Companies /Healthcare

Natera Inc

NASDAQ: NTRA Diagnostics & Research
$327.39
▲ $1.25 (+0.38%) today
Markets open · 3:20pm ET

Q2 2025 Earnings

Reported Aug 7, 2025, 4:12pm ET · SEC source
$-0.74
Miss −24.54%
EPS · est. $-0.59
$546.6M
Beat +14.63%
Revenue · est. $476.8M
+9.4%
Beating market
NTRA vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
−6%0+6%Aug 7Aug 8report 4:12pm ETearnings+0.8%−0.1%
−6%0+6%Aug 7Aug 8earnings+0.8%−0.1%
NTRA −0.1%S&P 500 +0.8%
−6%0+6%Aug 7Aug 8report 4:12pm ETearnings+0.9%−0.1%
−6%0+6%Aug 7Aug 8earnings+0.9%−0.1%
NTRA −0.1%NASDAQ +0.9%
−10%−5%0+5%Aug 6Aug 15report 4:12pm ETearnings+1.6%+3.8%
−10%−5%0+5%Aug 6Aug 15earnings+1.6%+3.8%
NTRA +3.8%S&P 500 +1.6%
−10%−5%0+5%Aug 6Aug 15report 4:12pm ETearnings+1.3%+3.8%
−10%−5%0+5%Aug 6Aug 15earnings+1.3%+3.8%
NTRA +3.8%NASDAQ +1.3%
+7.70%
Day of report
+3.35%
Next session
+7.29%
One week
+11.74%
30 days

S&P 500 over the same 30 days: +2.36%.

Did NTRA Beat Earnings? Q2 2025 Results

Natera posted a mixed second quarter for fiscal 2025, delivering a powerful revenue beat while falling short on the bottom line as surging operating costs weighed on results. The diagnostics company reported revenue of $546.60 million, up 32.2% year-over-year and well ahead of the $476.84 million consensus estimate, yet its loss per diluted share of $0.74 missed the $0.59 estimate by 24.54%, largely driven by a 59.2% surge in total operating expenses that included roughly $19.80 million in legal accruals and a $9.20 million stock-based compensation adjustment. The standout engine behind the revenue strength was oncology, where approximately 188,800 tests were processed, up 50.6% year-over-year, with Signatera monitoring showing accelerating adoption across colorectal and breast cancer. Gross margin expanded to 63.4% from 58.8% a year ago, reflecting cost improvements and favorable prior-period revenue true-ups. Looking ahead, Natera raised its full-year 2025 revenue guidance by $80 million at the midpoint to a range of $2.02 billion to $2.10 billion, with analysts projecting the company could reach profitability as soon as 2027.

Key Takeaways
  • 32.2% year-over-year revenue growth driven by volume increases and ASP improvements
  • Oncology test volumes grew 50.6% year-over-year to approximately 188,800 tests
  • Signatera clinical tests reached ~181,000, adding ~20,000 units sequentially — fastest unit growth quarter
  • Gross margin expansion to 63.4% from 58.8% YoY driven by higher revenues, cost reductions, and true-up cash receipts
  • Cash receipts collected during the quarter in excess of initial revenue estimates for tests delivered in prior periods
  • Record number of oncology new patient starts
  • Strong ASPs in women's health remained intact
  • Sequential ASP improvement in Signatera

“We delivered outstanding results in the second quarter, with record Signatera growth and continued strength across our women's health and organ health product lines.”

Natera CEO, on the earnings call

Forward Guidance & Outlook

Natera raised its 2025 full-year revenue guidance by $80 million at the midpoint to $2.02 billion–$2.10 billion (from $1.94 billion–$2.02 billion previously). Gross margin is expected to be approximately 61%–64% of revenues. SG&A expenses are projected at $975 million–$1.05 billion, and R&D costs at $550 million–$590 million, both unchanged from prior guidance. The company expects positive net cash flow for 2025, having generated approximately $47 million in net cash in the first half of the year. Key revenue drivers include continued volume growth, conservative ASP assumptions, and strong oncology contribution.

NTRA YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$0$200.0M$400.0M$600.0M$413.3M$546.6MRevenue$243.2M$346.6MGross Profit
$0$200.0M$400.0M$600.0MRevenueGross Profit

NTRA Revenue by Segment

Product Revenues$544.4M+32.3%
Licensing and Other Revenues$2.2M

Figures from SEC filings and company reports. Not investment advice.