Natera, Inc. · NASDAQ:NTRA
Natera — Q4 2025 Earnings Presentation
21 slides from Natera's earnings presentation, Feb 26, 2026
Slide 1: Natera, Inc. Q4'2025 Earnings Presentation
February 26, 2026 Natera, Inc. Q4’2025 Earnings Presentation
Slide 2: Forward-looking statements
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 anticipated products
Slide 3: Q4 2025 financial highlights
3 Q4 2025 financial highlights Not for reproduction or further distribution. 1. Non - GAAP gross margin percentage is computed as follows: GAAP revenues minus GAAP cost of product revenues and licensing and ot her revenues divided by GAAP revenues. 2. Non - GAAP cash inflow / outflow are calculated
Slide 4: 2025 business highlights
2025 business highlights 4 Not for reproduction or further distribution. Launch: Signatera TM Genome for RUO Readout: DEFINE - HT at International Society for Heart & Lung Transplantation Medicare Coverage: Signatera in Lung Cancer Surveillance Paper: Prospera Heart TM with DQS in American Journal o
Slide 5: Clinical MRD volumes: another record quarter
Not for reproduction or further distribution. 91K 106K 118K 130K 145K 161K 181K 202K 225K 50K 70K 90K 110K 130K 150K 170K 190K 210K 230K 250K 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 5 Clinical MRD 1 volumes: another record quarter Clinical MRD tests processed ~22.8K • Fastest unit growth quarte
Slide 6: Revenues ~40% growth over Q4 2024
$112M $173M $217M $311M $476M $666M $M $100M $200M $300M $400M $500M $600M $700M 4Q'20 4Q'21 4Q'22 4Q'23 4Q'24 4Q'25 6 Revenues ~$6M above preannouncement; ~40% growth over Q4 2024 Total revenues: YoY Q4 trend Not for reproduction or further distribution. ~40% • Strong ASP trends across women’s heal
Slide 7: Continued gross margin execution
51% 57% 59% 62% 63% 63% 63% 65% 67% 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 ~ 2 % true up benefit ~4% true up benefit ~4% true up benefit ~3% true up benefit ~3% true up benefit ~3% true up benefit ~3% true up benefit ~4% true up benefit 7 Continued gross margin 1 execution • Gross margins 1 up
Slide 8: Strong reception to Fetal Focus single-gene NIPT
Strong reception to 21 - gene Fetal Focus single - gene NIPT Robust validation : prospective blinded EXPAND clinical trial, with confirmed genetic outcomes on both positives and negatives. Broad assessment : fetal risk assessment for 21 recessive and X - linked genes. Flexible ordering : available a
Slide 9: EXPAND clinical trial selected for oral plenary at SMFM
9 EXPAND clinical trial selected for oral plenary at SMFM Not for reproduction or further distribution. • First single - gene NIPT study to be selected for an oral plenary and presented at the Society for Maternal - Fetal Medicine ( SMFM ) Meeting. • Underscores the scientific rigor and clinical rel
Slide 10: ACES-EMB trial in heart transplantation completes enrollment
Details 10 ACES - EMB trial in heart transplantation completes enrollment Objective • Demonstrate Prospera Heart - guided surveillance can replace routine protocol biopsies with comparable clinical outcomes. Comparative Effectiveness Phase RANDOMIZATION 30 DAYS ( ± 10 days) post - Tx Months 2 - 3 ~b
Slide 11: Prospera lung featured in landmark interventional study
11 Prospera lung featured in landmark interventional study 1 Lung Tx 1M 3M 6M 12M 9M Protocol TBBx dd - cfDNA <1% Cancel 9M FOB/TBBx dd - cfDNA ≥ 1% Proceed 9M FOB/TBBx ? Study Results >75% of patients with low - risk Prospera results avoided the 9M biopsy Not for reproduction or further distributio
Slide 12: ASCO GU data highlight critical role of Signatera across bladder cancer
12 ASCO GU data highlight critical role of Signatera across bladder cancer continuum 11 abstracts, including 4 oral presentations, addressing critical questions in bladder cancer care Can ctDNA help inform bladder - sparing approaches? Who really benefits from adjuvant immunotherapy? Can ctDNA and u
Slide 13: Positive readout of interventional SINERGY trial in R/M HNSCC
13 Positive readout of interventional SINERGY trial in R/M HNSCC Phase II trial utilized Signatera ctDNA dynamics to guide escalation or de - escalation of chemotherapy 74% of patients safely de - escalated chemotherapy with median of 2 chemotherapy cycles, substantial reduction from current standar
Slide 14: Latitude clinical validation in CRC supports MolDx submission
14 Latitude clinical validation in CRC supports MolDx submission In addition to Latitude, Natera has numerous other Signatera histologies under review by MolDx . Study Details and Results • Longitudinal sensitivity of 84.4% (median lead time of 4.6 months ahead of imaging). • 97.2% sample - level sp
Slide 15: Phased variant enables detection below part per million
Phased variant enables detection below 1 part per 10 million Unlocking the next level of ultra - sensitivity Complementary to Natera’s MRD platform Substantial early adoption among pharma companies Single nucleotide variant (SNV) Phased variants (2 SNVs) Not for reproduction or further distribution.
Slide 16: FY25 Q4 financial overview
FY25 Q4 financial overview 1. Cash and investments also include cash equivalents and restricted cash. ($ in millions, except for per share data) Change Y/Y Dec 31, 2024 Dec 31, 2025 Balance sheet $107.8 $968.3 $1,076.1 Cash & investments 1 $(0.1) $80.4 $80.3 UBS line of credit Change Y/Y FY24 Q4 FY2
Slide 17: 2026 annual guidance key drivers
Key drivers $ (millions) Guide Continued volume growth across all business units, conservative women’s health ASPs, strong oncology contribution. $ 2,600 - $2,680 Revenue Conservative ASP assumptions, genome uptake. Excludes true up contributions. 63 % - 65 % Gross margin % revenue Expanded investme
Slide 18: 2026 guidance midpoint implies ~25% pro forma growth
$1,500 $1,700 $1,900 $2,100 $2,300 $2,500 $2,700 2025 Revenue Less: True ups 2025 Pro Forma 2026 Guide midpoint 18 2026 guidance midpoint implies ~25% pro forma growth vs ‘25 • Expanded commercial channels in place. • Drumbeat of high impact clinical trial data. • Expanding market adoption. • Target
Slide 19: 2026 opex: SG&A ~flat, investment focused on high-ROIC R&D
– $500 $1,000 $1,500 $2,000 $2,500 SG&A R&D 19 2026 opex: SG&A ~flat, investment focused on high - ROIC R&D $1,875 - $2,075 R&D + ~$175M SG&A ~Stable Total Opex • Commercial channel expansion in 2025, positioned for scale in 2026. • Major drivers of R&D growth: FIND trial for ECD, tech development a
Slide 20: Anticipated 2026 Milestones
Anticipated 2026 Milestones Expanded MolDX coverage Integration of Foresight Diagnostics Signatera with phased and structural variants Signatera in Japan Latitude for additional cancer types Fetal Focus launch Enrollment completion for the FIND study Collaborations in AI and sequencing Continued gro
Slide 21: ©202 Natera, Inc. All Rights Reserved. ®
©202 5 Natera, Inc. All Rights Reserved. Not for reproduction or further distribution. ®