Adaptive Raised MRD Outlook as Test Volumes Climbed
Second-quarter revenue reached $71.6 million as Adaptive lifted its full-year MRD forecast.
Adaptive Biotechnologies (ADPT), the biotechnology company, raised its 2026 MRD revenue outlook after second-quarter clonoSEQ test volume climbed 43% from a year earlier.
The company also announced plans to separate its MRD and Immune Medicine businesses, adding a strategic shift to a quarter in which rapid test-volume growth contrasted with moderating revenue growth.
Revenue rose 22% from a year earlier and about 1% sequentially. Annual growth slowed from 35% in the first quarter and 51% in the fourth quarter of 2025. Excluding Genentech revenue, growth eased to 30% from 45% and 63% in those respective periods.
MRD revenue increased 33% from a year earlier to $66.2 million, while slipping about 1% from the first quarter. The business accounted for 92% of total revenue, compared with 95% in the preceding quarter. clonoSEQ volume reached 36,111 tests, up about 11% sequentially, as annual volume growth accelerated slightly from the first quarter.
Immune Medicine revenue rose about 42% sequentially to $5.4 million, and its year-over-year decline moderated to 40% from 57% in the first quarter. Excluding Genentech, the segment returned to 8% annual growth after contracting 26% in the prior period.
Operating expenses fell about 3% sequentially to $87.3 million, while the adjusted EBITDA loss narrowed to $0.7 million from $2.5 million. The GAAP net loss widened to $39.9 million after a $23.7 million loss tied to extinguishing the OrbiMed revenue-interest liability; excluding that charge, the net loss was $16.2 million.
Adaptive now expects 2026 MRD revenue of $268 million to $278 million, an $8 million increase at each end of its previous range and an implied growth rate of 26% to 31%. The company narrowed its operating-expense forecast to $350 million to $355 million, cutting the upper end by $5 million.
Cash, cash equivalents and marketable securities rose to $371.7 million at June 30 from $237.2 million at March 31 after Adaptive completed a $345 million zero-coupon convertible-notes offering and repaid the OrbiMed agreement, leaving the company with a larger cash position as it prepared to separate the two businesses.