Natera Reports First Quarter 2026 Financial Results

View all news 05/07/2026 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 margin 1 of 64.7% in the first quarter of 2026, compared to a gross margin 1 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 million 2 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: 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.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.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. 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 Source: Natera, Inc. 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