NTRA · Natera, Inc.

Natera delivered exceptional Q1 2026 results, with total revenues surging 38.8% year-over-year to $696.6 million, propelled by robust test volume growth to over 1.01 million processed units—the first time exceeding one million in a quarter—and improvements in average selling prices. Oncology stood out with 258,900 tests processed, a 54.4% increase, marking another record quarter, while Women's Health achieved its second-highest quarterly unit growth since 2019, boosted by strong adoption of Fetal Focus following robust EXPAND trial data. Gross margin expanded to 64.7% from 63.1%, driven by scale efficiencies, higher revenues, and cost reductions in test processing, despite transient pressures from volume acceleration and Foresight acquisition-related expenses. Operating expenses rose 36.0% to $538.6 million, reflecting headcount expansion for new products and elevated clinical trial spending, leading to a wider operating loss of $93.5 million and net loss of $85.1 million, or ($0.60) per share. Balance sheet remains solid with $1.09 billion in cash and modest $80.3 million debt under a UBS line at SOFR + 50 bps. Management highlighted strong 2025 data readouts and innovations like Signatera and Fetal Focus fueling adoption, enabling a significant guidance raise: full-year revenue now $2.74-$2.82 billion (midpoint +$120 million), gross margin 64%-66%, with positive net cash inflow expected. CEO Steve Chapman emphasized confidence in transforming patient care through increased market penetration across oncology, women's health, and organ health.