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Side-by-side financial comparison of Adaptive Biotechnologies Corp (ADPT) and INDEPENDENT BANK CORP (IBCP). Click either name above to swap in a different company.
Adaptive Biotechnologies Corp is the larger business by last-quarter revenue ($70.9M vs $58.9M, roughly 1.2× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs 4.7%, a 23.9% gap on every dollar of revenue. Over the past eight quarters, Adaptive Biotechnologies Corp's revenue compounded faster (28.1% CAGR vs 2.1%).
ExpreS2ion Biotechnologies is a Danish biotechnology company specialised in the development of new vaccines and immunotherapy products based in Hørsholm, Denmark and listed on the Nasdaq First North Growth Market Sweden.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
ADPT vs IBCP — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $70.9M | $58.9M |
| Net Profit | $3.4M | $16.9M |
| Gross Margin | 73.6% | — |
| Operating Margin | -27.1% | — |
| Net Margin | 4.7% | 28.6% |
| Revenue YoY | 35.1% | — |
| Net Profit YoY | — | 8.2% |
| EPS (diluted) | — | $0.81 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $70.9M | $58.9M | ||
| Q4 25 | $71.7M | $58.3M | ||
| Q3 25 | $94.0M | $57.3M | ||
| Q2 25 | $58.9M | $55.9M | ||
| Q1 25 | $52.4M | $54.1M | ||
| Q4 24 | $47.5M | $62.0M | ||
| Q3 24 | $46.4M | $51.4M | ||
| Q2 24 | $43.2M | $56.5M |
| Q1 26 | $3.4M | $16.9M | ||
| Q4 25 | $-13.6M | $18.6M | ||
| Q3 25 | $9.5M | $17.5M | ||
| Q2 25 | $-25.6M | $16.9M | ||
| Q1 25 | $-29.9M | $15.6M | ||
| Q4 24 | $-33.7M | $18.5M | ||
| Q3 24 | $-32.1M | $13.8M | ||
| Q2 24 | $-46.2M | $18.5M |
| Q1 26 | 73.6% | — | ||
| Q4 25 | 74.6% | — | ||
| Q3 25 | 80.7% | — | ||
| Q2 25 | 69.4% | — | ||
| Q1 25 | 67.6% | — | ||
| Q4 24 | 62.0% | — | ||
| Q3 24 | 64.1% | — | ||
| Q2 24 | 55.3% | — |
| Q1 26 | -27.1% | — | ||
| Q4 25 | -17.8% | 34.8% | ||
| Q3 25 | 10.9% | 37.0% | ||
| Q2 25 | -42.5% | 37.0% | ||
| Q1 25 | -56.4% | 35.3% | ||
| Q4 24 | -71.3% | 36.7% | ||
| Q3 24 | -70.3% | 33.7% | ||
| Q2 24 | -109.6% | 41.0% |
| Q1 26 | 4.7% | 28.6% | ||
| Q4 25 | -18.9% | 31.8% | ||
| Q3 25 | 10.2% | 30.5% | ||
| Q2 25 | -43.5% | 30.2% | ||
| Q1 25 | -56.9% | 28.8% | ||
| Q4 24 | -71.0% | 29.8% | ||
| Q3 24 | -69.1% | 26.9% | ||
| Q2 24 | -107.0% | 32.8% |
| Q1 26 | — | $0.81 | ||
| Q4 25 | $-0.08 | $0.88 | ||
| Q3 25 | $0.06 | $0.84 | ||
| Q2 25 | $-0.17 | $0.81 | ||
| Q1 25 | $-0.20 | $0.74 | ||
| Q4 24 | $-0.22 | $0.87 | ||
| Q3 24 | $-0.22 | $0.65 | ||
| Q2 24 | $-0.31 | $0.88 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $77.6M | $174.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $510.6M |
| Total Assets | $505.9M | $5.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $77.6M | $174.9M | ||
| Q4 25 | $70.5M | $138.4M | ||
| Q3 25 | $55.0M | $208.7M | ||
| Q2 25 | $43.2M | $146.2M | ||
| Q1 25 | $50.6M | $128.1M | ||
| Q4 24 | $47.9M | $119.9M | ||
| Q3 24 | $38.1M | $121.6M | ||
| Q2 24 | $59.8M | $214.3M |
| Q1 26 | — | $510.6M | ||
| Q4 25 | $218.8M | $503.0M | ||
| Q3 25 | $204.4M | $490.7M | ||
| Q2 25 | $179.7M | $469.3M | ||
| Q1 25 | $190.4M | $467.3M | ||
| Q4 24 | $202.7M | $454.7M | ||
| Q3 24 | $223.8M | $452.4M | ||
| Q2 24 | $241.6M | $430.5M |
| Q1 26 | $505.9M | $5.6B | ||
| Q4 25 | $512.7M | $5.5B | ||
| Q3 25 | $490.6M | $5.5B | ||
| Q2 25 | $496.6M | $5.4B | ||
| Q1 25 | $510.9M | $5.3B | ||
| Q4 24 | $539.4M | $5.3B | ||
| Q3 24 | $558.5M | $5.3B | ||
| Q2 24 | $584.9M | $5.3B |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADPT
Segment breakdown not available.
IBCP
| Net Interest Income | $46.9M | 80% |
| Noninterest Income | $12.0M | 20% |
