Natera, Inc. Earnings Recaps
Q1 2026
May 8, 2026
Natera’s stock dropped 9.7% after the company lowered full-year revenue guidance by over $120 million and raised R&D spend by $50 million, signaling investor concerns over margin pressure and cautious outlook despite strong volume growth.
Key takeaways
- Revenue for Q1 reached $697 million, a 39% year-over-year increase, driven by robust volume growth across women's health and oncology segments.
- Oncology volumes rose 55% year-over-year to 249,000 clinical units, setting a new quarterly record.
- The new Fetal Focus product is gaining traction rapidly with nearly 200,000 orders on an annualized run rate following a successful clinical trial (EXPAND).
- Gross margin for Q1 slightly exceeded original guidance at nearly 65%, but was negatively impacted by higher-than-normal samples in process, compressing margins by about 2 percentage points.
- Management raised full-year gross margin guidance slightly to 65% midpoint but increased R&D expense forecast by $50 million to accelerate clinical trials, reflecting a more cautious outlook on near-term profitability.
Q3 2025
Nov 7, 2025
Natera reported robust Q3 2025 results, with revenue growth of 35% year-over-year driven by strong demand for its clinical products, particularly Signatera, alongside a notable improvement in gross margins.
Key takeaways
- Revenue for the quarter reached $592 million, significantly exceeding last year’s performance.
- Clinical MRD tests exceeded 202,000, marking record growth with 21,500 additional units.
- Gross margins surged to 64.9%, reflecting efficiency gains and cost management.
- The company raised its 2025 revenue guidance by $160 million, now forecasting $2.18–$2.26 billion.
- Expanding the product offering with the new Fetal Focus test, targeting over 20 genes with positive initial feedback.