Adaptive Biotechnologies
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Adaptive Biotechnologies (ADPT) investor relations material

Adaptive Biotechnologies TD Cowen 46th Annual Health Care Conference summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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TD Cowen 46th Annual Health Care Conference summary2 Mar, 2026

Business performance and growth drivers

  • Achieved strong volume growth, guideline inclusions, and ASP improvements in 2024, with expectations to continue or exceed 30%+ volume growth in 2025.

  • Five key growth drivers: blood-based testing, community presence, guideline inclusion, data generation, and EMR integration, with capital allocated to the most effective areas.

  • Community testing is growing faster (14% in Q4) than academic centers (8-9%), with a long-term goal of 50/50 split.

  • EMR integration, especially repeat ordering functions, is a major growth catalyst, with early compliance rates around 63-65%.

  • Double-digit growth is expected for years, supported by low market penetration and stacking tailwinds from guidelines and data.

Clinical studies, guidelines, and practice impact

  • Multiple guideline inclusions in 2024, with a typical 6-9 month lag before impacting clinician ordering patterns.

  • Key studies in 2025 include MASTER-2 (maintenance therapy discontinuation in multiple myeloma), PERSEUS (MRD-directed therapy), and BOVen (CLL), with early data supporting practice-changing potential.

  • MIDAS study suggests MRD-negative patients in multiple myeloma may forgo transplant, reducing toxicity and changing clinical decisions.

  • Recurrence monitoring using MRD is gaining traction, enabling earlier intervention before clinical relapse.

  • Over 250 publications support the technology, reinforcing its clinical adoption.

Pricing, reimbursement, and market access

  • ASP increased from $1,117 to $1,307 (17%) in 2024, with a projected rise to $1,400 (7%) in 2025, driven by payer contracts and policy expansion.

  • Commercial payer coverage is strong in multiple myeloma (~80%), but low in DLBCL (~5%), with ongoing efforts to expand coverage.

  • Medicare pays for four tests per patient, while commercial payers have no such limit; efforts are underway to increase the Medicare bundle and secure recurrence monitoring reimbursement.

  • Total addressable market (TAM) increased by $500 million due to expanded testing opportunities.

False positive rate impact on MRD testing?
EMR integration's impact on repeat ordering?
Immune medicine business: future product potential?
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Frequently asked questions

Adaptive Biotechnologies Corporation operates as a commercial-stage biotechnology company. It provides immunosequencing and immunodiagnostic solutions. Furthermore the company offers research and development, and customer-focused services primarily to academic, government, pharmaceutical, biotechnology, hospital/clinical laboratories, and other companies in the United States and internationally. It operates in two segments, Adaptive Diagnostics and Adaptive Therapeutics. The company's immune system platform analyzes and interprets T cell and B cell receptor sequencing data.

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