Adaptive Biotechnologies (ADPT) Q2 2026 earnings summary

Executive summary

• Achieved strong Q2 2026 results with revenue of $71.6M, up 22%–30% year-over-year, driven by robust MRD performance and strategic actions to unlock shareholder value.

• MRD business delivered one of its strongest quarters, with revenue (excluding milestones) up 49% year-over-year and clinical testing volume up 43%.

• Announced and advanced the separation of MRD and Immune Medicine businesses, with Morgan Stanley retained as advisor and preferred path expected by year-end.

• Completed a $340M–$345M zero-coupon convertible note offering, retiring the OrbiMed agreement, repurchasing shares, and increasing financial flexibility.

• Leadership transition: Chief Scientific Officer moved to a consulting role to support MRD R&D and business separation.

Financial highlights

• Q2 2026 revenue was $71.6M, up 22%–30% year-over-year; MRD revenue reached $66.2M, up 33%, and Immune Medicine revenue was $5.4M, down 40%.

• Sequencing gross margin rose to 72% from 64% a year ago, driven by lower assay costs and operating leverage.

• Adjusted EBITDA for MRD was $9.1M, up from $1.9M a year ago; total company adjusted EBITDA loss was $0.7M, improved from $7.2M loss year-over-year.

• Net loss for Q2 was $39.9M, including $26.4M in debt extinguishment and interest expense; net loss per share was $(0.25).

• Cash, cash equivalents, and marketable securities totaled $371.7M as of June 30, 2026.

Outlook and guidance

• Raised full-year 2026 MRD revenue guidance to $268M–$278M, up from prior $260M–$270M.

• Clinical volume growth guidance increased to 38%–40% year-over-year.

• Operating expense guidance narrowed to $350M–$355M.

• On track to achieve positive adjusted EBITDA and free cash flow for the entire company by end of 2026.

• Existing cash expected to fund operations for at least the next 12 months.