Natera Lifts 2026 Revenue Outlook After Third Straight Raise

The Tip Desk · November 5, 2026 · 3 min read

Third-quarter revenue reached $794.0 million as the company lifted its 2026 midpoint by $140 million to $3.005 billion–$3.035 billion.

Natera, Inc. (NTRA), a global leader in cell-free DNA and precision medicine, raised its 2026 annual revenue outlook by $140 million at the midpoint to $3.005 billion to $3.035 billion after a third-quarter that extended a run of sequential volume gains.

The company had already lifted the 2026 midpoint by $100 million in the second quarter and by $120 million in the first quarter. It also projected annual revenues of $6 billion in 2029.

Total revenues were $794.0 million in the third quarter ended September 30, 2026, compared with $592.2 million a year earlier, an increase of 34.1%. Excluding revenue true-ups, the company said revenue grew about 42% year over year.

That year-over-year rate slowed from 37.7% in the second quarter and 38.8% in the first quarter. Sequential revenue growth also eased, to 5.5% from 8.1% in the prior quarter, when revenue was $752.8 million.

Natera said the increase was driven by volume and average selling price. It processed approximately 1,093,100 tests, including about 1,080,300 accessioned in its laboratory, compared with approximately 893,600 tests processed a year earlier. Sequential test volume rose 4.7% from approximately 1,043,900 in the second quarter, after a 2.9% sequential increase from approximately 1,013,600 in the first quarter.

Oncology tests rose 60.9% year over year. The company processed approximately 339,500 oncology tests, up from approximately 211,000 a year earlier. Clinical molecular residual disease oncology units reached a record of about 316,000, up from 283,000 in the second quarter. That was a sequential increase of about 33,000 units and the second consecutive quarter of more than 30,000 sequential growth. Year-over-year MRD unit growth accelerated to 113,000 from 102,000 in the second quarter.

GAAP gross margin was 64.7%, versus 64.9% a year earlier. Excluding revenue true-ups, non-GAAP gross margin was 63.2%, up about 140 basis points sequentially from 61.8% in the second quarter. The change-in-estimate benefit to gross margin shrank to 1.5% of revenue, or $32.3 million, from 2.7%, or $52.3 million, in the second quarter. Natera said the smaller estimate change reflected continued accumulation of historical collection experience.

Loss from operations narrowed to $68.3 million from $97.6 million a year earlier. Net loss was $59.9 million, or ($0.42) a share, compared with $87.5 million, or ($0.64) a share. Weighted-average shares outstanding were 144.1 million.

Total operating expenses were $576.1 million, up 19.5% from $482.0 million a year earlier. The company said the increase was primarily driven by headcount growth to support new product offerings as well as increases in clinical trial expenses. Amortization of acquired intangible assets was $5.7 million.

Cash, cash equivalents and restricted cash were approximately $1,097.2 million at September 30, 2026, up about $5.7 million from June 30, 2026. Outstanding debt was $80.3 million.

Natera anticipates 2026 total revenue of $3.005 billion to $3.035 billion, gross margin of approximately 64% to 66%, selling, general and administrative costs of approximately $1.225 billion to $1.300 billion, research and development costs of $825 million to $925 million, and positive cash flow.