Adaptive Biotechnologies (ADPT) investor relations material

Executive summary

• Q3 revenue was $83.9M, down 11% YoY as lower Immune Medicine revenue after the Genentech agreement ended offset MRD growth; excluding prior-year Genentech revenue, total revenue rose 39%.

• Adjusted EBITDA was positive $14.3M, GAAP net income was $2.8M, and free cash flow was $7.7M; MRD revenue grew 44% excluding milestones.

• Delivered 39,587 clonoSEQ tests, up 46% YoY, and raised FY2026 MRD revenue guidance; NCCN guidance and a new myeloma cure definition support greater MRD testing demand.

Financial highlights

• Total revenue was $83.9M; MRD revenue was $72.6M, up 28% reported and 44% excluding $6.5M of prior-year Q3 milestones.

• Operating expenses, including cost of revenue, were $84.4M, up 1% YoY; operating loss was $0.5M versus operating income of $10.3M.

• Net income was $2.8M versus $9.5M; attributable net income was $2.9M versus $9.5M. Nine-month attributable net loss was $56.9M versus $45.9M, including a $23.7M extinguishment loss.

• Cash, cash equivalents and marketable securities totaled $400.2M, including $13.8M held by Digital Biotechnologies; excluding those funds, the balance was $386.4M.

Outlook and guidance

• FY2026 MRD revenue guidance rose to $276M–$286M from $268M–$278M; midpoint implies 32% YoY growth, or 41% excluding milestones.

• Guidance includes $9M of MRD milestone revenue, all recognized in Q1; no further milestone revenue is assumed for the rest of 2026.

• FY2026 clinical volume growth is expected at ~42%, versus prior guidance of 38%–40%; operating expenses, including cost of revenue, are expected at ~$350M.

• FY2026 pharma sequencing revenue growth is expected at ~25% excluding milestones; no Q4 milestone revenue is currently visible, and timing remains difficult to predict.

• Full-year ASP is expected at ~$1,400 per test; the longer-term target remains $1,700–$1,800, with timing and maintenance bundle size uncertain.