(ADPT) Adaptive Biotechnologies - Overview
Sector: Healthcare | Industry: Diagnostics & Research | Exchange: NASDAQ (USA) | Market Cap: 2.221m USD | Total Return: 54.6% in 12m
Avg Turnover: 18.7M
Qual. Beats: 0
Rev. Trend: 80.9%
Qual. Beats: 5
Warnings
Interest Coverage Ratio -3.3 is critical
Altman Z'' -11.93 < 1.0 - financial distress zone
Choppy
Tailwinds
No distinct edge detected
Adaptive Biotechnologies Corporation is a commercial-stage life sciences entity focused on decoding the adaptive immune system. The company leverages an immune medicine platform that integrates proprietary chemistry, computational biology, and machine learning to translate complex immunomics data into clinical applications. Its primary commercial product, clonoSEQ, is an FDA-cleared diagnostic used to detect and monitor Minimal Residual Disease (MRD) in patients with specific blood cancers.
The company operates within the Life Sciences Tools & Services sector, a field characterized by high research and development costs and a heavy reliance on intellectual property protections. Adaptive’s business model spans the full healthcare continuum, generating revenue through clinical diagnostic testing, life sciences research services, and strategic partnerships for drug discovery. This multi-channel approach allows the company to monetize its sequencing technology across both patient care and pharmaceutical development pipelines.
Investors looking for deeper technical analysis and valuation metrics should consult ValueRay for further insights. Adaptive Biotechnologies remains headquartered in Seattle, Washington, maintaining its focus on expanding the utility of immunosequencing in precision medicine.
- clonoSEQ volume growth in MRD monitoring market drives recurring diagnostic revenue
- Strategic alternatives review for immune medicine business impacts long-term valuation
- Operating expense reductions and path to profitability influence investor sentiment
- Expansion of clinical data utility for blood cancers accelerates test adoption
- Biopharmaceutical partnership revenue fluctuations affect quarterly financial stability and cash runway
| Net Income: -49.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.03 > 0.02 and ΔFCF/TA 17.87 > 1.0 |
| NWC/Revenue: 69.33% < 20% (prev 89.00%; Δ -19.67% < -1%) |
| CFO/TA -0.05 > 3% & CFO -27.0m > Net Income -49.7m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 3.35 > 1.5 & < 3 |
| Outstanding Shares: last quarter (155.5m) vs 12m ago 4.24% < -2% |
| Gross Margin: 75.26% > 18% (prev 0.63%; Δ 7.46k% > 0.5%) |
| Asset Turnover: 58.11% > 50% (prev 37.10%; Δ 21.01% > 0%) |
| Interest Coverage Ratio: -3.31 > 6 (EBITDA TTM -22.0m / Interest Expense TTM 11.8m) |
| A: 0.40 (Total Current Assets 291.8m - Total Current Liabilities 87.0m) / Total Assets 505.9m |
| B: -2.73 (Retained Earnings -1.38b / Total Assets 505.9m) |
| C: -0.08 (EBIT TTM -39.0m / Avg Total Assets 508.4m) |
| D: -4.91 (Book Value of Equity -1.38b / Total Liabilities 281.7m) |
| Altman-Z'' = -11.93 = D |
| DSRI: 0.71 (Receivables 48.3m/43.6m, Revenue 295.4m/189.5m) |
| GMI: 0.83 (GM 75.26% / 62.53%) |
| AQI: 0.87 (AQ_t 0.28 / AQ_t-1 0.32) |
| SGI: 1.56 (Revenue 295.4m / 189.5m) |
| TATA: -0.04 (NI -49.7m - CFO -27.0m) / TA 505.9m) |
| Beneish M = -3.14 (Cap -4..+1) = AA |
As of May 27, 2026, the stock is trading at USD 14.13 with a total of 904,526 shares traded.
Over the past week, the price has changed by +11.17%,
over one month by -0.56%,
over three months by -14.16% and
over the past year by +54.60%.
Adaptive Biotechnologies has received a consensus analysts rating of 4.25. Therefore, it is recommended to buy ADPT.
- StrongBuy: 3
- Buy: 4
- Hold: 1
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 20.1 | 42.5% |
P/S = 7.5198
P/B = 10.2682
Revenue TTM = 295.4m USD
EBIT TTM = -39.0m USD
EBITDA TTM = -22.0m USD
Long Term Debt = 193.9m USD (estimated: total debt 208.2m - short term 14.3m)
Short Term Debt = 14.3m USD (from shortTermDebt, last quarter)
Debt = 285.8m USD (from shortLongTermDebtTotal, last quarter) + Leases 77.6m
Net Debt = 67.5m USD (calculated: Debt 285.8m - CCE 218.3m)
Enterprise Value = 2.29b USD (2.22b + Debt 285.8m - CCE 218.3m)
Interest Coverage Ratio = -3.31 (Ebit TTM -39.0m / Interest Expense TTM 11.8m)
EV/FCF = 142.5x (Enterprise Value 2.29b / FCF TTM 16.1m)
FCF Yield = 0.70% (FCF TTM 16.1m / Enterprise Value 2.29b)
FCF Margin = 5.44% (FCF TTM 16.1m / Revenue TTM 295.4m)
Net Margin = -16.82% (Net Income TTM -49.7m / Revenue TTM 295.4m)
Gross Margin = 75.26% ((Revenue TTM 295.4m - Cost of Revenue TTM 73.1m) / Revenue TTM)
Gross Margin QoQ = 73.60% (prev 74.58%)
Tobins Q-Ratio = 4.52 (Enterprise Value 2.29b / Total Assets 505.9m)
Interest Expense / Debt = 4.12% (Interest Expense 11.8m / Debt 285.8m)
Taxrate = 21.0% (US default 21%)
NOPAT = -30.8m (EBIT -39.0m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 3.02 (Total Current Assets 291.8m / Total Current Liabilities 96.6m)
Debt / Equity = 1.32 (Debt 285.8m / totalStockholderEquity, last quarter 216.3m)
Debt / EBITDA = -3.06 (negative EBITDA) (Net Debt 67.5m / EBITDA -22.0m)
Debt / FCF = 4.20 (Net Debt 67.5m / FCF TTM 16.1m)
Total Stockholder Equity = 204.8m (last 4 quarters mean from totalStockholderEquity)
RoA = -9.77% (Net Income -49.7m / Total Assets 505.9m)
RoE = -3.13% (Net Income TTM -49.7m / Total Stockholder Equity 1.59b)
RoCE = -2.19% (EBIT -39.0m / Capital Employed (Equity 1.59b + L.T.Debt 193.9m))
RoIC = -14.32% (negative operating profit) (NOPAT -30.8m / Invested Capital 214.9m)
WACC = 9.92% (E(2.22b)/V(2.51b) * Re(10.78%) + D(285.8m)/V(2.51b) * Rd(4.12%) * (1-Tc(0.21)))
Discount Rate = 10.78% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 82.22 | Cagr: 3.19%
[DCF] Terminal Value 70.13% ; FCFF base≈16.1m ; Y1≈16.1m ; Y5≈17.1m
[DCF] Fair Price = 0.89 (EV 209.7m - Net Debt 67.5m = Equity 142.2m / Shares 160.0m; r=9.92% [WACC]; 5y FCF grow 0.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.58 | # QB: 0
Revenue Correlation: 80.94 | Revenue CAGR: 19.45% | SUE: 1.14 | # QB: 5
EPS current Quarter (2026-06-30): EPS=-0.14 | Chg30d=-2.98% | Revisions=-20% | Analysts=7
EPS next Quarter (2026-09-30): EPS=-0.11 | Chg30d=-3.09% | Revisions=-20% | Analysts=7
EPS current Year (2026-12-31): EPS=-0.46 | Chg30d=+4.12% | Revisions=-20% | GrowthEPS=-18.0% | GrowthRev=+3.6%
EPS next Year (2027-12-31): EPS=-0.26 | Chg30d=+4.28% | Revisions=-20% | GrowthEPS=+44.1% | GrowthRev=+22.5%
[Analyst] Revisions Ratio: -20%