Natera (NTRA) Q2 2026 earnings summary

Executive summary

• Processed over 1,044,000 tests in Q2 2026, with oncology test volumes up 57.2% year-over-year and strong growth in women's health.

• Revenue reached $753 million in Q2 2026, up 38% year-over-year, with gross margin at 65% and net loss narrowing to $67.0 million.

• Achieved major regulatory milestones: first FDA, Japanese PMDA, and EU IVDR approvals for Signatera as a companion diagnostic, and NCCN Category 1 guideline for bladder cancer.

• Raised full-year 2026 revenue guidance by $100 million to $2.85–$2.91 billion, implying 31% annual growth ex true-ups.

• Net loss narrowed to $67.0 million in Q2 2026, or ($0.47) per diluted share, compared to ($0.74) per share in Q2 2025.

Financial highlights

• Q2 2026 revenue: $753 million, up 38% year-over-year; gross margin improved to 64.5–65%.

• Gross profit was $485.2 million, up from $346.6 million year-over-year.

• R&D expenses increased to $228.1 million, and SG&A expenses rose to $327.2 million year-over-year.

• Net loss per diluted share improved to ($0.47) from ($0.74) year-over-year.

• Cash and equivalents at $1,091.5 million as of June 30, 2026; outstanding debt of $80.3 million.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $2.85–$2.91 billion, with expected gross margin of 64–66%.

• Continued volume and ASP growth anticipated, especially in oncology and women's health.

• R&D and SG&A guidance unchanged; ongoing investments in clinical trials and product development.

• Cash flow expected to remain positive for 2026.