$NTRA · Natera, Inc.
Natera reported Q3 2026 results: total revenues of $794.0M, up 34.1% from $592.2M a year earlier. Net loss narrowed to $59.9M, or ($0.42) per diluted share, from $87.5M, or ($0.64), a year ago. Gross margin was 64.7% versus 64.9% prior year. The company raised 2026 revenue guidance by $140M at the midpoint to $3.005B-$3.035B and expects positive cash flow.
- Revenue rose 34.1% YoY to $794.0M, driven by volume and ASP improvements.
- Oncology tests processed grew 60.9% YoY to ~339,500; total tests up 22.3% to ~1,093,100.
- Net loss narrowed to $59.9M ($0.42/share) from $87.5M ($0.64/share) a year ago.
- 2026 revenue guidance raised $140M at midpoint to $3.005B-$3.035B.
- Cash, equivalents and restricted cash totaled $1,097.2M at Sept 30, 2026.
Extended-hours last trade $281.49, down 22.62% vs the $363.76 regular close, despite the revenue beat and guidance raise — suggesting the market is reacting to something beyond the headline numbers, likely the smaller change-in-estimate benefit ($32.3M vs $55.1M prior year) or margin concerns.
A 34% revenue beat and $140M guidance raise met with a 22% after-hours selloff signals the market is repricing Natera's margin trajectory.
Natera's 60.9% oncology test growth and MRD unit gains underscore its leadership in cell-free DNA diagnostics, but the sharp selloff shows high-multiple precision-medicine names face steep expectations.
The change-in-estimate benefit to revenue fell to $32.3M from $55.1M a year ago, compressing gross margin; continued accumulation of collection experience may further reduce future true-ups. Company still expects net losses for the foreseeable future.