Adaptive Biotechnologies Corporation (ADPT) News & EventsADPTAdaptive Biotechnologies Corporation

Craig-Hallum: Proposed 2027 Clinical Lab Fee Schedule May Impact Gene Tech Firms

Craig-Hallum notes CMS has published the Proposed 2027 Clinical Laboratory Fee Schedule, which sets Medicare rates for many lab tests. While the impact on most of the companies in the firm's coverage should be immaterial to minimally negative, there could be some confusion this morning as investors sort through which codes are actually used by the various players, it says. In Craig-Hallum's estimation, the potential for confusion may be greatest around Adaptive Biotechnologies (ADPT), Myriad Genetics (MYGN), and GeneDx (WGS) as certain codes used by these companies are proposed to be cut by as much as 15% in 2027, with the potential for additional cuts in future years. The firm does not expect these cuts to have a significant impact on Adaptive or Myriad. It sees, however, slightly greater risk to GeneDx over time.

Adaptive Biotechnologies Updates MRD Guidelines for Multiple Myeloma

Adaptive Biotechnologies highlighted updates to the National Comprehensive Cancer Network Clinical Practice Guidelines in Oncology for Multiple Myeloma that further establish highly sensitive minimal residual disease assessment as a tool in myeloma care. For the first time, NCCN Guidelines include a dedicated page that outlines Principles of MRD Testing, underscoring the importance of MRD testing in modern myeloma management. The new page, MYEL-E, gives clinicians a clearer, more consistent approach to using MRD testing in patients. The update builds on years of clinical evidence demonstrating that MRD negativity is associated with longer progression-free survival and overall survival. By bringing MRD testing recommendations together in one place, the updated guidelines may help support more informed conversations between patients and their care teams about disease status, treatment decisions, and ongoing monitoring. Significant additions to the NCCN MRD recommendations include: Bone marrow-based MRD assessment is recommended using next-generation sequencing with an FDA-approved assay such as clonoSEQ or multicolor flow cytometry. Notably, clonoSEQ is the only assay specifically named in the NCCN Guidelines. 10-6 is stated as the preferred sensitivity for MRD testing due to its higher prognostic value, with 10-5 described as the minimum recommended sensitivity. Recommended timepoints for MRD assessment have been expanded to include annual testing during maintenance, and after later lines of therapy including after CAR T-cell therapy, reinforcing the role of MRD as a longitudinal measure of disease status. Most importantly, the updated guidelines reflect the growing clinical utility of MRD assessment in helping clinicians evaluate response to therapy and personalize treatment decisions. The guidelines note that MRD negativity and sustained MRD negativity can help guide treatment escalation, de-escalation, and maintenance therapy as part of a shared decision-making process with patients. Conversely, rising MRD positivity may prompt, at a minimum, closer monitoring and clinical evaluation.

No Revenue Guidance Provided for Immune Medicine Business

No revenue guidance was provided for the Immune Medicine business. The company expects FY26 total company operating expenses, including cost of revenue, to be between $350M-$355M, updated from the previous range between $350M-$360M.