Natera, Inc. · NASDAQ:NTRA
Natera — Q1 2026 Earnings Presentation
20 slides from Natera's earnings presentation, May 7, 2026
Slide 1: Natera, Inc. Q1'2026 Earnings Presentation
Natera, Inc. Q1’2026 Earnings Presentation May 7, 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: Q1'26 financial highlights
Q1’26 financial highlights ● Revenue of $697M in Q1 2026 vs $502M in Q1 2025; year-over-year growth of ~39%. ● >1M total tests processed in Q1 2026 vs 855K in Q1 2025; year-over-year growth of ~19%. ● 249K clinical oncology tests in Q1 2026 vs 161K in Q1 2025; year-over-year growth of ~55%. Clinical
Slide 4: Exceeding 1M quarterly processed units for the first time
Exceeding 1M quarterly processed units for the first time Core Volume Drivers • Continued momentum 1,014K across products 855K • Record sequential 736K growth for SignateraTM 626K • Strong women’s health 489K growth and significant interest in Fetal 348K FocusTM 489K 235K • Organ health data driving
Slide 5: Record quarter for Women's Health, second fastest growth since 2019
WOMEN’S HEALTH Record quarter for Women’s Health, second fastest growth since 2019 Fetal Focus driving strong growth, supported by robust clinical evidence from the EXPAND trial ● Successful launch of Fetal Focus ● Excellent clinical performance, ● 21-genes associated with serious selected for SMFM
Slide 6: Clinical MRD volumes: record quarter of ~250K units
Clinical MRD¹ volumes: record quarter of ~250K units • Fastest unit growth Clinical MRD tests processed quarter at ~24K volume 249K growth. 225K • Acceleration seen across 202K multiple tumor types. 181K • Strong data readouts 161K driving volume growth. 145K 130K 118K 106K 489K 1Q24 2Q24 3Q24 4Q24
Slide 7: Recent data readouts, platform expansion and milestones
ONCOLOGY Recent data readouts, platform expansion and milestones Sept/Oct Nov/Dec Jan/Feb March/April • ESMO: bladder data • OncoEMR • ASCO GI: ALTAIR oral • Breast cancer paper (IMvigor011 & integration across in CRC • ALPHA3 interim CHECKMATE-274); >4,500 providers • Papers in anal and futility an
Slide 8: Total revenues: 39% growth over Q1 2025
Total revenues: 39% growth over Q1 2025 • Strong ASP trends across Total revenues: YoY Q1 trend women’s health, organ ~39% $697M health and oncology. • Signatera revenues $502M continue to ramp. $368M $242M $194M $152M 1Q21 1Q22 1Q23 1Q24 1Q25 1Q26 1. Natera internal data as of 12/31/25. 2. Natera p
Slide 9: Continued gross margin execution
Continued gross margin execution Gross margins1,2 at 64.7% Gross margins1,2 quarterly trend ~4% ~3% true up ~3% despite ~2% transient ~3% ~3% ~3% true up benefit true up 70% benefit benefit impacts: ~3% true up true up true up ~4% true up benefit benefit benefit 67% ~4% true up benefit 65% 65% 65% t
Slide 10: 3 datasets: Signatera may enable patients to avoid surgery
ONCOLOGY 3 datasets: Signatera may enable patients to avoid surgery The power of an MRD-negative result and its impact on quality of life Bladder Cancer Rectal Cancer Breast Cancer ● RETAIN and INDIBLADE studies ● Study in locally advanced rectal ● Prospective study published in were presented at AS
Slide 11: ALPHA3 trial in LBCL: positive interim futility analysis
ONCOLOGY ALPHA3 trial in LBCL: positive interim futility analysis Allogene Therapeutics’ ALPHA3 trial highlights MRD analysis using Natera's phased variant technology MRD clearance rate Median % change in plasma ctDNA levels At last assessment At Day 45 MRD assessment 58.3% +26.6% (n=7/12) +41.6% Ba
Slide 12: Treatment on MRD (TOMR)
ONCOLOGY Treatment on MRD (TOMR) Post-diagnosis + surgery and/or treatment, TOMR creates a new paradigm in cancer care • Novel MRD-guided treatment approach, leveraging the power of serial testing Quantity of ctDNA if testing Novel treatment MRD-positive and • Objective: to identify recurrence scans
Slide 13: MRD-guided testing can drive significant healthcare savings
ONCOLOGY MRD-guided testing can drive significant healthcare savings IMvigor011 in Bladder Cancer Health Economic Studies in CRC Imvigor011 47% 21% Of patients avoided therapy Reduction in healthcare costs with excellent outcomes for stage II patients2 ~$196K 43% Estimated drug costs avoided Reducti
Slide 14: Highlights for this year's upcoming ASCO annual meeting
ONCOLOGY Highlights for this year’s upcoming ASCO annual meeting 35 oral and poster presentations demonstrate clinical leadership TOMR Pan-Cancer MRD Phased Variant Tech Real-World Data Multiple abstracts explore Pan-cancer MRD meta-analysis Analyses on the performance Multiple datasets showcase MRD
Slide 15: Significant investments in breast cancer research
ONCOLOGY Significant investments in breast cancer research Neoadjuvant Adjuvant Surveillance Metastatic 22 Pipeline of high-impact prospective studies covering each care setting, including multiple interventional randomized controlled trials Peer-reviewed publications • Key trials include • Key tria
Slide 16: FIND-CRC1: initiated in 2025, enrolling significantly ahead of schedule
ONCOLOGY FIND-CRC1: initiated in 2025, enrolling significantly ahead of schedule FIND projected enrollment PMA Enrollment FIND CRC: FDA-enabling study Complete 40,000 Targeting 25-40K average-risk adults; 70 CRC cases, ~1,400 AA cases 30,000 First patient in: May 2025 20,000 Estimated enrollment rea
Slide 17: Signatera Japan doubles addressable CRC population
ONCOLOGY Signatera Japan doubles addressable CRC population ● Unmet need: Japan has similar CRC diagnoses per year to the US 150K+ ● CIRCULATE-JAPAN generated strong prospective outcomes data (GALAXY) Annual CRC incidence ● Supportive clinical practice guidelines for MRD testing from JSMO and JSCO ●
Slide 18: FY26 Q1 financial overview
FY26 Q1 financial overview ($ in millions, except for per share data) FY26 Q1 FY25 Q1 Change Y/Y Total revenues $696.6 $501.8 $194.8 Gross margin %1 64.7% 63.1% 159 bps R&D $210.7 $129.1 $81.6 SG&A $327.9 $266.9 $61.0 Net loss per diluted share ($0.60) ($0.50) ($0.10) Balance sheet Mar 31, 2026 Dec
Slide 19: Raising 2026 annual guidance
Raising 2026 annual guidance Guide ($ millions) Original Current Key drivers Continued volume growth, conservative ASPs, strong Revenue $2,620-$2,700 $2,740-$2,820 oncology contribution Gross 63%-65% 64%-66% Building on Q1 progress for the balance of the year margin %1 Commercial investments on trac
Slide 20: The tests described have been developed and their performance characteristics determined by the CLIA-certified
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