Natera, Inc. reported preliminary fourth‑quarter 2025 revenue of $660 million, a 39% year‑over‑year increase from $476.1 million in Q4 2024. Full‑year 2025 revenue reached $2.3 billion, up 35% from $1.7 billion in 2024 and exceeding the top end of the company’s prior outlook by roughly $40 million.
The company’s test volume grew to 923,600 in Q4 2025, a 17% jump from 792,800 in the same quarter last year, and 3,525,500 for the full year, up 15% YoY. Oncology testing, led by the Signatera molecular residual disease assay, drove a 55% increase in volume, while organ‑health and women’s‑health segments also posted record growth, underscoring a broad‑based expansion across the business.
Cash inflows were $30 million in Q4 2025 and more than $100 million for the full year, reflecting the company’s ability to convert top‑line growth into liquidity. Gross‑margin guidance for 2025 remains in the 61%‑64% range, consistent with the strong mix shift toward higher‑margin oncology and organ‑health tests, although the exact Q4 margin figure was not disclosed.
CEO Steve Chapman said, “2025 was a record year for oncology, organ health and women’s health. The fourth quarter was particularly strong, with excellent growth in volume, revenue and gross margins. We believe we are well positioned to continue building on this momentum in 2026 and beyond.” The comments highlight management’s confidence in sustained demand and margin resilience.
Natera’s guidance for 2026 remains unchanged, but the company’s robust revenue trajectory, expanding test volumes, and healthy cash generation signal a solid foundation for continued growth. The preliminary results reinforce the company’s strategic focus on high‑margin oncology diagnostics and its broader expansion into organ‑health and women’s‑health markets.
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