Key Highlights

  • Revenue of USD 83.9 million compares with an estimate of USD 71.57 million and USD 93.97 million a year earlier.
  • EPS was USD 0.02 against an estimate of a USD 0.09 loss and USD 0.06 a year ago.
  • clonoSEQ tests delivered reached 39,587, a 46% increase from 27,111, and MRD Revenue was USD 72.57 million.
  • Cash, cash equivalents and marketable securities were USD 400.2 million at September 30, against USD 240.2 million at December 31.

Can a diagnostics Business post a profit in a quarter when collaboration revenue from a major agreement has ended? Adaptive Biotechnologies Corporation (NASDAQ:ADPT) did, reporting third quarter revenue of USD 83.9 million against an estimate of USD 71.57 million and USD 93.97 million a year earlier. EPS was USD 0.02, against an estimate of a USD 0.09 loss. Net Income attributable to the company was USD 2.9 million, against USD 9.5 million in the same quarter of 2025.

clonoSEQ Volume Carries the MRD Business

MRD revenue was USD 72.57 million against USD 56.79 million, a 28% increase. Service revenue was USD 72.57 million against USD 50.29 million, and the prior-year quarter also included USD 6.5 million of regulatory milestone revenue. The company tied the increase mainly to USD 17.8 million more revenue from providing clonoSEQ to clinical customers and USD 6.5 million more from MRD sample testing for biopharmaceutical customers.

Tests delivered were 39,587 against 27,111 a year earlier, up 46%. MRD adjusted EBITDA, a non-GAAP measure, was USD 15.12 million against USD 6.97 million. The company also described a Medicare Clinical Laboratory Fee Schedule rate of USD 2,007 per clonoSEQ test.

Immune Medicine After the Genentech Agreement

Immune Medicine revenue was USD 11.34 million against USD 37.19 million. The company explained that USD 33.7 million of revenue from the Genentech agreement did not recur after that agreement ended in August 2025, partly offset by a USD 9.0 million increase from a target discovery agreement. Segment adjusted EBITDA was USD 3.24 million against USD 24.11 million.

In June 2026 the company announced plans to pursue a separation of its MRD and Immune Medicine businesses, which remains ongoing. In July 2026 it decided to wind down its research-use-only TCR sequencing offering, so that Immune Medicine can focus on its TCR-antigen dataset, digital models and an autoimmune target discovery platform.

Costs, Notes and the Balance Sheet

Cost of revenue was USD 19.93 million against USD 18.16 million. Research and Development expense was USD 18.64 million against USD 23.67 million, sales and Marketing expense was USD 26.90 million against USD 23.47 million, and general and administrative expense was USD 18.46 million against USD 17.96 million. Interest expense was USD 0.50 million against USD 2.97 million, which the company linked to the early settlement of its revenue interest liability.

In June 2026 the company issued USD 345.0 million of 0% convertible senior notes due 2031. Net proceeds were USD 127.3 million after costs to extinguish the revenue interest liability, capped call fees and the repurchase of 1,451,800 shares of common stock. Cash, cash equivalents and marketable securities were USD 400.2 million, including USD 13.8 million held by Digital Biotechnologies, Inc. Over nine months, cash used in operations was USD 6.3 million against USD 48.0 million, and the net loss attributable to the company was USD 56.9 million, or USD 0.36 per share, including a USD 23.7 million loss on extinguishing the revenue interest liability.

Data Points to Watch

Third quarter revenue of USD 83.9 million sits alongside 39,587 clonoSEQ tests, USD 400.2 million of cash and securities, and USD 345.0 million of convertible notes principal.

Management said existing cash and securities fund operating expenses and Capital needs for at least the next 12 months, with funds directed mainly to commercial and assay development work for clonoSEQ. The separation of the MRD and Immune Medicine businesses is ongoing, and no completion date has been given. The wind down of the TCR sequencing service, announced in July 2026, is also a stated item.