Business
Natera Reports First Quarter 2020 Financial Results
SAN CARLOS, Calif., May 6, 2020 /PRNewswire/ -- Natera, Inc. (NASDAQ: NTRA), a pioneer and global leader in cell-free DNA testing, today reported financial
About this update from Natera, Inc.
[{"type":"text","content":"SAN CARLOS, Calif., May 6, 2020 /PRNewswire/ -- Natera, Inc. (NASDAQ: NTRA), a pioneer and global leader in cell-free DNA testing, today reported financial results for the first quarter ended March 31, 2020 and provided an update on recent business progress.\n\n \n \n \n \n \n \n\n \nRecent Accomplishments & Highlights\nGenerated total revenues of $94.0 million in the first quarter of 2020 compared to $66.8 million in the first quarter of 2019, an increase of 41%. Processed approximately 235,500 tests in the first quarter of 2020, compared to approximately 200,200 tests processed in the first quarter of 2019 and 209,400 tests processed in the fourth quarter of 2019. Achieved cost of goods sold of $202 per test accessioned in Natera's laboratory; approaching the company's long-term target of $200 cost of goods sold per unit. Successfully enrolled the first 145 patients in the ProActive registry trial for ProsperaTM in kidney transplant rejection. Responded to COVID-19 by implementing safety protocols in the laboratory, scaling remote ordering capabilities for patients and physicians. Saw coverage for Panorama® expanded during COVID-19 by greater than 20 million lives. Successfully issued convertible senior notes due 2027 for net proceeds of $278.9 million in April 2020. Repaid the obligations under its 2017 term loan with OrbiMed Advisors in April 2020.\"We were very pleased with our performance in the first quarter,\" said Steve Chapman, Natera's Chief Executive Officer. \"We had a record quarter for both volumes and revenues, and drove cost of goods sold per unit to very near the long-term target we had set out previously. We responded aggressively to the COVID-19 outbreak to ensure no disruptions to our lab operations, demonstrated our ability to rapidly scale our mobile ordering platforms for patients and providers, and further strengthened our balance sheet with the financing.\" \nFirst Quarter Ended March 31, 2020 Financial Results \nTotal revenues were $94.0 million in the first quarter of 2020 compared to $66.8 million for the first quarter of 2019, an increase of 41%. The increase in total revenues was driven primarily by sales of Natera's Panorama and Horizon tests. Natera processed 235,500 tests in the first quarter of 2020, including approximately 222,400 tests accessioned in its laboratory, compared to 200,200 tests ...