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: Forward-looking statements
2 Not for reproduction or further distribution. 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
Slide 3: Q3'26 financial highlights
3 Not for reproduction or further distribution. Q3’26 financial highlights 1. Includes clinical volumes for both Signatera and Latitude. 2. Gross margin percentage is computed as follows: GAAP revenues minus GAAP cost of product revenues and licensing and other revenues divided by GAAP revenues. ● >
Slide 4: Volumes continue to ramp
4 Not for reproduction or further distribution. Volumes continue to ramp Core Volume Drivers ● Continued performance across women’s health, organ health, and oncology 262K 3Q20 407K 3Q21 518K 3Q22 626K 3Q23 776K 3Q24 894K 3Q25 1,093K 3Q26
Slide 5: Clinical MRD volumes: record volume of ~316K units
5 Not for reproduction or further distribution. 1. Includes clinical volumes for both Signatera and Latitude. Clinical MRD¹ volumes: record volume of ~316K units ● Second consecutive quarter of >30K sequential increase (~33K in Q3). ● Trailing four-quarter average add of ~28K units. ● Broad-based gr
Slide 6: Year-on-year MRD growth accelerating
6 Not for reproduction or further distribution. 1. Includes clinical volumes for both Signatera and Latitude. YoY unit growth for each quarter presented is the aggregate of sequential quarterly unit growth for the trailing four quarters. Year-on-year MRD growth accelerating ● Clear trend line of Sig
Slide 7: Revenues continue to ramp: 42% organic revenue growth
7 Not for reproduction or further distribution. 1. Ex true-ups excludes the change in revenue estimate for tests delivered in prior periods that were fully collected: $32.3M in 3Q26 and $55.1M in 3Q25. Revenues continue to ramp: 42% organic revenue growth ● Continued volume and ASP execution. ● Ex t
Slide 8: Continued gross margin execution
8 Not for reproduction or further distribution. 1. Gross margin percentage is computed as follows: GAAP revenues minus GAAP cost of product revenues and licensing and other revenues divided by GAAP revenues. 2. Organic gross margin excludes the change in revenue estimate for tests delivered in prior
Slide 9: Signatera outperformed guideline-recommended biomarker in liver cancer
9 Not for reproduction or further distribution. Signatera outperformed guideline-recommended biomarker; demonstrated lead time vs imaging Supporting data · real-world study of 125 patients · JCO Precision Oncology Medicare coverage for Signatera in liver cancer Covers serial surveillance testing in
Slide 10: Japan milestones pave way for Signatera launch
10 Not for reproduction or further distribution. ● Signatera was approved by PMDA for colorectal cancer in June and as a companion diagnostic (CDx) in muscle-invasive bladder cancer in September. ● Commercial launch plans on track pending final reimbursement and pricing by year- end. Japan milestone
Slide 11: Acceleration in pharma business
✓ MRD as an endpoint increasingly incorporated into clinical trials, e.g. treat-on-MRD ✓ ✓ Acceleration in pharma business Pharma revenue ($M) 1. Pharma revenue includes testing/trials services and data licensing, across Oncology and Organ Health. $34M 2023 $34M 2024 $36M 2025 $63M 2026 YTD (Q1-Q3)
Slide 12: Path to doubling total revenues in 2029
12 Not for reproduction or further distribution. ● Global market expansion, incl Japan ● Volume and ASP growth in oncology Path to doubling total revenues in 2029 ● Pharma and data licensing $6 Billion ● Steady growth in women’s health, organ health, and rare disease Key Growth Drivers2029 Revenue t
Slide 13: Signatera Genome with Phased and Structural Variants
13 Not for reproduction or further distribution. Broadly adopted by pharma: selected for global phase III programs, including AFT-70 NAVIGATE. <1 ppm LOD95 limit of detection based on cell line dilution study1 <1 in 10 million ctDNA detected significantly below this level Data emerging: now the plat
Slide 14: ESMO 2026: Signatera is changing practice
14 Not for reproduction or further distribution. ESMO 2026: Signatera is changing practice SAGITTARIUS · phase III, colon cancer VOLGA (AstraZeneca study) · phase III, bladder cancer 25 abstracts featuring Natera technology 9 oral presentations, incl. Presidential Symposium 2 publications: Nature Me
Slide 15: Launch of AFT-70 NAVIGATE
15 Not for reproduction or further distribution. Stage II-III ER+/HER2- breast cancer Post-definitive therapy CDK4/6 inhibitor eligible Signatera- negative Eligible for enrollment R 1:1 Standard of Care AI/TAM + CDK4/6i Investigational Oral SERD monotherapy (Giredestrant) Signatera-positive During t
Slide 16: Emerging indications: head & neck cancer and lymphoma
16 Not for reproduction or further distribution. HEAD & NECK CANCER LYMPHOMA Emerging indications: head & neck cancer and lymphoma New peer-reviewed data validate Signatera in additional cancer types ● Published studies in JAMA Otolaryngology, npj Precision Oncology, and Advances in Radiation Oncolo
Slide 17: Early cancer detection update
17 Not for reproduction or further distribution. Early cancer detection update COLORECTAL CANCER SCREENING FIND-CRC: PMA Enrollment Complete ● Prospective screening study fully enrolled, with 30K patients in PMA cohort. ● Progressing toward FDA-enabling readout. MULTI-CANCER EARLY DETECTION FDA Brea
Slide 18: FY'26 Q3 Financial Review
18 Not for reproduction or further distribution. FY’26 Q3 Financial Review ($ in millions, except for per share data) Balance sheet Sep 30, 2026 Dec 31, 2025 Change Cash2 $1,097.2 $1,076.1 $21.1 UBS line of credit $80.3 $80.3 $ — FY26 Q3 FY25 Q3 Change Y/Y Total revenues $794.0 $592.2 $201.8 Gross m
Slide 19: Opex summary
19 Not for reproduction or further distribution. Opex summary ● Large increase in ECD to support FIND trial and assay development. ● Significant step up in clinical trial spend focused on Signatera. ● Continued focus on new product development, COGS reduction efforts. Year on year R&D expense Year o
Slide 20: Raising 2026 annual revenue guidance by $140 million
20 Not for reproduction or further distribution. 1. Gross margin percentage is computed as follows: GAAP revenues minus GAAP cost of product revenues and licensing and other revenues divided by GAAP revenues. Raising 2026 annual revenue guidance by $140 million Guide ($ millions) Q2 Guide Current Ke
Slide 21: Laboratory-developed test and accreditation 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