Natera, Inc. closed a $450 million all‑stock acquisition of Foresight Diagnostics on December 4, 2025, adding the company’s PhasED‑Seq™ platform to its Signatera suite. The deal consists of a $275 million upfront payment and a potential $175 million earn‑out tied to revenue and reimbursement milestones, giving Natera a 100‑percent ownership stake in Foresight’s technology and intellectual property.
The PhasED‑Seq™ system delivers a 0.3 parts‑per‑million limit of detection and can identify variants below 0.1 ppm, positioning it as a leader in lymphoma minimal residual disease (MRD) testing. By integrating this ultrasensitive platform with Signatera, Natera will offer a broader, more sensitive MRD solution across both hematologic and solid‑tumor indications, strengthening its competitive moat and accelerating entry into the growing lymphoma market, which sees more than 75,000 new cases annually in the United States.
In its most recent earnings, Natera reported Q3 2025 revenue of $592.2 million, up 34.7 percent from $439.8 million in Q3 2024 and beating analyst estimates of $512.75 million by 15.3 percent. Gross margin improved to 64.9 percent from 61.8 percent, driven by higher mix of high‑margin oncology tests and cost efficiencies. However, the company posted a net loss of $87.5 million, or ($0.64) per diluted share, missing the consensus of –$0.40, largely due to increased operating expenses and one‑time restructuring charges associated with scaling the new platform.
Management raised its full‑year 2025 revenue guidance to $2.18 billion–$2.26 billion, up from the prior $2.02 billion–$2.10 billion range, reflecting confidence in continued demand for MRD testing and the expected commercial rollout of the combined Signatera‑PhasED‑Seq platform in 2026. The company also reported positive cash flow of $26.4 million in Q3 2025, underscoring its ability to fund strategic investments while maintaining liquidity.
Steve Chapman, Natera’s CEO, said the acquisition “reinforces our position at the forefront of precision oncology” and that Foresight’s technology “complements our existing capabilities and accelerates our ability to deliver actionable insights to clinicians.” Jake Chabon, former CEO of Foresight, added that joining Natera “will allow us to realize our mission on a far greater scale, accelerating discovery across both hematologic and solid‑tumor indications.”
The deal positions Natera to capture a larger share of the MRD market, which is increasingly recognized in clinical guidelines and supported by expanding reimbursement pathways. With the combined platform, Natera can offer a more comprehensive, sensitive test suite that meets the needs of oncologists seeking early detection of relapse, potentially driving higher adoption rates and long‑term revenue growth.
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