Slide 1: Natera, Inc. Q4'2025 Earnings Presentation
Natera, Inc. Q4’2025 Earnings Presentation February 26, 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: Q4 2025 financial highlights
Q4 2025 financial highlights • ~924K total tests processed in Q4 2025 vs ~793K in Q4 2024; year-over-year growth of ~17%. • ~225K clinical MRD tests in Q4 2025 vs ~145K in Q4 2024; year-over-year growth of ~56%. Clinical MRD tests grew ~23K units over Q3 2025. • Revenue of ~$666M in Q4 2025 vs ~$476
Slide 4: 2025 business highlights
2025 business highlights Launch: Readout: Paper: Paper: Launch: Fetal Readout: Paper: SignateraTM DEFINE-HT at Prospera PEDAL in FocusTM Single- AA Data from CALGB (Alliance)/ Genome for RUO International HeartTM with American Gene Non-Invasive PROCEED SWOG 80702 in Society for DQS in American Journ
Slide 5: Clinical MRD volumes: another record quarter
Clinical MRD1 volumes: another record quarter 250K ~22.8K Clinical MRD tests processed 225K • Fastest unit growth 230K quarter at ~22.8K volume 210K 202K growth. 190K 181K • Acceleration seen across multiple tumor types. 170K 161K 145K • Strong data readouts 150K driving volume growth. 130K 130K 118
Slide 6: Revenues ~$6M above preannouncement; ~40% growth over Q4 2024
Revenues ~$6M above preannouncement; ~40% growth over Q4 2024 $700M Total revenues: YoY Q4 trend $666M • Strong ASP trends across ~40% women’s health, organ $600M health and oncology. • Signatera revenues $500M $476M continue to ramp. $400M $311M $300M $217M $200M $173M $112M $100M $M 4Q'20 4Q20 4Q'
Slide 7: Continued gross margin execution
Continued gross margin1 execution ~3% true up benefit Gross margins1 quarterly trend ~4% true up • Gross margins1 up: 66.9% vs benefit 67% ~3% true up ~3% true up ~3% true up 64.9% in Q3. benefit benefit benefit 65% • Ex true ups, GMs2 up ~240 bp ~3% true up 63% benefit 63% 63% vs Q3. ~4% true up be
Slide 8: Strong reception to 21-gene Fetal Focus single-gene NIPT
Strong reception to 21-gene Fetal Focus single-gene NIPT EXPAND Readout1,2 Ultra-sensitive technology: utilizes Natera’s proprietary LinkedSNP technology. 96% sensitivity Broad assessment: fetal risk assessment for 21 recessive and X-linked genes. 98% specificity Flexible ordering: available as a fr
Slide 9: EXPAND clinical trial selected for oral plenary at SMFM
EXPAND clinical trial selected for oral plenary at SMFM • First single-gene NIPT study to be selected for an oral plenary and presented at the Society for Maternal- Fetal Medicine (SMFM) Meeting. • Underscores the scientific rigor and clinical relevance of the trial. • Large, prospective, blinded cl
Slide 10: ACES-EMB trial in heart transplantation completes enrollment
ACES-EMB trial in heart transplantation completes enrollment First randomized-controlled trial to compare dd-cfDNA surveillance to routine biopsy in organ transplantation Comparative Effectiveness Phase Objective • Demonstrate Prospera Heart-guided surveillance Prospera Prospera Prospera STUDY can r
Slide 11: Prospera lung featured in landmark interventional study
Prospera lung featured in landmark interventional study1 Demonstrating the efficacy and safety of Prospera-guided surveillance in lieu of 9-month protocol biopsy Study Protocol Study Results dd-cfDNA <1% → Cancel 9M FOB/TBBx Lung Tx dd-cfDNA ≥1% → Proceed 9M FOB/TBBx >75% of patients with low-risk P
Slide 12: ASCO GU data highlight critical role of Signatera across bladder cancer continuum
ASCO GU data highlight critical role of Signatera across bladder cancer continuum 11 abstracts, including 4 oral presentations, addressing critical questions in bladder cancer care Who really benefits from IMvigor011 adjuvant immunotherapy? Can ctDNA help inform RETAIN & INDIBLADE bladder-sparing ap
Slide 13: Positive readout of interventional SINERGY trial in R/M HNSCC
Positive readout of interventional SINERGY trial in R/M HNSCC Phase II trial utilized Signatera ctDNA dynamics to guide escalation or de-escalation of chemotherapy Study Results 74% 63% 48% severe toxicity grade ≥3 of patients safely objective response rate de-escalated chemotherapy compares favorab
Slide 14: Latitude clinical validation in CRC supports MolDx submission
Latitude clinical validation in CRC supports MolDx submission Published in npj Precision Oncology on Jan. 19, 2026 Study Details and Results • Longitudinal sensitivity of 84.4% (median lead time of 4.6 months ahead of imaging). • 97.2% sample-level specificity and 92.1% patient-level specificity. •
Slide 15: Phased variant enables detection below 1 part per 10 million
Phased variant enables detection below 1 part per 10 million Single nucleotide variant (SNV) Unlocking the next level of ultra-sensitivity Phased variants (2 SNVs) Complementary to Natera’s MRD platform Substantial early adoption among pharma companies Not for reproduction or further distribution.
Slide 16: FY25 Q4 financial overview
FY25 Q4 financial overview ($ in millions, except for per share data) FY25 Q4 FY24 Q4 Change Y/Y Product revenues $661.2 $472.9 $188.3 Licensing and other revenues $4.3 $3.2 $1.1 Total revenues $665.5 $476.1 $189.4 Gross margin % 66.9% 62.9% 4.0% R&D $175.2 $129.5 $45.7 SG&A $291.3 $234.9 $56.4 Loss
Slide 17: 2026 annual guidance
2026 annual guidance Guide $ (millions) Key drivers Continued volume growth across all business units, conservative women’s Revenue $2,620-$2,700 health ASPs, strong oncology contribution. Gross margin % Conservative ASP assumptions, genome uptake. Excludes true up 63%-65% revenue contributions. SG&
Slide 18: 2026 guidance midpoint implies ~26% pro forma growth vs '25
2026 guidance midpoint implies ~26% pro forma growth vs ‘25 2026 Revenue drivers: Annual revenues $(millions) $2,700 $2,660 • Expanded commercial $2,500 channels in place. ~26% • Drumbeat of high impact $2,306 $2,300 clinical trial data. • Expanding market adoption. $2,112 $2,100 • Targeting reimbur
Slide 19: 2026 opex: SG&A ~flat, investment focused on high-ROIC R&D
2026 opex: SG&A ~flat, investment focused on high-ROIC R&D $2,500 Total Opex • Commercial channel expansion in 2025, $1,875 - $2,075 positioned for scale in $2,000 ~$1,800 2026. • Major drivers of R&D $1,500 R&D + ~$175M growth: FIND trial for ECD, tech development and clinical trial $1,000 investme
Slide 20: Anticipated 2026 Milestones
Anticipated 2026 Milestones Expanded MolDX coverage Integration of Foresight Diagnostics Signatera with phased and structural variants Signatera in Japan Latitude for additional cancer types Fetal Focus launch Enrollment completion for the FIND study Collaborations in AI and sequencing Continued gro
Slide 21: ©2026 Natera, Inc. All Rights Reserved. Not for reproduction or further distribution.
® ©2026 Natera, Inc. All Rights Reserved. Not for reproduction or further distribution.