Natera, Inc. · NASDAQ:NTRA
Natera — Q3 2026 Earnings Presentation
21 slides from Natera's earnings presentation, Nov 5, 2026
Slide 1: Natera, Inc. Q3'2026 Earnings Presentation
Natera, Inc. Q3’2026 Earnings Presentation November 5, 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: Q3'26 financial highlights
Q3’26 financial highlights ● >1.09M total tests processed in Q3 2026 vs 894K in Q3 2025; year-over-year growth of >22%. ● ~316K clinical MRD oncology¹ tests in Q3 2026 vs 202K in Q3 2025; year-over-year growth of >56%. ○ Clinical MRD oncology¹ units grew ~33K units over Q2 2026, the second consecuti
Slide 4: Volumes continue to ramp
Volumes continue to ramp 1,093K Core Volume Drivers ● Continued 894K performance across 776K women’s health, organ health, and 626K oncology 518K 407K 262K 3Q20 3Q21 3Q22 3Q23 3Q24 3Q25 3Q26 4 Not for reproduction or further distribution.
Slide 5: Clinical MRD volumes: record volume of ~316K units
Clinical MRD¹ volumes: record volume of ~316K units ● Second consecutive quarter of >30K sequential Clinical MRD tests processed increase (~33K in Q3). 316K 283K ● Trailing four-quarter 249K average add of ~28K units. 225K 202K 181K ● Broad-based growth across 161K tumor types; bladder 145K 130K str
Slide 6: Year-on-year MRD growth accelerating
Year-on-year MRD growth accelerating ● Clear trend line of Clinical MRD¹ YoY unit growth Signatera unit growth +113K accelerating each quarter. +102K ● YoY comparison adjusts for +88K +81K weather and seasonality, +73K showing true underlying +63K growth performance. ● Commercial expansion and data
Slide 7: Revenues continue to ramp: 42% organic revenue growth
Revenues continue to ramp: 42% organic revenue growth Total revenues: YoY Q3 trend $794M ● Continued volume and ASP execution. $592M ● Ex true-ups¹, revenue grew ~42% $440M YoY (~34% GAAP reported). $268M $211M $158M $98M 3Q20 3Q21 3Q22 3Q23 3Q24 3Q25 3Q26 1. Ex true-ups excludes the change in reven
Slide 8: Continued gross margin execution
Continued gross margin execution Gross margins¹,² at ~65% Total gross margin¹ q/q trend Organic gross margin1,2 q/q trend ● Ex-true ups, ~140 bps 64.7% 63.2% sequential increase vs. Q2. 64.5% ● Efficient COGS performance in recent product launches. 61.8% ● Continued sequential step up in Signatera A
Slide 9: Medicare coverage for Signatera in liver cancer
Medicare coverage for Signatera in liver cancer Covers serial surveillance testing in early-stage hepatocellular carcinoma (HCC) >42K High recurrence risk, even after curative-intent surgery. Current surveillance uses biomarker alpha-fetoprotein new U.S. liver cancer cases expected in (AFP) and imag
Slide 10: Japan milestones pave way for Signatera launch
Japan milestones pave way for Signatera launch ● Signatera was approved by PMDA for colorectal cancer in June and as a companion diagnostic (CDx) in muscle-invasive bladder cancer in September. ● Commercial launch plans on track pending final reimbursement and pricing by year-end. >150K >34K annual
Slide 11: Acceleration in pharma business
Acceleration in pharma business ✓ MRD as an endpoint increasingly ✓ Embeds Signatera in future ✓ High demand for Signatera incorporated into clinical trials, e.g. standards of care spanning ultrasensitive MRD and Natera’s treat-on-MRD histologies significant commercial reach Pharma revenue ($M) Key
Slide 12: Path to doubling total revenues in 2029
Path to doubling total revenues in 2029 2029 Revenue target Key Growth Drivers ● Volume and ASP growth in oncology ● Global market expansion, incl Japan $6 Billion ● Pharma and data licensing ● Steady growth in women’s health, organ health, and rare disease 12 Not for reproduction or further distrib
Slide 13: Signatera Genome with Phased and Structural Variants
Signatera Genome with Phased and Structural Variants ANALYTICAL SENSITIVITY Data emerging: now the platform behind our <1 ppm newest trials and readouts. LOD95 limit of detection based on cell line dilution study1 Broadly adopted by pharma: selected for global phase III programs, including AFT-70 NA
Slide 14: ESMO 2026: Signatera is changing practice
ESMO 2026: Signatera is changing practice 25 abstracts featuring Natera technology 9 oral presentations, incl. Presidential Symposium 2 publications: Nature Medicine and ESMO Open SAGITTARIUS · phase III, colon cancer VOLGA (AstraZeneca study) · phase III, bladder cancer 1 in 3 91% patients had trea
Slide 15: Launch of AFT-70 NAVIGATE
Launch of AFT-70 NAVIGATE Signatera-guided treatment de-escalation in adjuvant breast cancer >2,000 ~200 4-yr DRFS patients expected to enroll sites in the U.S. and internationally primary endpoint (non-inferiority) Stage II-III ER+/HER2- breast cancer Escalation Post-definitive therapy Signatera-po
Slide 16: Emerging indications: head & neck cancer and lymphoma
Emerging indications: head & neck cancer and lymphoma New peer-reviewed data validate Signatera in additional cancer types HEAD & NECK CANCER LYMPHOMA ● Published studies in JAMA Otolaryngology, ● Largest real-world ctDNA lymphoma npj Precision Oncology, and Advances in dataset published (Blood Neop
Slide 17: Early cancer detection update
Early cancer detection update MULTI-CANCER EARLY DETECTION COLORECTAL CANCER SCREENING FDA Breakthrough Device Designation FIND-CRC: PMA Enrollment Complete ● Granted October 2026 for MCED assay. ● Prospective screening study fully enrolled, ● Program continuing to progress on plan. with 30K patient
Slide 18: FY'26 Q3 Financial Review
FY’26 Q3 Financial Review ($ in millions, except for per share data) FY26 Q3 FY25 Q3 Change Y/Y Total revenues $794.0 $592.2 $201.8 Gross margin %1 64.7% 64.9% (24) bps R&D $242.4 $173.4 $69.0 SG&A $333.7 $308.5 $25.2 Net loss per diluted share ($0.42) ($0.64) $0.22 Balance sheet Sep 30, 2026 Dec 31
Slide 19: Opex summary
Opex summary Key R&D Initiatives Year on year R&D expense Year on year SG&A expense Foresight $925M $1,300M Foresight ● Large increase in ECD to $1,177M support FIND trial and Early Cancer Detection Legal assay development. Marketing Clinical Trials (Non-ECD) ● Significant step up in $626M Product S
Slide 20: Raising 2026 annual revenue guidance by $140 million
Raising 2026 annual revenue guidance by $140 million Guide ($ millions) Q2 Guide Current Key drivers Continued volume growth, conservative Revenue $2,850–$2,910 $3,005 – $3,035 ASPs, strong oncology contribution Strong organic progress in Q3; ex-true-up Gross margin %1 64%–66% 64%–66% margin up ~140
Slide 21: CLIA laboratory and FDA notice
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