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
-2.4%
TRAILING MARKET
NTRA -1.9% vs S&P +0.6%
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 Forward Guidance & Outlook
Natera raised its 2026 annual revenue guidance by $120 million at the midpoint, now expecting total revenue of $2.74 billion to $2.82 billion (up from $2.62 billion to $2.70 billion). Gross margin guidance was raised to approximately 64% to 66% (from 63% to 65%). SG&A is expected at $1.125 billion to $1.225 billion (unchanged). R&D costs are now guided at $800 million to $900 million (up from $750 million to $850 million), reflecting accelerating clinical trials and product investments. The company expects positive net cash inflow for the full year. Key drivers include continued volume growth, conservative ASP assumptions, strong oncology contribution, and reinvesting cash flows into operations. PMDA approval for Signatera in Japan is expected in 2026 with commercial launch by year-end. The FIND-CRC FDA-enabling study is enrolling ahead of schedule with estimated PMA enrollment reached in Q3 2026.
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
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| 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% |