Natera Stock Earnings Reports

Natera reported a very strong Q1 2026: revenue of $697M (+39% y/y) and a record quarter delivering over 1 million units (first quarter to do so). Key growth drivers were women's health (strong core Panorama/Horizon performance plus an above-expectation launch of the Fetal Focus single-gene NIPT) and oncology (Signatera clinical oncology units of 249K, +55% y/y). Gross margin exceeded prior guidance in Q1 (just under 65%), and management raised full-year revenue guidance by ~$120M and increased gross margin guidance to a 65% midpoint. They are increasing R&D spend by $50M to accelerate oncology trials (notably expecting FIND ECD enrollment completion in Q3 2026 to support a 2027 FDA PMA pathway for a colorectal screening assay). Signatera ASPs continue to climb (now ~ $1,250/test) and management reiterated long-term ASP ambition (~$2,000) as further Medicare and private coverage expands. Clinical momentum: multiple high-impact MRD data readouts (including bladder data in NEJM), positive interim ALPHA3 lymphoma results, broad ASCO slate (35 abstracts) and growing pharma trial activity aided by the Foresight acquisition and phased-variant technology. Japan commercialization for Signatera is on track (PMDA approval expected Q2 2026) and could materially expand CRC TAM. Near-term financial nuances: Q1 had a lower than normal received-to-reported ratio (~92% vs. typical 95–96%), slightly depressing margins transiently; there were also ~$60M of revenue true-ups and roughly $25M of one-time/noncash items affecting SG&A in the quarter. Management reiterated discipline on OpEx while remaining opportunistic to invest behind high-ROI growth initiatives (ECD, MRD trials, commercial expansion).