Natera, Inc. Q2 2026 Earnings Recap

Natera’s +17.3% stock jump reflects strong revenue growth driven by record test volumes and an upward revision to full-year guidance, underscoring sustained momentum in oncology, particularly Signatera’s notable FDA and PMDA milestones.

Key Takeaways

• Recorded approximately 1.044 million tests processed in Q2, exceeding 1 million for the first time and marking a company record.
• Clinical MRD oncology units grew 56% year-over-year to 283,000, with the largest sequential increase to date (+34,000 units vs Q1).
• Q2 revenue reached ~$753 million, up ~38% year-over-year and ~40% excluding revenue true-ups, with gross margins improving to ~65%.
• Raised full-year revenue guidance midpoint by $100 million to a range of $2.85 billion–$2.91 billion, implying 31% revenue growth ex true-ups.
• Signatera achieved several key regulatory and clinical milestones, including first US FDA MRD companion diagnostic approval, Japanese PMDA approval, and NCCN Category 1 recommendation for muscle invasive bladder cancer.