01—Abstract
Summary
Summary of the 10-K filed February 27, 2026. Cited figures are marked; the original filing is the authoritative source.
Natera, Inc. (NTRA) reported total revenues of $2,306.1 milliona 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 millionb 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 billionc 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 milliond 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.
02—Key points
Key Highlights
- Total revenues rose 35.9% to $2,306.1 million in 2025 from $1,696.9 million in 2024, driven by volume growth and higher average selling prices.
- Net loss was $208.2 million in 2025, compared with $190.4 million in 2024 and $434.8 million in 2023; stock-based compensation was $354.4 million in 2025.
- Gross margin was 64.7% in 2025, up from 60.3% in 2024 and 45.5% in 2023, per the segment note.
- Processed approximately 3,525,500 tests in 2025, up from approximately 3,064,600 in 2024.
- Acquired Foresight Diagnostics on December 4, 2025 for total consideration of $424.5 million, adding $335.3 million of developed technology intangibles and $141.1 million of goodwill.
- Ended 2025 with $1.1 billion in cash, cash equivalents and restricted cash, against $80.3 million drawn on the UBS Credit Line.
- Faces significant litigation, including a $292.5 million jury verdict in the Guardant Health false advertising case that the company plans to appeal, and a $57.0 million Ravgen patent verdict.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 27, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $2.31B$1.70B | +35.9% |
| R&D Expenses | $624.11M$404.14M | +54.4% |
| SG&A Expenses | $1.18B$841.31M | +39.9% |
| Operating Expenses | $2.62B$1.92B | +36.3% |
| Operating Income | -$309.91M-$222.29M | −39.4% |
| Interest Expense | $4.07M$10.69M | −61.9% |
| Net Income | -$208.16M-$190.43M | −9.3% |
| EPS (Basic) | $-1.52$-1.53 | +0.7% |
| EPS (Diluted) | $-1.52$-1.53 | +0.7% |
| Shares Outstanding (Basic) | 136.72M124.72M | +9.6% |
| Shares Outstanding (Diluted) | 136.72M124.72M | +9.6% |
05—Questions
Frequently Asked Questions
How much revenue did Natera generate in 2025 and what drove growth?
Total revenues were $2,306.1 million in 2025, compared with $1,696.9 million in 2024. Product revenues increased $610.7 million, or 36.2%, due to continued revenue growth from increased test volumes and average selling price improvements. Revenue from insurance carriers was $2,171.2 million.
Is Natera profitable?
No. The company reported net losses in each year presented: $208.2 million in 2025, $190.4 million in 2024 and $434.8 million in 2023. It had an accumulated deficit of $2.8 billion at December 31, 2025, and states it expects to continue incurring net losses in the near future.
What was the Foresight Diagnostics acquisition?
On December 4, 2025, Natera acquired Foresight Diagnostics, Inc., a cancer diagnostics company focused on ctDNA-based molecular residual disease tests. Total consideration was $424.5 million, including common stock, contingent consideration of up to $175.0 million tied to milestones through December 31, 2027, and settlement of certain debts and transaction costs.
Does Natera have enough cash to fund operations?
Management believes existing cash and marketable securities will be sufficient to meet anticipated cash requirements for at least 12 months after February 26, 2026. At year-end the company had $1.1 billion in cash, cash equivalents and restricted cash, and $20.0 million remained available under its UBS Credit Line, which requires a minimum $150.0 million balance in UBS accounts as collateral.
What are the main risks to Natera's revenue?
The filing identifies heavy dependence on Panorama, Horizon and Signatera, low reimbursement for microdeletions screening under the existing CPT code, possible payer coverage withdrawals or recoupment demands, and reliance on Illumina as sole sequencer supplier. It also cites ongoing intellectual property and false advertising litigation and the possibility of FDA regulation of laboratory-developed tests.
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