was strongly positive. Adaptive reported company-wide profitability ahead of expectations, robust clinical and pharma growth, higher guidance, improving margins, substantial backlog growth and favorable developments for clonoSEQ in multiple myeloma. The main challenges were near-term uncertainty around GAAP profitability, Medicare-related ASP pressure, erroneous CMS pricing data and unpredictable milestone timing, but these issues were outweighed by the reported operating momentum and strategic progress.

Company Guidance

For full year 2026, Adaptive raised MRD revenue guidance to a range of $276 million to $286 million, including $9 million of MRD milestone revenue, with no additional milestone revenue assumed for the remainder of the year; the midpoint represents 32% year-over-year MRD revenue growth or 41% excluding milestones, while clinical volume growth is expected at approximately 42% versus prior guidance of 38% to 40%, pharma sequencing growth is expected at approximately 25%, and operating expenses are expected to be approximately $350 million, at the lower end of the prior range of $350 million to $355 million and approximately 5% above last year. The company continues to expect approximately $1,400 average ASP for the full year, with a longer-term goal of $1,700 to $1,800 per test, and does not currently anticipate GAAP net income or positive EPS for Q4 or the full year.

  • Company Reached Profitability Ahead of ExpectationsAdaptive achieved profitability at the total-company level ahead of expectations in Q3. Total company adjusted EBITDA was positive at $14.3 million, and GAAP net income was $2.8 million.
  • Strong Revenue Growth and Cash PositionTotal revenue was $83.9 million, up 39% year-over-year, driven by MRD growth and revenue from the Pfizer rheumatoid arthritis agreement. The company generated $8 million in free cash flow and ended the quarter with approximately $386 million in total cash.
  • MRD Revenue Growth Exceeded ExpectationsMRD revenue was $72.6 million, up 28% year-over-year. Excluding $6.5 million of milestone revenue recognized in the third quarter of last year, core MRD revenue increased 44%, driven by clinical testing volume and pharma sequencing revenue. MRD represented 86% of total company revenue.
  • Clinical Testing Volume AcceleratedClinical testing volume grew 46% year-over-year and drove 41% growth in clinical revenue. Adaptive delivered nearly 40,000 clonoSEQ tests in Q3, up 10% sequentially, or approximately 3,500 additional tests. Every reimbursed indication contributed to growth.
  • DLBCL and Multiple Myeloma Delivered Strong Volume GrowthDLBCL led sequential growth with a 20% increase. Multiple myeloma represented 45% of clinical volume and grew 11% sequentially. Management said DLBCL growth was broad-based across community and academic accounts and expects consistent double-digit growth rates on an ongoing basis.
  • Blood-Based Testing Continued to ExpandBlood-based testing grew 68% year-over-year and 12% sequentially, representing 51% of total clonoSEQ volume. In multiple myeloma, blood-based tests represented 31% of MRD testing.
  • Community Adoption and EMR Integration ImprovedCommunity volume grew 14% sequentially and accounted for 37% of total volume, up from 31% a year ago. Nearly half of orders came from EMR-integrated accounts. In Flatiron-integrated community accounts, 78% of serial monitoring orders due had been fulfilled.
  • Clinician Reach ExpandedApproximately 5,600 clinicians ordered clonoSEQ in Q3, up 37% year-over-year and representing about 40% of U.S. hematology/oncology providers.
  • ASP Increased and Coverage ExpandedU.S. ASP was $1,380 in Q3, up 3% year-over-year and relatively flat sequentially. Adaptive expanded commercial coverage in DLBCL and MCL, added Medicaid coverage in Illinois and Ohio, and established coverage in states representing approximately 62% of Medicaid testing volume. Medicaid ASP increased 26% year-over-year.
  • Longer-Term ASP Opportunity Remained a FocusThe company continued to target approximately $1,400 average ASP for the full year and maintained its longer-term goal of $1,700 to $1,800 per test. Management cited coverage initiatives, increased testing frequency and the maintenance-bundle submission as drivers of that opportunity.
  • Maintenance Testing Bundle Submitted to MolDXAdaptive submitted its technical assessment to MolDX for an additional maintenance testing bundle in multiple myeloma and said it was in active discussions. The company described the proposed bundle as an additional 5 tests during the maintenance setting, while noting that the number of tests and timing were not guaranteed.
  • Multiple Myeloma Guidelines Strengthened clonoSEQ's PositionUpdated NCCN guidelines gave MRD testing greater prominence, specifically named clonoSEQ, recommended an FDA-approved assay at 10^-6 sensitivity as the preferred sensitivity, and specified testing time points during maintenance and surveillance. The guidelines also stated that MRD negativity can inform shared treatment decisions and rising MRD may prompt increased monitoring.
  • New Multiple Myeloma Cure Definition Supported Repeated MRD TestingThe International Myeloma Working Group's new definition of cure describes 5 years off treatment with sustained MRD negativity demonstrated by at least 4 negative assessments with no positive MRD results, using next-generation sequencing or next-generation flow at 10^-6 sensitivity. Management stated that clonoSEQ is aligned with these requirements and that the definition supports its recurrence-monitoring strategy.
  • Pharma Sequencing Business Delivered Strong GrowthUnderlying MRD pharma sequencing revenue grew 55% year-over-year excluding milestones. Adaptive added 27 new or amended studies, bringing its portfolio to 191 active global studies. Pharma sequencing growth for the full year is now expected to be approximately 25%.
  • Pharma Backlog Increased SignificantlyMRD pharma backlog reached approximately $270 million, up 34% year-over-year from $200 million, providing visibility into future revenue. Multiple myeloma represented approximately 60% of active studies, 65% of backlog and 79% of new bookings in the quarter.
  • MRD Adoption in Drug Development ExpandedThere were 19 multiple myeloma studies using MRD as a primary endpoint, up from 12 a year ago. clonoSEQ was used in 23 interventional studies across multiple myeloma, CLL and ALL, and the company said additional testing time points and MRD-guided treatment designs were contributing to higher bookings per study.
  • Gross Margin and Operating Leverage ImprovedTotal company gross margin was 76%. Sequencing gross margin increased to 73% from 66% a year ago, while MRD sequencing gross margin was 74%. Management attributed the expansion to lab efficiencies following the NovaSeq X transition and operating leverage from higher testing volumes. MRD adjusted EBITDA increased to $15.1 million from $7 million a year ago.
  • Full-Year MRD Revenue Guidance Was RaisedFull-year MRD revenue guidance was raised to $276 million to $286 million from the prior range of $268 million to $278 million. At the midpoint, the updated guide represents 32% year-over-year MRD revenue growth, or 41% excluding milestones. Expected full-year clinical volume growth was increased to approximately 42% from prior guidance of 38% to 40%.
  • Spending Discipline Was Maintained While Investing for GrowthFull-year operating expense guidance was approximately $350 million, at the lower end of the prior range of $350 million to $355 million and approximately 5% above last year. The company said it plans to continue investing in real-world data, AI and AI-driven business process automation, revenue cycle management, next-generation customer experience, serial testing, product enhancements and new applications of its immuno-sequencing platform.
  • Immune Medicine Separation ProgressedAdaptive said it was working with Morgan Stanley to advance the separation process and remained on track to announce the path forward by year-end.
  • Pfizer Rheumatoid Arthritis Milestone Was EarnedThe Immune Medicine business earned a milestone payment from Pfizer following the successful delivery of rheumatoid arthritis data under its agreement. Immune Medicine revenue was $11.3 million, primarily reflecting revenue from the Pfizer target-discovery agreement, and Immune Medicine adjusted EBITDA was $3.2 million.
  • Competitive Position in DLBCL Remained StrongManagement acknowledged competitive noise in DLBCL but cited clonoSEQ's custom-built technology for blood cancers, established reimbursement, real-world experience involving approximately 9,000 patients, and established customer relationships as sources of confidence in its position.

DE:1HM Earnings History

DE:1HM earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Feb 16, 20272026 (Q4)-0.04--0.08――
Nov 04, 20262026 (Q3)-0.080.020.05-66.67% (-0.04)
Jul 29, 20262026 (Q2)-0.12-0.22-0.15-47.06% (-0.07)
May 05, 20262026 (Q1)-0.14-0.12-0.1835.00% (+0.06)
Feb 05, 20262025 (Q4)-0.17-0.08-0.2160.87% (+0.13)
Nov 05, 20252025 (Q3)-0.130.05-0.2127.27% (+0.25)
Aug 05, 20252025 (Q2)-0.21-0.15-0.2845.16% (+0.13)
May 01, 20252025 (Q1)-0.26-0.18-0.339.39% (+0.12)
Feb 11, 20252024 (Q4)-0.23-0.21-0.4352.08% (+0.22)
Nov 07, 20242024 (Q3)-0.26-0.20-0.3137.14% (+0.12)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat Missed