Q2 2026 Adaptive Biotechnologies Corp Earnings Call Transcript
Key Points
- MRD revenue (excluding milestones) grew 49% year-over-year, driven by 43% growth in clinical testing volume and strong pharma sequencing.
- Sequencing gross margin expanded to 72%, up from 64% a year ago, reflecting lower assay costs and operating leverage.
- Clinical testing volume reached over 36,100 clonoSEQ tests, with 11% sequential growth and broad-based gains across all reimbursed indications.
- Blood-based testing exceeded 50% of total clonoSEQ volume for the first time, supporting more frequent testing and community adoption.
- The company raised full-year MRD revenue guidance to $268-$278 million and expects to achieve positive adjusted EBITDA and free cash flow by year-end 2026.
- Immune Medicine revenue was only $5.4 million, up 8% year-over-year, and the segment reported an adjusted EBITDA loss of $6.3 million.
- The company is winding down its research use only pharma services business, which operated around breakeven but was not core to Immune Medicine.
- No milestone revenue was recognized in Q2 2026, compared to $5.5 million in the prior year quarter, highlighting lumpiness in pharma revenue.
- The separation of Immune Medicine is still in process, with the preferred path not expected to be identified until year-end, creating near-term uncertainty.
- GAAP net loss was $39.9 million, including $26.4 million in debt extinguishment and interest expenses related to the retired OrbiMed financing agreement.
Good day and thank you for standing by. Welcome to the Adaptive Biotechnology second quarter earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today. Karina Calzadilla, Head of Investor Relations. Please go ahead.
Thank you, Karina, and good afternoon, everyone. I would like to welcome you to Adaptive Biotechnologies second quarter 2026 earnings conference call. Earlier today, we issued a press release reporting Adaptive financial results for the second quarter. The press release is available at www.adaptivebiotech.com. We are conducting a live webcast of this call and will be referencing to the slide presentation that has been posted in the Investors section in our corporate website.
During the call, management will make projections and other forward-looking
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