Overview

• U.S. biotechnology firm's Q1 revenue rose 35% yr/yr, beating analyst expectations

• Q1 adjusted EBITDA loss narrowed

• Company raised full-year MRD revenue guidance on accelerating adoption

Outlook

• Adaptive Biotechnologies raises 2026 MRD revenue guidance to $260 mln-$270 mln

• Company expects 2026 total operating expenses of $350 mln-$360 mln

• No revenue guidance provided for Immune Medicine business

Result Drivers

• MRD GROWTH - MRD business revenue grew 53% yr/yr, driven by increased adoption in clinical testing and drug development

• TEST VOLUME INCREASE - clonoSEQ test volume rose 41% yr/yr to 32,595 tests delivered

• MILESTONE REVENUE - Recognized $9.0 mln in MRD pharma regulatory milestone revenue, the first U.S. primary endpoint milestone

Company press release: ID:nGNXb5CYNV

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$70.87 mln	$60.85 mln (7 Analysts)
Q1 EPS		-$0.13
Q1 Net Income		-$20.02 mln
Q1 Adjusted EBITDA	Beat	-$2.50 mln	-$6.55 mln (5 Analysts)
Q1 Operating Expenses		$90.08 mln
Q1 Operating Income		-$19.21 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Adaptive Biotechnologies Corp is $21.00, about 44.8% above its May 4 closing price of $14.50

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