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Natera 8-K Report, Financial Results (Feb 27, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 27, 2025
Period End
February 27, 2025
Security
NTRA
In the 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. Material agreement8-K · Aug ’17Aug ’17
  2. Material agreement8-K · May ’20May ’20
  3. Leadership change8-K · Aug ’22Aug ’22
  4. Leadership change8-K · Jul ’26Jul ’26

01—Abstract

Summary

Summary of the 8-K filed February 27, 2025. Cited figures are marked; the original filing is the authoritative source.

Natera, Inc. (NASDAQ: NTRA) reported fourth quarter and full year 2024 results on February 27, 2025, furnishing a press release (Exhibit 99.1) and an investor presentation (Exhibit 99.2).

Total revenues were $476.1 milliona in Q4 2024, up 53.0% from $311.1 million in Q4 2023, and $1,696.9 million for full year 2024, up 56.7% from $1,082.6 million. Gross margin expanded to 62.9% in Q4 2024 (from 51.4%) and 60.3% for the full year (from 45.5%). Loss from operations narrowed to $222.3 million for 2024 from $446.3 million in 2023, and the full-year net loss was $190.4 million, or $(1.53) per diluted share, versus $434.8 million, or $(3.78) per share, in 2023.

Natera generated positive cash flow of approximately $45.7 millionb in Q4 2024 and ended the year with about $968.3 million in cash, cash equivalents, short-term investments and restricted cash. For 2025, Natera guided to total revenue of $1.87 billion to $1.95 billion, gross margin of 60% to 64%, SG&A of $950 million to $975 million, R&D of $525 million to $550 million, and positive net cash inflow.

The company's presentation states the revenue midpoint implies 24%c pro forma growth versus 2024 after adjusting for true-ups. Test volumes also grew, with approximately 792,800 tests processed in Q4 2024 (up 26.5%) and oncology tests reaching approximately 150,800 in the quarter (up 54.7%).

02—Key points

Key Highlights

  1. Q4 2024 total revenues of $476.1 million, up 53.0% year over year, with product revenues up 53.9%.
  2. Full-year 2024 total revenues of $1,696.9 million, up 56.7%; gross margin improved to 60.3% from 45.5%.
  3. Q4 2024 gross margin of 62.9% versus 51.4% a year earlier; the presentation attributes gains partly to ASP execution and cash collection true-ups.
  4. Q4 2024 cash inflow of approximately $45.7 million, the company's first quarter of positive cash flow in the period shown, per the presentation's quarterly trend.
  5. 2025 guidance: total revenue of $1.87 billion to $1.95 billion and gross margin of approximately 60% to 64%, with positive net cash inflow expected.
  6. Full-year 2024 net loss narrowed to $190.4 million ($1.53 per diluted share) from $434.8 million ($3.78 per share) in 2023.
  7. Convertible senior notes were redeemed or converted on October 11, 2024; the company's outstanding debt at year-end was $80.4 million under a UBS line of credit.

03—Questions

Frequently Asked Questions

  1. How did Natera's revenue and profitability trend in 2024?

    Full-year 2024 total revenues rose 56.7% to $1,696.9 million, and gross margin rose to 60.3% from 45.5%. Loss from operations narrowed to $222.3 million from $446.3 million, and the net loss narrowed to $190.4 million from $434.8 million.

  2. What is Natera's 2025 financial outlook?

    Natera guided to 2025 total revenue of $1.87 billion to $1.95 billion, gross margin of approximately 60% to 64%, SG&A of $950 million to $975 million, R&D of $525 million to $550 million, and positive net cash inflow.

  3. What drove the growth in test volumes?

    Natera processed approximately 3,064,600 tests in 2024, up 22.8%, and performed approximately 528,200 oncology tests, up 54.9%. The presentation cites strength in Panorama, Prospera and Signatera, and the company says product revenue growth was driven by volume and average selling price improvements.

  4. What was Natera's cash position at year-end 2024?

    At December 31, 2024, Natera held approximately $968.3 million in cash, cash equivalents, short-term investments and restricted cash, up from $879.0 million a year earlier. Its outstanding debt was $80.4 million under a UBS line of credit.

  5. What regulatory and clinical developments did the company highlight?

    The presentation highlights Medicare coverage of Signatera for surveillance in Stage I to III non-small cell lung cancer patients, NCCN guideline updates strengthening ctDNA recommendations for colon, rectal and Merkel cell carcinoma, and ongoing studies of Prospera in kidney and heart transplantation.

04—Continue

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