Slide 1: Natera, Inc. Q2'2026 Earnings Presentation
Natera, Inc. Q2’2026 Earnings Presentation August 6, 2026
Slide 2: Safe-harbor statement
Safe-harbor statement This presentation contains forward-looking statements under the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this presentation, including statements regarding our market opportunity, our a
Slide 3: Q2'26 financial highlights
Q2’26 financial highlights ● >1.04M total tests processed in Q2 2026 vs 853K in Q2 2025; year-over-year growth of >22%. ● ~283K clinical MRD oncology tests in Q2 2026 vs 181K in Q2 2025; year-over-year growth of >56%. ○ Clinical MRD oncology1 units grew ~34K units over Q1 2026, the largest sequentia
Slide 4: Volumes continue to ramp
Volumes continue to ramp Core Volume Drivers 1,044K • Continued momentum across products. 853K • Excellent YoY growth 760K performance in women’s health. 617K 500K • Organ health data driving volume ramp. 376K 234K • Significant step up in clinical MRD unit growth. 2Q20 2Q21 2Q22 2Q23 2Q24 2Q25 2Q26
Slide 5: Clinical MRD volumes: record volume of ~283K units
Clinical MRD¹ volumes: record volume of ~283K units • Record sequential Clinical MRD tests processed 283K growth of ~34K units; largest quarterly increase to date. 249K 225K 202K • Broad-based acceleration across tumor types. 181K 161K 145K • Strong data readouts 130K driving volume growth. 118K 106
Slide 6: Revenues continue to ramp: ~38% revenue growth over Q2'25
Revenues continue to ramp: ~38% revenue growth over Q2’25 • Strong ASP trends across $753M Total revenues: YoY Q2 trend ~38% women’s health, organ health, and oncology. • Signatera revenues $547M continue to ramp. $413M $261M $198M $142M $86M 2Q20 2Q21 2Q22 2Q23 2Q24 2Q25 2Q26 1. Natera internal dat
Slide 7: Continued gross margin execution
Continued gross margin execution Gross margins1,2 at ~65% 1,2 Non-GAAP Gross margins1,2 ex- true up q/q Gross margins y/y trend trend • Ex-true ups, ~50 bps 64.5% 63.4% sequential increase vs. Q1. ~3% 61.8% • Large increase in Signatera ~3% true up benefit 61.3% true up new patient starts. benefit •
Slide 8: First validated NIPT with high clinical sensitivity in low fetal fraction cases
WOMEN’S HEALTH First validated NIPT with high clinical sensitivity in low fetal fraction cases Enhanced Panorama: reduces no-call rates by ~80% Performance enabled by proprietary Clear unmet need in NIPT for patients SNP-informed deep sequencing technology with low fetal fraction Prospective, blinde
Slide 9: New medicare surveillance coverage for Prospera
ORGAN HEALTH New medicare surveillance coverage for Prospera Final LCD published for organ rejection. ORGAN DRAFT (YR 1-2-3) FINAL (YR 1-2-3) Significant coverage expansion and improvement from initial draft LCD. Kidney 4 - 2 - 2 6 - 4 - 4 Major medical societies supported expanded testing: Heart 12
Slide 10: Recent regulatory milestones for Signatera
ONCOLOGY Recent regulatory milestones for Signatera Driven by years of scientific evidence MAY 2026 JUNE 2026 JULY 2026 1st FDA-approved 1st PMDA-approved 1st EU IVDR-certified companion diagnostic in MRD test personalized MRD test for blood-based MRD solid tumors U.S: bladder cancer Japan: colorect
Slide 11: Next PMDA submission underway
ONCOLOGY Next PMDA submission underway: Signatera as a companion diagnostic in muscle-invasive bladder cancer ● >34K MIBC cases annually in Japan. ● 150 Japanese institutions have used Signatera. ● Submission supported by IMvigor011, which had >20 sites in Japan. Not for reproduction or further dist
Slide 12: 3rd NCCN guideline update for ctDNA-MRD
ONCOLOGY 3rd NCCN guideline update for ctDNA-MRD 1st Category 1 recommendation in bladder cancer Strong support for Signatera-guided adjuvant treatment in muscle-invasive bladder cancer ● The Panel “recommends the consideration of ctDNA-MRD testing as a tool for risk stratification and to determine
Slide 13: Extensive evidence pipeline: number of prospective studies
ONCOLOGY Extensive evidence pipeline 90 Signed/initiated (cumulative, through 2H 2026) Read out (cumulative, actual/expected) 70 60 Number of prospective studies 50 40 30 20 10 Projected 2019 2020 2021 2022 2023 2024 2025 1H 2026 2027 2028 Year Source: internal estimates based on current signings YT
Slide 14: SIGNAL-ER 101: MRD-guided therapy in breast cancer
ONCOLOGY SIGNAL-ER 101: MRD-guided therapy in breast cancer ● Vast majority of patients with early-stage HR+/HER2- breast cancer may be overtreated with CDK 4/6 inhibition. ● >60% of patients experience serious adverse events from CDK 4/6i. ● U.S. retail costs for a full course of treatment can cost
Slide 15: Continued progress in early cancer detection
ONCOLOGY Continued progress in early cancer detection PROCEED-CRC demonstrated excellent performance. ● Advanced adenoma detection: 22.5% sensitivity, 91.5% specificity. ● Underscores strength of Natera’s technology. FIND-CRC enrollment completion on track for Q3. ~24K Patients enrolled ● Targeting
Slide 16: FY26 Q2 financial overview
FY26 Q2 financial overview ($ in millions, except for per share data) FY26 Q2 FY25 Q2 Change Y/Y Total revenues $752.8 $546.6 $206.2 Gross margin %1 64.5% 63.4% 110 bps R&D $228.1 $146.4 $81.6 SG&A $327.2 $310.5 $16.7 Net loss per diluted share ($0.47) ($0.74) $0.27 Balance sheet Jun 30, 2026 Dec 31
Slide 17: R&D growth focused on future products
R&D growth focused on future products Key R&D initiatives Year on year R&D expense • Large increase in ECD to $800M - $900M support FIND trial and Foresight ECD assay development. Early Cancer Detection • Significant step up in $626M Clinical Trials (Non-ECD) clinical trial spend focused on Signater
Slide 18: Raising 2026 annual revenue guidance
Raising 2026 annual revenue guidance Guide ($ millions) Q1 Guide Current Key drivers Continued volume growth, conservative Revenue $2,740–$2,820 $2,850 - $2,910 ASPs, strong oncology contribution Building on 1H progress for the balance Gross margin %1 64%–66% 64%–66% of the year Holding guide consta
Slide 19: The tests described have been developed and their performance characteristics determined by the CLIA-certified
The tests described have been developed and their performance characteristics determined by the CLIA-certified laboratory performing the test. The tests have not been cleared or approved by the US Food and Drug Administration (FDA). Although FDA is exercising enforcement discretion of premarket revi