Natera Tops Revenue Estimates at $794.0 Million; Loss Misses Forecast

Natera (Nasdaq: NTRA) reported third-quarter revenue of $794.0 million, above the $707.5 million analysts expected, and a GAAP net loss of $0.42 per diluted share, against the $0.28 loss the average analyst estimate called for, in an 8-K filed Thursday, Nov. 5. The consensus EPS figure is on an adjusted basis, and the release gave no adjusted figure, so the EPS comparison uses GAAP.

Revenue rose 34.1% from $592.2 million a year earlier. The company said the increase was driven by higher volume and average selling price improvements. Natera processed about 1,093,100 tests, up 22.3%, including about 339,500 oncology tests, up 60.9%.

Margins and costs

Gross margin was 64.7%, compared with 64.9% a year earlier. Changes in estimates added $32.3 million to revenue in the quarter, compared with $55.1 million in the third quarter of 2025. Total operating expenses rose 19.5% to $576.1 million, which the company attributed to headcount growth for new product offerings and higher clinical trial expenses.

Loss and guidance

The net loss narrowed to $59.9 million from $87.5 million a year earlier, and the loss from operations was $68.3 million compared with $97.6 million. Weighted average shares outstanding rose to 144.1 million from 137.2 million.

Natera raised its 2026 annual revenue guidance to $3.005 billion to $3.035 billion. The full-year consensus was $2.91 billion. The company also expects gross margin of about 64% to 66% and positive cash flow for 2026. For the next quarter, analysts expected revenue of $749.6 million and EPS of a $0.12 loss.

Cash, cash equivalents and restricted cash totaled $1,097.2 million at Sept. 30, up from $1,076.1 million at Dec. 31, 2025. The balance on its UBS line of credit was $80.3 million.