Natera (NTRA) Canaccord Genuity's 46th Annual Growth Conference summary

Financial and operational performance

• Achieved record Q2 results with strong volume growth across all business segments, especially in organ health and women's health, despite seasonal headwinds.

• Women's health saw high single-digit year-over-year growth, driven by uptake of Fetal Focus and a new, more sensitive Panorama version for NIPT.

• Oncology segment posted a record 283,000 clinical units for Signatera, with sequential growth of 34,000 units, partly due to weather-related Q1 delays.

• Gross margins remained strong, losses narrowed, and aggressive investment continued, positioning the business for sustained growth.

• Revenue guidance was raised, reflecting momentum and a significant re-rating of expectations for the year.

Product innovation and clinical data

• Launched a more sensitive Panorama version for NIPT, with strong performance in low fetal fraction cases and upcoming publications.

• Ongoing improvements to Signatera, including phased variant detection, are expected to further differentiate the offering.

• Extensive outcomes data and prospective studies underpin product leadership, with many studies set to read out between 2026 and 2029.

• Recent FDA approval for Signatera in muscle-invasive bladder cancer (MIBC) and inclusion in NCCN guidelines are expected to drive further adoption.

• Additional FDA approvals are anticipated as more trials are conducted in other cancer types.

Market access, reimbursement, and global expansion

• Medicare coverage now includes most common tumor types; ongoing submissions target less common cancers, with positive engagement from MolDX.

• ASP for Signatera is $1,275, with potential $150–$200 upside from new indications; Japan approval for CRC achieved, with bladder cancer submission underway and launch targeted for early 2027.

• European expansion is underway following IVDR approval, with demand driven by national health systems seeking cost-effective, targeted therapies.

• Market sizing is approached country by country, focusing on reimbursable use cases and local needs.