Natera (NTRA) Q4 2025 earnings summary

Executive summary

• Processed 924,000 tests in Q4 2025, up 17% year-over-year, with MRD clinical units up 56% to 225,000; full-year test volume reached 3,525,500.

• Achieved Q4 2025 revenue of $666 million, a 40% increase over Q4 2024, and $2,306.1 million for the full year, up 35.9%.

• Generated $107.6 million in cash inflow for 2025 while increasing growth investments.

• Expanded MRD product portfolio with launches of Signatera Genome, Latitude MRD, and Fetal Focus single-gene NIPT; acquired Foresight Diagnostics.

• Women's Health and Organ Health segments showed strong growth, supported by new product launches, clinical trial milestones, and market share gains.

Financial highlights

• Q4 gross margin reached a record 66.9%, up from 62.9% year-over-year; full-year gross margin was 64.7%.

• Product revenues were $661.2 million in Q4 2025, with licensing and other revenues totaling $4.3 million.

• Operating expenses increased, with R&D at $175.2 million and SG&A at $291.3 million in Q4 2025.

• Loss before income taxes narrowed to $13.3 million in Q4 2025; net loss for 2025 was $208.2 million.

• Cash and investments stood at $1,076.1 million at year-end 2025.

Outlook and guidance

• 2026 revenue guidance: $2.62–$2.7 billion; gross margin expected between 63% and 65%.

• SG&A projected at $1,125–$1,225 million and R&D at $750–$850 million for 2026.

• Guidance assumes no significant revenue true-ups and emphasizes underlying trends in unit economics.

• Cash flow expected to remain positive in 2026, with reinvestment focused on high-ROIC R&D and commercial initiatives.

• Women's Health expected to show mid-single-digit volume growth, with Organ Health projected to exceed 50% growth in 2025.