Natera, Inc.

natera.com

What Do They Do?

Sells genetic tests for cancer monitoring, prenatal screening, and transplant health to patients, healthcare providers, and laboratories.

How Do They Make Money?

It earns revenue mainly by performing genetic tests and billing patients, clinics, insurers, or laboratory partners when results are delivered. Laboratories using its cloud platform are charged for each test processed.

revenue

Segment	Share	Revenue	How money arrives
Product Sold outright	100% FY2022: 97%		Sold outright
Licensing and other Usage-based	0.5% FY2022: 2.8%		Usage-based

Who Are Their Customers?

Natera sells through its direct sales force and laboratory partners; its customers include clinics, medical centers, physician practices, laboratories, and pharmaceutical companies. It bills patients, clinics, insurers, or laboratory partners directly, while partners generally bill clinics, patients, or insurers.

Do Revenues Turn Into Profits?

Not on paper. It lost $208.2M in FY2025, but brought in more cash than it spent: $109.1M of free cash flow.

Operating income, FY2025

−13% of revenue

▲ +39% (Loss) vs FY2024 (−$222.3M, −13%)

Net income, FY2025

−9% of revenue

▲ +9% (Loss) vs FY2024 (−$190.4M, −11%)

Free cash flow, FY2025

5% of revenue

▲ +58% vs FY2024 ($69.2M, 4%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +38%; vs $546.6M in Q2 FY2025
Net income: ▼ −34% (Loss); vs −$100.9M in Q2 FY2025

Product revenues share of revenue vs 99.6% in Q2 FY2025

Aug 6, 2026 Raises 2026 revenue guidance Natera raised its 2026 annual revenue guidance by $100 million at the midpoint.

Growing. Revenue grew 3.7x in 4 years, from $625.5M in FY2021 to $2.3B in FY2025, about 39% a year.

Revenue over time

Product Licensing and other

$2.5B$1.3B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with BGI, BillionToOne, Fulgent Genetics, Illumina, Verinata, Labcorp, Myriad Genetics, Quest Diagnostics, Revvity, Caris Life Sciences, Exact Sciences, Guardant Health, Personalis, Tempus Labs, and CareDx

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