Natera (NTRA) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $697 million, up 39% year-over-year, with over 1 million tests processed and strong growth in women's health and oncology segments.

• Gross margin improved to just under 65%, exceeding guidance and up from 63.1% in Q1 2025.

• Net loss widened to $85.1 million (or $0.60 per share), reflecting increased R&D and SG&A expenses.

• Full-year 2026 revenue guidance was raised by $120 million at the midpoint, now $2.74–$2.82 billion.

• Fetal Focus and Signatera products drove record adoption, with clinical oncology test volumes up 54–55% year-over-year.

Financial highlights

• Achieved $697 million in Q1 revenue, a 39% increase year-over-year, with over 1 million tests processed.

• Gross margin reached 64.7% in Q1 2026, up from 63.1% in Q1 2025.

• Net loss per share was $(0.60), compared to $(0.50) in Q1 2025.

• Cash and investments totaled $1.09 billion as of March 31, 2026.

• Operating expenses rose sharply, with R&D up 63.2% to $210.7 million and SG&A up 22.9% to $327.9 million.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $2.74–$2.82 billion, reflecting strong Q1 performance and volume growth.

• Gross margin guidance increased to 64–66% for 2026.

• R&D spending guidance raised to $800–$900 million to accelerate clinical trials and product investments.

• Positive cash flow expected for the year, with reinvestment into operations.

• Management expects continued net losses as investments in R&D and commercialization persist.