Natera (NTRA) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $697 million, up 39% year-over-year, with over 1 million tests processed and strong growth in women's health and oncology segments.

• Oncology clinical test volumes rose 54–55% year-over-year, and women's health saw record or near-record unit growth, driven by Fetal Focus and robust clinical evidence.

• Gross margin improved to 64.7–65% in Q1 2026, exceeding prior guidance and up from 63.1% in Q1 2025.

• Net loss widened to $85.1 million (or $0.60 per share) from $66.9 million (or $0.50 per share) year-over-year, reflecting higher R&D and SG&A expenses.

• Full-year 2026 revenue guidance was raised by $120 million at the midpoint, now $2.74–$2.82 billion.

Financial highlights

• Product revenues were $693.9 million, nearly all of total revenues; licensing and other revenues were $2.8 million.

• Gross profit was $450.8 million, up from $316.8 million year-over-year.

• Operating expenses rose sharply, with R&D up 63.2% to $210.7 million and SG&A up 22.9% to $327.9 million.

• Cash, cash equivalents, and investments totaled about $1.09 billion as of March 31, 2026.

• Net loss per diluted share was $(0.60) in Q1 2026.

Outlook and guidance

• 2026 revenue guidance increased to $2.74–$2.82 billion, with gross margin expected at 64–66%.

• R&D spending guidance raised to $800–$900 million to accelerate clinical trials and product investments.

• Positive net cash inflow anticipated for the full year, with continued investment in operations.

• Management expects continued net losses as investments in R&D and commercialization persist.

• Existing cash is expected to meet anticipated requirements for at least 12 months.