Natera (NTRA) Company Report

Natera achieved outstanding Q3 2025 financial results, with revenue exceeding $500 million for the first time, a record 200,000 clinical units, and 64.9% gross margins.
The company projects its MRD business (Signatera) to surpass $1 billion in revenue within the next two to three years, with strong growth anticipated into 2026 and beyond due to early market penetration.
Natera expects continued growth in Women's Health and Organ Health, targeting mid-single-digit volume growth and stable average selling prices (ASPs) for 2026, while Signatera's realized pricing is expected to improve through expanded coverage.
The company has seven submissions to MolDX prepared to expand Signatera coverage across additional tumor types, which is expected to enhance average selling prices.
Signatera demonstrated "absolutely phenomenal" results in the IMvigor011 trial for muscle-invasive bladder cancer, showing an overall survival signal and indicating a significant shift in treatment approaches.

1 day ago

Transcript

Natera Reports Strong Q3 Performance and Outlines Growth Prospects

NTRA

Revenue Acceleration/Inflection

New Projects/Investments

Guidance Update

Natera reported record Q3 performance with revenue exceeding $500 million and record gross margins of 64.9% (or 61.3% adjusted for true-ups).
The company's MRD (Signatera) business has over $500 million in revenue, is growing double-digits, and is projected to exceed $1 billion in the next two to three years.
Natera anticipates continued strong growth into 2026 and beyond, driven by stable sales teams in Women's Health and Organ Health, and improving average selling prices (ASPs).
Significant progress is being made in expanding Signatera's reimbursement, with seven submissions ready for MolDX to broaden coverage across more tumor types.
The IMvigor011 trial showed "phenomenal" overall survival results for Signatera-positive muscle-invasive bladder cancer patients, representing a "sea change" in treatment.

1 day ago

Transcript

Natera Discusses Strong Q3 2025 Results and Future Growth Drivers

NTRA

Revenue Acceleration/Inflection

New Projects/Investments

Guidance Update

Natera reported an outstanding Q3 2025, with revenue cresting above $500 million for the first time, record clinical signature units, and record gross margins of 64.9% (61.3% organic).
The company anticipates its MRD business (Signatera) will exceed $1 billion in revenue within the next 2-3 years, driven by double-digit growth and early market penetration.
Natera has seven submissions to MolDX for expanded Signatera coverage across additional tumor types, which is expected to improve average selling prices (ASPs).
The IMvigor011 trial demonstrated an overall survival signal for atezolizumab in Signatera-positive muscle-invasive bladder cancer patients, with data published in the New England Journal of Medicine.
Preliminary results from the PROCEED trial for early cancer detection in advanced adenomas showed a sensitivity of circa 22%, with the next update expected from the FIND study in 2027.

1 day ago

Transcript

Natera Discusses Strong Q3 Performance, Signatera Growth, and Future Investments

NTRA

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

Natera reported an outstanding Q3, beating revenue expectations by $25 million (excluding true-ups) and increasing full-year guidance by $160 million, now tracking to 30% growth.
The company anticipates launching Signatera in Japan in 2027, which could effectively double the annual volume Total Addressable Market (TAM).
Natera is making significant investments in early cancer detection, with the trial alone expected to cost more than $40 million to $50 million incrementally next year, following "extremely promising" preliminary data.
The company has achieved cash flow break-even by mid-2024 and is now sustainably generating cash.
Natera is pursuing seven MolDX submissions by year-end, which could cover approximately 30% of current Medicare volume not yet reimbursed, representing an incremental upside opportunity for Average Selling Prices (ASPs).

Nov 19, 2025, 3:00 PM

Transcript

Natera Discusses Strong Q3 Performance, Signatera Growth, and Future Investments

NTRA

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Natera reported an outstanding Q3, exceeding revenue expectations by $25 million and raising full-year guidance by $160 million, projecting 30% growth.
The company's Signatera product is experiencing a "massive ramp" in utilization, with a long-term goal of $5 billion in annual sales and gross margins approaching 70%.
Natera is aggressively investing in early cancer detection, with promising preliminary data for colorectal cancer screening and plans for a large FDA-enabling study, which will incur costs "more than" $40 million to $50 million next year.
International expansion plans include a 2027 launch of Signatera in Japan, which could effectively double the annual volume Total Addressable Market (TAM).
The company has achieved cash flow break-even by mid-2024 and is now sustainably generating cash, even after significantly expanding R&D and commercial operations.

Nov 19, 2025, 3:00 PM

Transcript

Natera Discusses Strong Q3 Performance and Future Growth Initiatives

NTRA

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

Natera reported an outstanding Q3, exceeding revenue expectations by $25 million (excluding true-ups) and raising its full-year guidance by $160 million, now projecting 30% growth.
The company is experiencing a "massive ramp" in the utilization of its Signatera product, which is becoming a standard in cancer patient care, alongside outstanding revenue growth in its women's health business.
Natera has a long-term goal for Signatera to reach $5 billion in annual sales with gross margins approaching 70%, and plans a 2027 launch in Japan, potentially doubling the annual volume Total Addressable Market (TAM).
Significant investments are being made in early cancer detection, including an FDA-enabling study with an incremental spend of more than $30-$50 million next year.
The company anticipates achieving cash flow break-even by mid-2024 and sustainably generating cash flow thereafter.

Nov 19, 2025, 3:00 PM

Transcript

NTRA Discusses Q3 2025 Performance and Future Growth at UBS Conference

NTRA

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

NTRA reported Q3 revenue of $592 million, marking 35% year-on-year growth, with a printed gross margin of 64.9% (or 61.3% excluding true-ups).
The company anticipates generating approximately $100 million in free cash flow for the calendar year 2025.
Signatera achieved 202,000 units in Q3 2025, representing 21.5% sequential unit growth, driven by operational efficiency and strong clinical trial results. Overall market penetration for Signatera remains in the single digits, with colorectal cancer being the most penetrated tumor type.
NTRA plans to submit for seven additional Medicare indications for Signatera and reported 60% growth in its Organ Health segment last quarter.
The company expects 10% growth in operating expenses for 2026, with expectations for future leverage.

Nov 11, 2025, 4:45 PM

Transcript

NTRA Reports Strong Q3 2025 Results and Raises Full-Year Guidance

NTRA

Earnings

Guidance Update

Product Launch

NTRA reported Q3 2025 revenue of $592 million, representing a 35% increase over Q3 of last year, and processed 202,000 clinical MRD tests, marking over 21,500 units of growth compared to Q2.
The company achieved a gross margin of 64.9% in Q3 2025, an increase of almost 1.5 percentage points from Q2, and raised its 2025 gross margin guidance to 62%-64%.
NTRA significantly increased its 2025 revenue guidance to a range of $2.18 billion-$2.26 billion and now formally expects to generate approximately $100 million in free cash flow for the full year.
The company plans to submit seven new MolDX submissions before year-end, which could be worth around $250 million-$300 million in gross profit, and expanded its Fetal Focus product to cover over 20 genes.
SG&A was flat to down sequentially from Q2 to Q3, and the company anticipates limited OPEX growth of roughly 10% in 2026.

Nov 6, 2025, 9:30 PM

Transcript

Natera Reports Strong Q3 2025 Results and Raises Full-Year Guidance

NTRA

Earnings

Guidance Update

Product Launch

Natera reported Q3 2025 revenue of $592.2 million, marking a 35% year-over-year increase from Q3 2024. This growth was supported by ~894K total tests processed and ~202K clinical MRD tests, with the latter showing a 56% year-over-year growth.
The company achieved a gross margin of 64.9% in Q3 2025 and generated ~$26 million in cash inflow during the quarter.
Natera raised its 2025 financial outlook, now projecting full-year revenue between $2.18 billion and $2.26 billion and expecting $100 million in cash flow generation.
Key business updates include strong new data in early cancer detection for advanced adenomas, furthered MRD leadership with Signatera through landmark ESMO presentations, and the upcoming Q4 launch of an expanded gene panel for Fetal Focus.

Nov 6, 2025, 9:30 PM

Presentation

Natera Reports Strong Q3 2025 Results, Raises Full-Year Guidance

NTRA

Earnings

Guidance Update

Revenue Acceleration/Inflection

Natera reported strong Q3 2025 financial performance, with revenue growing 35% over last year and top-line gross margins reaching close to 65%.
Signatera achieved record growth of 21,500 additional clinical MRD units, representing a 56% year-on-year increase, with average selling prices (ASPs) now at approximately $1,200.
The company updated its full-year 2025 revenue guidance to $2.18 billion - $2.26 billion and raised the bottom end of its gross margin guidance by 100 basis points.
Natera expanded its Fetal Focus product to cover over 20 genes and noted strong Signatera adoption driven by new patient starts and recent clinical data, with the balance sheet holding over $1 billion in cash.

Nov 6, 2025, 9:30 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for Natera.

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