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Natera Reports Second Quarter 2026 Financial Results
Natera Reports Second Quarter 2026 Financial Results
AUSTIN, Texas--(BUSINESS WIRE)--Natera, Inc. (NASDAQ: NTRA), a global leader in cell-free DNA and genetic testing, today reported its financial results for the second quarter ended June 30, 2026.
Recent Financial Highlights
- Generated total revenues of $752.8 million in the second quarter of 2026, compared to $546.6 million in the second quarter of 2025, an increase of 37.7%.
- Generated a gross margin1 of 64.5% in the second quarter of 2026, compared to a gross margin1 of 63.4% in the second quarter of 2025. Excluding revenue true-ups, second quarter non-GAAP gross margin2 improved 50 basis points over the first quarter of 2026.
- Processed approximately 1,043,900 tests in the second quarter of 2026, compared to approximately 853,100 tests in the second quarter of 2025, an increase of 22.4%.
- Processed approximately 296,700 oncology tests in the second quarter of 2026, compared to approximately 188,800 in the second quarter of 2025, an increase of 57.2%. Clinical molecular residual disease (MRD) oncology units grew 34,000 units over the first quarter of 2026, the largest sequential increase to-date.
- Increased cash by approximately $3.6 million3 during the second quarter of 2026.
- Raised 2026 annual revenue guidance by $100 million at the midpoint, from $2.74 billion - $2.82 billion to $2.85 billion - $2.91 billion.
“We had an exceptional quarter helping patients, with over one million tests processed for the second consecutive quarter and record growth in oncology volumes,” said Steve Chapman, chief executive officer of Natera. “We also reached several landmark milestones in the last few months: SignateraTM achieved three significant regulatory approvals, Medicare coverage expanded for ProsperaTM, and we launched a major enhancement to our PanoramaTM NIPT.”
Second Quarter Ended June 30, 2026 Financial Results
Total revenues were $752.8 million in the second quarter of 2026 compared to $546.6 million in the second quarter of 2025, an increase of 37.7%. The increase in revenues was driven by an increase in volume and average selling price improvements.
Natera processed approximately 1,043,900 tests in the second quarter of 2026, including approximately 1,030,100 tests accessioned in its laboratory, compared to approximately 853,100 tests processed, including approximately 839,300 tests accessioned in its laboratory, in the second quarter of 2025.
In the second quarter of 2026, Natera recognized revenue on approximately 985,500 tests for which results were reported to customers in the period (tests reported), including approximately 972,000 tests reported from its laboratory, compared to approximately 812,900 tests reported, including approximately 799,900 tests reported from its laboratory, in the second quarter of 2025, an increase of 21.2% from the prior period.
Gross profit1 for the three months ended June 30, 2026 and 2025 was $485.2 million and $346.6 million, respectively, representing a gross margin1 of 64.5% and 63.4%, respectively. Natera had higher gross margin1 in the second quarter of 2026 primarily as a result of higher revenues and continued progress in reducing cost of revenues associated with tests processed. There was also a change in estimate of approximately $52.3 million in the second quarter of 2026 in revenue accrual as compared to $45.3 million in the second quarter of 2025. Changes in estimates for the three months ended June 30, 2026 and 2025 increased revenue and, as a result, increased gross margin1 and gross profit1 by 2.7% and $52.3 million, and by 3.3% and $45.3 million, respectively.
Gross margin1 for the three months ended March 31, 2026 was 64.7%. Excluding the change in estimates in revenue accruals of approximately $52.3 million and $61.0 million during the three months ended June 30, 2026 and March 31, 2026, respectively, Natera’s non-GAAP gross margin2 increased by approximately 0.5% sequentially.
Total operating expenses, representing research and development expenses and selling, general and administrative expenses, for the second quarter of 2026 was $555.3 million, compared to $457.0 million in the same period of the prior year, an increase of 21.5%. 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 second quarter of 2026 was $5.7 million. No such amortization occurred in the second quarter of 2025.
Loss from operations for the second quarter of 2026 was $75.8 million compared to $110.4 million for the same period of the prior year.
Natera’s net loss for the second quarter of 2026 was $67.0 million, or ($0.47) per diluted share, compared to a net loss of $100.9 million, or ($0.74) per diluted share, in the second quarter of 2025. Weighted average shares outstanding were 143.3 million in the second quarter of 2026 compared to 136.4 million for the same period in the prior year.
At June 30, 2026, Natera held approximately $1,091.5 million in cash, cash equivalents, and restricted cash, compared to $1,076.1 million as of December 31, 2025. As of June 30, 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 $2.85 billion to $2.91 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 cash flow to be positive.
Test Volume Summary
Unit
QTD 2026
QTD 2025
Definition
Tests processed
1,043,900
853,100
Tests accessioned in our laboratory plus units processed outside of our laboratory
Tests accessioned
1,030,100
839,300
Test accessioned in our laboratory
Tests reported
985,500
812,900
Total tests reported
Tests reported in our laboratory
972,000
799,900
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 400 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 Second Quarter Financial Results Conference Call
Date:
Thursday, August 6, 2026
Time:
1:30 p.m. PT (4:30 p.m. ET)
Live Dial-In:
1-833-461-5787 (Domestic) +44-808-196-8935 (International)
Conference ID:
786 717 759
Webcast Link:
https://events.q4inc.com/attendee/786717759
Natera, Inc. Consolidated Balance Sheets (Unaudited) (in thousands, except shares)
June 30, 2026
December 31, 2025
(1)
Assets
Current assets:
Cash, cash equivalents and restricted cash
$
1,091,502
$
1,076,140
Accounts receivable, net of allowance of $6,526 in 2026 and $8,018 in 2025
421,968
296,528
Inventory
80,346
68,443
Prepaid expenses and other current assets
65,134
55,828
Total current assets
1,658,950
1,496,939
Property and equipment, net
317,568
241,184
Operating lease right-of-use assets
129,687
108,541
Goodwill
141,100
141,070
Intangible assets
360,204
373,713
Other assets
49,988
36,897
Total assets
$
2,657,497
$
2,398,344
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$
75,154
$
33,156
Accrued compensation
105,915
92,603
Contingent consideration payable, current portion
22,818
21,580
Deferred revenue, current portion
40,566
24,907
Short-term debt financing
80,291
80,323
Other accrued liabilities
228,456
188,659
Total current liabilities
553,200
441,228
Contingent consideration payable, long-term portion
97,687
96,780
Deferred tax liability, long-term portion
701
701
Operating lease liabilities, long-term portion
143,074
118,473
Deferred revenue, long-term portion
16,074
17,062
Other liabilities
25,262
11,687
Total liabilities
835,998
685,931
Commitments and contingencies
Stockholders’ equity:
Common stock (2)
14
14
Additional paid in capital
4,749,675
4,488,679
Accumulated deficit
(2,928,082
)
(2,776,022
)
Accumulated other comprehensive loss
(108
)
(258
)
Total stockholders’ equity
1,821,499
1,712,413
Total liabilities and stockholders’ equity
$
2,657,497
$
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 June 30, 2026 and December 31, 2025, there were approximately 143,612,000 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 June 30,
Six months ended June 30,
2026
2025
2026
2025
Revenues
Product revenues
$
747,929
$
544,427
$
1,441,796
$
1,044,463
Licensing and other revenues
4,821
2,173
7,598
3,968
Total revenues
752,750
546,600
1,449,394
1,048,431
Cost and expenses
Cost of product revenues
266,597
199,531
511,800
384,143
Cost of licensing and other revenues
964
465
1,572
917
Research and development
228,071
146,427
438,773
275,504
Selling, general and administrative
327,203
310,549
655,142
577,414
Amortization of acquired intangible assets
5,707
—
11,416
—
Total cost and expenses
828,542
656,972
1,618,703
1,237,978
Loss from operations
(75,792
)
(110,372
)
(169,309
)
(189,547
)
Interest expense
(890
)
(1,029
)
(1,782
)
(2,034
)
Interest and other income, net
9,452
10,738
19,053
24,155
Loss before income taxes
(67,230
)
(100,663
)
(152,038
)
(167,426
)
Income tax benefit (expense)
261
(275
)
(22
)
(448
)
Net loss
$
(66,969
)
$
(100,938
)
$
(152,060
)
$
(167,874
)
Unrealized gain (loss) on available-for-sale securities and foreign currency translation adjustment
94
(90
)
150
57
Comprehensive loss
$
(66,875
)
$
(101,028
)
$
(151,910
)
$
(167,817
)
Net loss per share:
Basic and diluted
$
(0.47
)
$
(0.74
)
$
(1.07
)
$
(1.24
)
Weighted-average number of shares used in computing basic and diluted net loss per share:
Basic and diluted
143,279
136,388
142,395
135,632
Contacts
Investor Relations Mike Brophy, CFO, Natera, Inc., 510-826-2350
Media Lesley Bogdanow, VP of Corporate Communications, Natera, Inc., [email protected]