Natera Inc

Latest Results (30.08.2026):

Natera, Inc. reported strong fourth-quarter 2025 results (quarter and full year ended December 31, 2025): record revenues and test volumes, higher gross margins, meaningful year-round cash inflow, but continued operating losses for the year. The company generated $665.5 million in Q4 2025 revenue (up 39.8% year-over-year) and $2,306.1 million for the full year 2025 (up 35.9%), while reaffirming positive net cash inflow for 2025 and giving a 2026 revenue and margin outlook.

Revenue

Q4 2025 total revenues were $665.5 million ( +39.8% vs Q4 2024); product revenues were $661.2 million. Full-year 2025 total revenues were $2,306.1 million ( +35.9% vs 2024), driven by higher volume and average selling price improvements.

Gross margin and gross profit

Q4 2025 gross margin was 66.9% (gross profit $445.2M) vs 62.9% in Q4 2024. Full-year 2025 gross margin was 64.7% (gross profit $1,493.2M) vs 60.3% in 2024, reflecting higher revenues and reductions in cost of revenues per test.

Test volumes

Tests processed in Q4 2025 were ~923,600 (up 16.5% y/y); tests reported in Q4 were ~892,400 (up 15.6%). Oncology tests showed outsized growth: ~233,300 oncology tests in Q4 2025 (up 54.7% y/y) and ~800,800 for the full year (up 51.6% y/y).

Operating expenses and profitability

Q4 2025 operating expenses (R&D plus SG&A) were $466.5 million (+28.0% y/y). Full-year operating expenses were $1,801.4 million (+44.6% y/y), driven by headcount growth, consulting and legal costs. Loss from operations: Q4 2025 was $22.8 million (improved vs $64.7M loss in Q4 2024); full-year loss from operations was $309.9 million (worse vs $222.3M in 2024).

Net loss and per-share

Net loss for full-year 2025 was $208.2 million, or ($1.52) per diluted share, compared with a net loss of $190.4 million, or ($1.53) per diluted share, in 2024. Weighted-average shares outstanding increased to 136.7 million in 2025.

Cash, liquidity and debt

At December 31, 2025, Natera held approximately $1,076.1 million in cash, cash equivalents and restricted cash. The company reported a positive cash inflow of approximately $107.6 million for 2025. Total outstanding debt was $80.3 million (including accrued interest under its UBS line of credit).

2026 Financial outlook

Natera anticipates 2026 total revenue of $2.62B–$2.70B, gross margin approx. 63%–65%, SG&A ~$1.125B–$1.225B, R&D ~$750M–$850M, and expects net cash inflow to be positive.