Natera, Inc. · NASDAQ:NTRA
Natera — Q3 2025 Earnings Presentation
19 slides from Natera's earnings presentation, Nov 6, 2025
Slide 1: Natera, Inc. Q3'2025 Earnings Presentation
Natera, Inc. Q3’2025 Earnings Presentation November 6, 2025
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 2025 highlights and recent business updates
Q3 2025 highlights and recent business updates Revenue of ~$592M in Q3 2025 vs ~$440M in Q3 2024; year-over-year growth of ~35%. ~894K total tests processed in Q3 2025 vs ~776K in Q3 2024; year-over-year growth of ~15%. ~202K clinical MRD tests in Q3 2025 vs ~130K in Q3 2024; year-over-year growth o
Slide 4: Volumes continue to ramp
Volumes continue to ramp 1000K 894K 900K • Fastest ever quarterly 800K 776K oncology growth; continued strength in 700K new patient starts, 626K recurrence monitoring 600K 518K • Strong performance in 500K women’s health 407K 400K • Organ health continues to 300K 262K expand 200K 100K K FY20 Q3 FY21
Slide 5: Clinical MRD volumes: record Signatera quarter
Clinical MRD1 volumes: record Signatera quarter 210K 202K Clinical MRD tests processed ~21.5K • Fastest unit growth 190K 181K quarter 170K 161K • Acceleration seen across multiple tumor types 150K 145K • Strong data readouts 130K 130K driving volume 118K acceleration 110K 106K 91K 90K 81K 70K 50K 3Q
Slide 6: Revenues continue to ramp: 35% year-over-year growth over Q3'24
Revenues continue to ramp: 35% year-over-year growth over Q3’24 $700M $592M • 8% sequential growth $600M over record Q2 35% $500M • Good momentum in $440M women’s health $400M • Organ health continues to grow, including $300M $268M competitive wins $211M $200M $158M • Another record Signatera quarte
Slide 7: Continued gross margin execution
Continued gross margin1 execution Gross margins1 quarterly trend ~3% true up ~3% true up ~4% true up ~3% true up benefit benefit benefit 70% • Gross margins1 up: 64.9% vs ~4% true up ~3% true up benefit benefit 63.4% in Q2 ~4% true up benefit 65% 65% benefit 63% 63% 63% • Ex true ups, GMs2 up ~120 b
Slide 8: Q3 opex: SG&A flat, investment focused on high-ROIC R&D
Q3 opex: SG&A flat, investment focused on high-ROIC R&D $600.00 Total Opex • Multiple recent product launches expand $482M $500.00 productivity of $457M commercial team $400.00 R&D +$25M • Signatera data generation: 7 new MolDx $300.00 submissions ready SG&A Flat • Growing demand for $200.00 Signate
Slide 9: Newly expanded 20-gene panel for Fetal Focus launching in Q4
Newly expanded 20-gene panel for Fetal Focus launching in Q4 Broad coverage of genes relevant to clinically actionable conditions. Proprietary LinkedSNP technology optimized to detect challenging homozygous cases. EXPAND study differentiated with all outcomes confirmed by genetic truth in prenatal o
Slide 10: ESMO Congress: practice-changing evidence in muscle-invasive bladder cancer
ESMO Congress: practice-changing evidence in muscle-invasive bladder cancer “This is the strongest evidence to date for intervening with adjuvant systemic therapy on the basis of detecting plasma ctDNA.” Alex Wyatt, D.Phil, University of British Columbia, ESMO Congress (IMvigor011 study discussant),
Slide 11: Strong Signatera data at ESMO in colorectal cancer and Nature publication
Strong Signatera data at ESMO in colorectal cancer and Nature1 publication Key details INTERCEPT-CRC NICHE-2 shows the impact of supports clinical sustained ctDNA utility of Signatera in clearance after the neoadjuvant adjuvant treatment, setting to inform supporting surgical and adjuvant Signatera’
Slide 12: Signatera harnesses the benefits of multiplex PCR (mPCR-NGS) technology
Signatera harnesses the benefits of multiplex PCR (mPCR-NGS) technology mPCR-NGS vs hybrid capture Targeted and deep vs wide and shallow Sequencing coverage: >100,000x per target Performance is based on more than just the number of targets: molecular biology approaches, variant selection techniques,
Slide 13: Early cancer detection (ECD): leveraging Natera's extensive experience in assay development
Early cancer detection (ECD): leveraging Natera’s extensive experience in assay development Biological • >250,000 tumors sequenced across all stages 1 enables deep biological understanding of disease depth • Platform developed over 2 years 2 Discovery • Novel methylation discovery with cancers, prem
Slide 14: ECD: performance data on pre-cancerous lesions
ECD: performance data on pre-cancerous lesions 5,000 prospectively collected samples Readout on 1,400 sequential patients Overall AA performance with outcomes 92 advanced adenoma (AA) cases Adjusted for subtype • 98.9% less than 30 millimeters 22.5% sensitivity prevalences in recent studies and 93.5
Slide 15: PROCEED-CRC: AA histology and size distribution
PROCEED-CRC: AA histology and size distribution >30 mm Size and subtype distribution Higher Detection Natera Other large 20-29 mm Rates data cohorts1,2 Serr & tubular 78% 74%-78% 10-19 mm Lower Mean AA size 13.7mm >15mm Detection 5-9 mm Rates <20 mm 35% 4-5% <5 mm 20-29 mm 56% >75% Serrated Tubular
Slide 16: FIND-CRC: initiated in 2025, continuing to make significant progress
FIND-CRC1: initiated in 2025, continuing to make significant progress FIND CRC: FDA-enabling study Targeting 25K average-risk adults; 70 CRC cases, ~1,400 AA cases First patient in: May 2025 18-month enrollment target 1. NCT: NCT07046585. 16 Not for reproduction or further distribution.
Slide 17: FY25 Q3 financial overview
FY25 Q3 financial overview ($ in millions, except for per share data) FY25 Q3 FY24 Q3 Change Y/Y Product revenues $590.2 $436.1 $154.1 Licensing and other revenues $2.0 $3.6 ($1.6) Total revenues $592.2 $439.8 $152.4 Gross margin%1 64.9% 61.8% 311 bps R&D $173.4 $96.9 $76.5 SG&A $308.5 $214.2 $94.4
Slide 18: Raising 2025 guidance
Raising 2025 guidance Guide ($ millions) Original Guide Q2 Guide Current Guide3 Key drivers Continued volume growth, conservative Revenue $1,870 – $1,950 $2,020 – $2,100 $2,180 – $2,260 ASPs, strong oncology contribution Gross Continued ASP growth and COGS 60% – 64% 61% – 64% 62% – 64% margin1 impro
Slide 19: ©2025 Natera, Inc. All Rights Reserved. Not for reproduction or further distribution.
® ©2025 Natera, Inc. All Rights Reserved. Not for reproduction or further distribution.