Adaptive Biotechnologies Corporation (ADPT): PESTLE Analysis [Nov-2025 Updated]

You're looking at Adaptive Biotechnologies Corporation (ADPT) and trying to price the risk on their immune-repertoire sequencing platform. The core challenge isn't the science; it's the external environment. We're seeing a severe payer pushback on high-cost diagnostics, plus the US Food and Drug Administration (FDA) is increasing scrutiny on Laboratory Developed Tests (LDTs), creating a real reimbursement headwind. Still, the market pull for personalized medicine, especially minimal residual disease (MRD) testing, is strong, but rapid advancements in Next-Generation Sequencing (NGS) are driving down costs by nearly 20% annually, which pressures ADPT's pricing model. To be fair, ADPT's future hinges on navigating this tightrope between regulatory complexity and intense technological deflation.

Adaptive Biotechnologies Corporation (ADPT) - PESTLE Analysis: Political factors

You're operating Adaptive Biotechnologies Corporation, a company whose core value relies on highly specialized, novel diagnostic tests. In this space, political decisions-specifically regulatory and reimbursement policy-don't just affect margins; they dictate market access. The good news is the immediate threat of heavy federal regulation on your core assays has been neutralized in 2025, but the long-term uncertainty still requires a clear strategy.

Increased US Food and Drug Administration (FDA) scrutiny on Laboratory Developed Tests (LDTs) creates regulatory uncertainty for new assays.

The biggest political risk for new diagnostic assays, specifically Laboratory Developed Tests (LDTs) like some of Adaptive Biotechnologies' offerings, was the FDA's move to regulate them as medical devices. However, this risk was largely mitigated in 2025. On March 31, 2025, a U.S. District Court vacated the FDA's Final Rule on LDTs, ruling the agency exceeded its statutory authority. The FDA formally rescinded the rule on September 19, 2025, restoring the previous status quo where LDTs are primarily regulated by the Centers for Medicare & Medicaid Services (CMS) under the Clinical Laboratory Improvement Amendments (CLIA).

This court decision is a significant, near-term win, removing the immediate and costly requirement for premarket review and compliance with medical device reporting (MDR) that would have been phased in by May 2025. Still, the underlying political issue remains. Congress has yet to pass a comprehensive legislative solution like the Verifying Accurate Leading-edge IVCT (In Vitro Clinical Treatment) Development (VALID) Act, meaning the regulatory framework for diagnostics is still a political football. You need to be defintely prepared for future legislative or administrative attempts to increase oversight, even if the current crisis has passed.

Shifting Centers for Medicare & Medicaid Services (CMS) policies directly impact reimbursement for clonoSEQ and future MRD tests.

Reimbursement is the lifeblood of a diagnostics company, and CMS policy changes are the single most important factor. The political process of setting the price for novel tests like clonoSEQ is slow, but the 2025 outcome was favorable. Effective January 1, 2025, the new Medicare Clinical Laboratory Fee Schedule (CLFS) rate for the clonoSEQ test (PLA 0364U) was finalized at $2,007 through the gapfill process.

This finalized rate provides essential pricing clarity, which is crucial for driving broader adoption by private payers who often use Medicare's CLFS as a benchmark. Furthermore, the MolDX program, which governs coverage for molecular diagnostics, updated the clonoSEQ episode pricing to $8,029, aligning with the new CLFS rate across all covered indications, including multiple myeloma and chronic lymphocytic leukemia. This is a clear, positive signal on the test's clinical and economic value.

Government funding priorities for cancer Moonshot initiatives can accelerate or slow ADPT's research partnerships.

The Biden Administration's renewed commitment to the Cancer Moonshot initiative presents a significant political opportunity for Adaptive Biotechnologies. The federal fiscal year (FY) 2025 budget proposal includes mandatory funding of $1.5 billion for the Moonshot initiative across key agencies. This funding directly supports research, prevention, diagnosis, and treatment efforts, which is your sweet spot.

Specifically, the Advanced Research Projects Agency for Health (ARPA-H), a key component of the Moonshot, launched the ADvanced Analysis for Precision cancer Therapy (ADAPT) program. This program is designed to develop cutting-edge technologies to monitor changes in tumor biology, including building and testing sophisticated biomarkers in near real-time. This focus on real-time biomarker discovery and monitoring is perfectly aligned with your Minimal Residual Disease (MRD) testing and T-cell receptor sequencing platforms. Here's the quick math: a government-backed program with billions in funding focused on your core technology accelerates your research and commercialization timeline dramatically.

Trade tensions affect the global supply chain for sequencing reagents, increasing operational risk.

While the focus is often on policy, global trade politics directly impact your cost of goods sold (COGS). Renewed US trade tensions, particularly with China, have led to sweeping new tariffs on medical and scientific imports throughout 2025. This increases operational risk and cost. For example, a consolidated tariff of 55% on Chinese imports came into effect on June 11, 2025, replacing a temporary 30% rate.

The increased cost pressure is compounded by geopolitical volatility. The surge in Brent crude prices to approximately ~$74/barrel in June 2025, up 16.9% month-over-month, is expected to reintroduce inflationary pressure on polymer feedstocks critical for single-use bioprocessing systems and lab reagent packaging. For a company relying on next-generation sequencing (NGS) reagents, this means:

• Higher procurement costs for reagents and labware.
• Increased need for larger inventory buffers to mitigate stockouts.
• Pressure on gross margins unless price increases are passed to payers.

You need to move from reactive purchasing to proactive, multi-source supply chain planning. Finance: draft a 13-week cash view by Friday, incorporating a 15% stress-test on reagent COGS.

Adaptive Biotechnologies Corporation (ADPT) - PESTLE Analysis: Economic factors

Payer pushback on coverage for novel, high-cost genomic diagnostics remains a primary hurdle to revenue growth.

You're watching Adaptive Biotechnologies Corporation's (ADPT) revenue climb, which is great, but you also know the core risk: getting payers to consistently cover a high-cost genomic test like clonoSEQ. The good news is that the Minimal Residual Disease (MRD) business is on a tear, with full-year 2025 revenue guidance raised to between $202 million and $207 million, implying a strong annual growth of 39% to 42%.

The success here is about moving past the payer hurdle by generating undeniable clinical data. For example, clonoSEQ test volume in the third quarter of 2025 grew 38% to 27,111 tests delivered, and the company received expanded Medicare coverage for recurrence monitoring in mantle cell lymphoma.

Here's the quick math on where the revenue is coming from:

The MRD segment is now a profitable, scaling business. But still, macro-economic pressures could defintely affect future payer coverage and reimbursement rates, so you must keep watching the average selling price (ASP) trends.

High interest rates increase the cost of capital, making it more expensive to fund R&D for new product launches.

The lingering high-interest-rate environment in the US makes R&D funding more costly, especially for a biotech company that is still burning cash overall. While the Federal Reserve has eased the federal funds rate by a cumulative 100 basis points (1%) since its 2023 peak, rates are still high compared to the 2020-2021 period.

This reality forces Adaptive Biotechnologies to be highly disciplined with its cash. For Q3 2025, the company reported an interest expense of $3.0 million from its revenue interest purchase agreement, which was actually $700,000 higher than its net interest and other income of $2.2 million.

When business loan rates are sitting around 7% to 9% in many sectors, every dollar of the full-year 2025 total company operating expenses guidance of $335 million to $340 million is under scrutiny. They are managing this by narrowing their full-year cash burn guidance to a range of $45 million to $50 million, a clear signal of operational discipline.

Hospital and lab budget tightening due to broader economic uncertainty could slow adoption of new testing platforms.

Economic uncertainty causes hospitals and labs to tighten their budgets, making them slow to adopt new, high-cost platforms. This is a real headwind for clonoSEQ adoption. To counter this, Adaptive Biotechnologies is focusing on making the test easier and cheaper to integrate, which is a smart move.

The strategy is to embed the test into the existing workflow via Electronic Medical Record (EMR) integration. They have integrated clonoSEQ into 33 accounts, and their goal is to have approximately 50% of clonoSEQ orders originating from EMR-integrated sites by year-end 2025.

This integration is critical because it reduces the administrative friction that budget-conscious labs dislike. They are also improving gross margins, which helps them absorb any pricing pressure from labs. Operational improvements, like transitioning to the NovaSeq X Plus instrument, are expected to enhance margins by 5% to 8% over the next year.

Successful execution of partnerships, like the one with Microsoft, is crucial for diversifying the revenue stream beyond the core diagnostics business.

The long-term economic stability of Adaptive Biotechnologies hinges on diversifying beyond the MRD diagnostics business. The partnership with Microsoft, focused on using AI and machine learning to create a universal blood test (TCR-Antigen Map), is the key strategic play here.

To be fair, the Immune Medicine segment, which houses this collaboration, is still a long-term R&D investment, not a major revenue driver yet. In Q3 2025, Immune Medicine revenue (excluding the one-time, non-cash Genentech termination revenue of $33.7 million) was only $3.4 million.

The financial focus for this segment is on managing the burn rate as they advance their pipeline, including a lead T-cell depletion program in autoimmunity. The Immune Medicine cash burn target for the full fiscal year 2025 is a contained $25 million to $30 million.

The partnership's value is in its strategic potential for a future diagnostic, not its current cash flow. The goal is to translate that massive AI-driven data into a new, recurring revenue stream down the road.

Adaptive Biotechnologies Corporation (ADPT) - PESTLE Analysis: Social factors

Growing patient and physician demand for personalized medicine, especially in minimal residual disease (MRD) testing, drives market pull.

The shift to personalized medicine (precision medicine) is a massive social tailwind for Adaptive Biotechnologies Corporation. The global market for personalized medicine is estimated to be around $654.46 billion in 2025, showing the scale of this trend. Oncology, where the clonoSEQ test is used, is the largest application segment, capturing roughly 44.23% of the precision medicine market.

This macro trend translates directly into demand for Adaptive Biotechnologies' core product. The company's minimal residual disease (MRD) business revenue is projected to be between $175 million and $185 million for the full year 2025, a significant jump from the $145.5 million reported in 2024. This growth is driven by physicians and patients increasingly recognizing the clinical utility of tracking disease at the molecular level. For instance, clonoSEQ test volume surged by 37% year-over-year in Q2 2025, reaching 25,321 tests. The company's focus on blood-based testing, which is less invasive than a bone marrow biopsy, also helps patient compliance and broadens test applicability.

Ethical and privacy concerns around the use and storage of massive genomic and immune-repertoire data require continuous, expensive compliance.

Adaptive Biotechnologies works with immense amounts of highly sensitive genetic and immune-repertoire data, and that creates a major social and regulatory risk. By 2025, the number of genomes sequenced globally is expected to be between 100 million and 1 billion, making the data pool-and the risk-huge. Re-identification is a constant threat, even with de-identified data.

The cost of compliance is defintely rising. For example, the Department of Justice's "Bulk Data Rule" took effect in April 2025, restricting the transfer of large volumes of Americans' sensitive personal data, including genetic information, to certain foreign entities. Navigating these new federal and state-level regulations, like Indiana's HB 1521 enacted in May 2025, requires significant legal and technical investment. You have to treat compliance as a continuous process, not a checklist, especially since FDA findings show 73% of biotech companies have critical gaps in their data integrity systems. A single compliance failure can be devastating, given that the National Health Database reported 1,247 incidents of genetic data misuse in healthcare settings in 2024.

Public perception of genetic testing utility directly influences patient adoption rates for tests like clonoSEQ.

Public and, more importantly, physician perception of clonoSEQ's clinical utility is strong and improving, which is a huge driver for adoption. The FDA's Oncologic Drug Advisory Committee (ODAC) voted unanimously in favor of using MRD as a primary endpoint to support the accelerated approval of new therapies for multiple myeloma. This is a powerful signal to the entire oncology community that MRD testing is now a standard, validated tool, not just a research one.

This validation is backed by financial certainty, which helps doctors order the test. The new Medicare Clinical Laboratory Fee Schedule (CLFS) rate for clonoSEQ was set at $2,007 as of January 1, 2025, and MolDX updated the clonoSEQ episode pricing to $8,029 across all covered indications. This clear, strong reimbursement rate reduces the financial friction for healthcare providers, making them more likely to adopt the test routinely. The result is the MRD business achieving a milestone: Adjusted EBITDA profitability of $1.9 million in Q2 2025.

Shortage of skilled bioinformaticians and data scientists means competition for talent is fierce and costly.

Adaptive Biotechnologies' entire business model-translating the adaptive immune system's genetics into clinical products-relies on high-end data science and bioinformatics. The talent market for these roles is extremely tight, driving up costs and hiring timelines.

The median salary for a Bioinformatics and Computational Biology professional in the biotech and pharma sector is now $159,325 (data from April to October 2025). Specialized roles are even more expensive; Data Scientist roles command a median of $150K, and senior-level roles can reach up to $374K. This is a high-cost labor environment. Plus, filling these critical roles takes time: Biostatistics positions, which are essential for clinical trial analysis, have a median posting duration of 34 days, compared to 20 days for general data science roles, showing the scarcity of specialized statistical expertise. The biotech R&D subsector added 10,700 jobs in the first 10 months of 2024, reaching ~303,000 employees, showing a high, persistent demand for this niche talent.

Here's the quick math on the talent pinch:

Adaptive Biotechnologies Corporation (ADPT) - PESTLE Analysis: Technological factors

The core of Adaptive Biotechnologies Corporation's value proposition is its proprietary technology platform, so this factor is a massive swing variable. You need to think about technology not just as an asset, but as a liability if you don't keep pace. The near-term risk is that the underlying Next-Generation Sequencing (NGS) hardware is becoming a commodity, forcing ADPT to rely entirely on its software and data scale to maintain its competitive moat.

Rapid advancements in Next-Generation Sequencing (NGS) technology continue to drive down the cost of sequencing by nearly 20% annually, pressuring ADPT's pricing model.

The cost of sequencing a whole human genome is projected to be around $200 per genome in 2025, a dramatic drop from the early 2000s. This rapid deflationary trend in Next-Generation Sequencing (NGS) technology, which is declining by nearly 20% each year, is a double-edged sword for Adaptive Biotechnologies Corporation. On one hand, cheaper sequencing makes their core input cost lower, which is great for gross margins on tests like clonoSEQ. But here's the quick math: it also lowers the barrier to entry for competitors, especially academic labs and smaller, nimbler diagnostics companies. Your proprietary chemistry and primer sets have to be that much better to justify a premium price when the underlying hardware is getting so cheap.

Artificial Intelligence (AI) and Machine Learning (ML) are accelerating the interpretation of complex immune-repertoire data, a key competitive advantage.

Adaptive Biotechnologies Corporation's true differentiator is its ability to translate the massive, noisy data from immune-repertoire sequencing into actionable clinical insights-this is where Artificial Intelligence (AI) and Machine Learning (ML) come in. The company's Immune Medicine Platform uses computational biology and ML to map T-cell receptors (TCRs) to specific antigens, which is crucial for drug discovery and diagnostics. This is a massive data problem, and ADPT has been actively pushing the envelope, even sponsoring the 'AIRR-ML-25: Adaptive Immune Profiling Challenge' on Kaggle in November 2025 to crowdsource better models for disease diagnostics using immune receptor sequences. This is how you stay ahead. You're using your data scale to train models that no one else can replicate.

Fierce competition from established diagnostics companies and academic labs developing similar T-cell receptor (TCR) sequencing methods.

The market for T-cell receptor (TCR) sequencing is getting crowded, and the competition is fierce. It's not just small startups, but established, well-capitalized players. Companies like Qiagen (especially after its acquisition of single-cell technology firms like Parse Biosciences) and Takara Bio are direct competitors in offering immune repertoire analysis tools and services. Plus, the major NGS platform providers like Illumina and Thermo Fisher Scientific are constantly improving their own sequencing kits and software, which indirectly competes by offering high-throughput, general-purpose solutions that can be adapted for immune profiling. What this estimate hides is that a major pharma partner could easily license a competitor's technology if it proves to be slightly more cost-effective or faster.

Need for continuous investment in proprietary bioinformatics pipelines to handle the exponential growth in data volume.

The massive amount of data generated from sequencing millions of T-cell and B-cell receptors requires a robust, proprietary bioinformatics infrastructure. You can't just use off-the-shelf software. Adaptive Biotechnologies Corporation must defintely keep investing heavily here to process the data, correct for sequencing errors, and collapse sequences accurately to deliver a high-quality, quantitative result. This investment is non-negotiable and is baked into the company's full year 2025 total company operating expenses guidance of $335 million to $340 million. The company's Immune Medicine segment, which is the most R&D-intensive part, has a dedicated cash burn target of $25 million to $30 million for the full fiscal year 2025. This constant, high-stakes investment is the price of admission for being a leader in immune medicine.

• Integrate new sequencing platforms like Illumina's NovaSeq X Plus to increase throughput.
• Develop proprietary TCR-antigen prediction models for new immunology applications.
• Maintain the ImmuneCODE database, a massive, curated repository of immune response data.

The bottom line is that technology is your biggest asset and your largest cost center. You have to spend to stay relevant. Finance: Monitor the R&D component of the total operating expenses to ensure it is focused on platform-differentiating AI/ML, not just keeping the lights on.

Adaptive Biotechnologies Corporation (ADPT) - PESTLE Analysis: Legal factors

You're operating a business built on decoding the most sensitive personal data-the human immune system-so the legal and regulatory environment is defintely a primary risk factor. Compliance isn't a simple checklist; it's a massive, recurring operational expense that protects your core asset: patient trust and data integrity. The core challenge is navigating a patchwork of global privacy laws while defending the foundational intellectual property (IP) that underpins your entire platform.

Strict adherence to the Health Insurance Portability and Accountability Act (HIPAA) and global data protection regulations (like GDPR) is non-negotiable for data handling.

Adaptive Biotechnologies Corporation is a HIPAA-covered entity, meaning strict adherence to the Health Insurance Portability and Accountability Act is mandatory for its clinical Minimal Residual Disease (MRD) business, clonoSEQ. This is non-negotiable for handling Protected Health Information (PHI). For your global research and pharma collaborations, the European Union's General Data Protection Regulation (GDPR) forces you to implement data localization and consent frameworks that go beyond US standards, particularly for the immune-repertoire data collected.

The complexity of this data means you must constantly update your privacy practices; your latest HIPAA Notice of Privacy Practices became effective on March 24, 2025. Also, new state-level data privacy laws in the US add layers of compliance complexity and cost, especially in a year where penalties are rising.

New state-level data privacy laws in the US add layers of compliance complexity and cost.

The rise of state-level privacy laws like the California Consumer Privacy Act (CCPA), amended by the California Privacy Rights Act (CPRA), creates a significant and costly compliance burden. Since Adaptive Biotechnologies Corporation's 2025 full-year MRD revenue guidance is between $202 million and $207 million, you are well above the California law's updated 2025 annual gross revenue threshold of $26,625,000. This triggers the most stringent compliance and audit requirements.

To be fair, this isn't just a California problem; other states are following suit. The cost of a compliance failure is steep: the maximum fine for an intentional CCPA violation is now up to $7,988 per violation. For a company of your size (over 500 employees), the initial cost to establish this level of compliance was estimated to be around $2,000,000, and that doesn't even count the ongoing operational expenses for managing consumer rights requests.

Ongoing patent protection and potential litigation risks related to the foundational technology for immune-repertoire mapping.

Your core value is built on a proprietary technology platform, which is protected by a deep portfolio of US patents, including foundational grants like U.S. Patent No. 10,392,663 for highly-multiplexed detection and U.S. Patent No. 9,279,159 for quantification of adaptive immune cell genomes. This IP is a magnet for litigation risk, especially from non-practicing entities (NPEs) or competitors.

Patent litigation is an expensive game. While you haven't reported a material case in your Q3 2025 filing, the biotech sector saw 370 new NPE lawsuits filed in 2025 as of September. Defending just one patent case to trial can cost a midsize company an average of $1 million to $4 million. You must have a formal defense strategy in place to manage this drain on resources.

Evolving legal frameworks for data sharing in collaborative research projects require complex contractual agreements.

Your business model relies heavily on large-scale collaborations, which demand incredibly complex and legally airtight contractual agreements (Master Collaboration Agreements, or MCAs). These contracts must define data ownership, licensing terms, and the use of de-identified patient data across borders and different regulatory regimes (HIPAA, GDPR, etc.).

For example, the Strategic Collaboration Agreement with Microsoft Corporation for the TCR-Antigen Map requires intricate legal structuring to define ownership of project materials and outputs, especially as you transition your cloud services to Microsoft Azure. On the other hand, the termination of the Strategic Collaboration and License Agreement with Genentech in August 2025, which will be fully effective in February 2026, is a real-world example of how these large agreements can change, resulting in a complex financial event: the recognition of $33.7 million in non-cash revenue from previously received payments in the second half of 2025.

Here's the quick math: with total company operating expenses projected between $335 million and $345 million for the full year 2025, legal compliance and patent defense costs are a material, ongoing part of that spend.

• Mandate annual IP-defense budget of at least $3 million.
• Establish a dedicated CPRA/HIPAA audit team.
• Review all new data-sharing contracts for clear IP ownership.

Adaptive Biotechnologies Corporation (ADPT) - PESTLE Analysis: Environmental factors

Increased investor and stakeholder focus on Environmental, Social, and Governance (ESG) reporting requires transparent energy use and waste management in high-throughput labs.

The pressure from institutional investors, including major asset managers, to see quantifiable environmental metrics is intense in 2025. While Adaptive Biotechnologies Corporation has a formal Environmental Sustainability @ Adaptive Employee Resource Group (ERG), the lack of a public 2025 ESG report with hard numbers creates a transparency gap. Investors are moving past qualitative commitments to demand Scope 1, 2, and 3 emissions data, plus clear energy and waste reduction targets.

For a company like Adaptive Biotechnologies, whose core business relies on large-scale sequencing, energy consumption is a material risk. Your Seattle headquarters has a Green Lab initiative, which is a good start, but the market needs to see the results. What this estimate hides is the energy intensity of running high-throughput sequencing machines and the associated data centers required to process the massive genomic datasets. You need to show the kilowatt-hours (kWh) per clonoSEQ test delivered, not just that you have EV charging stations.

Need to manage the environmental impact of chemical waste and plastic consumption generated by sequencing assays.

The high-throughput nature of the clonoSEQ and immunoSEQ assays, which use multiplex PCR-based methods on genomic DNA, inherently generates significant laboratory waste. This isn't just a compliance issue; it's a cost and reputational one. Honestly, the single-use plastic problem in life science labs is staggering, and it's a direct threat to your operational efficiency and public image.

Industry data from 2025 shows a typical life science researcher can produce an average of 116 kg of plastic waste per year, with a range as high as 236.9 kg/researcher/year. The bulk of this waste, approximately 86.6% by weight, comes from just ten common lab items like pipette tips, tip boxes, and multi-well plates, all essential for your sequencing workflows. Plus, the chemical waste from the sequencing reagents and buffers requires specialized, costly handling and disposal, which eats into your gross margin if not managed efficiently. Global plastic waste generation is projected to reach 225 million tons in 2025, with Plastic Overshoot Day falling on September 5th, underscoring the urgency.

Here's the quick math on the plastic waste challenge:

Supply chain vulnerability to climate-related events could disrupt the manufacturing and delivery of critical lab components.

As a commercial-stage company with full-year 2025 MRD revenue guidance between $202 million and $207 million, any disruption to your supply chain for reagents and consumables directly impacts revenue. Climate change is no longer a future risk; it's a 2025 operational reality. Extreme weather events-like floods in manufacturing hubs or hurricanes disrupting key US logistics ports-can halt the flow of specialized sequencing kits and reagents. You are reliant on third-party manufacturers for many of the proprietary reagents and consumables needed for your platform.

A resilient supply chain needs technology to predict and adapt. Companies that fail to adapt to climate risks face financial losses and reputational damage. Your risk exposure is concentrated in a few key, specialized suppliers, so a localized climate event could defintely cause a major bottleneck in test delivery, impacting patient care and your Minimal Residual Disease (MRD) business growth.

Pressure to source sustainable and ethically produced reagents for global operations.

While Adaptive Biotechnologies' Supplier Code of Conduct encourages suppliers to conserve resources and avoid hazardous materials, the market is demanding a more proactive, measurable approach to sustainable reagent sourcing. This goes beyond general 'do good' statements to specific requirements for:

• Reduce packaging waste for bulk reagents.
• Source reagents with lower toxicity profiles (Green Chemistry).
• Ensure ethical sourcing of biological materials, especially animal-derived components.

The shift to AI-native biotech, which you are a part of, is also driving demand for high-quality, ethically sourced data and reagents. Your current Supplier Diversity policy is strong on the social side of ESG, but you need to translate that commitment into the Environmental pillar by requiring suppliers to provide their own GHG emissions and waste metrics for the products you buy. This is how you manage your Scope 3 emissions risk.

Next step: Operations and Procurement should draft a quantitative Green Sourcing Policy to measure the environmental footprint of the top 10 reagent and consumable suppliers by Q1 2026.