Natera (NTRA) 2026 Global Healthcare Conference summary

Q2 performance and growth drivers

• Achieved record revenue growth of 40% year-on-year, with strong gross margins and operational leverage.

• Women's health and carrier screening volumes and revenues exceeded expectations, driven by new product features.

• Prospera transplant business and Signatera both posted record growth, with Signatera units up to 34,000 in Q2.

• Growth in MRD adoption is becoming standard of care in oncology, supported by clinical trial data and guideline inclusion.

• Rolling four-quarter average used to model Signatera growth, smoothing out seasonal and weather-related fluctuations.

Commercial execution and sales force

• Sales force expansion in early 2025 doubled reps to over 300, reaching full productivity in Q2 2026.

• No further large-scale commercial expansion planned; current team size considered optimal.

• Commercial execution credited for smooth ramp-up and strong results.

Product utilization and pricing

• Average cancer patient receives about 10 Signatera tests over five years, with high retention and integration into clinical workflow.

• Signatera ASP reached $1,275 in Q2, ahead of schedule; long-term target is $2,000, driven by broader coverage and guideline inclusion.

• MolDX coverage decisions and biomarker law states expected to contribute $150–$200 to ASP, with further upside from additional guidelines.