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 margin¹ of 64.7% in the first quarter of 2026, compared to a gross margin¹ 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 million² 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

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Investor Relations

Mike Brophy, CFO, Natera, Inc., 510-826-2350

Media

Lesley Bogdanow, VP of Corporate Communications, Natera, Inc., pr@natera.com