Adaptive (ADPT) Q1 2026 Earnings Transcript

Motley Fool Transcribing, The Motley Fool

Wed, May 6, 2026 astatine 8:36 AM CDT 31 min read

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DATE

Tuesday, May 5, 2026, astatine 4:30 p.m. ET

Call participants

• Chief Executive Officer — Chad M. Robins

• Chief Financial Officer — Kyle Piskel

• Chief Commercial Officer — Susan Bobulsky

• Chief Legal Officer — Dave [surname not provided successful transcript]

Full Conference Call Transcript

Chad M. Robins: Thanks, Karina. Good afternoon, and convey you for joining america connected our archetypal 4th net call. As shown connected descent three, we are disconnected to a beardown commencement to the year, with accelerating momentum successful MRD and disciplined execution crossed the company. MRD gross grew 53% twelvemonth implicit year, reflecting broad-based spot crossed some objective and pharma. We besides recognized our archetypal superior endpoint milestone this quarter, a meaningful impervious constituent for MRD's expanding relation successful cause development. clonoSEQ objective volumes accrued 41% twelvemonth implicit year, demonstrating beardown continued adoption. We besides delivered meaningful borderline expansion, with sequencing gross borderline expanding 8 percent points twelvemonth implicit twelvemonth to 70%, driven by standard and operational efficiency.

At the aforesaid time, we maintained beardown fiscal discipline, reducing currency pain and ending the 4th with astir $222 cardinal successful cash. Given the spot we are seeing successful the MRD business, we are raising our full-year MRD gross guidance to a scope of $260 cardinal to $270 million. Kyle is going to supply much item shortly. Let america present crook to descent 4 for a deeper look astatine the MRD business. Our objective concern continues to present beardown growth, with gross up 54% twelvemonth implicit year. clonoSEQ tests reached different quarterly grounds of astir 32,600 successful Q1, up 9% sequentially. Growth was observed successful each reimbursed indications, led by DLBCL astatine implicit 19% maturation versus the anterior quarter.

Importantly, we are seeing mounting traction crossed the cardinal drivers that enactment durable, semipermanent adoption. Blood-based investigating reached 49% of MRD volume. In aggregate myeloma, a traditionally bony marrow–driven indication, the publication of blood-based MRD accrued to 29%, up 8 percent points twelvemonth implicit year. This displacement is intimately linked to enlargement of the assemblage setting, wherever a operation of favorable line updates and implementation of standardized investigating protocols contributed to maturation rates that outpaced the remainder of the business. Community volumes grew 67% twelvemonth implicit twelvemonth and present correspond 35% of full testing. Growth successful the assemblage concern was further supported by our EMR-enabled workflows, which are driving repetition utilization.

Serial monitoring orders disposable to Flatiron-integrated accounts are wide being utilized, and beardown archetypal pull-through rates person further improved with 72% of repetition orders owed being fulfilled. Physician engagement besides continues to expand, with the fig of ordering clinicians increasing 43% twelvemonth implicit twelvemonth to astir 5,000 successful Q1, underscoring progressively wide acceptance of MRD arsenic portion of regular objective management. Finally, we proceed to spot increases successful pricing, with U.S. ASP maturation of 11% twelvemonth implicit twelvemonth to $1,360 per test.