NTRA
Natera, Inc.227.40
-1.00-0.44%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A adds ASP, growth modeling color
Q&A provided modeling color on Signatera ASPs, netting out Medicare changes for ~$30 embedded uplift while highlighting MolDX upside on 30-35% non-covered mix worth hundreds of millions in revenue. Management detailed ~20k sequential unit growth via trailing 4Q average and flagged heme MRD, Japan launch, as unmodeled upsides with CRC mix dipping below 50%. Exome dominates volume; Latitude fills tissue gaps. Flat SG&A signals commercial leverage. Q&A largely reaffirms prepared momentum. Coverage wins matter for the thesis.
Key Stats
Market Cap
31.71BP/E (TTM)
-Basic EPS (TTM)
-2.30Dividend Yield
0%Recent Filings
10-K
FY2025 results
Natera drove FY2025 revenues to $2.3B, up 36% y/y, fueled by 15% test volume growth to 3.5M processed, with oncology tests surging 51% to ~801K units. Q4 accelerated momentum as Signatera and Panorama volumes hit record highs amid margin gains from lab efficiencies, while women's health held steady. Gross margins expanded to 64.7% (derived), yet R&D jumped 54% on oncology innovation including the Foresight Diagnostics acquisition. Cash flow turned positive at $215M. Q4 ruled the year.
8-K
Q4 revenue up 40%
Natera crushed Q4 2025 with $665.5M revenue, up 39.8% from $476.1M last year, fueled by 16.5% test volume growth to 923,600 and oncology tests surging 54.7% to 233,300. Gross margins climbed to 66.9% while operating expenses rose 28%. Oncology volumes exploded. Guides 2026 revenue to $2.62B-$2.70B with 63-65% margins.
8-K
Natera crushes Q4 estimates
Natera announced preliminary Q4 2025 results on January 11, with revenues hitting $660M, up 39% from $476M in Q4 2024, fueled by 55% oncology test growth to 233,300 including 225,300 MRD tests. Full-year revenues reached $2.3B, 35% above 2024 and $40M over guidance. Record MRD volumes surged despite fewer sample days. Cash inflows topped $100M for the year, non-GAAP.
8-K
Natera acquires Foresight for $450M
Natera closed its all-stock acquisition of Foresight Diagnostics on December 4, 2025, for $275 million upfront plus $175 million in earnouts tied to revenue and reimbursement milestones. The deal bolsters Natera's MRD leadership in solid tumors and lymphoma via Foresight's ultrasensitive PhasED-Seq technology. Integration enhances Signatera immediately for research; clinical launch slated for 2026. Earnouts hinge on milestone hits.
10-Q
Q3 FY2025 results
Natera posted Q3 revenue of $592.2M, up 34.7% y/y from $439.8M, with product sales jumping 35.3% y/y to $590.2M on higher test volumes and pricing. Gross margin expanded to 64.9% from 61.8%, yet operating loss widened to $97.6M from $39.3M as R&D surged 78.9% y/y and SG&A rose 44.1%, fueled by stock-based comp. Cash from operations hit $141.4M YTD; quarter-end cash swelled to $1.0B, with $80.3M short-term debt at 4.81% and $20M revolver room. EPS checks out at -$0.64 on 137M shares. Ongoing IP battles pose risks.
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