Press release
Natera Reports Second Quarter 2023 Financial Results
AUSTIN, Texas--(BUSINESS WIRE)-- Natera, Inc. (NASDAQ: NTRA), a global leader in cell-free DNA testing, today reported financial results for the second
About this update from Natera, Inc.
[{"type":"text","content":" AUSTIN, Texas--(BUSINESS WIRE)--\nNatera, Inc. (NASDAQ: NTRA), a global leader in cell-free DNA testing, today reported financial results for the second quarter ended June 30, 2023.\n\n\nRecent Strategic and Financial Highlights\n\n\n\nGenerated total revenues of $261.4 million in the second quarter of 2023, compared to $198.2 million in the second quarter of 2022, an increase of 31.9%. Product revenues grew 32.7% over the same period.\n\n\n\nProcessed approximately 617,200 tests in the second quarter of 2023, compared to approximately 499,900 tests in the second quarter of 2022, an increase of 23.5%.\n\n\n\nPerformed 83,500 oncology tests in the second quarter of 2023, compared to approximately 44,200 oncology tests in the second quarter of 2022, an increase of 88.9%.\n\n\n\nAchieved favorable results in a lawsuit against ArcherDX/Invitae Corp. with a damages award of $19.35 million for lost profits and royalty on past sales and a finding that all three Natera patents at issue are valid, and a lawsuit against CareDx, Inc. with a court reversal of jury findings, thereby reducing damages from $45 million to $0.\n\n\n\nDemonstrated continued data leadership:\n\n\nData was presented on the Company’s Signatera™ personalized and tumor-informed molecular residual disease (MRD) test at the 2023 American Society of Clinical Oncology Annual Meeting, notably from the EMPower Lung-I and INTERCEPT trials.\n\n\n\nData from the ProActive trial was presented at the American Transplant Congress 2023, reinforcing Natera’s Prospera™ kidney test as an early indicator of transplant rejection.\n\n\n\nA fourth paper was published from the Company’s SMART study on screening for sex chromosome aneuploidies with non-invasive prenatal testing for more than 17,000 pregnancies.\n\n\n\n\n\n\n“We had another strong quarter in which we served over 600,000 patients, delivered significant year-over-year growth in volumes and revenues, drove improvements in gross margin and reduced our quarterly cash burn,” said Steve Chapman, Natera’s Chief Executive Officer. “With this excellent performance, we are raising our annual revenue guidance and believe we are well-positioned to meet our financial goals for the year. Looking ahead, we have a robust clinical pipeline, particularly in oncology, that we believe will further differentiate our products and change the stan...