NTRA earnings analysis
What we found in NTRA's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Natera reported strong revenue growth in Q1 2026, recording revenues of $696.6 million, surpassing estimates by $79.9 million. However, the company fell short on EPS, posting a loss of $0.60 per share against an estimate of a $0.55 loss. The overall outlook remains focused on expanding test volumes despite ongoing net losses.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth Exceeds Expectations
- Total revenues reached $696.6 million, a 38.8% increase from $501.8 million in Q1 2025.
- Improved Testing Volume
- The company processed approximately 1,013,600 tests, up from 855,100 tests in Q1 2025.
- Segment Growth in Oncology and Women's Health
- Revenue from testing in oncology and women's health contributed significantly, roughly $693.9 million in product revenues.
- Continued Investment in R&D
- R&D expenses rose by 63.2% to $210.7 million, reflecting ongoing investment in technology and product development.
- Positive Cash Flow from Operations
- Cash provided by operating activities was $40.2 million despite a net loss of $85.1 million.
- Robust Cash Position
- As of March 31, 2026, Natera had $1.1 billion in cash and cash equivalents, ensuring liquidity.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Continuing Net Losses
- Natera reported a net loss of $85.1 million, worsening from a loss of $66.9 million in Q1 2025.
- High R&D and SG&A Expenses
- R&D and SG&A expenses increased significantly, leading to operational pressures with increases of 63.2% and 22.9%, respectively.
- Challenges from Credit Line
- Outstanding debt on the credit line amounts to $80.3 million, with additional financing possibly required for future growth.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.6
- Segment
- onco
- Segment
- women's health
What they said about what is next.
2026 annual revenue guidance was raised to a range of $2.74 billion to $2.82 billion, an increase of $120 million.
The filing reads better than the one before it.
What came before.
- 10-K · February 27, 2026
- Natera’s 10-K shows strong top-line growth: revenue increased to $2,306.1 million in 2025 from $1,696.9 million in 2024 and $1,082.6 million in 2023, while test volume rose to approximately 3.5 million tests in 2025.…
- 10-Q · November 12, 2024
- Natera reported Q3 revenue of $439,758 (three months ended September 30, 2024) vs $268,306 in Q3 2023, driven by product revenue growth. Gross margin expanded to 61.8% and operating loss narrowed to $(39,338) in the…
- 10-Q · August 9, 2024
- Natera reported Q2 revenue of $413,351,000 (Condensed Statement: 413,351) — a strong sequential and year-over-year increase driven by product sales. Gross margin improved to ~58.8% and operating loss narrowed to…
- 10-K · February 29, 2024
- Natera reported revenue of $1,082.6 million in 2023 (up from $820.2M in 2022) while processing ~2.5 million tests. Product revenues were $1,068.5 million in 2023 and net losses narrowed to $434.8 million in 2023 from…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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