Adaptive Biotechnologies (NASDAQ:ADPT) Posts Earnings Results, Beats Expectations By $0.12 EPS

Adaptive Biotechnologies (NASDAQ:ADPT) posted its quarterly earnings data on Wednesday. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.12, FiscalAI reports. The business had revenue of $83.90 million during the quarter, compared to analysts’ expectations of $71.57 million. Adaptive Biotechnologies had a negative return on equity of 23.95% and a negative net margin of 23.67%. The business’s revenue was down 10.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.06 earnings per share.

Here are the key takeaways from Adaptive Biotechnologies’ conference call:

• Adaptive reported Q3 revenue of $83.9 million, up 39%, and MRD revenue growth of 44% excluding prior-year milestones. It generated $14.3 million in adjusted EBITDA and $8 million in free cash flow, and raised its 2026 MRD revenue guidance to $276 million–$286 million.
• Clinical testing volume grew 46% year over year to nearly 40,000 clonoSEQ tests, with growth across reimbursed indications. Blood-based and community testing also expanded; management said updated myeloma guidelines and a new definition of cure could further support adoption, though those benefits remain prospective.
• MRD pharma sequencing revenue grew 55% year over year excluding milestones, while the study portfolio reached 191 active studies and backlog rose 34% to about $270 million. Management expects approximately 25% full-year pharma sequencing growth, but noted that quarterly revenue and milestone timing can be lumpy.
• More frequent Medicare testing beyond the existing four-test episode bundle pressured realized ASP, particularly in multiple myeloma. Adaptive has submitted for an additional maintenance-testing bundle and is in discussions with MolDX, but the timing and terms of any expanded coverage are uncertain; the company also said it does not expect full-year GAAP net income or positive EPS.
• Adaptive said it remains on track to announce a path forward for separating its Immune Medicine business by year end. The segment recognized a Pfizer milestone after delivering rheumatoid arthritis data, but management did not provide details on the separation outcome.

Adaptive Biotechnologies Stock Up 4.3%

Shares of ADPT opened at $27.98 on Monday. The firm has a market cap of $4.53 billion, a P/E ratio of -62.18 and a beta of 2.18. The company has a current ratio of 3.97, a quick ratio of 3.87 and a debt-to-equity ratio of 1.82. Adaptive Biotechnologies has a 12-month low of $12.00 and a 12-month high of $30.74. The company’s 50-day moving average price is $26.42 and its 200 day moving average price is $19.86.

Insider Activity

In related news, Director Robert Hershberg sold 30,664 shares of the business’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $24.40, for a total value of $748,201.60. Following the transaction, the director owned 46,683 shares in the company, valued at $1,139,065.20. The trade was a 39.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Peter Neupert sold 124,690 shares of the company’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $25.15, for a total value of $3,135,953.50. Following the sale, the director directly owned 130,625 shares of the company’s stock, valued at approximately $3,285,218.75. This represents a 48.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 1,059,644 shares of company stock valued at $27,046,836. Insiders own 5.70% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on ADPT shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adaptive Biotechnologies in a report on Thursday, October 15th. TD Cowen boosted their price objective on Adaptive Biotechnologies from $28.00 to $32.00 and gave the stock a “buy” rating in a research note on Tuesday, October 13th. The Goldman Sachs Group assumed coverage on Adaptive Biotechnologies in a report on Tuesday, September 29th. They issued a “buy” rating and a $35.00 target price for the company. Guggenheim raised their target price on Adaptive Biotechnologies from $25.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, October 1st. Finally, National Bank Financial set a $34.00 price target on Adaptive Biotechnologies in a report on Tuesday, September 22nd. Six analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $30.06.

About Adaptive Biotechnologies

Adaptive Biotechnologies is a biotechnology company focused on using the human immune system to diagnose and treat disease. Based in Seattle, Washington, the company develops technologies that sequence and analyze immune cells and their receptors, generating data for clinical testing, research and drug development.

Its products include immunoSEQ, a platform used by researchers and biopharmaceutical companies to study immune responses, and clonoSEQ, a clinical test that detects and monitors minimal residual disease in certain blood cancers.