Adaptive Biotechnologies (ADPT) 46th Annual William Blair Growth Stock Conference summary

Company Overview and Business Units

• Operates two business units: MRD diagnostics for blood cancers and Immune Medicine focused on immune receptor data analytics and discovery.

• Achieved $277 million in revenue by end of 2025, with a strong cash position of $222 million as of March 2026.

• Employs over 610 people, has 430+ patents issued, and has been public since 2019.

MRD Business Performance and Growth Drivers

• clonoSEQ is the gold standard in MRD testing, FDA-cleared for lymphoid cancers, with payer coverage exceeding 300 million lives and used in over 160 active pharma trials.

• MRD revenue reached $212 million in 2025, with a 34% CAGR from 2021–2025, and clinical revenue growing at 53% CAGR.

• Test volumes grew at a 42% CAGR from 2021–2026E, with 49% of MRD tests in blood in Q1 2026 and increasing community setting adoption.

• Gross margins improved due to lab efficiencies and NovaSeq sequencer adoption, with sequencing gross margin expected to exceed 70% in 2026.

• Key growth drivers: blood-based testing, community expansion, guideline inclusion, data generation, and EMR integration.

Market Penetration and Clinical Adoption

• Over 100,000 patients have used clonoSEQ; more than 50% of U.S. hem-oncs order the test.

• Community setting represents 35% of total testing, up from 29% a year ago.

• Ordering clinicians grew 43% year-over-year to 5,000 in Q1.

• EMR integrations in over 180 accounts, lowering friction and increasing repeat usage.

• Penetration remains under 35% in ALL and under 16% in other indications, indicating significant growth potential.