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.…
Earnings analysis · 10-Q
NTRA earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.6
- Segment
- onco
- Segment
- women's health
What stood out
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Revenue Growth Exceeds Expectations
Total revenues reached $696.6 million, a 38.8% increase from $501.8 million in Q1 2025.
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Improved Testing Volume
The company processed approximately 1,013,600 tests, up from 855,100 tests in Q1 2025.
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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.
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Continued Investment in R&D
R&D expenses rose by 63.2% to $210.7 million, reflecting ongoing investment in technology and product development.
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Positive Cash Flow from Operations
Cash provided by operating activities was $40.2 million despite a net loss of $85.1 million.
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Robust Cash Position
As of March 31, 2026, Natera had $1.1 billion in cash and cash equivalents, ensuring liquidity.
What to watch
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Continuing Net Losses
Natera reported a net loss of $85.1 million, worsening from a loss of $66.9 million in Q1 2025.
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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.
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Challenges from Credit Line
Outstanding debt on the credit line amounts to $80.3 million, with additional financing possibly required for future growth.
Management's outlook
2026 annual revenue guidance was raised to a range of $2.74 billion to $2.82 billion, an increase of $120 million.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.