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NTRA · Natera

11 filings

10-K

NTRA 10-K Annual Reports

Natera - 11 annual reports

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

2025
Natera Annual Report, Year Ended Dec 31, 2025
Natera, Inc. (NTRA) reported total revenues of $2,306.1 million for 2025, up from $1,696.9 million in 2024 and $1,082.6 million in 2023, with product revenues of $2,295.8 million. Net loss narrowed slightly to $208.2 million in 2025 from $190.4 million in 2024... wait, net loss widened from $190.4 million in 2024 to $208.2 million in 2025, while it was $434.8 million in 2023. The company processed approximately 3.5 million tests in 2025, versus 3.1 million in 2024. Stock-based compensation was $354.4 million in 2025, a major contributor to the loss. Gross margin improved to 64.7% in 2025 from 60.3% in 2024, as stated in the segment note. Cash, cash equivalents and restricted cash were $1.1 billion at year-end, against $80.3 million drawn on a UBS credit line. The main 2025 event was the December 4, 2025 acquisition of Foresight Diagnostics, Inc., for total consideration of $424.5 million, including 1,127,982 shares of common stock and up to $175.0 million of contingent consideration, with $118.4 million recorded at fair value. The acquisition added a developed technology intangible asset valued at $335.3 million and goodwill of $141.1 million. A partial release of the valuation allowance produced a $59.9 million income tax benefit in 2025. The filing highlights continued concentration in Panorama, Horizon and Signatera, with low reimbursement for microdeletions testing, ongoing litigation (including a $292.5 million jury verdict against the company in the Guardant Health case, which the company plans to appeal), and an accumulated deficit of $2.8 billion. Management states that existing cash is sufficient for at least 12 months after February 26, 2026.
Feb 27, 2026
2024
Natera Annual Report, Year Ended Dec 31, 2024
Natera, Inc. reported total revenues of $1,696.9 million for 2024, up from $1,082.6 million in 2023 and $820.2 million in 2022, with product revenues of $1,685.1 million. The company narrowed its net loss to $190.4 million in 2024 from $434.8 million in 2023 and $547.8 million in 2022, though it still carries an accumulated deficit of $2.6 billion. Stock-based compensation was $274.4 million in 2024, a significant non-cash charge. Gross margin rose to 60.3% from 45.5% in 2023, as stated in the filing's segment disclosure. Testing volume reached approximately 3.1 million tests processed in 2024, versus 2.5 million in 2023. The company relies heavily on Panorama (NIPT), Horizon (carrier screening), and Signatera (molecular residual disease testing) for most revenue. Microdeletions reimbursement remains low, and the filing flags substantial litigation exposure, including a jury verdict of over $292 million against the company in November 2024 in the Guardant Health case and a $57 million Ravgen verdict. Management states that the company's existing cash and marketable securities of $945.6 million in cash, cash equivalents and restricted cash and $22.7 million in marketable securities are sufficient for at least 12 months after February 27, 2025. The company also redeemed its $287.5 million 2.25% Convertible Notes in October 2024, largely through conversion into about 7.5 million shares. The filing also notes that the FDA's May 2024 final rule on laboratory-developed tests could materially affect the company's ability to market existing and new LDTs, although enforcement discretion may apply to tests first offered before May 6, 2024. Regulatory and reimbursement developments remain key uncertainties for investors.
Feb 28, 2025
2023
Natera Annual Report, Year Ended Dec 31, 2023
Natera, Inc. reported total revenues of $1,082.6 million for 2023, up from $820.2 million in 2022 and $625.5 million in 2021, with product revenues of $1,068.5 million. The company's net loss narrowed to $434.8 million in 2023 from $547.8 million in 2022, though it still carries an accumulated deficit of $2.4 billion. Panorama, Horizon, and Signatera together represent the significant majority of revenues, and the company processed approximately 2,496,100 tests in 2023. The company ended 2023 with $642.1 million in cash, cash equivalents and restricted cash and $236.9 million in marketable securities. Offsetting this are $287.5 million of 2.25% Convertible Senior Notes due 2027 and $80.4 million drawn on a UBS Credit Line, with $20.0 million remaining available. Management states that existing cash and marketable securities are sufficient to meet anticipated cash requirements for at least 12 months after February 28, 2024. Net cash used in operating activities was $247.0 million in 2023, compared with $431.5 million in 2022. Key risks highlighted include limited third-party payer reimbursement for microdeletions screening, sole-source dependence on Illumina sequencers and Streck blood collection tubes, a proposed FDA rule that would classify laboratory-developed tests as medical devices, and ongoing patent and false advertising litigation, including a January 2024 jury verdict of $57 million in the Ravgen case and a $96.3 million jury award to the company in its case against CareDx.
Feb 29, 2024
2022
Natera Annual Report, Year Ended Dec 31, 2022
Natera, Inc. (Nasdaq: NTRA) reported total revenues of $820.2 million for 2022, up from $625.5 million in 2021 and $391.0 million in 2020, with product revenues of $797.3 million. The company remains unprofitable, with a net loss of $547.8 million in 2022 (compared with $471.7 million in 2021 and $229.7 million in 2020) and an accumulated deficit of $1.9 billion. The company processed approximately 2.1 million tests in 2022. Panorama (non-invasive prenatal test) and Horizon (carrier screening) together represent a majority of revenues, and the filing describes Natera as a diagnostics company expanding into oncology (Signatera) and organ health (Prospera). Liquidity was supported by a November 2022 equity offering of 13,144,500 shares at $35 per share, which generated net proceeds of $433.2 million. As of December 31, 2022, the company reported $466.1 million in cash, cash equivalents and restricted cash, $432.3 million in marketable securities, $287.5 million of 2.25% convertible senior notes due 2027, and $80.4 million drawn on a UBS credit line with $70.0 million still available. Management states that existing cash and marketable securities are sufficient to meet anticipated cash requirements for at least 12 months after March 1, 2023. Net cash used in operating activities was $431.5 million in 2022. The filing highlights significant risks, including reimbursement pressure on microdeletions testing and the Horizon CPT code, dependence on Illumina as sole sequencer supplier, pending intellectual property and false advertising litigation (including a March 2022 jury verdict against the company of $44.9 million in damages to CareDx, which the company has challenged), and an independent committee's conclusion that allegations in a March 2022 short seller report were unfounded.
Mar 1, 2023
2021
Natera Annual Report, Year Ended Dec 31, 2021
Natera, Inc. (NTRA) reported total revenues of $625.5 million for 2021, up from $391.0 million in 2020 and $302.3 million in 2019, with product revenues of $567.1 million (91% of total revenues). The company remains loss-making: its net loss widened to $471.7 million in 2021 from $229.7 million in 2020, and its accumulated deficit reached $1.4 billion. Panorama (non-invasive prenatal test) and Horizon (carrier screening) together represent the significant majority of revenues, and the filing states the company expects this to continue. Growth is being pursued through oncology (Signatera molecular residual disease test) and organ health (Prospera transplant rejection tests), with research and development expense rising to $264.2 million from $100.0 million. Liquidity is supported by $84.6 million in cash, cash equivalents and restricted cash and $829.9 million in short-term investments, offset by $287.5 million of 2.25% convertible senior notes due 2027 and a $50.0 million UBS credit line with $49.0 million drawn. Operating cash outflow was $335.2 million in 2021. Management states existing cash and marketable securities are sufficient for at least 12 months after February 24, 2022. The company completed a $551.2 million net equity offering in July 2021 at $113 per share. The filing highlights key risks, including reliance on third-party payer reimbursement (particularly for average-risk pregnancies and microdeletions screening, where CPT-code reimbursement has been low), dependence on Illumina as a sole sequencer supplier, the laboratory-developed test regulatory environment, litigation with multiple competitors, and the ongoing COVID-19 pandemic's effect on test volumes.
Feb 25, 2022
2020
Natera Annual Report, Year Ended Dec 31, 2020
Natera, Inc. (Nasdaq: NTRA) reported total revenues of $391.0 million for 2020, up from $302.3 million in 2019 and $257.7 million in 2018. Product revenues were $367.2 million, which the filing says are primarily generated from testing in women's health, with Panorama (non-invasive prenatal test) and Horizon (carrier screening) together representing the significant majority of revenues. Net loss widened to $229.7 million in 2020 from $124.8 million in 2019, and the accumulated deficit reached $929.3 million at year-end. Stock-based compensation was $50.2 million in 2020. The company is expanding beyond women's health into oncology, with its Signatera molecular residual disease test commercialized in 2019, and organ health, with its Prospera kidney transplant rejection test launched in 2020. The filing describes a cloud-based Constellation distribution model, which it says has been adopted more slowly than anticipated, with fewer than 20 licensees using it commercially for NIPT as of January 31, 2021. The company also highlights a 2.25% convertible senior notes offering of $287.5 million due 2027, issued in April 2020, and a September 2020 equity offering of $271.0 million net proceeds. Management states that existing cash and marketable securities of $48.9 million and $688.6 million, respectively, are sufficient for at least 12 months after February 25, 2021. Key risks flagged in the filing include reliance on Panorama and Horizon, reimbursement pressure for microdeletions testing under a new CPT code, sole-source dependence on Illumina sequencers and Streck blood collection tubes, and multiple patent litigation matters, including suits with CareDx, ArcherDX, Progenity and Ravgen. The COVID-19 pandemic is described as having significantly reduced test volumes in early 2020, though 2020 test volumes ultimately increased year over year.
Feb 26, 2021
2019
Natera Annual Report, Year Ended Dec 31, 2019
Natera, Inc. (Nasdaq: NTRA) reported 2019 total revenues of $302.3 million, up from $257.7 million in 2018 and $209.6 million in 2017, while its net loss narrowed to $124.8 million from $128.2 million in 2018 and $137.6 million in 2017. Reproductive health revenue was $269.9 million, and the company describes Panorama and Horizon as the significant majority of its revenues. The company's accumulated deficit reached $699.2 million at December 31, 2019, and it states it has never paid cash dividends and has incurred net losses each year since its 2003 inception. The company is expanding beyond prenatal testing into oncology (Signatera, a ctDNA test for molecular residual disease, commercially launched for clinical use in May 2019) and transplant rejection (Prospera, which received a final Medicare local coverage determination in December 2019 and is slated for a full-scale commercial launch in 2020). Revenue growth in 2019 was driven by product revenues of $269.9 million (up 12.3%) and licensing and other revenues of $32.4 million (up 87.7%), which included license and development services from new strategic partnership agreements with BGI Genomics and Foundation Medicine. Management states that Panorama's average-risk and microdeletions reimbursement remains low and uncertain, and that a CPT code for microdeletions has pushed payer reimbursement lower. Liquidity improved substantially: the company ended 2019 with $62.0 million in cash, cash equivalents and restricted cash and $379.1 million in short-term investments, after equity offerings in April and October 2019 that generated net proceeds of $108.1 million and $216.2 million. Against this, it carried $123.8 million of debt including accrued interest, comprising the $73.7 million 2017 Term Loan and $50.1 million drawn on its UBS Credit Line. Management believes existing cash and marketable securities will suffice for at least 12 months after February 28, 2020. The company also notes it is no longer an emerging growth company and that it is party to multiple patent and false advertising lawsuits, including with Illumina and CareDx.
Mar 2, 2020
2018
Natera Annual Report, Year Ended Dec 31, 2018
Natera, Inc. (NTRA) reported total revenues of $257.7 million for 2018, up from $209.6 million in 2017 (as revised under ASC 606), while net loss narrowed to $128.2 million from $137.6 million. Panorama NIPT represented approximately 55% of 2018 revenues, with approximately 429,600 Panorama tests accessioned, and Horizon carrier screening revenue rose to $87.2 million. Growth came from both product revenues ($240.4 million, up 18.0%) and licensing and other revenues ($17.3 million, up 195.6%), the latter boosted by the March 2018 Qiagen agreement and Evercord. The company's profitability remains a key concern: it has an accumulated deficit of $574.6 million, cash and cash equivalents of $46.4 million, and $107.5 million in short-term investments against about $127.3 million of debt outstanding including accrued interest. Management states that existing cash and marketable securities are sufficient for at least 12 months after March 15, 2019. Collections improved in 2018, which led to $10.2 million of additional revenue from changes in estimates, and the filing also cites reimbursement pressures, including low microdeletions reimbursement, prior authorization requirements, and a pending patent lawsuit filed by Illumina. The filing highlights growth opportunities in oncology (Signatera, with research-use-only launch in 2017 and a planned CLIA test) and transplant rejection, both of which are still in development and require reimbursement that is not yet established. Investors should weigh the company's revenue momentum against continued net losses, reliance on Illumina as sole sequencer supplier, and dependence on Panorama for most revenue.
Mar 15, 2019
2017
Natera Annual Report, Year Ended Dec 31, 2017
Natera, Inc. reported 2017 total revenues of $210.9 million, down from $217.1 million in 2016, while its net loss widened to $136.3 million from $95.8 million. Panorama, its non-invasive prenatal test, generated approximately 63% of 2017 revenues ($132.0 million), down from 66% in 2016, and the company accessioned approximately 343,700 Panorama tests during the year. Management attributed the revenue decline to lower average selling prices from in-network payers, reduced microdeletions reimbursement under a new CPT code, and about $4.0 million of delayed claims submissions tied to new prior authorization requirements in the fourth quarter of 2017, partly offset by reserve releases. Horizon Carrier Screening revenue rose to $61.7 million from $58.3 million. The company's financial position weakened over the year. Accumulated deficit reached $482.2 million, stockholders' equity turned negative at $(10.4) million, and total debt with accrued interest was about $125.1 million, including a $75.0 million 2017 Term Loan with OrbiMed and $50.1 million outstanding on a UBS Credit Line. Cash and cash equivalents were $12.6 million, with $106.2 million in short-term investments. Operating cash outflow was $96.8 million in 2017. Management believes existing cash and marketable securities will be sufficient for at least 12 months after March 15, 2018. Subsequent to year-end, Natera agreed on March 7, 2018 to pay approximately $11.4 million to resolve a qui tam False Claims Act matter, and on March 9-10, 2018 entered a License, Development and Distribution Agreement with QIAGEN providing $40.0 million in upfront license fees and prepaid royalties plus up to $10.0 million in milestones. The filing also discloses pending securities class action litigation related to the IPO and a patient lawsuit over an alleged failure to perform a carrier screening test.
Mar 15, 2018
2016
Natera Annual Report, Year Ended Dec 31, 2016
Natera, Inc. (NTRA) reported its 2016 results in this Form 10-K filed March 16, 2017. Revenues grew to $217.1 million in 2016 from $190.4 million in 2015 and $159.3 million in 2014, while net loss widened to $95.8 million from $70.3 million in 2015 and $5.2 million in 2014. Panorama, its non-invasive prenatal test (NIPT), accounted for approximately 66% of 2016 revenues, and over 331,000 Panorama tests were accessioned during the year. The company's accumulated deficit reached $345.9 million at December 31, 2016. Management states that cash and marketable securities of $15.3 million and $130.9 million, respectively, at year-end are sufficient for at least 12 months after March 16, 2017, though the company notes it may raise additional equity. Debt outstanding, primarily a $50.0 million UBS credit line, was $49.6 million including accrued interest. The company highlights reimbursement as a central risk: it says most third-party payers currently have negative coverage determinations for average-risk pregnancies, and it expects Medicare-benchmarked microdeletion reimbursement to decline under a new CPT code effective January 1, 2017. The filing also describes planned launches of the Evercord cord blood banking service and a new NIPT panel in 2017, and discloses several pending matters, including securities class action suits tied to the July 2015 IPO, a patient lawsuit, a Department of Justice civil investigative demand relating to a qui tam action, and a third-party payer recoupment demand made in March 2017.
Mar 16, 2017
2015
Natera Annual Report, Year Ended Dec 31, 2015
Natera, Inc. (NTRA) reported net revenues of $190.4 million for 2015, up from $159.3 million in 2014 and $55.2 million in 2013, but a net loss widened to $70.3 million in 2015 from $5.2 million in 2014. Panorama, its non-invasive prenatal test (NIPT), generated $139.6 million, or 73% of 2015 revenues. The company accessioned over 254,000 Panorama tests in 2015 and reports growth in its U.S. direct sales channel, which rose to 77% of revenues from 59% in 2014. Management notes that revenue growth in the U.S. and internationally has slowed, with product revenues up about 6% in the fourth quarter of 2015 compared with the prior-year period. The balance sheet strengthened after the July 2015 IPO, which raised $178.5 million net of underwriting discounts and offering expenses. Total stockholders' equity was $184.8 million at year-end 2015, compared with a deficit of $171.3 million a year earlier. Cash, cash equivalents and short-term investments totaled about $230.5 million, and the company repaid its senior secured term loan in October 2015 with borrowings under a $50.0 million UBS credit line, which had $42.0 million outstanding at year-end. Management states that existing cash and marketable securities are sufficient for at least the next 12 months. Key risks highlighted include dependence on Panorama, reimbursement that is mostly negative for average-risk pregnancies and for microdeletion screening, possible FDA regulation of laboratory-developed tests, sole-source reliance on Illumina for sequencers, and pending securities class actions tied to the IPO and a patent lawsuit with Sequenom.
Mar 24, 2016