Natera : Q1 2026 Earnings Presentation

Published: 2026-05-07 16:43:18 ET NTRA

Published on 05/07/2026 at 04:43 pm EDT

May 7, 2026

Revenue of $697M in Q1 2026 vs $502M in Q1 2025; year-over-year growth of ~39%.

>1M total tests processed in Q1 2026 vs 855K in Q1 2025; year-over-year growth of ~19%.

249K clinical oncology tests in Q1 2026 vs 161K in Q1 2025; year-over-year growth of

~55%. Clinical oncology units grew 24K units over Q4 2025, a new record for sequential quarter growth.

Gross margin1 of ~65% in Q1 2026 vs 63% in Q1 2025.

Raising 2026 outlook, $120M increase in revenue at the midpoint ($2.74B-$2.82B); gross margin1 increased to 64%-66%.

1. Non-GAAP gross margin percentage is computed as follows: GAAP revenues minus GAAP cost of product revenues and licensing and other revenues divided by GAAP revenues.

Core Volume Drivers

1,014K

Continued momentum

855K

across products

626K

736K

Record sequential growth for SignateraTM

235K

348K

489K

Strong women's health growth and significant interest in Fetal FocusTM

Organ health data driving volume ramp

1Q20

1Q21 1Q22 1Q23 1Q24 1Q25 1Q26

WOMEN'S HEALTH

Fetal Focus driving strong growth, supported by robust clinical evidence from the EXPAND trial

Successful launch of Fetal Focus

21-genes associated with serious

early onset medical conditions

Significant interest from clinicians

Approaching annualized run-rate of ~200K orders

Excellent clinical performance, selected for SMFM oral plenary

Data submitted for peer-

reviewed publication

Fastest unit growth quarter at ~24K volume growth.

Acceleration seen across multiple tumor types.

Strong data readouts

driving volume growth.

Clinical MRD tests processed

106K

118K

130K

145K

161K

181K

202K

225K

249K

1Q24

2Q24

3Q24

4Q24

1Q25

2Q25 3Q25 4Q25 1Q26

1. Includes clinical volumes for both Signatera and Latitude.

ONCOLOGY

Sept/Oct

Nov/Dec

Jan/Feb

March/April

ESMO: bladder data (IMvigor011 & CHECKMATE-274);

CRC data (INTERCEPT)

2nd uterine paper

Testicular paper

NEJM paper (MIBC)

OncoEMR integration across

>4,500 providers

Foresight acquisition

ASH: 7 orals in heme

SABCS: breast data from PALLAS, LEADER, patient reported outcomes (PRO)

CRC publication (CALGB/SWOG 80702)

ASCO GI: ALTAIR oral

in CRC

Papers in anal and rectal cancers

Latitude validation

paper

SINERGY oral presentation in head & neck cancer

ASCO GU: 4 orals in

bladder

Breast cancer paper

ALPHA3 interim futility analysis

Strong ASP trends across women's health, organ health and oncology.

Signatera revenues continue to ramp.

Total revenues: YoY Q1 trend

~39%

$152M

$194M

$242M

$368M

$502M

$697M

1Q21

1Q22 1Q23 1Q24

1Q25 1Q26

Gross margins1,2 at 64.7%

Gross margins1,2 quarterly trend

~4%

~3% true up

~3%

despite ~2% transient

impacts:

70%

~4%

true up

~3% true up benefit

true up benefit

65%

benefit

67%

true up benefit

65%

Foresight M&A stock-based comp

Transient COGS associated with volume growth acceleration in Q1 (increased receive/report ratio)

Continued sequential step up in ASPs

65%

60%

55%

50%

45%

40%

true up benefit

57%

benefit

59%

62%

63% 63% 63%

Efficient Signatera COGS 35%

1Q24 2Q24

3Q24

4Q24

1Q25

2Q25 3Q25 4Q25 1Q26

Non-GAAP gross margin percentage is computed as follows: GAAP revenues minus GAAP cost of product revenues and licensing and other revenues divided by GAAP revenues.

Non-GAAP gross margin percentage excluding true ups is computed as follows: GAAP revenues minus change in revenue estimate for tests delivered in prior periods that were fully collected minus GAAP cost of product revenues and licensing and other revenues divided by GAAP revenues minus change in revenue estimate for tests delivered in prior periods that were fully collected. Change in revenue estimate for tests delivered in prior periods that were fully collected was $61.0M and $59.7M for 1Q26 and 4Q25, respectively.

ONCOLOGY

The power of an MRD-negative result and its impact on quality of life

Bladder Cancer

RETAIN and INDIBLADE studies

were presented at ASCO GU

(Jan. 2026)

Key findings: patients who

tested Signatera-negative after neoadjuvant therapy had similar outcomes without surgery as those patients who did have surgery

Rectal Cancer

Study in locally advanced rectal

cancer published in Cancers

(Jan. 2026)

Key findings: patients who

tested Signatera-negative after neoadjuvant therapy had excellent clinical outcomes without surgery

Breast Cancer

Prospective study published in

Clinical Cancer Research

(March 2026)

Key findings: women >70

who tested Signatera-negative remained free of distant progression without surgery

ONCOLOGY

Allogene Therapeutics' ALPHA3 trial highlights MRD analysis using Natera's phased variant technology

MRD clearance rate

At last assessment

Median % change in plasma ctDNA levels

At Day 45 MRD assessment

58.3%

(n=7/12)

+41.6%

Absolute difference in MRD clearance

-97.7%

+26.6%

MRD reduction occurred rapidly following Cema-cel treatment

Baseline

16.7%

(n=2/12)

Cema-cel Arm Observation Arm

ONCOLOGY

Post-diagnosis + surgery and/or treatment, TOMR creates a new paradigm in cancer care

Novel MRD-guided treatment approach, leveraging the power of serial testing

Objective: to identify recurrence (or failure to clear) and treat on molecular relapse, while disease burden is lower

Significant interest from pharma and clinicians

Quantity of ctDNA

ctDNA negative

if testing

MRD-positive and

scans are negative R

MRD clearance as early efficacy readout

Novel treatment

Control arm

STELLAR-3161

Phase III pivotal trial in CRC

IMvigor011

Phase III bladder cancer trial, published in NEJM

DARE

Phase II breast cancer trial

ALPHA3

Phase II pivotal trial in LBCL

Initiating in mid-2026.

Not for reproduction or further distribution.

ONCOLOGY

Imvigor011 IMvigor011 in Bladder Cancer

Health Economic Studies in CRC

47%

Of patients avoided therapy

with excellent outcomes

~$196K

Estimated drug costs avoided

per spared patient1

21%

Reduction in healthcare costs

for stage II patients2

43%

Reduction in healthcare costs for stage II-III patients3

Based on internal estimates using publicly available information.

Dixit A, et al. How a personalized tumor-informed ctDNA assay can optimize patient-centered, value-based oncology care. Blue Cross Blue Shield National Summit. Oral Presentation 2022.

Mikropoulos C, Woodman TJ, Bogahalanda H, et al. Direct cost of healthcare analysis of Signatera ctDNA testing in the adjuvant setting for a hypothetical cohort of stage II and stage III colorectal cancer (CRC) patients: a UK private payer perspective. Presented at: European Society for Medical Oncology Gastrointestinal Cancers Congress (ESMO GI) 2025; Abstract 731.

ONCOLOGY

35 oral and poster presentations demonstrate clinical leadership

TOMR

Multiple abstracts explore MRD-guided decision-making and its impact on patient/treatment selection

Pan-Cancer MRD

Pan-cancer MRD meta-analysis assessing performance across multiple histologies in the adjuvant and surveillance settings

Phased Variant Tech

Analyses on the performance of Natera's ulta-sensitive phased variant technology, focusing on lung cancer and lymphoma

Real-World Data

Multiple datasets showcase Natera's RWD capabilities including a pan-cancer analysis of ~245K patients

Peer-reviewed publications

Posters at medical meetings

ONCOLOGY

Neoadjuvant

Adjuvant

Surveillance

Metastatic

Pipeline of high-impact prospective studies covering each care setting,

including multiple interventional randomized controlled trials

•

Key trials include

TEODOR

and I-SPY 2

•

Key trials include

SAFE-de

•

Key trials include

DARE, MiRaDoR

and TREAT ctDNA

Key trials include

HEROES

Investing >$250M in breast cancer clinical trials

ONCOLOGY

FIND projected enrollment

40,000

30,000

PMA Enrollment Complete

FIND CRC: FDA-enabling study

Targeting 25-40K average-risk adults; 70 CRC cases, ~1,400 AA cases

20,000

10,000

Today

First patient in: May 2025

Estimated enrollment reached for PMA cohort in Q3 2026

Q3 2025

Q4 2025

Q1 2026

Q2 2026

Q3 2026

Enrollment by End of Quarter

1. NCT: NCT07046585

Signatera Japan doubles addressable CRC population

ONCOLOGY

150K+

Annual CRC incidence

Unmet need: Japan has similar CRC diagnoses

per year to the US

CIRCULATE-JAPAN generated strong prospective outcomes data (GALAXY)

Supportive clinical practice guidelines for MRD

testing from JSMO and JSCO

PMDA approval expected in 2026, with commercial launch by end of year

Single national payor model with centralized testing expected to drive rapid adoption

Not for reproduction or further distribution.

($ in millions, except for per share data)

FY26 Q1

FY25 Q1

Change Y/Y

Total revenues

$696.6

$501.8

$194.8

Gross margin %1

64.7%

63.1%

159 bps

R&D

$210.7

$129.1

$81.6

SG&A

$327.9

$266.9

$61.0

Net loss per diluted share

($0.60)

($0.50)

($0.10)

Balance sheet

Mar 31, 2026

Dec 31, 2025

Change Q/Q

Cash & investments2

$1,087.9

$1,076.1

$11.8

UBS line of credit

$80.3

$ -

Natera internal data as of 12/31/25.

Non-GAAPligcrlyosrsepmoarrtgeidn dpaetraceanstoafge2/i2s6c/o2m6.puted as follows: GAAP revenues minus GAAP cost of product revenues and licensing and other revenues divided by GAAP revenues.

Cash and investments also include cash equivalents and restricted cash.

Guide ($ millions) Original

Revenue $2,620-$2,700

Current

$2,740-$2,820

Key drivers

Continued volume growth, conservative ASPs, strong

oncology contribution

Gross margin %1

63%-65%

64%-66%

Building on Q1 progress for the balance of the year

SG&A $1,125-$1,225

$1,125-$1,225

Commercial investments on track; incremental non-cash / non-recurring charges added to guide

R&D $750-$850

$800-$900

Accelerating clinical trials, product investments

Cash flow Positive

Positive

Reinvesting cash flows into operations to drive out year growth

era internal data as of 12/31/25.

Non-GAAP gross margin percentage is computed as follows: GAAP revenues minus GAAP cost of product revenues and licensing and other revenues divided by GAAP revenues.

The tests described have been developed and their performance characteristics determined by the CLIA-certified laboratory performing the test. The tests have not been cleared or approved by the US Food and Drug Administration (FDA). Although FDA is exercising enforcement discretion of premarket review and other FDA

legal requirements for laboratory-developed tests in the US, certification of the laboratory is required under CLIA to ensure the quality and validity of the tests. CAP accredited, ISO 13485 certified, and CLIA certified. © 2026 Natera, Inc. All Rights Reserved.

Disclaimer

Natera Inc. published this content on May 07, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 07, 2026 at 20:39 UTC.