Natera, Inc. · NASDAQ:NTRA
Natera — Q1 2025 Earnings Presentation
16 slides from Natera's earnings presentation, May 8, 2025
Slide 1: Natera, Inc. Q1'2025 Earnings Presentation
Natera, Inc. Q1’2025 Earnings Presentation May 8, 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: Q1 2025 highlights and recent business updates
Q1 2025 highlights and recent business updates Revenue of $502M in Q1 2025 vs $368M in Q1 2024; year-over-year growth of 37%. 855K total tests processed in Q1 2025 vs 736K in Q1 2024; year-over-year growth of 16%. 161K clinical oncology tests in Q1 2025 vs 106K in Q1 2024; year-over-year growth of 5
Slide 4: Volumes continue to ramp: sharp step up in Q1 vs. Q4
Volumes continue to ramp: sharp step up in Q1 vs. Q4 880K 860K 855K Core Volume Drivers 840K • Strong performance 820K across all product areas 8% 800K 793K • New data and features 780K 776K in women’s health 760K 760K • Guidelines/publications 736K 740K driving organ health 720K • Signatera continu
Slide 5: Signatera clinical units jump again in Q1: up ~16.5K units vs. Q4
Signatera clinical units jump again in Q1: up ~16.5K units vs. Q4 Signatera clinical tests processed 161K ~16.5K 145K 130K 118K 106K 91K 81K 72K 61K 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 5 Not for reproduction or further distribution.
Slide 6: Total revenues jump 37% from Q1'24
Total revenues jump 37% from Q1’24 Total revenues: Total revenues: last 6 quarters $502M YoY Q1 trend $502M 37% $476M $440M $413M $368M $368M $242M $311M $194M $152M $94M Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'20 Q1'21 Q1'22 Q1'23 Q1'24 Q1'25 6 Not for reproduction or further distribution.
Slide 7: ASPs and COGS execution ahead of plan
ASPs and COGS execution ahead of plan ~3% true up Gross margins ~3% true up benefit ~3% true up benefit • Underlying gross margins quarterly trend ~4% true up benefit (excluding true ups) 65% ~4% true up benefit benefit 63% 63% increased ~110 bps in 62% Q1 2025 over Q4 2024 60% 59% ~2% true up 57% •
Slide 8: New data in top-tier journal supports Prospera Heart with DQS
New data in top-tier journal supports Prospera Heart with DQS Data published in American Journal of Transplantation shows strong performance of Prospera Heart with donor quantity score (DQS) in detection of allograft rejection compared to donor fraction (dd-cfDNA %)-alone Prior Method Prospera Heart
Slide 9: Positive readout of prospective DEFINE-HT clinical trial
Positive readout of prospective DEFINE-HT clinical trial Key details Prospera predicted graft dysfunction 3X more than biopsy Prospera with DQS Patients with elevated Patients w/ Graft Dysfunction (%) 100% significantly Prospera significantly Prospera-Negative outperformed donor more at risk for 80%
Slide 10: I-SPY breast cancer trial shows Signatera can predict recurrence at diagnosis and prior to treatment
I-SPY 2 breast cancer trial shows Signatera can predict recurrence at diagnosis and prior to treatment Study 712 early-stage, high-risk Signatera quantification was a significant risk Details breast cancer patients factor for recurrence Relative Risk of Recurrence Compare ctDNA status at diagnosis w
Slide 11: Most comprehensive Signatera dataset in Sarcoma to date, presented at SSO Conference
Most comprehensive Signatera dataset in Sarcoma to date, presented at SSO Conference (>200 patients; >2,100 samples) Sarcoma is an aggressive cancer that is a collection of rare tumors impacting bone and soft-tissue (muscle, tendons, etc.) 17,000 diagnosed annually in the U.S. (comparable to esophag
Slide 12: Robust body of Signatera data at upcoming ASCO meeting
Robust body of Signatera data at upcoming ASCO meeting 25+ presentations (including 6 orals) Evaluating Signatera across multiple cancer types Key read-outs: Histologies: Gastrointestinal Pan-cancer/other ISPY-2 (breast) 5 posters 1 oral 7+ posters DARE (breast) Breast Real-World Evidence 4 posters
Slide 13: Broad clinical launch of Signatera Genome
Broad clinical launch of Signatera Genome Broadly available in CLIA, IUO and RUO Benefits from Natera’s proven mPCR-NGS method Uses a targeted and deep sequencing approach Detects tiny traces of tumor DNA at frequencies as low as 1 PPM; RUO version can detect below 1 PPM ASCO data: pan cancer valida
Slide 14: FY25 Q1 financial overview
FY25 Q1 financial overview ($ in millions, except for per share data) FY25 Q1 FY24 Q1 Change Y/Y Product revenues $500.0 $364.7 $135.3 Licensing and other revenues $1.8 $3.1 ($1.3) Total revenues $501.8 $367.8 $134.0 Gross margin % 63.1% 56.7% 640 bps R&D $129.1 $88.6 $40.5 SG&A $266.9 $194.3 $72.6
Slide 15: Raising 2025 annual guidance
Raising 2025 annual guidance Guide ($ millions) Original Current Key drivers Continued volume growth, conservative ASPs, strong Revenue $1,870 – $1,950 $1,940 – $2,020 oncology contribution Gross 60% – 64% 60% – 64% Building on Q1 progress for the balance of the year margin % Commercial investments
Slide 16: ©2025 Natera, Inc. All Rights Reserved. Not for reproduction or further distribution.
® ©2025 Natera, Inc. All Rights Reserved. Not for reproduction or further distribution.