Natera reported a strong finish to 2025, driven by record test volumes and significant revenue growth, exceeding expectations. The company demonstrated improved gross margins while continuing to invest in product offerings and headcount, positioning for continued momentum in 2026.
Total revenues increased by 39.8% year-over-year to $665.5 million in Q4 2025, driven by a 39.8% increase in product revenues.
positiveGross margin improved to 66.9% in Q4 2025 from 62.9% in Q4 2024, and for the full year 2025 to 64.7% from 60.3% in 2024.
positiveTests processed increased by 16.5% year-over-year in Q4 2025 to 923,600, with oncology tests showing a significant 54.7% increase.
positiveAchieved positive cash inflow of approximately $107.6 million for the full year 2025.
positiveLoss from operations increased to $309.9 million in full year 2025 from $222.3 million in full year 2024.
negativeTotal operating expenses increased by 44.6% year-over-year for the full year 2025, driven by headcount growth and increased consulting and legal expenses.
attentionNet loss for the full year 2025 was $208.2 million, a slight increase from $190.4 million in 2024, despite revenue growth.
attentionWeighted average shares outstanding increased to 136.7 million in full year 2025 from 124.7 million in full year 2024, potentially diluting future earnings.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Product Revenues | N/A | — | — | — |
Licensing and other revenues | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
We delivered an outstanding finish to 2025 with record test volumes, strong revenue that exceeded our January pre-announcement, and gross margins well ahead of our expectations even as we continued to invest significantly throughout the year.
With solid momentum already in 2026, we remain focused on our mission to transform the management of disease worldwide by expanding access to our testing and advancing the data that supports better patient care.
The increase in product revenues was driven by an increase in volume and average selling price improvements.
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Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.