Adaptive Biotechnologies (NASDAQ:ADPT) Raises FY2026 MRD Guidance After Q2 Beat

Adaptive Biotechnologies (NASDAQ: ADPT) reported second-quarter 2026 results on Wednesday, July 29, with revenue of $71.6 million rising 22% year-over-year and GAAP EPS of -$0.10 beating the -$0.14 consensus estimate by 26.7%. The company simultaneously raised its full-year 2026 MRD revenue guidance to $268 million to $278 million, up from the prior range of $260 million to $270 million.

Q2 2026 Results

• Total revenue: $71.6 million, up 22% from $58.7 million in Q2 2025; excluding Genentech Agreement revenue (which contributed nothing in the current quarter), the increase was 30% year-over-year.
• MRD revenue: $66.2 million, up 33% year-over-year, representing 92% of total revenue.
• clonoSEQ test volume: 36,111 tests delivered in Q2 2026, up 43% versus Q2 2025.
• Adjusted EBITDA (non-GAAP): a loss of $0.7 million, compared to a loss of $7.2 million in Q2 2025, a meaningful improvement.
• GAAP net loss: $39.9 million, wider than the $25.6 million loss in Q2 2025, driven by a one-time loss on the settlement of the OrbiMed Purchase Agreement; excluding that charge, net loss was $16.2 million.

What Drove the Results

GAAP EPS of -$0.10 beat the consensus estimate of -$0.14. The widening GAAP net loss versus the prior year is attributable entirely to a one-time $23.7 million loss recognized on the settlement of the OrbiMed Purchase Agreement, which the company repaid using proceeds from a $345 million zero-coupon convertible senior notes offering completed during the quarter. Excluding that charge, net loss narrowed to $16.2 million from $29.5 million in the comparable prior-year period (also adjusted to exclude Genentech Agreement revenue).

Operating expenses rose a modest 4% year-over-year to $87.3 million from $83.9 million, while the Adjusted EBITDA improvement from -$7.2 million to -$0.7 million reflects the underlying operating leverage in the MRD business. Immune Medicine revenue fell 40% year-over-year to $5.4 million, though excluding the Genentech Agreement, the segment grew 8%. The company announced plans to pursue a separation of its MRD and Immune Medicine businesses, and Chief Scientific Officer Harlan Robins is transitioning to a strategic consulting role focused on key MRD research and the separation process.

The convertible notes offering also reinforced the balance sheet: cash, cash equivalents, and marketable securities stood at $371.7 million as of June 30, 2026, including $15.1 million held by Digital Biotechnologies, Inc.

Updated 2026 Guidance

Adaptive raised full-year 2026 MRD revenue guidance to $268 million to $278 million, up from $260 million to $270 million, implying annual MRD growth of 26% to 31%. The company also tightened its full-year total operating expense outlook to $350 million to $355 million from the prior range of $350 million to $360 million. No revenue guidance was provided for the Immune Medicine segment.

Wall Street View

Wall Street maintained a broadly constructive stance on ADPT heading into the print, with the most recent consensus reflecting twelve Buy-equivalent ratings against two Hold ratings and no Sell recommendations as of July 1, 2026. The combination of the MRD guidance raise and a tightening expense range is likely to reinforce that posture.

Investor Takeaway

The operative story in Q2 is the underlying MRD momentum: 33% revenue growth, 43% clonoSEQ volume growth, and Adjusted EBITDA approaching breakeven at -$0.7 million all point to a business where operating leverage is materializing. The announced separation of the Immune Medicine business, combined with a strengthened balance sheet of $371.7 million, creates the financial runway to execute that strategic realignment. Investors watching the MRD trajectory now have a higher guidance floor of $268 million as a reference point for the remainder of 2026.