Slide 1: Natera, Inc. Q2'2025 Earnings Presentation
Natera, Inc. Q2’2025 Earnings Presentation August 7, 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: Q2 2025 highlights and recent business updates
Q2 2025 highlights and recent business updates Revenue of ~$547M in Q2 2025 vs ~$413M in Q2 2024; year-over-year growth of ~32%. ~853K total tests processed in Q2 2025 vs ~760K in Q2 2024; year-over-year growth of ~12%. ~189K oncology tests in Q2 2025 vs ~125K in Q2 2024; year-over-year growth of ~5
Slide 4: Volumes continue to ramp, record growth for Signatera
Volumes continue to ramp, record growth for SignateraTM 900K 853K • Fastest ever quarterly oncology growth 800K 760K • Record number of 700K 617K oncology new patient 600K starts 500K 500K • Continued strong performance in women’s 400K 376K health 300K 234K • Publications driving organ 200K health 1
Slide 5: Signatera volumes: ~20K clinical growth units
Signatera volumes: ~20K clinical growth units Signatera clinical tests processed 190K ~20K 181K 170K 161K 145K • Fastest unit growth quarter by 150K wide margin 130K 130K • Significant step up in new patients 118K • Acceleration across tumor types, 110K 106K especially in colorectal cancer and 91K b
Slide 6: Revenues continue to ramp: ~32% revenue growth over Q2'24
Revenues continue to ramp: ~32% revenue growth over Q2’24 $600M $547M $500M 32% $413M $400M • ~34%1 annual growth ex-true ups • ~9% sequential growth over record $300M Q1’25 despite seasonal dip in $261M women’s health volumes $198M $200M • Strong new account wins in all $142M business units $86M •
Slide 7: Continued gross margin execution
Continued gross margin1 execution Gross margins1 quarterly trend ~3% ~3% ~3% ~3% true up true up true up ~4% true up benefit benefit benefit 65% ~4% true up benefit 63% 63% 63% benefit • Gross margin1 up 63.4% true up benefit 62% in Q2 vs 63.1% in Q1 60% 59% ~2% 57% true up • Sequential ASP improvem
Slide 8: Multiple drivers of future margin expansion
Multiple drivers of future margin expansion Revenue cycle operations Coverage expansion COGS reduction programs AI-driven efficiencies • ~$300M in recurring • Coverage for additonal non- • New COGS reduction • Scaling for rapid volume revenues and cash flow covered tumor types projects underway grow
Slide 9: Opex remaining flat to Q1 guide despite $80 million increase in revenue
Opex remaining flat to Q1 guide despite $80 million increase in revenue Key Drivers: Key Drivers: 2025E SG&A investments* 2025E R&D investments* $171M $166M 180 Lab expansion / AI capabilities for 160 infrastructure product innovation Investing in proven growth 140 drivers creates future upside Clin
Slide 10: Launch of Fetal Focus, a new NIPT for 5 genes
Launch of Fetal FocusTM, a new NIPT for 5 genes • Cystic fibrosis (CFTR) • Spinal Muscular Atrophy (SMN1) • Alpha Thalassemia (HBA1 and HBA2) • Beta Hemoglobinopathies (HBB) including Sickle Cell Disease Provides fetal risk assessment: Analyzes cfDNA to assess risk of fetal inheritance and help tria
Slide 11: EXPAND trial demonstrates excellent performance of Fetal Focus in first readout
EXPAND trial demonstrates excellent performance of Fetal Focus in first readout Large, prospective, multicenter, blinded trial: • Clinical validation study • Conducted in collaboration with ~20 healthcare institutions • Represents multi-ethnic, general population cohort • Confirmed fetal genetic out
Slide 12: Successful readout of PEDAL, published in AJT
Successful readout of PEDAL, published in AJT Prospera provides accurate prognosis of post-rejection outcomes Study Design Results First prospective, multi-center trial to examine how dd-cfDNA Four distinct Prospera dd-cfDNA trends identified can be used in post-rejection patient management Favorabl
Slide 13: DARE trial: recurrence monitoring with Signatera supports TOMR strategy
DARE trial: recurrence monitoring with Signatera supports TOMR strategy in early breast cancer Key Findings • Phase II prospective “TOMR” study (treat on molecular recurrence); >500 patients, >2,200 plasmas, since 2021 • Utility of Signatera for early detection of recurrence in ER+/HER2- breast canc
Slide 14: Announced randomized clinical trial in neoadjuvant breast cancer (TEODOR)
Announced randomized clinical trial in neoadjuvant breast cancer (TEODOR) ISPY-2, prospective observational data TEODOR: newly launched randomized controlled trial • Monitoring before, during, and after • Identify HR-positive Her2-negative patients who can safely forgo neoadjuvant neoadjuvant therap
Slide 15: Signatera clinical pipeline in breast cancer, along full patient journey
Signatera clinical pipeline in breast cancer, along full patient journey Neoadjuvant Adjuvant Surveillance Metastatic 18 Pipeline of high-impact prospective studies covering each care setting, including multiple interventional randomized controlled trials Peer-reviewed publications 67 • Key trials i
Slide 16: Growing evidence for Signatera across GI indications
Growing evidence for Signatera across GI indications Gastroesophageal cancer- recent publication1 Liver cancer – recent publication2 • Serial testing before and after surgery, in locally advanced resectable disease • Evaluated serial testing with Signatera post liver transplantation or (n=62 patient
Slide 17: Early cancer detection
Early cancer detection Clinical Validation FDA-Enabling Study PROCEED-CRC | prospectively establish FIND-CRC | clinical validation & PMA submission AA performance • >3K prospectively collected colonoscopy • Targeting ~70 CRC cases and ~1,400 AA matched patients evaluable cases • Readout in Q4’25 • F
Slide 18: Deploying AI across the Company
Deploying AI across the Company Efficiency User Experience Clinical and Data Automate to meet rising demand Innovative tools to improve Biomarker development, Targeting ~$200M in value patient and provider experience molecular therapeutics and clinical decision-making tools 18 Not for reproduction o
Slide 19: End-to-End AI Discovery-to-Care Platform
End-to-End AI “Discovery-to-Care” Platform A modular, multimodal AI system spanning from raw data to clinical action Data Foundation Core Model Layer Application Layer Make data AI-ready Power discovery Support decisions & insights Patients with WES & WGS Parameters Digital Twin AI 250k Clinical dat
Slide 20: Strong early performance from Natera AI applications
Strong early performance from Natera AI applications NeoSelect1 outperforms 25 NeoPredict1 improves patient IO neoantigen prediction algorithms response hazard ratio by >2x vs TMB Neoselect TMB alone ‘clinical HR = 1.47 standard’ p = 0.33 2nd place AUC = 0.62 Model Months 3rd place Last place NeoPre
Slide 21: FY25 Q2 financial overview
FY25 Q2 financial overview ($ in millions, except for per share data) FY25 Q2 FY24 Q2 Change Y/Y Product revenues $544.4 $411.4 $133.0 Licensing and other revenues $2.2 $2.0 $0.2 Total revenues $546.6 $413.4 $133.2 Gross margin%1 63.4% 58.8% 458 bps R&D $146.4 $89.1 $57.3 SG&A $310.5 $198.0 $112.5 N
Slide 22: Raising 2025 annual revenue and margin guidance
Raising 2025 annual revenue and margin1 guidance Guide ($ millions) Q1 Guide Current Key drivers Continued volume growth, conservative Revenue $1,940 –$2,020 $2,020 – $2,100 ASPs, strong oncology contribution Gross Building on 1H progress for the balance of 60% – 64% 61% – 64% margin1 the year Holdi
Slide 23: ©2025 Natera, Inc. All Rights Reserved. Not for reproduction or further distribution.
©2025 Natera, Inc. All Rights Reserved. Not for reproduction or further distribution.