NTRA
Natera, Inc.
Price as of Jul 20, 2026
NTRA earnings
Natera, Inc. earnings
Reported EPS and revenue history, upcoming estimates and available earnings-call summaries.
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $-0.53 | $-0.56 | -5.7% | $697M | +12.9% |
| Nov 6, 2025 | $-0.39 | $-0.64 | -65.9% | $592M | +15.3% |
| Aug 7, 2025 | $-0.62 | $-0.74 | -20.2% | $547M | +14.8% |
| May 8, 2025 | $-0.64 | $-0.50 | +21.9% | $502M | +12.5% |
| Feb 27, 2025 | $-0.38 | $-0.41 | -7.6% | $476M | +9.3% |
| Aug 8, 2024 | $-0.69 | $-0.30 | +56.5% | $413M | +20.5% |
| May 9, 2024 | $-0.71 | $-0.56 | +21.1% | $368M | +16.3% |
| Feb 28, 2024 | $-0.73 | $-0.64 | +12.3% | $311M | +3.7% |
| Aug 3, 2023 | $-1.09 | $-0.97 | +11.0% | $261M | +2.2% |
| Feb 28, 2023 | $-1.42 | $-1.37 | +3.5% | $217M | +0.8% |
| Aug 4, 2022 | $-1.50 | $-1.50 | +0.0% | $198M | +2.3% |
| May 5, 2022 | $-1.48 | $-1.45 | +2.0% | $194M | -2.0% |
Earnings call summary
Q1 FY2026 · May 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Revenue growth: $697 million in Q1, 39% growth year-on-year. • Women's health: Core business grew well, Fetal Focus launch exceeding expectations with approaching 200 thousand annualized orders, supported by EXPAND trial success. • Oncology: 249 thousand clinical oncology units processed, 55% growth year-on-year, with strong volume performance in core indications and growth from other cancer types. • Gross margins: Exceeded midpoint guide of 64% set in February, though Q1 volumes impacted margins due to work-in-process in lab. • R&D: Bumped by $50 million for oncology clinical trials, FIND ECD study to be fully enrolled in Q3 2026. • Signatera: ASPs at $1,250, with long-term target of $2,000 per test, and many histologies in submission to Medicare. • Clinical highlights: Signatera showing ability to help avoid surgery in bladder, rectal, and breast cancer; ALPHA3 trial interim analysis showing positive results; TOMER concept taking off across various cancer types.
Guidance
• Revenue guide: Reset by more than $120 million at the midpoint. • Gross margin guidance: Increased to 65% at the midpoint, with tailwind expected in send-to-receive ratio in subsequent quarters. • R&D: Bumped by $50 million for oncology clinical trials to pull forward enrollment. • ASPs: Anticipate exiting 2026 at roughly $1,275 with upside potential from private payers and expanding Medicare coverage to new indications.
Segment performance
In Q1 2026, revenues were $697 million, a 39% growth year-on-year. Women's health core business grew exceptionally well with the Fetal Focus product launch approaching a run rate of nearly 200 thousand orders. Oncology processed 249 thousand clinical oncology units, 55% growth year-on-year. Signatera ASPs reached roughly $1,250. Gross margins came in at just under 65%, exceeding the midpoint guide of 64% set in February. Revenue guide range was reset by over $120 million and gross margin guidance increased to 65% at the midpoint. R&D expectations bumped by $50 million for oncology clinical trials like FIND ECD study which is set to be fully enrolled in Q3 2026.
Risks & headwinds
• Work-in-process in lab impacted Q1 gross margins, though expected to normalize. • Prior authorization by payers could impact ASPs if not limited. • Winter storms in January impacted volumes to some extent, though still had a strong quarter despite it.
Analyst Q&A
Q: On gross margin, could have gone further, are you holding back due to MRD mix?
A: Biased towards upside but looking out for risk factors, unit economics and ASPs looking clean with potential upside.
Q: On SG&A, Q1 elevated, any one-timers?
A: Q1 often elevated with one-timers like non-cash charges, backing out those, SG&A guide for rest of year is confident.
Q: On volumes, 92% recognized in quarter vs 95%-96%, unusual?
A: Not unusual, high volume in Q1 led to work-in-process, expected to normalize in subsequent quarters.
Q: On Fetal Focus share trends and women's health pricing pressure?
A: Fetal Focus launch going well, women's health core business grew 63 thousand units quarter over quarter, with potential from pan-cancer and MolDx submissions.
Q: On Signatera volumes momentum, build going forward?
A: Consistent growth in new patients, repeat rates strong, doctors expanding usage and new customers trying the product.
Q: On Zenith ramping and rare disease dynamics?
A: Zenith launch going well, early stage, not impacted by others' dynamics, CRC launch in Japan near, PMA data readout in 2027.
Q: On CRC launch in Japan and biomarker states?
A: Japan has same CRC diagnoses as US, off to races near, biomarker states seeing gradual improvement with commercial payers complying.
Q: On CRC screening asset cost ramp and Signatera momentum?
A: R&D cost for FIND trial reflected in guide, commercialization costs leg into, Signatera seeing same-account expansion and new ordering accounts.
Q: On MRD reps ramping and Signatera growth?
A: MRD reps between 50%-75% ramped, contributing to growth, with opportunities in new areas like lymphoma.
Q: On winter storm impact and Signatera surveillance adherence?
A: Winter storms impacted volumes but still had strong quarter, surveillance adherence varies but good with potential to increase.
Q: On prior authorization and Foresight phased variants?
A: Prior authorization limits could be tailwind, Foresight updated Signatera with phased variants coming later this year, reception positive
Earnings history is derived from company filings and calendar data. Call summaries are grouped by reporting period. Latest covered event: 2026-08-06.