Adaptive Biotechnologies Q1 revenue beats estimates on MRD growth

Adaptive Biotechnologies

05/05/2026 21:49

Overview

U.S. biotechnology firm's Q1 revenue rose 35% yr/yr, beating analyst expectations

Q1 adjusted EBITDA loss narrowed

Company raised full-year MRD revenue guidance on accelerating adoption

Outlook

Adaptive Biotechnologies raises 2026 MRD revenue guidance to $260 mln-$270 mln

Company expects 2026 total operating expenses of $350 mln-$360 mln

No revenue guidance provided for Immune Medicine business

Result Drivers

MRD GROWTH - MRD business revenue grew 53% yr/yr, driven by increased adoption in clinical testing and drug development

TEST VOLUME INCREASE - clonoSEQ test volume rose 41% yr/yr to 32,595 tests delivered

MILESTONE REVENUE - Recognized $9.0 mln in MRD pharma regulatory milestone revenue, the first U.S. primary endpoint milestone

Company press release: ID:nGNXb5CYNV

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Beat
$70.87 mln
$60.85 mln (7 Analysts)
Q1 EPS
-$0.13
Q1 Net Income
-$20.02 mln
Q1 Adjusted EBITDA
Beat
-$2.50 mln
-$6.55 mln (5 Analysts)
Q1 Operating Expenses
$90.08 mln
Q1 Operating Income
-$19.21 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the biotechnology & medical research peer group is "buy"

Wall Street's median 12-month price target for Adaptive Biotechnologies Corp is $21.00, about 44.8% above its May 4 closing price of $14.50

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)