Natera (NTRA) Q2 2026 earnings summary

Executive summary

• Achieved record test volumes, processing over 1,043,900 tests in Q2 2026, with clinical MRD oncology units up 56%–57.2% year-over-year and a sequential increase of 34,000 units, driven by broad adoption and new account wins.

• Revenue reached $753 million in Q2 2026, up 38% year-over-year, with gross margin improving to 65% and net loss narrowing to $67.0 million, reflecting strong performance in oncology and women's health.

• Major milestones included FDA, Japanese PMDA, and EU IVDR approvals for Signatera, NCCN Category 1 guideline for bladder cancer, and expanded Medicare coverage, positioning for global expansion.

• Raised 2026 revenue guidance to $2.85–$2.91 billion, implying 31% annual growth ex true-ups.

• Net loss narrowed to $67.0 million in Q2 2026, or ($0.47) per diluted share, compared to $100.9 million, or ($0.74) per share, in Q2 2025.

Financial highlights

• Q2 2026 revenue: $752.8 million, up from $546.6 million in Q2 2025.

• Gross margin improved to 65% in Q2 2026, up from 63.4% in Q2 2025, with sequential ASP increases, notably Signatera ASP up to $1,275.

• R&D expenses increased to $228.1 million in Q2 2026, with $100 million invested in the FIND ECD trial.

• SG&A expenses rose to $327.2 million in Q2 2026.

• Cash and equivalents at $1,091.5 million as of June 30, 2026.

Outlook and guidance

• 2026 annual revenue guidance raised to $2.85–$2.91 billion, with gross margin guidance at 64–66%.

• R&D and SG&A guidance unchanged; continued investment in clinical trials and product development.

• Cash flow expected to remain positive.

• Guidance does not include potential upside from future MolDX coverage or additional guideline inclusions, which are expected to impact 2027.