Natera (NTRA) Goldman Sachs 45th Annual Global Healthcare Conference summary

Business performance and growth drivers

• Achieved record Q1 with strong volume and revenue growth, improved gross margins, and first-ever cash flow break-even.

• Women's health segment saw significant growth, driven by both organic customer base and the Invitae acquisition.

• Retention of Invitae's women's health accounts has stabilized, with transition largely completed by March.

• Continued investment in new product launches, especially in women's health, including the fetal RhD test.

• Commercial team and operational investments are supporting rapid growth and high market share.

Women's health segment

• Main products are non-invasive prenatal testing (NIPT) and carrier screening, with over 50% market share.

• Growth opportunities remain as some doctors and hospitals have yet to adopt NIPT for average-risk patients.

• Peer-reviewed data and clinical differentiation are key drivers for competitive wins.

• Fetal RhD test launched amid a drug shortage, with strong physician interest but reimbursement still pending.

• ACOG guideline inclusion for expanded carrier screening and 22q testing could materially impact revenues and margins.

Oncology and Signatera

• MRD (minimal residual disease) testing is a major focus at conferences, with growing physician adoption of Signatera.

• Q1 saw a sharp increase in Signatera orders, attributed to strong clinical data and competitor trial halts.

• Growth is balanced between new customer acquisition and deeper penetration of existing accounts.

• Ongoing investment in clinical trials and product enhancements, with several competitors removed due to IP enforcement.

• Upcoming randomized trial readouts (e.g., Altera, IMvigor011) could influence guidelines and drive further adoption.