Business
Natera Reports First Quarter 2022 Financial Results
AUSTIN, Texas, May 5, 2022 /PRNewswire/ -- Natera, Inc. (NASDAQ: NTRA), a global leader in cell-free DNA testing, today reported financial results for the
About this update from Natera, Inc.
[{"type":"text","content":"AUSTIN, Texas, May 5, 2022 /PRNewswire/ -- Natera, Inc. (NASDAQ: NTRA), a global leader in cell-free DNA testing, today reported financial results for the first quarter ended March 31, 2022 and provided an update on recent business progress and financial outlook.\n\n \n \n \n \n \n \n\n \nRecent Accomplishments & Highlights\nGenerated total revenues of $194.1 million in the first quarter of 2022. Product revenues were $190.0 million in the first quarter of 2022, an increase of 57.8% from the first quarter of 2021.Processed approximately 489,300 tests in the first quarter of 2022, compared to approximately 348,200 tests processed in the first quarter of 2021, an increase of 40.5%.Increased 2022 revenue guidance from $770-790 million to $790-810 million.Board and executive leaders elect to take 100% equity compensation for the remainder of 2022.Ten Signatera abstracts, including seven poster presentations, across multiple tumor types to be presented at the 2022 ASCO Annual Meeting.New CIRCULATE study colorectal cancer data presented at the 2022 Society for Surgical Oncology conference demonstrates 75% detection of recurrence from a single timepoint 4 weeks post-surgery.Signatera ADLT reimbursement rate increased to $3,920 effective April 2022.Dr. Sangeeta Bhorade joins Natera as VP of Medical Affairs for Organ Health.Large, real-world study for Renasight published, demonstrating high diagnostic yield for positive genetic findings for patients with chronic kidney disease.Large, multi-site clinical validation studies published for heart and lung transplant.\"Given the strong traction we experienced in Q1 across the business, we are raising our 2022 revenue forecast by $20 million,\" said Steve Chapman, Natera's Chief Executive Officer. \"We saw strong volume growth in the quarter with an even higher increase in product revenue, especially in our Signatera clinical volumes. We are rapidly gaining scale on the investment in our oncology and transplant commercial channels, and we believe we have a clear path to reaching cash flow breakeven.\"\nFirst Quarter Ended March 31, 2022 Financial Results \nTotal revenues were $194.1 million in the first quarter of 2022 compared to $152.3 million for the first quarter of 2021, an increase of 27.5%. Total revenues, excluding the Qiagen revenue of $28.6 million in the first quarter of 2021, increa...