Natera (NASDAQ: NTRA) lifts 2026 outlook on $753M Q2 revenue
Rhea-AI Filing Summary
Natera, Inc. reported strong second-quarter 2026 results, with total revenues of $752.8 million, up 37.7% from $546.6 million a year earlier, and gross margin of 64.5%. The company processed about 1,043,900 tests, including 296,700 oncology tests, and narrowed its net loss to $67.0 million, or $0.47 per share, from $100.9 million, or $0.74 per share, in the prior-year quarter. Cash, cash equivalents and restricted cash were $1,091.5 million at June 30, 2026, with $80.3 million outstanding under a UBS line of credit.
For 2026, Natera anticipates total revenue of $2.85 billion to $2.91 billion, gross margin of 64% to 66%, selling, general and administrative costs of $1.125 billion to $1.225 billion, research and development costs of $800 million to $900 million, and positive cash flow. Operational highlights included record growth in clinical molecular residual disease oncology volumes, three major regulatory approvals for the Signatera assay, expanded Medicare coverage for Prospera, and an enhanced Panorama NIPT with validated performance in low fetal fraction samples.
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Filing Explained
At June 30, 2026, Natera reported approximately 143.612 million common shares outstanding, versus 139.693 million at December 31, 2025; absent offsetting changes, that higher share count reduces existing holders’ percentage ownership, but the filing does not identify the cause.
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
Q2 2026 revenue: $752.8 million
Q2 2026 gross margin: 64.5%
Tests processed Q2 2026: 1,043,900
+5 more
8 metrics
Q2 2026 revenue
$752.8 million
Total revenues for the quarter ended June 30, 2026, up 37.7% from $546.6 million in Q2 2025
Q2 2026 gross margin
64.5%
GAAP gross margin for the three months ended June 30, 2026, versus 63.4% in Q2 2025
Tests processed Q2 2026
1,043,900
Total tests processed in the second quarter of 2026 compared with approximately 853,100 in Q2 2025
Oncology tests processed Q2 2026
296,700
Oncology tests processed in Q2 2026 compared to approximately 188,800 in the second quarter of 2025
Q2 2026 net loss
$67.0 million
Net loss for the second quarter of 2026 versus $100.9 million in the second quarter of 2025
Cash, cash equivalents and restricted cash
$1,091.5 million
Balance of cash, cash equivalents and restricted cash at June 30, 2026, versus $1,076.1 million at December 31, 2025
2026 revenue guidance range
$2.85–$2.91 billion
Projected 2026 total revenue, raised by $100 million at the midpoint from prior guidance
Clinical MRD oncology sequential growth
34,000 units
Increase in clinical molecular residual disease oncology units over the first quarter of 2026, the largest sequential increase to date
Key Terms
cell-free DNA, clinical molecular residual disease (MRD), LCD, companion diagnostic, +1 more
5 terms
cell-free DNA medical
"Natera, Inc., a global leader in cell-free DNA and genetic testing"
Fragments of DNA that float freely in the bloodstream after being released by dying or damaged cells, like puzzle pieces carried downstream that hint at what’s happening upstream. Investors care because measuring these fragments enables non‑invasive tests — for example to detect cancer, monitor treatment response, check pregnancy health, or spot organ rejection — so advances, approvals, or reimbursement changes can quickly affect companies that develop the tests and related technologies.
clinical molecular residual disease (MRD) medical
"Clinical molecular residual disease (MRD) oncology units grew 34,000 units"
LCD regulatory
"Final LCD published for organ rejection. Significant coverage expansion"
A liquid crystal display (LCD) is a flat-panel screen technology that uses a layer of liquid crystals to control light and form images, like tiny adjustable window blinds that let varying amounts of light through to make pictures. Investors care because LCD production, demand and pricing affect revenue, profit margins and supply chains for electronics makers and retailers, so shifts in LCD costs or adoption can change company earnings and capital needs.
companion diagnostic regulatory
"1st FDA-approved companion diagnostic in blood-based MRD"
A companion diagnostic is a medical test designed to identify which patients are likely to benefit from a specific drug or medical treatment, much like a key that shows whether a particular lock will open. For investors, these tests matter because they can increase a drug’s chances of approval and market uptake, create a separate revenue stream, and reduce commercial risk by matching treatments to the patients most likely to respond.
CLIA-certified regulatory
"operates ISO 13485-certified and CAP-accredited laboratories certified under CLIA"
CLIA-certified means a laboratory has passed U.S. federal standards for performing tests on human samples, showing its results are accurate, reliable and timely. For investors this matters because certification is often required to sell clinical test services, bill insurers, win hospital or physician partnerships and avoid regulatory penalties — much like a restaurant passing a health inspection or a car getting a safety sticker before it can be sold.
Earnings Snapshot
Revenue: $752.8 million · Guidance included
Quarter ended June 30, 2026
Revenue
$752.8 million
Increased 37.7% from $546.6 million in the second quarter of 2025
Gross margin
64.5%
Up from 63.4% in the second quarter of 2025
Net loss
$67.0 million
Narrowed from $100.9 million in the second quarter of 2025
Net loss per share
($0.47)
Improved from ($0.74) per share in the second quarter of 2025
Guidance
For 2026, Natera projects total revenue of $2.85–$2.91 billion, gross margin of 64%–66%, SG&A of $1.125–$1.225 billion, R&D of $800–$900 million, and positive cash flow.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Natera (NTRA) perform financially in Q2 2026?
Natera reported $752.8 million in Q2 2026 revenue, up 37.7% year over year, with a 64.5% gross margin. Net loss narrowed to $67.0 million, or $0.47 per share, compared with $100.9 million, or $0.74 per share, in Q2 2025.
What test volumes did Natera (NTRA) report for Q2 2026?
Natera processed approximately 1,043,900 tests in Q2 2026, up from 853,100 a year earlier. This included about 296,700 oncology tests, versus 188,800 in Q2 2025, with clinical molecular residual disease oncology units growing by 34,000 sequentially, the largest quarterly increase to date.
What is Natera's (NTRA) financial outlook for full-year 2026?
For 2026, Natera expects $2.85 billion to $2.91 billion in total revenue and gross margin of 64% to 66%. It projects SG&A expenses of $1.125–$1.225 billion, R&D expenses of $800–$900 million, and anticipates remaining cash flow positive for the year.
What oncology MRD milestones did Natera (NTRA) achieve recently?
Natera highlighted three major Signatera milestones: the first FDA-approved companion diagnostic in blood-based MRD, the first PMDA-approved MRD test in Japan, and the first EU IVDR-certified personalized MRD test for solid tumors, alongside an NCCN Category 1 guideline recommendation in bladder cancer.
How strong is Natera's (NTRA) balance sheet after Q2 2026?
At June 30, 2026, Natera held $1,091.5 million in cash, cash equivalents and restricted cash, up from $1,076.1 million at December 31, 2025. Total outstanding debt was $80.3 million, consisting of borrowings and accrued interest under a UBS line of credit.
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): August 6, 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:
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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 August 6, 2026, Natera, Inc. issued a press release announcing the results for its second quarter ended June 30, 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 August 6, 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: August 6, 2026
Exhibit 99.1
Natera Reports Second Quarter 2026 Financial Results
AUSTIN, Texas, August 6, 2026 /BUSINESS WIRE/ — Natera, Inc. (NASDAQ: NTRA), a global leader in cell-free DNA and genetic testing, today reported its financial results for the second quarter ended June 30, 2026.
Recent Financial Highlights
•Generated total revenues of $752.8 million in the second quarter of 2026, compared to $546.6 million in the second quarter of 2025, an increase of 37.7%.
•Generated a gross margin1 of 64.5% in the second quarter of 2026, compared to a gross margin1 of 63.4% in the second quarter of 2025. Excluding revenue true-ups, second quarter non-GAAP gross margin2 improved 50 basis points over the first quarter of 2026.
•Processed approximately 1,043,900 tests in the second quarter of 2026, compared to approximately 853,100 tests in the second quarter of 2025, an increase of 22.4%.
•Processed approximately 296,700 oncology tests in the second quarter of 2026, compared to approximately 188,800 in the second quarter of 2025, an increase of 57.2%. Clinical molecular residual disease (MRD) oncology units grew 34,000 units over the first quarter of 2026, the largest sequential increase to-date.
•Increased cash by approximately $3.6 million3 during the second quarter of 2026.
•Raised 2026 annual revenue guidance by $100 million at the midpoint, from $2.74 billion - $2.82 billion to $2.85 billion - $2.91 billion.
“We had an exceptional quarter helping patients, with over one million tests processed for the second consecutive quarter and record growth in oncology volumes,” said Steve Chapman, chief executive officer of Natera. “We also reached several landmark milestones in the last few months: Signatera™ achieved three significant regulatory approvals, Medicare coverage expanded for Prospera™, and we launched a major enhancement to our Panorama™ NIPT.”
Second Quarter Ended June 30, 2026 Financial Results
Total revenues were $752.8 million in the second quarter of 2026 compared to $546.6 million in the second quarter of 2025, an increase of 37.7%. The increase in revenues was driven by an increase in volume and average selling price improvements.
Natera processed approximately 1,043,900 tests in the second quarter of 2026, including approximately 1,030,100 tests accessioned in its laboratory, compared to approximately 853,100 tests processed, including approximately 839,300 tests accessioned in its laboratory, in the second quarter of 2025.
In the second quarter of 2026, Natera recognized revenue on approximately 985,500 tests for which results were reported to customers in the period (tests reported), including approximately 972,000 tests reported from its laboratory, compared to approximately 812,900 tests reported, including approximately 799,900 tests reported from its laboratory, in the second quarter of 2025, an increase of 21.2% from the prior period.
Gross profit1 for the three months ended June 30, 2026 and 2025 was $485.2 million and $346.6 million, respectively, representing a gross margin1 of 64.5% and 63.4%, respectively. Natera had higher gross margin1 in the second quarter of 2026 primarily as a result of higher revenues and continued progress in reducing cost of revenues associated with tests processed. There was also a change in estimate of approximately $52.3 million in the second quarter of 2026 in revenue accrual as compared to $45.3 million in the second quarter of 2025. Changes in estimates for the three months ended June 30, 2026 and 2025 increased revenue and, as a result, increased gross margin1 and gross profit1 by 2.7% and $52.3 million, and by 3.3% and $45.3 million, respectively.
Gross margin1 for the three months ended March 31, 2026 was 64.7%. Excluding the change in estimates in revenue accruals of approximately $52.3 million and $61.0 million during the three months ended June 30, 2026 and March 31, 2026, respectively, Natera's non-GAAP gross margin2 increased by approximately 0.5% sequentially.
Total operating expenses, representing research and development expenses and selling, general and administrative expenses, for the second quarter of 2026 was $555.3 million, compared to $457.0 million in the same period of the prior year, an increase of 21.5%. 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 second quarter of 2026 was $5.7 million. No such amortization occurred in the second quarter of 2025.
Loss from operations for the second quarter of 2026 was $75.8 million compared to $110.4 million for the same period of the prior year.
Natera’s net loss for the second quarter of 2026 was $67.0 million, or ($0.47) per diluted share, compared to a net loss of $100.9 million, or ($0.74) per diluted share, in the second quarter of 2025. Weighted average shares outstanding were 143.3 million in the second quarter of 2026 compared to 136.4 million for the same period in the prior year.
At June 30, 2026, Natera held approximately $1,091.5 million in cash, cash equivalents, and restricted cash, compared to $1,076.1 million as of December 31, 2025. As of June 30, 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 $2.85 billion to $2.91 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 cash flow to be positive.
Test Volume Summary
| Unit | QTD 2026 | QTD 2025 | Definition | ||||||||||||||||||||
| Tests processed | 1,043,900 | 853,100 | Tests accessioned in our laboratory plus units processed outside of our laboratory | ||||||||||||||||||||
| Tests accessioned | 1,030,100 | 839,300 | Test accessioned in our laboratory | ||||||||||||||||||||
| Tests reported | 985,500 | 812,900 | Total tests reported | ||||||||||||||||||||
| Tests reported in our laboratory | 972,000 | 799,900 | 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 400 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 Second Quarter Financial Results Conference Call | ||||
| Date: | Thursday, August 6, 2026 | ||||
| Time: | 1:30 p.m. PT (4:30 p.m. ET) | ||||
| Live Dial-In: | 1-833-461-5787 (Domestic) +44-808-196-8935 (International) | ||||
| Conference ID: | 786 717 759 | ||||
| Webcast Link: | https://events.q4inc.com/attendee/786717759 | ||||
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, product costs, and gross margins, 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; unless otherwise indicated, all financial data for the current and prior quarters are unaudited and subject to adjustment in connection with the completion of our 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 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.Excluding the change in estimates in revenue accruals of approximately $52.3 million and $61.0 million during the three months ended June 30, 2026 and March 31, 2026, respectively, Natera’s non-GAAP gross margin increased by approximately 0.5% sequentially.
3.Includes GAAP cash, cash equivalents and restricted cash.
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)
| June 30, 2026 | December 31, 2025 | ||||||||||
| (1) | |||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash, cash equivalents and restricted cash | $ | 1,091,502 | $ | 1,076,140 | |||||||
Accounts receivable, net of allowance of $6,526 in 2026 and $8,018 in 2025 | 421,968 | 296,528 | |||||||||
| Inventory | 80,346 | 68,443 | |||||||||
| Prepaid expenses and other current assets | 65,134 | 55,828 | |||||||||
| Total current assets | 1,658,950 | 1,496,939 | |||||||||
| Property and equipment, net | 317,568 | 241,184 | |||||||||
| Operating lease right-of-use assets | 129,687 | 108,541 | |||||||||
| Goodwill | 141,100 | 141,070 | |||||||||
| Intangible assets | 360,204 | 373,713 | |||||||||
| Other assets | 49,988 | 36,897 | |||||||||
| Total assets | $ | 2,657,497 | $ | 2,398,344 | |||||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 75,154 | $ | 33,156 | |||||||
| Accrued compensation | 105,915 | 92,603 | |||||||||
| Contingent consideration payable, current portion | 22,818 | 21,580 | |||||||||
| Deferred revenue, current portion | 40,566 | 24,907 | |||||||||
| Short-term debt financing | 80,291 | 80,323 | |||||||||
| Other accrued liabilities | 228,456 | 188,659 | |||||||||
| Total current liabilities | 553,200 | 441,228 | |||||||||
| Contingent consideration payable, long-term portion | 97,687 | 96,780 | |||||||||
| Deferred tax liability, long-term portion | 701 | 701 | |||||||||
| Operating lease liabilities, long-term portion | 143,074 | 118,473 | |||||||||
| Deferred revenue, long-term portion | 16,074 | 17,062 | |||||||||
| Other liabilities | 25,262 | 11,687 | |||||||||
| Total liabilities | 835,998 | 685,931 | |||||||||
| Commitments and contingencies | |||||||||||
| Stockholders’ equity: | |||||||||||
Common stock (2) | 14 | 14 | |||||||||
| Additional paid in capital | 4,749,675 | 4,488,679 | |||||||||
| Accumulated deficit | (2,928,082) | (2,776,022) | |||||||||
| Accumulated other comprehensive loss | (108) | (258) | |||||||||
| Total stockholders’ equity | 1,821,499 | 1,712,413 | |||||||||
| Total liabilities and stockholders’ equity | $ | 2,657,497 | $ | 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 June 30, 2026 and December 31, 2025, there were approximately 143,612,000 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 June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenues | |||||||||||||||||||||||
| Product revenues | $ | 747,929 | $ | 544,427 | $ | 1,441,796 | $ | 1,044,463 | |||||||||||||||
| Licensing and other revenues | 4,821 | 2,173 | 7,598 | 3,968 | |||||||||||||||||||
| Total revenues | 752,750 | 546,600 | 1,449,394 | 1,048,431 | |||||||||||||||||||
| Cost and expenses | |||||||||||||||||||||||
| Cost of product revenues | 266,597 | 199,531 | 511,800 | 384,143 | |||||||||||||||||||
| Cost of licensing and other revenues | 964 | 465 | 1,572 | 917 | |||||||||||||||||||
| Research and development | 228,071 | 146,427 | 438,773 | 275,504 | |||||||||||||||||||
| Selling, general and administrative | 327,203 | 310,549 | 655,142 | 577,414 | |||||||||||||||||||
| Amortization of acquired intangible assets | 5,707 | — | 11,416 | — | |||||||||||||||||||
| Total cost and expenses | 828,542 | 656,972 | 1,618,703 | 1,237,978 | |||||||||||||||||||
| Loss from operations | (75,792) | (110,372) | (169,309) | (189,547) | |||||||||||||||||||
| Interest expense | (890) | (1,029) | (1,782) | (2,034) | |||||||||||||||||||
| Interest and other income, net | 9,452 | 10,738 | 19,053 | 24,155 | |||||||||||||||||||
| Loss before income taxes | (67,230) | (100,663) | (152,038) | (167,426) | |||||||||||||||||||
| Income tax benefit (expense) | 261 | (275) | (22) | (448) | |||||||||||||||||||
| Net loss | $ | (66,969) | $ | (100,938) | $ | (152,060) | $ | (167,874) | |||||||||||||||
| Unrealized gain (loss) on available-for-sale securities and foreign currency translation adjustment | 94 | (90) | 150 | 57 | |||||||||||||||||||
| Comprehensive loss | $ | (66,875) | $ | (101,028) | $ | (151,910) | $ | (167,817) | |||||||||||||||
| Net loss per share: | |||||||||||||||||||||||
| Basic and diluted | $ | (0.47) | $ | (0.74) | $ | (1.07) | $ | (1.24) | |||||||||||||||
| Weighted-average number of shares used in computing basic and diluted net loss per share: | |||||||||||||||||||||||
| Basic and diluted | 143,279 | 136,388 | 142,395 | 135,632 | |||||||||||||||||||
Natera, Inc. Q2’2026 Earnings Presentation August 6, 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, our product costs and our gross margins, 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 our 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. 1. Includes clinical volumes for both Signatera and Latitude. 2. Gross margin percentage is computed as follows: GAAP revenues minus GAAP cost of product revenues and licensing and other revenues divided by GAAP revenues. Q2’26 financial highlights ● >1.04M total tests processed in Q2 2026 vs 853K in Q2 2025; year-over-year growth of >22%. ● ~283K clinical MRD oncology tests in Q2 2026 vs 181K in Q2 2025; year-over-year growth of >56%. ○ Clinical MRD oncology1 units grew ~34K units over Q1 2026, the largest sequential increase to-date. ● Revenue of $753M in Q2 2026 vs $547M in Q2 2025; year-over-year growth of ~38%. ● Gross margin2 of ~65% in Q2 2026 vs 63% in Q2 2025. ● Raising 2026 outlook, $100M increase in revenue at the midpoint.
4 Not for reproduction or further distribution. Volumes continue to ramp 2Q20 760K 853K 1,044K Core Volume Drivers • Continued momentum across products. • Excellent YoY growth performance in women’s health. • Organ health data driving volume ramp. • Significant step up in clinical MRD unit growth. 617K 500K 234K 2Q21 2Q22 2Q23 2Q24 2Q25 2Q26 376K
5 Not for reproduction or further distribution. Clinical MRD¹ volumes: record volume of ~283K units 489K 1Q24 181K 202K 225K 249K • Record sequential growth of ~34K units; largest quarterly increase to date. • Broad-based acceleration across 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. 283K 2Q26
6 Not for reproduction or further distribution. Revenues continue to ramp: ~38% revenue growth over Q2’25 1. Natera internal data as of 12/31/25. 2. Natera publicly reported data as of 2/26/26. $142M $261M $413M $547M $753M $198M 2Q22 2Q23 2Q242Q21 2Q25 2Q26 Total revenues: YoY Q2 trend• Strong ASP trends across women’s health, organ health, and oncology. • Signatera revenues continue to ramp. ~38% $86M 2Q20
7 Not for reproduction or further distribution. Continued gross margin execution Gross margins1,2 y/y trend 1. 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 was $45.3M, $61.0M and $52.3M for 2Q25, 1Q26, and 2Q26, respectively. Gross margins1,2 at ~65% • Ex-true ups, ~50 bps sequential increase vs. Q1. • Large increase in Signatera new patient starts. • Continued sequential step up in ASPs. • Efficient Signatera COGS. 2Q25 ~3% true up benefit 2Q26 ~3% true up benefit 63.4% 64.5% 1Q26 2Q26 61.3% 61.8% Non-GAAP Gross margins1,2 ex- true up q/q trend
8 Not for reproduction or further distribution. Prospective, blinded clinical validation study of 3,323 pregnant patients demonstrated high accuracy in low fetal fraction samples (n: 242). Performance enabled by proprietary SNP- informed deep sequencing technology 100% TRISOMY 21 DETECTED FOR PATIENTS WITH LOW FETAL FRACTION Clear unmet need in NIPT for patients with low fetal fraction 0.5% NO CALL RATE 1. Norton et al. Am J Obstet Gynecol. 2023;Sep;229(3):300.e1-300.e9. 2. Norton et al. N Engl J Med. 2015 Apr;372:1589-1597. 3. Wright et al. Ultrasound Obstet Gynecol. 2015 Jan;45(1):48-54. WOMEN’S HEALTH Enhanced Panorama: reduces no-call rates by ~80% Low fetal fraction → up to 10x higher risk of aneuploidy.1,2 Literature suggests performance challenges with non- SNP methods at low fetal fractions.3 Clinical validation data for patients with low fetal fraction has remained a gap until now. First validated NIPT with high clinical sensitivity in low fetal fraction cases
9 Not for reproduction or further distribution. New medicare surveillance coverage for Prospera ORGAN DRAFT (YR 1-2-3) FINAL (YR 1-2-3) Kidney Heart Lung 4 - 2 - 2 12 - 2 - 2 12 - 2 - 2 6 - 4 - 4 12 - 4 - 4 12 - 4 - 4 Final LCD published for organ rejection. Significant coverage expansion and improvement from initial draft LCD. Major medical societies supported expanded testing: ● American Society of Transplant Surgeons ● American Society of Transplantation ● International Society of Heart & Lung Transplantation ORGAN HEALTH
10 Not for reproduction or further distribution. Recent regulatory milestones for Signatera Driven by years of scientific evidence MAY 2026 1st FDA-approved companion diagnostic in blood-based MRD JUNE 2026 1st PMDA-approved MRD test JULY 2026 1st EU IVDR-certified personalized MRD test for solid tumors U.S: bladder cancer Supported by IMvigor011 Japan: colorectal cancer Supported by GALAXY Europe: >20 cancers and immunotherapy monitoring Supported by extensive clinical evidence ONCOLOGY
Not for reproduction or further distribution. Next PMDA submission underway: Signatera as a companion diagnostic in muscle-invasive bladder cancer ONCOLOGY ● >34K MIBC cases annually in Japan. ● 150 Japanese institutions have used Signatera. ● Submission supported by IMvigor011, which had >20 sites in Japan.
Not for reproduction or further distribution. 12 3rd NCCN guideline update for ctDNA-MRD 1st Category 1 recommendation in bladder cancer Strong support for Signatera-guided adjuvant treatment in muscle-invasive bladder cancer ● The Panel “recommends the consideration of ctDNA-MRD testing as a tool for risk stratification and to determine the use of adjuvant immunotherapy after cystectomy in patients who have not received previous immune checkpoint inhibitor treatment using an FDA-approved, personalized, tumor- informed, multiplex PCR-NGS assay for ctDNA.” ● Follows guideline updates for Merkel Cell carcinoma and diffuse large B-cell lymphoma. ONCOLOGY
13 Not for reproduction or further distribution. Extensive evidence pipeline Source: internal estimates based on current signings YTD and actual/projected read-outs. ONCOLOGY 2019 10 20 30 40 50 Year N u m b er o f p ro sp ec ti ve s tu d ie s Signed/initiated (cumulative, through 2H 2026) Read out (cumulative, actual/expected) 2021 2022 20242023 2025 70 60 90 2020 Projected 1H 2026 2027 2028
14 Not for reproduction or further distribution. ONCOLOGY SIGNAL-ER 101: MRD-guided therapy in breast cancer SOC Endocrine Therapy Endocrine Therapy + CDK 4/6i Signatera: every 3 mos until 48 mos Stage II HR+/HER2- Breast Cancer MRD+ MRD- Su rg e ry If MRD- patients turn positive at anytime, treatment will be escalated to CDK 4/6i ● Vast majority of patients with early-stage HR+/HER2- breast cancer may be overtreated with CDK 4/6 inhibition. ● >60% of patients experience serious adverse events from CDK 4/6i. ● U.S. retail costs for a full course of treatment can cost >$400K.
15 Not for reproduction or further distribution. ONCOLOGY ~24K Patients enrolled to date Continued progress in early cancer detection PROCEED-CRC demonstrated excellent performance. ● Advanced adenoma detection: 22.5% sensitivity, 91.5% specificity. ● Underscores strength of Natera’s technology. FIND-CRC enrollment completion on track for Q3. ● Targeting 25-40K average-risk adults; 70 CRC cases, ~1,400 AA cases. 2027: read-out of FIND and submission to FDA.
16 Not for reproduction or further distribution. FY26 Q2 financial overview 1. Natera internal data as of 12/31/25. 2. Natera publicly reported data as of 2/26/26.1. Gross margin percentage is computed as follows: GAAP revenues minus GAAP cost of product revenues and licensing and other revenues divided by GAAP revenues. 2. Cash also includes cash equivalents and restricted cash. ($ in millions, except for per share data) Balance sheet Jun 30, 2026 Dec 31, 2025 Change Cash2 $1,091.5 $1,076.1 $15.4 UBS line of credit $80.3 $80.3 $ — FY26 Q2 FY25 Q2 Change Y/Y Total revenues $752.8 $546.6 $206.2 Gross margin %1 64.5% 63.4% 110 bps R&D $228.1 $146.4 $81.6 SG&A $327.2 $310.5 $16.7 Net loss per diluted share ($0.47) ($0.74) $0.27
17 Not for reproduction or further distribution. R&D growth focused on future products Key R&D initiatives • Large increase in ECD to support FIND trial and ECD assay development. • Significant step up in clinical trial spend focused on Signatera. • Continued focus on new product development, COGS reduction efforts. 2025 2026 Year on year R&D expense Foresight Early Cancer Detection Clinical Trials (Non-ECD) Product Support New product development COGS reduction efforts $626M $800M - $900M
18 Not for reproduction or further distribution. Raising 2026 annual revenue guidance 1. Natera internal data as of 12/31/25. 2. 1. Gross margin percentage is computed as follows: GAAP revenues minus GAAP cost of product revenues and licensing and other revenues divided by GAAP revenues. ported data as of 2/26/26. Guide ($ millions) Q1 Guide Current Key drivers Revenue $2,740–$2,820 $2,850 - $2,910 Continued volume growth, conservative ASPs, strong oncology contribution Gross margin %1 64%–66% 64%–66% Building on 1H progress for the balance of the year SG&A $1,125–$1,225 $1,125–$1,225 Holding guide constant; commercial investments scaling efficiently R&D $800–$900 $800–$900 Holding guide; FIND enrollment complete, focused on MRD trials Cash flow Positive Positive Doubling down on investments while remaining cash flow positive
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.