Adaptive Biotechnologies Q3 revenue falls 11% but beats estimates

Overview

• U.S. biotech firm's Q3 revenue fell 11% yr/yr but beat analyst expectations

• Q3 adjusted EBITDA beat analyst expectations

• Company achieved total profitability ahead of plan

Outlook

• Adaptive Biotechnologies raises 2026 MRD revenue guidance to $276 mln-$286 mln

• Company expects 2026 operating expenses to be about $350 mln, down from prior $350 mln-$355 mln

• Company says new multiple myeloma guidelines expected to drive demand for MRD testing

Result Drivers

• MRD GROWTH - Co said core MRD revenue rose 44% yr/yr excluding milestones, supporting overall results

• clonoSEQ TEST VOLUME - Co reported 46% yr/yr increase in clonoSEQ test volume in Q3

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "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 Corporation is $31.00, about 20.2% above its November 3 closing price of $25.80

Reuters Recommended Reads

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• Nov 2 - Vertex Pharmaceuticals' Q3 revenue slightly beats estimates, outlook raised

• Nov 3 - Amgen Q3 revenue beats expectations on higher volumes

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)