Q1 26 EPS
$-0.60
MISS 8.52%
Est. $-0.55
Q1 26 Revenue
$696.6M
BEAT +12.90%
Est. $617.1M
vs S&P Since Q1 26
+49.8%
BEATING MARKET
NTRA +53.7% vs S&P +3.8%
Market Reaction
Did NTRA Beat Earnings? Q1 2026 Results
Natera, Inc. Delivered a mixed but largely impressive first quarter of 2026, posting revenue of $696.64 million, a 38.8% year-over-year jump that cleared the $617.07 million consensus estimate by 12.90%, while a widening net loss translated to a per-… Read more Natera, Inc. Delivered a mixed but largely impressive first quarter of 2026, posting revenue of $696.64 million, a 38.8% year-over-year jump that cleared the $617.07 million consensus estimate by 12.90%, while a widening net loss translated to a per-share loss of $0.60 that fell short of the $0.55 analyst expectation by 8.52%. The revenue strength was powered by Natera crossing one million tests processed in the quarter, with oncology clinical MRD volumes growing roughly 55% year-over-year and women's health benefiting from the early traction of the Fetal Focus launch. Gross margin expanded to 64.7% from 63.1% a year ago, though elevated R&D spending, which climbed to $210.70 million from $129.08 million, weighed on the bottom line. Management responded to the strong volume trends by raising full-year 2026 revenue guidance to a range of $2.74 billion to $2.82 billion and lifting gross margin expectations to 64%-66%, signaling confidence that operating leverage will improve as clinical investments, including an accelerating FIND-CRC FDA-enabling study, begin to bear fruit.
Key Takeaways
- • 38.8% year-over-year revenue growth driven by volume increases and ASP improvements
- • Over 1 million tests processed in a single quarter for the first time (1,013,600 vs 855,100 YoY)
- • Oncology test volumes grew 54.4% year-over-year to approximately 258,900 tests; clinical oncology at ~249K units with record sequential growth of ~24K units
- • Women's health generated second-highest quarterly unit growth since 2019
- • Gross margin expanded to 64.7% from 63.1% driven by higher revenues and cost reduction progress
- • Strong ASP trends across women's health, organ health, and oncology
- • Signatera revenues continue to ramp with record sequential volume growth
- • Fetal Focus approaching annualized run-rate of approximately 200K orders
NTRA YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
NTRA Revenue by Segment
With YoY comparisons, source: SEC Filings
“We had an outstanding first quarter, reaching over one million units processed in a single quarter for the first time and delivering strong growth across all areas.”
— Steve Chapman, Q1 2026 Earnings Press Release
NTRA Earnings Trends
NTRA vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
NTRA EPS Trend
Earnings per share: estimate vs actual
NTRA Revenue Trend
Quarterly revenue: estimate vs actual
NTRA Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $-0.53 | $-0.47 | +11.99% | $752.8M | +13.83% |
| Q1 26 MISS | $-0.55 | $-0.60 | -8.52% | $696.6M | +12.90% |
| Q4 25 MISS FY | $-0.53 | $-1.52 | -184.80% | $665.5M | +10.79% |
| FY Full Year | $-2.42 | $-1.52 | +37.16% | $2.31B | +3.04% |
| Q3 25 MISS | $-0.35 | $-0.64 | -80.74% | $592.2M | +15.04% |
| Q2 25 MISS | $-0.59 | $-0.74 | -24.54% | $546.6M | +14.63% |
| Q1 25 BEAT | $-0.66 | $-0.50 | +24.17% | $501.8M | +12.35% |