How much did Natera's revenue grow in the first quarter of 2026?

Total revenues were $696.6 million, compared with $501.8 million in the first quarter of 2025, an increase of 38.8%. The company attributed the growth to higher volume and average selling price improvements.

Did Natera become more profitable in the first quarter?

Not on a net basis. The net loss was $85.1 million, or $(0.60) per diluted share, versus a net loss of $66.9 million, or $(0.50) per diluted share, a year earlier. Gross margin improved to 64.7%, but operating expenses rose 36.0% to $538.6 million, mainly from headcount growth and higher clinical trial expenses.

What changed in Natera's 2026 financial outlook?

Natera raised its 2026 total revenue guidance to $2.74 billion–$2.82 billion from $2.62 billion–$2.70 billion, and raised its gross margin guidance to approximately 64%–66%. Research and development cost guidance increased to $800 million–$900 million, while SG&A guidance was unchanged at $1.125 billion–$1.225 billion. The company continues to expect positive net cash inflow.

What drove the growth in oncology testing?

Natera processed approximately 258,900 oncology tests in the first quarter of 2026, up 54.4% from about 167,700 a year earlier. The company cited strong 2025 data readouts and adoption of Signatera, and described oncology as delivering another record quarter for volume growth.

What is Natera's liquidity position?

At March 31, 2026, the company held approximately $1,087.9 million in cash, cash equivalents and restricted cash, up from $1,076.1 million at December 31, 2025. Total outstanding debt under its UBS line of credit was $80.3 million, including accrued interest, at a variable rate of 30-day SOFR plus 50 basis points.

NTRA 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed May 7, 2026. Cited figures are marked; the original filing is the authoritative source.

Natera, Inc. (NASDAQ: NTRA) reported first-quarter 2026 results on May 7, 2026, with total revenues of $696.6 million^a, up 38.8% from $501.8 million in the first quarter of 2025.

Gross margin improved to 64.7%^b from 63.1%, and the company processed approximately 1,013,600 tests, an increase of 18.5% year over year. Oncology volume was a standout, with approximately 258,900 oncology tests processed versus 167,700 a year earlier, a 54.4% increase. Profitability remained negative.

Loss from operations widened to $93.5 million^c from $79.2 million, driven by higher research and development expense ($210.7 million versus $129.1 million) and selling, general and administrative expense ($327.9 million versus $266.9 million). Net loss was $85.1 million, or $(0.60) per diluted share, compared with a net loss of $66.9 million, or $(0.50) per diluted share, a year earlier. Cash, cash equivalents and restricted cash were $1,087.9 million at March 31, 2026, and the company reported positive cash inflow of approximately $11.8 million for the quarter.

Natera raised its 2026 revenue guidance to $2.74 billion to $2.82 billion^d from $2.62 billion to $2.70 billion, and lifted its gross margin outlook to approximately 64% to 66%. It also raised its research and development cost guidance to $800 million to $900 million, while selling, general and administrative guidance was unchanged at $1.125 billion to $1.225 billion.

02—Key points

Key Highlights

Total revenues of $696.6 million, up 38.8% from $501.8 million in Q1 2025
Gross margin of 64.7%, up from 63.1% in Q1 2025
Approximately 1,013,600 tests processed, up 18.5%; oncology tests of approximately 258,900, up 54.4%
Net loss widened to $85.1 million, or $(0.60) per diluted share, from $66.9 million, or $(0.50) per diluted share
2026 revenue guidance raised to $2.74 billion–$2.82 billion; gross margin guidance raised to approximately 64%–66%
R&D cost guidance raised to $800 million–$900 million; SG&A guidance unchanged at $1.125 billion–$1.225 billion
Cash, cash equivalents and restricted cash of $1,087.9 million at March 31, 2026, with positive cash inflow of approximately $11.8 million in the quarter

03—Questions

Frequently Asked Questions

How much did Natera's revenue grow in the first quarter of 2026?
Total revenues were $696.6 million, compared with $501.8 million in the first quarter of 2025, an increase of 38.8%. The company attributed the growth to higher volume and average selling price improvements.
Did Natera become more profitable in the first quarter?
Not on a net basis. The net loss was $85.1 million, or $(0.60) per diluted share, versus a net loss of $66.9 million, or $(0.50) per diluted share, a year earlier. Gross margin improved to 64.7%, but operating expenses rose 36.0% to $538.6 million, mainly from headcount growth and higher clinical trial expenses.
What changed in Natera's 2026 financial outlook?
Natera raised its 2026 total revenue guidance to $2.74 billion–$2.82 billion from $2.62 billion–$2.70 billion, and raised its gross margin guidance to approximately 64%–66%. Research and development cost guidance increased to $800 million–$900 million, while SG&A guidance was unchanged at $1.125 billion–$1.225 billion. The company continues to expect positive net cash inflow.
What drove the growth in oncology testing?
Natera processed approximately 258,900 oncology tests in the first quarter of 2026, up 54.4% from about 167,700 a year earlier. The company cited strong 2025 data readouts and adoption of Signatera, and described oncology as delivering another record quarter for volume growth.
What is Natera's liquidity position?
At March 31, 2026, the company held approximately $1,087.9 million in cash, cash equivalents and restricted cash, up from $1,076.1 million at December 31, 2025. Total outstanding debt under its UBS line of credit was $80.3 million, including accrued interest, at a variable rate of 30-day SOFR plus 50 basis points.

04—Continue

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