Natera (NTRA) lifts 2026 outlook after 39% Q1 revenue surge
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Natera, Inc. reported strong first quarter 2026 growth while remaining unprofitable. Total revenues rose to $696.6 million, up 38.8% from $501.8 million a year earlier, driven by higher test volume and better pricing. The company processed about 1,013,600 tests, including approximately 258,900 oncology tests, with clinical oncology volume up 54.4% year over year. Gross profit reached $450.8 million, giving a gross margin of 64.7%, slightly higher than 63.1% last year.
Total operating expenses increased to $538.6 million, largely from higher research and development and selling, general and administrative spending, including clinical trials and new product support. Natera posted a net loss of $85.1 million, or ($0.60) per diluted share, compared with a net loss of $66.9 million, or ($0.50) per share, in 2025. Cash, cash equivalents and restricted cash were $1,087.9 million as of March 31, 2026, slightly above $1,076.1 million at year-end 2025, and the company generated positive cash inflow of about $11.8 million in the quarter.
On the back of this performance, Natera raised its full-year 2026 revenue outlook from $2.62–$2.70 billion to $2.74–$2.82 billion and now expects gross margin around 64%–66%. Management highlighted record overall test volumes, strong women’s health growth supported by the Fetal Focus offering, and another record quarter in oncology testing, including momentum for its Signatera minimal residual disease test.
Positive
- Strong top-line growth and volume expansion: Q1 2026 revenues reached $696.6 million, up 38.8% year over year, with approximately 1,013,600 total tests processed and oncology volumes up 54.4%, demonstrating robust demand across core franchises.
- Margin improvement and raised outlook: Gross margin increased to 64.7% from 63.1%, and 2026 revenue guidance was raised by $120 million at the midpoint to $2.74–$2.82 billion, with expected gross margin of about 64%–66%.
- Positive cash generation and strong liquidity: The company achieved positive cash inflow of roughly $11.8 million in Q1 2026 and ended the quarter with $1,087.9 million in cash, cash equivalents and restricted cash, supporting continued investment in growth and clinical programs.
Negative
- Ongoing and widening net losses: Despite higher revenue and margins, Natera recorded a Q1 2026 net loss of $85.1 million, or ($0.60) per diluted share, larger than the $66.9 million, or ($0.50) per share, loss in the prior-year quarter.
- Significant operating expense growth: Total operating expenses rose to $538.6 million from $395.9 million, a 36.0% increase, reflecting heavy spending on research and development and selling, general and administrative activities that continue to pressure profitability.
Insights
Rapid revenue and volume growth with improved margins, but losses and spending remain high.
Natera delivered first quarter 2026 revenue of $696.6M, up 38.8% year over year, fueled by about 1,013,600 tests processed and strong oncology growth, including roughly 258,900 oncology tests. Gross margin improved to 64.7%, reflecting scale benefits and better pricing.
Operating expenses rose sharply to $538.6M, driven by research and development and selling, general and administrative costs, including extensive clinical trial activity and new product support. This contributed to a higher net loss of $85.1M, or ($0.60) per diluted share, compared with ($0.50) a year earlier, despite improved unit economics.
Management now guides 2026 revenue to $2.74B–$2.82B and expects gross margin of roughly 64%–66%, indicating confidence in sustained demand across oncology, women’s health and organ health. The quarter also showed positive cash inflow of about $11.8M and a cash balance of $1,087.9M as of March 31, 2026, providing substantial liquidity to fund ongoing growth initiatives and large-scale clinical programs.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 revenue: $696.6 million
Q1 2026 gross margin: 64.7%
Q1 2026 net loss: $85.1 million
+5 more
8 metrics
Q1 2026 revenue
$696.6 million
Total revenues in the first quarter of 2026, up 38.8% year over year
Q1 2026 gross margin
64.7%
Gross profit of $450.8 million divided by total revenues in Q1 2026
Q1 2026 net loss
$85.1 million
Net loss for the quarter ended March 31, 2026
Net loss per share
($0.60) per diluted share
Basic and diluted net loss per share in Q1 2026
Total tests processed
1,013,600 tests
Tests processed in the first quarter of 2026
Oncology tests processed
258,900 tests
Oncology tests in Q1 2026, up 54.4% versus Q1 2025
Cash, cash equivalents and restricted cash
$1,087.9 million
Cash position as of March 31, 2026
2026 revenue guidance
$2.74–$2.82 billion
Updated full-year 2026 total revenue outlook
Key Terms
gross margin, net loss, Clinical Laboratory Improvement Amendments (CLIA), minimal residual disease, +2 more
6 terms
gross margin financial
"Generated a gross margin1 of 64.7% in the first quarter of 2026"
Gross margin is the difference between how much money a company makes from selling its products and how much it costs to produce them, expressed as a percentage of sales. It shows how efficiently a company is turning sales into profit before other expenses like marketing or salaries. Higher gross margin means the company keeps more money from each sale, which is a good sign of financial health.
net loss financial
"Natera’s net loss for the first quarter of 2026 was $85.1 million"
Net loss is the amount by which a company’s total costs and expenses exceed its total income during a reporting period, after taking into account taxes and one‑time items. It matters to investors because repeated or large net losses can shrink a company’s cash and owner value, reducing its ability to pay dividends, invest for growth or borrow money — like a household spending more than it earns and dipping into savings to cover the shortfall.
Clinical Laboratory Improvement Amendments (CLIA) regulatory
"laboratories certified under the Clinical Laboratory Improvement Amendments (CLIA) in Austin, Texas"
Clinical Laboratory Improvement Amendments (CLIA) are U.S. federal rules that set minimum quality and safety standards for medical laboratories that test human samples, covering test accuracy, staff qualifications, equipment, recordkeeping and routine inspections. For investors, CLIA acts like a regulatory "health inspection" for labs: certification is often required to legally run and sell clinical tests, so it directly affects a lab’s ability to generate revenue, enter markets and avoid regulatory risk.
minimal residual disease medical
"Signatera may enable patients to avoid surgery Breast CancerBladder Cancer Rectal Cancer"
Minimal residual disease (MRD) is the tiny number of cancer cells that remain in the body after treatment, often too few to show up on standard scans but detectable with very sensitive tests. For investors, MRD is important because it predicts the risk of relapse and can determine whether a therapy is seen as effective, influences regulatory and reimbursement decisions, and affects the size and timing of a drug’s market opportunity—like spotting the last weeds that can make a garden regrow if not removed.
variable interest rate of 30-day SOFR plus 50 bps financial
"under its line of credit with UBS at a variable interest rate of 30-day SOFR plus 50 bps"
non-GAAP cash (outflow) inflow financial
"Non-GAAP cash (outflow) inflow is calculated as the sum of GAAP net cash provided by"
Earnings Snapshot
Total revenue: $696.6 million · Guidance included
Q1 2026
Total revenue
$696.6 million
+38.8% year over year
Gross margin
64.7%
+1.6 percentage points year over year
Net loss
$85.1 million
compared to $66.9 million in Q1 2025
Net loss per diluted share
($0.60)
compared to ($0.50) in Q1 2025
Guidance
For 2026, Natera expects total revenue of $2.74–$2.82 billion, gross margin of about 64%–66%, selling, general and administrative costs of $1.125–$1.225 billion, research and development costs of $800–$900 million, and positive net cash inflow.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 7, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of principal executive offices, including zip code)
(650 ) 980 9190
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Nasdaq Stock Market LLC ( | ||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 2.02. | Results of Operations and Financial Condition. | ||||
On May 7, 2026 , Natera, Inc. issued a press release announcing the results for its first quarter ended March 31, 2026 and provided a related investor presentation. A copy of the press release and a copy of the investor presentation are furnished herewith as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.
The information in this Current Report on Form 8-K and the accompanying Exhibit 99.1 and Exhibit 99.2 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by reference in such filing.
| Item 9.01. | Financial Statements and Exhibits. | ||||
(d) Exhibits.
| Exhibit No. | Description | |||||||
99.1 | Press Release dated May 7, 2026. | |||||||
99.2 | Investor Presentation. | |||||||
| 104 | Cover Page Interactive Data File (formatted as inline XBRL). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Natera, Inc. | ||||||||
| By: | /s/ Michael Brophy | |||||||
| Michael Brophy | ||||||||
| Chief Financial Officer (Principal Financial and Accounting Officer) | ||||||||
Dated: May 7, 2026
Exhibit 99.1
Natera Reports First Quarter 2026 Financial Results
AUSTIN, Texas, May 7, 2026 /BUSINESS WIRE/ — Natera, Inc. (NASDAQ: NTRA), a global leader in cell-free DNA and genetic testing, today reported its financial results for the first quarter ended March 31, 2026.
Recent Financial Highlights
•Generated total revenues of $696.6 million in the first quarter of 2026, compared to $501.8 million in the first quarter of 2025, an increase of 38.8%.
•Generated a gross margin1 of 64.7% in the first quarter of 2026, compared to a gross margin1 of 63.1% in the first quarter of 2025.
•Processed approximately 1,013,600 tests in the first quarter of 2026, compared to approximately 855,100 tests in the first quarter of 2025, an increase of 18.5%. Women’s Health generated the second highest quarterly unit growth since 2019 and Oncology delivered another record quarter for volume growth.
•Processed approximately 258,900 oncology tests in the first quarter of 2026, compared to approximately 167,700 in the first quarter of 2025, an increase of 54.4%.
•Achieved positive cash inflow of approximately $11.8 million2 in the first quarter of 2026.
•Raising 2026 annual revenue guidance by $120 million at the midpoint, from $2.62 billion - $2.70 billion to $2.74 billion - $2.82 billion.
“We had an outstanding first quarter, reaching over one million units processed in a single quarter for the first time and delivering strong growth across all areas,” said Steve Chapman, chief executive officer of Natera. “We are seeing the impact of strong 2025 data readouts and innovation translating into increased adoption, particularly for Signatera™ and Fetal Focus™, reinforcing our confidence in the long-term opportunity to transform patient care.”
First Quarter Ended March 31, 2026 Financial Results
Total revenues were $696.6 million in the first quarter of 2026 compared to $501.8 million in the first quarter of 2025, an increase of 38.8%. The increase in revenues was driven by an increase in volume and average selling price improvements.
Natera processed approximately 1,013,600 tests in the first quarter of 2026, including approximately 999,200 tests accessioned in its laboratory, compared to approximately 855,100 tests processed, including approximately 840,800 tests accessioned in its laboratory, in the first quarter of 2025.
In the first quarter of 2026, Natera recognized revenue on approximately 931,600 tests for which results were reported to customers in the period (tests reported), including approximately 918,100 tests reported from its laboratory, compared to approximately 804,800 tests reported, including approximately 791,400 tests reported from its laboratory, in the first quarter of 2025, an increase of 15.8% from the prior period.
Gross profit2 for the three months ended March 31, 2026 and 2025 was $450.8 million and $316.8 million, respectively, representing a gross margin1 of 64.7% and 63.1%, respectively. Natera had higher gross margin1 in the first quarter of 2026 primarily as a result of higher revenues and continued progress in reducing cost of revenues associated with tests processed. Total operating expenses, representing research and development expenses and selling, general and administrative expenses, for the first quarter of 2026 was $538.6 million, compared to $395.9 million in the same period of the prior year, an increase of 36.0%. The increase was primarily driven by headcount growth to support new product offerings as well as increases in clinical trial expenses. Amortization of acquired intangible assets for the first quarter of 2026 was $5.7 million. No such amortization occurred in the first quarter of 2025.
Loss from operations for the first quarter of 2026 was $93.5 million compared to $79.2 million for the same period of the prior year.
Natera’s net loss for the first quarter of 2026 was $85.1 million, or ($0.60) per diluted share, compared to a net loss of $66.9 million, or ($0.50) per diluted share, in 2025. Weighted average shares outstanding were 141.5 million in the first quarter of 2026 compared to 134.8 million for the same period in the prior year.
At March 31, 2026, Natera held approximately $1,087.9 million in cash, cash equivalents, and restricted cash, compared to $1,076.1 million as of December 31, 2025. As of March 31, 2026, Natera had a total outstanding debt balance of $80.3 million including accrued interest under its line of credit with UBS at a variable interest rate of 30-day SOFR plus 50 bps.
Financial Outlook
Natera anticipates 2026 total revenue of $2.74 billion to $2.82 billion; 2026 gross margin1 to be approximately 64% to 66%; selling, general and administrative costs to be approximately $1.125 billion to $1.225 billion; research and development costs to be $800 million to $900 million; and net cash inflow to be positive3.
Test Volume Summary
| Unit | QTD 2026 | QTD 2025 | Definition | ||||||||||||||||||||
| Tests processed | 1,013,600 | 855,100 | Tests accessioned in our laboratory plus units processed outside of our laboratory | ||||||||||||||||||||
| Tests accessioned | 999,200 | 840,800 | Test accessioned in our laboratory | ||||||||||||||||||||
| Tests reported | 931,600 | 804,800 | Total tests reported | ||||||||||||||||||||
| Tests reported in our laboratory | 918,100 | 791,400 | Total tests reported in our laboratory less units reported outside of our laboratory | ||||||||||||||||||||
About Natera
Natera™ is a global leader in cell-free DNA and precision medicine, dedicated to oncology, women’s health, and organ health. We aim to make personalized genetic testing and diagnostics part of the standard-of-care to protect health and inform earlier, more targeted interventions that help lead to longer, healthier lives. Natera’s tests are supported by more than 350 peer-reviewed publications that demonstrate excellent performance. Natera operates ISO 13485-certified and CAP-accredited laboratories certified under the Clinical Laboratory Improvement Amendments (CLIA) in Austin, Texas, and San Carlos, California, and through Foresight Diagnostics, its subsidiary, operates an ISO 27001-certified and CAP-accredited laboratory certified under CLIA in Boulder, Colorado. For more information, visit www.natera.com.
Conference Call Information
| Event: | Natera’s First Quarter Financial Results Conference Call | ||||
| Date: | Thursday, May 7, 2026 | ||||
| Time: | 1:30 p.m. PT (4:30 p.m. ET) | ||||
| Live Dial-In: | 1-888-770-7321 (Domestic) 1-929-201-7107 (International) | ||||
| Conference ID: | 7684785 | ||||
| Webcast Link: | https://events.q4inc.com/attendee/443070230 | ||||
Forward-Looking Statements
This press release contains forward-looking statements under the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts, including statements regarding our market opportunity, anticipated products and launch schedules, reimbursement coverage and product costs, commercial and strategic partnerships and acquisitions, user experience, clinical trials and studies, and our strategies, goals and general business and market conditions, are forward-looking statements. Any forward-looking statements contained in this press release are based upon Natera’s current plans, estimates, and expectations, as of the date of this release, and are not a representation that such plans, estimates, or expectations will be achieved.
These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially, including: we face numerous uncertainties and challenges in achieving our financial projections and goals; we may be unable to further increase the use and adoption of our products through our direct sales efforts or through our laboratory partners; we have incurred net losses since our inception and we anticipate that we will continue to incur net losses for the foreseeable future; our quarterly results may fluctuate from period to period; our estimates of market opportunity and forecasts of market growth may prove to be inaccurate; we may be unable to compete successfully with existing or future products or services offered by our competitors; we may engage in acquisitions, dispositions or other
strategic transactions that may not achieve our anticipated benefits and could otherwise disrupt our business, cause dilution to our stockholders or reduce our financial resources; our products may not perform as expected; the results of our clinical studies may not support the use and reimbursement of our tests, particularly for microdeletions screening, and may not be able to be replicated in later studies required for regulatory approvals or clearances; if either of our primary CLIA-certified laboratories becomes inoperable, we will be unable to perform our tests and our business may be harmed; we rely on a limited number of suppliers or, in some cases, single suppliers, for some of our laboratory instruments and materials and may not be able to find replacements or immediately transition to alternative suppliers; if we are unable to successfully scale our operations, our business could suffer; the marketing, sale, and use of Panorama and our other products could result in substantial damages arising from product liability or professional liability claims that exceed our resources; we may be unable to expand, obtain or maintain third-party payer coverage and reimbursement for our tests, and we may be required to refund reimbursements already received; third-party payers may withdraw coverage or provide lower levels of reimbursement due to changing policies, billing complexities or other factors; we could incur substantial costs and delays complying with governmental regulations; litigation and other regulatory or governmental proceedings related to our intellectual property or the commercialization of our tests, are costly, time-consuming, could result in our obligation to pay material judgments or incur material settlement costs, and could limit our ability to commercialize our tests; and any inability to effectively protect our proprietary technology could harm our competitive position or our brand.
We discuss these and other risks and uncertainties in greater detail in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our periodic reports on Forms 10-K and 10-Q and in other filings that we make with the SEC from time to time. These documents are available on our website at www.natera.com under the Investor Relations section and on the SEC’s website at www.sec.gov.
We operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement. In light of these risks, uncertainties and assumptions, you should not place undue reliance on our forward-looking statements. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this presentation to conform these statements to actual results or to changes in our expectations.
References:
1.Gross profit is calculated as GAAP total revenues less GAAP cost of revenues. Gross margin is calculated as gross profit divided by GAAP total revenues.
2.Positive cash inflow for the quarter ended March 31, 2026, is derived from the GAAP Statement of Cash Flows as follows: net cash provided by operating activities of $40.2 million, net cash provided by financing activities of $3.7 million, offset by net cash used in investing activities for purchases of property and equipment and investment in related party of $32.1 million.
3.Non-GAAP cash (outflow) inflow is calculated as the sum of GAAP net cash provided by (used in) operating activities, GAAP net cash provided by (used in) financing activities, and GAAP net cash provided by (used in) investing activities for purchases of property and equipment, investment in related party, cash paid for acquisition of intangible assets, and cash paid for business combination. Management uses non-GAAP cash flow as an indicator of the Company’s operational cash generating capabilities.
Contacts
Investor Relations
Mike Brophy, CFO, Natera, Inc., 510-826-2350
Media
Lesley Bogdanow, VP of Corporate Communications, Natera, Inc., pr@natera.com
Natera, Inc.
Consolidated Balance Sheets
(Unaudited)
(in thousands, except shares)
| March 31, 2026 | December 31, 2025 | ||||||||||
| (1) | |||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash, cash equivalents and restricted cash | $ | 1,087,932 | $ | 1,076,140 | |||||||
Accounts receivable, net of allowance of $7,927 in 2026 and $8,018 in 2025 | 417,595 | 296,528 | |||||||||
| Inventory | 70,721 | 68,443 | |||||||||
| Prepaid expenses and other current assets | 75,565 | 55,828 | |||||||||
| Total current assets | 1,651,813 | 1,496,939 | |||||||||
| Property and equipment, net | 269,379 | 241,184 | |||||||||
| Operating lease right-of-use assets | 133,987 | 108,541 | |||||||||
| Goodwill | 140,857 | 141,070 | |||||||||
| Intangible assets | 367,362 | 373,713 | |||||||||
| Other assets | 51,000 | 36,897 | |||||||||
| Total assets | $ | 2,614,398 | $ | 2,398,344 | |||||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 62,397 | $ | 33,156 | |||||||
| Accrued compensation | 143,810 | 92,603 | |||||||||
| Contingent consideration payable, current portion | 22,350 | 21,580 | |||||||||
| Deferred revenue, current portion | 36,852 | 24,907 | |||||||||
| Short-term debt financing | 80,305 | 80,323 | |||||||||
| Other accrued liabilities | 212,543 | 188,659 | |||||||||
| Total current liabilities | 558,257 | 441,228 | |||||||||
| Contingent consideration payable, long-term portion | 103,204 | 96,780 | |||||||||
| Deferred tax liability, long-term portion | 701 | 701 | |||||||||
| Operating lease liabilities, long-term portion | 144,953 | 118,473 | |||||||||
| Deferred revenue, long-term portion | 16,999 | 17,062 | |||||||||
| Other liabilities | 16,266 | 11,687 | |||||||||
| Total liabilities | 840,380 | 685,931 | |||||||||
| Commitments and contingencies | |||||||||||
| Stockholders’ equity: | |||||||||||
Common stock (2) | 14 | 14 | |||||||||
| Additional paid in capital | 4,635,319 | 4,488,679 | |||||||||
| Accumulated deficit | (2,861,113) | (2,776,022) | |||||||||
| Accumulated other comprehensive loss | (202) | (258) | |||||||||
| Total stockholders’ equity | 1,774,018 | 1,712,413 | |||||||||
| Total liabilities and stockholders’ equity | $ | 2,614,398 | $ | 2,398,344 | |||||||
(1)The consolidated balance sheet at December 31, 2025 has been derived from the audited consolidated financial statements at that date included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
(2)As of March 31, 2026 and December 31, 2025, there were approximately 142,734,000 and 139,693,000 shares of common stock, respectively, issued and outstanding.
Natera, Inc.
Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
(in thousands, except per share data)
| Three Months Ended | |||||||||||
| 2026 | 2025 | ||||||||||
| Revenues | |||||||||||
| Product revenues | $ | 693,868 | $ | 500,036 | |||||||
| Licensing and other revenues | 2,776 | 1,794 | |||||||||
| Total revenues | 696,644 | 501,830 | |||||||||
| Cost and expenses | |||||||||||
| Cost of product revenues | 245,203 | 184,613 | |||||||||
| Cost of licensing and other revenues | 608 | 452 | |||||||||
| Research and development | 210,702 | 129,078 | |||||||||
| Selling, general and administrative | 327,938 | 266,864 | |||||||||
| Amortization of acquired intangible assets | 5,709 | — | |||||||||
| Total cost and expenses | 790,160 | 581,007 | |||||||||
| Loss from operations | (93,516) | (79,177) | |||||||||
| Interest expense | (892) | (1,005) | |||||||||
| Interest and other income, net | 9,600 | 13,419 | |||||||||
| Loss before income taxes | (84,808) | (66,763) | |||||||||
| Income tax benefit (expense) | (283) | (173) | |||||||||
| Net loss | $ | (85,091) | $ | (66,936) | |||||||
| Unrealized gain on available-for-sale securities and foreign currency translation adjustment | 56 | 147 | |||||||||
| Comprehensive loss | $ | (85,035) | $ | (66,789) | |||||||
| Net loss per share: | |||||||||||
| Basic and diluted | $ | (0.60) | $ | (0.50) | |||||||
| Weighted-average number of shares used in computing basic and diluted net loss per share: | |||||||||||
| Basic and diluted | 141,502 | 134,750 | |||||||||
Natera, Inc. Q1’2026 Earnings Presentation May 7, 2026
2 Not for reproduction or further distribution. This presentation contains forward-looking statements under the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this presentation, including statements regarding our market opportunity, our anticipated products and launch schedules, our reimbursement coverage and our product costs, our commercial and strategic partnerships and potential acquisitions, our user experience, our clinical trials and studies, our strategies, our goals and general business and market conditions, are forward-looking statements. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially, including: we face numerous uncertainties and challenges in achieving our financial projections and goals; we may be unable to further increase the use and adoption of our products through our direct sales efforts or through our laboratory partners; we have incurred net losses since our inception and we anticipate that we will continue to incur net losses for the foreseeable future; our quarterly results may fluctuate from period to period; unless otherwise indicated, all financial data for the current and prior quarters are unaudited and subject to adjustment in connection with the completion of Natera’s quarterly and annual financial reporting processes; our estimates of market opportunity and forecasts of market growth may prove to be inaccurate; we may be unable to compete successfully with existing or future products or services offered by our competitors; we may engage in acquisitions, dispositions or other strategic transactions that may not achieve our anticipated benefits and could otherwise disrupt our business, cause dilution to our stockholders or reduce our financial resources; our products may not perform as expected; the results of our clinical studies may not support the use and reimbursement of our tests, particularly for microdeletions screening, and may not be able to be replicated in later studies required for regulatory approvals or clearances; if either of our primary CLIA- certified laboratories becomes inoperable, we will be unable to perform our tests and our business will be harmed; we rely on a limited number of suppliers or, in some cases, single suppliers, for some of our laboratory instruments and materials and may not be able to find replacements or immediately transition to alternative suppliers; if we are unable to successfully scale our operations, our business could suffer; the marketing, sale, and use of Panorama and our other products could result in substantial damages arising from product liability or professional liability claims that exceed our resources; we may be unable to expand, obtain or maintain third-party payer coverage and reimbursement for our tests, and we may be required to refund reimbursements already received; third- party payers may withdraw coverage or provide lower levels of reimbursement due to changing policies, billing complexities or other factors; we could incur substantial costs and delays complying with governmental regulations; litigation and other regulatory or governmental proceedings, related to our intellectual property or the commercialization of our tests, are costly, time- consuming, could result in our obligation to pay material judgments or incur material settlement costs, and could limit our ability to commercialize our tests; and any inability to effectively protect our proprietary technology could harm our competitive position or our brand. We discuss these and other risks and uncertainties in greater detail in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our periodic reports on Forms 10-K and 10-Q and in other filings we make with the SEC from time to time. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this presentation may not occur and our actual results could differ materially and adversely from those anticipated or implied. As a result, you should not place undue reliance on our forward-looking statements. Except as required by law, we undertake no obligation to update publicly any forward- looking statements for any reason after the date of this presentation to conform these statements to actual results or to changes in our expectations. We file reports, proxy statements, and other information with the SEC. Such reports, proxy statements, and other information concerning us is available at http://www.sec.gov. Requests for copies of such documents should be directed to our Investor Relations department at Natera , Inc., 13011 McCallen Pass, Building A Suite 100, Austin, TX 78753. Our telephone number is (650) 980-9190. Safe-harbor statement
3 Not for reproduction or further distribution. Q1’26 financial highlights 1. Non-GAAP gross margin percentage is computed as follows: GAAP revenues minus GAAP cost of product revenues and licensing and other revenues divided by GAAP revenues. ● Revenue of $697M in Q1 2026 vs $502M in Q1 2025; year-over-year growth of ~39%. ● >1M total tests processed in Q1 2026 vs 855K in Q1 2025; year-over-year growth of ~19%. ● 249K clinical oncology tests in Q1 2026 vs 161K in Q1 2025; year-over-year growth of ~55%. Clinical oncology units grew 24K units over Q4 2025, a new record for sequential quarter growth. ● Gross margin1 of ~65% in Q1 2026 vs 63% in Q1 2025. ● Raising 2026 outlook, $120M increase in revenue at the midpoint ($2.74B-$2.82B); gross margin1 increased to 64%-66%.
4 Not for reproduction or further distribution. Exceeding 1M quarterly processed units for the first time 489K 1Q20 626K 736K 855K 1,014K Core Volume Drivers • Continued momentum across products • Record sequential growth for SignateraTM • Strong women’s health growth and significant interest in Fetal FocusTM • Organ health data driving volume ramp 489K 348K 235K 1Q21 1Q22 1Q23 1Q24 1Q25 1Q26
Not for reproduction or further distribution. 5 ● Successful launch of Fetal Focus ● 21-genes associated with serious early onset medical conditions ● Significant interest from clinicians ● Approaching annualized run-rate of ~200K orders ● Excellent clinical performance, selected for SMFM oral plenary ● Data submitted for peer- reviewed publication WOMEN’S HEALTH Record quarter for Women’s Health, second fastest growth since 2019 Fetal Focus driving strong growth, supported by robust clinical evidence from the EXPAND trial
6 Not for reproduction or further distribution. Clinical MRD¹ volumes: record quarter of ~250K units 489K 1Q24 181K 202K 225K 249K • Fastest unit growth quarter at ~24K volume growth. • Acceleration seen across multiple tumor types. • Strong data readouts driving volume growth. 161K 145K 130K 2Q24 4Q24 2Q25 3Q25 4Q25 1Q26 118K 106K 1Q253Q24 Clinical MRD tests processed 1. Includes clinical volumes for both Signatera and Latitude.
Not for reproduction or further distribution. 7 • Breast cancer paper • ALPHA3 interim futility analysis • OncoEMR integration across >4,500 providers • Foresight acquisition • ASH: 7 orals in heme • SABCS: breast data from PALLAS, LEADER, patient reported outcomes (PRO) • CRC publication (CALGB/SWOG 80702) • ESMO: bladder data (IMvigor011 & CHECKMATE-274); CRC data (INTERCEPT) • 2nd uterine paper • Testicular paper • NEJM paper (MIBC) • ASCO GI: ALTAIR oral in CRC • Papers in anal and rectal cancers • Latitude validation paper • SINERGY oral presentation in head & neck cancer • ASCO GU: 4 orals in bladder ONCOLOGY Recent data readouts, platform expansion and milestones Sept/Oct Nov/Dec Jan/Feb March/April
8 Not for reproduction or further distribution. Total revenues: 39% growth over Q1 2025 1. Natera internal data as of 12/31/25. 2. Natera publicly reported data as of 2/26/26. $152M $242M $368M $502M $697M $194M 1Q22 1Q23 1Q241Q21 1Q25 1Q26 Total revenues: YoY Q1 trend• Strong ASP trends across women’s health, organ health and oncology. • Signatera revenues continue to ramp. ~39%
9 Not for reproduction or further distribution. Continued gross margin execution 489K 1Q24 2Q24 4Q24 2Q25 3Q25 4Q25 1Q261Q253Q24 Gross margins1,2 quarterly trend 1. Non-GAAP gross margin percentage is computed as follows: GAAP revenues minus GAAP cost of product revenues and licensing and other revenues divided by GAAP revenues. 2. Non-GAAP gross margin percentage excluding true ups is computed as follows: GAAP revenues minus change in revenue estimate for tests delivered in prior periods that were fully collected minus GAAP cost of product revenues and licensing and other revenues divided by GAAP revenues minus change in revenue estimate for tests delivered in prior periods that were fully collected. Change in revenue estimate for tests delivered in prior periods that were fully collected was $61.0M and $59.7M for 1Q26 and 4Q25, respectively. Gross margins1,2 at 64.7% despite ~2% transient impacts: • Foresight M&A stock-based comp • Transient COGS associated with volume growth acceleration in Q1 (increased receive/report ratio) • Continued sequential step up in ASPs • Efficient Signatera COGS 35% 40% 45% 50% 55% 60% 65% 70% 57% 59% 62% 63% 63% 63% 65% 65% 67% ~4% true up benefit ~4% true up benefit ~3% true up benefit ~3% true up benefit ~3% true up benefit ~3% true up benefit ~4% true up benefit ~3% true up benefit ~3% true up benefit
10 Not for reproduction or further distribution. 3 datasets: Signatera may enable patients to avoid surgery Breast CancerBladder Cancer Rectal Cancer ● Study in locally advanced rectal cancer published in Cancers (Jan. 2026) ● Key findings: patients who tested Signatera-negative after neoadjuvant therapy had excellent clinical outcomes without surgery ● Prospective study published in Clinical Cancer Research (March 2026) ● Key findings: women >70 who tested Signatera-negative remained free of distant progression without surgery The power of an MRD-negative result and its impact on quality of life ● RETAIN and INDIBLADE studies were presented at ASCO GU (Jan. 2026) ● Key findings: patients who tested Signatera-negative after neoadjuvant therapy had similar outcomes without surgery as those patients who did have surgery ONCOLOGY
11 Not for reproduction or further distribution. Allogene Therapeutics’ ALPHA3 trial highlights MRD analysis using Natera's phased variant technology Baseline MRD clearance rate At last assessment -97.7% +26.6%58.3% (n=7/12) 16.7% (n=2/12) Median % change in plasma ctDNA levels At Day 45 MRD assessment +41.6% Absolute difference in MRD clearance Cema-cel Arm Observation Arm Cema-cel Arm Observation Arm ONCOLOGY ALPHA3 trial in LBCL: positive interim futility analysis MRD reduction occurred rapidly following Cema-cel treatment
12 Not for reproduction or further distribution. 1. Initiating in mid-2026. Post-diagnosis + surgery and/or treatment, TOMR creates a new paradigm in cancer care Treatment on MRD (TOMR) • Novel MRD-guided treatment approach, leveraging the power of serial testing • Objective: to identify recurrence (or failure to clear) and treat on molecular relapse, while disease burden is lower • Significant interest from pharma and clinicians IMvigor011 Phase III bladder cancer trial, published in NEJM STELLAR-3161 Phase III pivotal trial in CRC ALPHA3 Phase II pivotal trial in LBCL DARE Phase II breast cancer trial if testing MRD-positive and scans are negative ctDNA negative Quantity of ctDNA MRD clearance as early efficacy readout R Novel treatment Control arm ONCOLOGY
13 Not for reproduction or further distribution. MRD-guided testing can drive significant healthcare savings ONCOLOGY Imvigor011 47% Of patients avoided therapy with excellent outcomes ~$196K Estimated drug costs avoided per spared patient1 Reduction in healthcare costs for stage II patients2 21% 43% Reduction in healthcare costs for stage II-III patients3 Health Economic Studies in CRCIMvigor011 in Bladder Cancer 1. Based on internal estimates using publicly available information. 2. Dixit A, et al. How a personalized tumor-informed ctDNA assay can optimize patient-centered, value-based oncology care. Blue Cross Blue Shield National Summit. Oral Presentation 2022. 3. Mikropoulos C, Woodman TJ, Bogahalanda H, et al. Direct cost of healthcare analysis of Signatera ctDNA testing in the adjuvant setting for a hypothetical cohort of stage II and stage III colorectal cancer (CRC) patients: a UK private payer perspective. Presented at: European Society for Medical Oncology Gastrointestinal Cancers Congress (ESMO GI) 2025; Abstract 731.
Not for reproduction or further distribution. 14 Highlights for this year’s upcoming ASCO annual meeting TOMR Multiple abstracts explore MRD-guided decision-making and its impact on patient/treatment selection Phased Variant Tech Analyses on the performance of Natera’s ulta-sensitive phased variant technology, focusing on lung cancer and lymphoma Real-World Data Multiple datasets showcase Natera’s RWD capabilities including a pan-cancer analysis of ~245K patients ONCOLOGY 35 oral and poster presentations demonstrate clinical leadership Pan-Cancer MRD Pan-cancer MRD meta-analysis assessing performance across multiple histologies in the adjuvant and surveillance settings
15 Not for reproduction or further distribution. 22 Peer-reviewed publications 84 Posters at medical meetings Neoadjuvant Adjuvant Surveillance • Key trials include SAFE-de • Key trials include DARE, MiRaDoR and TREAT ctDNA Metastatic Pipeline of high-impact prospective studies covering each care setting, including multiple interventional randomized controlled trials Investing >$250M in breast cancer clinical trials • Key trials include TEODOR and I-SPY 2 • Key trials include HEROES ONCOLOGY Significant investments in breast cancer research
Not for reproduction or further distribution. 16 Today Targeting 25-40K average-risk adults; 70 CRC cases, ~1,400 AA cases FIND CRC: FDA-enabling study First patient in: May 2025 Estimated enrollment reached for PMA cohort in Q3 2026 ONCOLOGY PMA Enrollment Complete FIND-CRC1: initiated in 2025, enrolling significantly ahead of schedule 1. NCT: NCT07046585 Q3 2026Q2 2026Q1 2026Q4 2025Q3 2025 0 10,000 20,000 30,000 40,000 FIND projected enrollment Enrollment by End of Quarter
Not for reproduction or further distribution. 17 Signatera Japan doubles addressable CRC population ● Unmet need: Japan has similar CRC diagnoses per year to the US ● CIRCULATE-JAPAN generated strong prospective outcomes data (GALAXY) ● Supportive clinical practice guidelines for MRD testing from JSMO and JSCO ● PMDA approval expected in 2026, with commercial launch by end of year ● Single national payor model with centralized testing expected to drive rapid adoption 150K+ Annual CRC incidence ONCOLOGY
18 Not for reproduction or further distribution. FY26 Q1 financial overview 1. Natera internal data as of 12/31/25. 2. Natera publicly reported data as of 2/26/26.1. Non-GAAP gross margin percentage is computed as follows: GAAP revenues minus GAAP cost of product revenues and licensing and other revenues divided by GAAP revenues. 2. Cash and investments also include cash equivalents and restricted cash. ($ in millions, except for per share data) Balance sheet Mar 31, 2026 Dec 31, 2025 Change Q/Q Cash & investments2 $1,087.9 $1,076.1 $11.8 UBS line of credit $80.3 $80.3 $ — FY26 Q1 FY25 Q1 Change Y/Y Total revenues $696.6 $501.8 $194.8 Gross margin %1 64.7% 63.1% 159 bps R&D $210.7 $129.1 $81.6 SG&A $327.9 $266.9 $61.0 Net loss per diluted share ($0.60) ($0.50) ($0.10)
19 Not for reproduction or further distribution. Raising 2026 annual guidance 1. Natera internal data as of 12/31/25. 2. 1. Non-GAAP gross margin percentage is computed as follows: GAAP revenues minus GAAP cost of product revenues and licensing and other revenues divided by GAAP revenues. ported data as of 2/26/26. Guide ($ millions) Original Current Key drivers Revenue $2,620-$2,700 $2,740-$2,820 Continued volume growth, conservative ASPs, strong oncology contribution Gross margin %1 63%-65% 64%-66% Building on Q1 progress for the balance of the year SG&A $1,125-$1,225 $1,125-$1,225 Commercial investments on track; incremental non-cash / non-recurring charges added to guide R&D $750-$850 $800-$900 Accelerating clinical trials, product investments Cash flow Positive Positive Reinvesting cash flows into operations to drive out year growth
The tests described have been developed and their performance characteristics determined by the CLIA-certified laboratory performing the test. The tests have not been cleared or approved by the US Food and Drug Administration (FDA). Although FDA is exercising enforcement discretion of premarket review and other FDA legal requirements for laboratory-developed tests in the US, certification of the laboratory is required under CLIA to ensure the quality and validity of the tests. CAP accredited, ISO 13485 certified, and CLIA certified. © 2026 Natera, Inc. All Rights Reserved.
FAQ
How did Natera (NTRA) perform financially in Q1 2026?
Natera reported total Q1 2026 revenue of $696.6 million, up 38.8% from $501.8 million a year earlier. Gross margin improved to 64.7%, but the company still posted a net loss of $85.1 million, or ($0.60) per diluted share, versus ($0.50) previously.
What drove Natera’s revenue growth in the first quarter of 2026?
Revenue growth was driven by higher testing volumes and improved average selling prices. Natera processed about 1,013,600 tests, including roughly 258,900 oncology tests. Oncology volumes grew 54.4% year over year, and women’s health delivered strong quarterly unit growth, supporting the 38.8% revenue increase.
Is Natera still losing money despite higher revenues?
Yes. Natera recorded a Q1 2026 net loss of $85.1 million, or ($0.60) per diluted share, compared with a $66.9 million loss a year earlier. Rising operating expenses for research and development and selling, general and administrative functions outweighed the benefits of higher revenue and margins.
What is Natera’s financial outlook for full-year 2026?
Natera now anticipates 2026 revenue of $2.74–$2.82 billion, up from a prior range of $2.62–$2.70 billion. The company expects gross margin of about 64%–66%, selling, general and administrative costs of $1.125–$1.225 billion, research and development costs of $800–$900 million, and positive net cash inflow.
How strong is Natera’s cash position after Q1 2026?
As of March 31, 2026, Natera held about $1,087.9 million in cash, cash equivalents and restricted cash, slightly above $1,076.1 million at year-end 2025. The company reported positive cash inflow of roughly $11.8 million during the quarter, while carrying total debt of $80.3 million under a UBS credit line.
How are Natera’s oncology and women’s health businesses performing?
Oncology and women’s health both showed strong momentum. Natera processed approximately 258,900 oncology tests, up 54.4% year over year, and clinical oncology volumes set a new record for sequential quarterly growth. Women’s health delivered its second-highest quarterly unit growth since 2019, helped by the Fetal Focus launch.