Natera, Inc. (NTRA) Earnings
Natera, Inc. is expected to report next earnings on August 6, 2026 (in NaN days), with a consensus EPS estimate of $-0.46. NTRA has beaten EPS estimates in 7 of its last 12 reported quarters (average surprise -17.5% over the last four).
| 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% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
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