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Natera (NTRA) investor relations material
Natera Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 revenue reached $592.2 million, up 35% year-over-year, driven by record growth in clinical MRD tests, strong performance across oncology, women's health, and organ health, and new product launches such as the expanded Fetal Focus NIPT panel.
Gross margin improved to 64.9%, nearly 1.5 percentage points higher sequentially and up over 3 points year-over-year.
Free cash flow guidance for 2025 raised to $100 million, with a cash balance above $1 billion and no permanent debt.
Major clinical milestones include positive IMvigor011 trial results for Signatera, published in the New England Journal of Medicine, and the launch and expansion of the Fetal Focus NIPT panel.
Net loss for Q3 2025 was $87.5 million, or ($0.64) per diluted share, compared to ($0.26) per share in Q3 2024, reflecting increased R&D and SG&A expenses.
Financial highlights
Q3 2025 product revenues were $590.2 million, with total revenues of $592.2 million, up 35% year-over-year, driven by strong volume and ASP improvements across all major products.
Gross margin reached a record 64.9%, with underlying margin (excluding true-ups) at 61.3%.
$55 million in revenue true-ups and record DSOs at 49 days, down from 57 days in Q2.
Net loss per diluted share was ($0.64) in Q3 2025, compared to ($0.26) in Q3 2024.
Cash and investments totaled $1,042.4 million as of September 30, 2025.
Outlook and guidance
2025 revenue guidance raised to $2.18–$2.26 billion, a $160 million increase at the midpoint.
Gross margin guidance increased to 62%–64% for the year.
OPEX guidance modestly increased due to $60 million in one-time expenses and higher R&D for MolDX submissions; SG&A and R&D spending expected to rise.
2026 volume growth for Signatera expected to follow the rolling four-quarter average, with stable or modestly growing ASPs.
Anticipated net cash inflow of approximately $100 million for 2025.
What is the outlook for continued MRD unit growth?
How will operating expense growth be managed?
What is driving average selling price improvements?
Signatera ASP growth drivers beyond $50 in 2026?
ECD assay features driving advanced adenoma sensitivity
How will OpEx leverage be achieved with flat SG&A?
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Frequently asked questions
Natera, Inc. develops and commercializes molecular testing services for reproductive health. It provides Panorama, a non-invasive prenatal test that screens for chromosomal abnormalities of a fetus with a blood draw from the mother; Vistara, a single-gene mutations screening test to analyze chromosomal anomalies or subchromosomal aberrations; Horizon carrier screening to determine carrier status for various genetic diseases that could be passed on to the carrier's children; Spectrum pre-implantation genetic screening and Spectrum pre-implantation genetic diagnosis to analyze chromosomal anomalies or subchromosomal aberrations; and Anora product platform, a single tube platform to detect cell-free DNA in maternal blood.
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