Natera (NTRA) 44th Annual J.P. Morgan Healthcare Conference summary

Corporate strategy, technology innovation, and market positioning

• Focused on transforming disease management globally with proprietary cell-free DNA detection technology, targeting large, underpenetrated markets in women's health, organ health, and oncology.

• Over 16 million tests processed since 2013, with a broad portfolio in oncology, women's health, and organ health.

• Achieved market leadership in cell-free DNA testing, with over 50% share in women's health, supported by more than 350 peer-reviewed publications and 600+ issued or pending patents.

• Emphasis on innovation, clinical validation, and customer experience as key success drivers.

• Integrated AI and foundation models for augmented MRD scoring and digital pathology, partnering with NVIDIA and Ultima Genomics.

Financial performance and growth

• Record year in 2025 with 924,000 units in Q4, driven by strong growth in all segments and record test volumes for Signatera and Fetal Focus.

• Q4 2025 revenues up 39% year-over-year, reaching $660 million, with over $100 million in free cash flow.

• Clinical MRD volumes reached a record, with fastest unit growth at 22,800 in Q4 2025 and acceleration across multiple tumor types.

• Continued ASP growth expected in 2026, supported by expanded Medicare coverage and biomarker laws.

• Operating expenses to grow ~10% in 2026, mainly in R&D, with profitability expected as revenue matures.

Product innovation and launches

• Launched Fetal Focus, a 21-gene single-gene NIPT with 96% sensitivity and 98% specificity, validated in the EXPAND trial.

• Expanded MRD detection portfolio with Signatera on both exome and genome, and introduced tissue-free MRD for CRC and other tumor types.

• Acquired Foresight Diagnostics, adding ultrasensitive phased variant technology and strengthening MRD capabilities, especially in lymphoma and hematologic cancers.

• Integrated phased variant technology for pan-cancer MRD applications.

• Collaborations with NVIDIA and Ultima Genomics to advance AI and sequencing capabilities.