Skip to content
AnalystLens

NateraNTRA

Legal name
Natera, Inc.
Sector
Healthcare
Industry
Services-Medical Laboratories
Exchange
Nasdaq

Stock Price $NTRA

Latest filings

You are here#27 of 54 in Healthcare by market cap

Filing record · 2016–202610-K1110-Q348-K105

NTRA filed 11 annual reports (10-K), 34 quarterly reports (10-Q) and 105 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Mar ’17Mar ’17
  2. Material agreement8-K · Apr ’19Apr ’19
  3. Material agreement8-K · Jul ’21Jul ’21
  4. Leadership change8-K · Jun ’25Jun ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  13. $2.31B
YoY changeLargest recent move+60.0%in FY21Latest +35.9%

1 older move runs past ±150% (largest +189.9%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All NTRA Financial Metrics57 metrics

Income Statement15

Balance Sheet26

Cash Flow12

Per Share4

02—Overview

Natera Financial Overview 2021–2025

Updated Nov 4, 2026

Natera's gross margin jumped from 45.5%a in FY2023 to 60.3% in FY2024, then reached 64.7% in FY2025. That matters because the company is scaling revenue while keeping more of every dollar, which is the core of the thesis: a loss-making diagnostics business whose unit economics are improving fast, even as heavy spending on R&D and stock compensation keeps it unprofitable.

Revenue grew from $625.5 million in FY2021 to $2,306.1 millionb in FY2025, nearly a fourfold increase. Growth stayed high even at scale, with 35.9% in FY2025 after 56.7% in FY2024. Test volume rose from about 1.57 million in FY2021 to roughly 3.5 million in FY2025. The net loss narrowed from $471.7 million to $190.4 million by FY2024, but widened to $208.2 million in FY2025. Stock-based compensation of $354.4 million in FY2025 exceeded the entire loss.

The balance sheet is a strength. Natera ended FY2025 with $1.1 billionc in cash and restricted cash against only $80.3 million drawn on its credit line, after converting its $287.5 million of notes into equity in October 2024. At the close of FY2025, the stock was at $229.09, a $32.0 billion market cap. Litigation is the main overhang, led by a $292.5 million Guardant verdict.

Recent Developments (Q1 and Q2 2026)

Revenue growth held near 38% in both quarters: $696.6 milliond in Q1 2026 and $752.8 million in Q2 2026, up from $546.6 million a year earlier. Oncology tests rose 57.2% to about 296,700 in Q2 2026. Net loss narrowed to $67.0 million from $100.9 million, though prior-period collection estimates added $52.3 million to revenue. Management raised 2026 revenue guidance twice, to $2.85–$2.91 billion. Signatera also gained an FDA companion diagnostic designation in May 2026, plus approvals in Japan and the EU. Director Monica Bertagnolli resigned in July 2026 with no stated disagreement.

Bull case: oncology volume is compounding and the loss is shrinking. Bear case: R&D rose 55.8% to $228.1 millione in Q2 2026, and the $292.5 million verdict is now final judgment. The stock closed at $273.86 as of the Q2 2026 report date (August 6, 2026). With annual EPS of -$1.52, no P/E applies, so valuation rests on growth.

What to watch: Ninth Circuit ruling on the Guardant appeal; share of revenue from prior-period estimate changes

03—Filings

Recent SEC Filings

  1. 8-KNatera 8-K Report, Financial Results (Aug 6, 2026)Natera, Inc. (NASDAQ: NTRA) reported second-quarter 2026 results for the period ended June 30, 2026, with total revenues of $752.8 million, up 37.7% from $546.6 million a year earlier. Gross margin was 64.5% versus 63.4% in the prior-year quarter, and the filing notes that revenue accrual change estimates of approximately $52.3 million boosted gross margin in the quarter. Tests processed reached approximately 1,043,900, up 22.4%, with oncology tests at approximately 296,700, up 57.2%. Clinical MRD oncology units grew by 34,000 sequentially, the largest sequential increase to date according to the company. Net loss narrowed to $67.0 million, or $(0.47) per diluted share, from $100.9 million, or $(0.74) per share, a year earlier. Loss from operations was $75.8 million versus $110.4 million. Research and development expense rose to $228.1 million from $146.4 million, and SG&A rose to $327.2 million from $310.5 million. Cash, cash equivalents and restricted cash were $1,091.5 million at June 30, 2026, compared with $1,076.1 million at December 31, 2025, and debt under the UBS line of credit was $80.3 million. Management raised 2026 revenue guidance by $100 million at the midpoint, to $2.85 billion to $2.91 billion, and reiterated gross margin guidance of approximately 64% to 66%, SG&A of $1.125 billion to $1.225 billion, R&D of $800 million to $900 million, and positive cash flow. The filing also highlights regulatory milestones for Signatera in May through July 2026 and expanded Medicare surveillance coverage for Prospera.
  2. 8-KNatera 8-K Report, Executive Changes (Jul 6, 2026)Natera, Inc. (NTRA) filed a Form 8-K dated July 6, 2026, reporting an event of July 1, 2026. The filing is limited to a single Item 5.02 disclosure concerning board composition. It states that on July 1, 2026, Monica Bertagnolli notified the Board of Directors of her intention to resign from the Board and all of its committees, effective July 1, 2026, citing her new position with the National Academy of Medicine. The filing explicitly states that Ms. Bertagnolli's resignation was not the result of any disagreement with the Company on matters relating to its operations, policies or practices. The report contains no financial results, operational updates, or compensation changes, and it does not name a replacement director. For investors, this is a routine governance change with no stated financial impact. The primary item to monitor is whether the Board announces a successor or changes to committee composition in subsequent filings.
  3. 8-KNatera 8-K/A Report, Executive Changes (Jun 16, 2026)Natera, Inc. (NTRA) filed this Form 8-K on June 16, 2026 under Item 5.02 to report a board change. The Board increased the size of the full Board from eleven to twelve members and appointed Thomas Lynch as a member, both effective June 2, 2026. Dr. Lynch will serve as a Class I director with an initial term expiring at the 2028 annual meeting of stockholders, and the Board determined he is independent under Nasdaq listing standards and the Securities Act. He was appointed to the Human Capital Committee. Dr. Lynch will receive cash and equity compensation consistent with the Company's other non-employee directors, as described in the Amended Compensation Program for Non-Employee Directors previously filed as an exhibit to the Form 10-Q for the quarter ended June 30, 2025. His initial equity award vests as to one-third of the shares on each of June 26, 2027, 2028, and 2029. The Company also expects to enter into an Indemnification Agreement with him. The filing states there are no family relationships between Dr. Lynch and any directors or executive officers, and no arrangement or understanding under which he was elected, and he has no material interest in related-person transactions under Item 404(a). This amendment was filed solely to add XBRL tagging omitted from the original filing and makes no changes to the disclosures.
  4. 8-KNatera 8-K Report, Executive Changes (Jun 16, 2026)Natera, Inc. reported the results of its Annual Meeting of Stockholders, held June 11, 2026. Stockholders approved an amendment to the Amended and Restated 2015 Equity Incentive Plan that increases the shares reserved for issuance under the plan by 3.2 million shares of common stock. Officers and directors are among the persons eligible for awards under the plan. The filing refers to the Proxy Statement filed April 23, 2026 for a detailed summary of the amendment. Of the 142,778,493 shares outstanding on the April 15, 2026 record date, 130,691,097 were present in person or by proxy, which constituted a quorum. All five proposals were voted on. Stockholders elected three Class II directors, Rowan Chapman, Herm Rosenman and Jonathan Sheena, for terms ending at the 2029 annual meeting, and one Class I director, Eric H. Rubin, for a term ending at the 2028 annual meeting. They ratified Ernst & Young LLP as the independent registered public accounting firm for fiscal 2026 and approved the advisory vote on named executive officer compensation. On the frequency of future say-on-pay votes, the "One Year" option received the most votes of the choices offered. The equity plan amendment passed, with 95,735,506 votes for and 26,861,815 against, plus 123,232 abstentions and 7,970,544 broker non-votes. The against count is the largest opposition figure in the meeting, and investors may watch it as a signal of stockholder sentiment toward the increased share reserve.
  5. 8-KNatera 8-K Report, Executive Changes (Jun 5, 2026)On June 5, 2026, Natera, Inc. (NTRA) filed a Form 8-K under Item 5.02 reporting a board change. Effective June 2, 2026, the Board of Directors increased the size of the full Board from eleven to twelve members and appointed Thomas Lynch as a member. Dr. Lynch was designated a Class I director with an initial term expiring at the 2028 annual meeting of stockholders, and the Board determined he is independent under the Securities Act and Nasdaq listing standards. The filing states that Dr. Lynch has been appointed to the Human Capital Committee. He will receive cash and equity compensation consistent with the Company's other non-employee directors, as described in the Amended Compensation Program for Non-Employee Directors. His initial equity award vests as to one-third of the shares on each of June 26, 2027, 2028, and 2029. The Company also expects to enter into an Indemnification Agreement with him. The filing states there is no arrangement or understanding under which Dr. Lynch was elected, no family relationships with any director or executive officer, and no material interest in any related-person transaction under Item 404(a) of Regulation S-K. The filing's exhibits are previously filed compensation, equity plan, and indemnification documents incorporated by reference, plus the XBRL cover page.
View all 8-K filings →
View all filings (10-K, 10-Q, 8-K, proxy & more) →

04—See also

Related Companies

Annual revenue over each company’s last eight fiscal years, each strip on its own scale from zero.