Natera Inc

Natera posted a sharply mixed fourth quarter for fiscal 2025, delivering robust top-line results while its bottom line fell well short of expectations. Revenue came in at $665.50 million, a 39.8% year-over-year increase that cleared the $600.68 million consensus by 10.79%, propelled by volume gains and average selling price improvements across its women's health, organ health, and oncology divisions, with clinical MRD testing particularly notable as Signatera volumes grew 56% year-over-year to roughly 225,000 tests processed in the quarter. The earnings picture was far less encouraging, however, with the company reporting a loss per share of $1.52, badly missing the $0.53 consensus estimate by 184.80%, as full-year operating expenses expanded 44.6% on heavy investments in headcount, new product launches, and clinical trials. Gross margin did improve to 66.9% from 62.9% a year ago, offering some structural encouragement. Looking ahead, Natera guided 2026 revenue of $2.60 billion to $2.70 billion with positive net cash inflow expected, even as the company recently expanded its competitive footprint with the commercial launch of a whole genome sequencing assay targeting rare disease diagnosis.