Adaptive Biotechnologies Corporation Q3 2026 Earnings Recap

Adaptive’s Q3 results were mixed but broadly steady against a near-flat market reaction: the stock rose 0.4% after the company reported total-company profitability and raised full-year MRD revenue guidance. Clinical testing and MRD revenue grew, while reimbursement pressure from more frequent testing remains a constraint on realized pricing.

Key Takeaways

• MRD revenue excluding milestones increased 44% year over year; clinical testing volume grew 46% and clinical revenue rose 41%.
• Adaptive delivered nearly 40,000 clonoSEQ tests, up 10% sequentially. Blood-based testing grew 68% year over year and made up 51% of total clonoSEQ volume.
• Total-company gross margin was 76%; free cash flow was $8 million, and quarter-end cash was approximately $386 million. Management said the company reached profitability ahead of expectations.
• U.S. average selling price was $1,380, up 3% year over year and relatively flat sequentially. More frequent Medicare testing is putting pressure on realized ASP, particularly in multiple myeloma.
• Management raised full-year 2026 MRD revenue guidance, but the excerpt provides no revised guidance figure. It also said the company remains on track to announce a path forward for the immune medicine separation by year-end.