Q4 2025 Natera Inc Earnings Call Transcript
Key Points
- Natera Inc (NTRA) reported a 40% year-over-year revenue growth for Q4 2025, reaching approximately $666 million.
- The company achieved a record gross margin of 66.9% in Q4, surpassing expectations.
- Natera Inc (NTRA) processed about 924,000 tests in Q4, with MRD clinical units growing by 56% compared to Q4 2024.
- The company generated over $107 million in cash flow in 2025, despite significant investments in growth.
- Natera Inc (NTRA) has a strong start in 2026, with projected revenues between $2.62 billion and $2.7 billion and gross margins between 63% and 65%.
- A portion of the tests performed by Natera Inc (NTRA) are not yet covered by Medicare, which could impact future revenue.
- The company faces challenges in achieving broader reimbursement coverage for some of its products.
- Natera Inc (NTRA) anticipates a decline in revenue true-ups as a percentage of revenue in 2026, which may affect overall revenue growth.
- The company is cautious about its initial gross margin guidance due to potential non-repeating drivers of Q4 improvement.
- Natera Inc (NTRA) continues to face competition in the MRD testing market, which could impact market share and pricing.
Welcome to Nara's 2025 4th quarter financial results conference call. At this time, all participants are in a listen-only mode. Following management's prepared remarks, we will hold a Q&A session to ask a question at that time, please press star, followed by 1 on your touchtone phone. If anyone has difficulty hearing the conference, please press 0 for operator assistance.
As a reminder, this call is being recorded today, February 26, 2026. I would now like to turn the conference over to Michael Brophy, Chief Financial Officer. Michael, please go ahead.
Thanks, operator. Good afternoon.
Thank you for joining our conference call to discuss the results of our 4th quarter of 2025. On the line, I'm joined by Steve Chapman, our CEO, Solomon Moskovitz, President of clinical diagnostics, Alex Olein, general manager of oncology, and our Chief Medical Officer, and John Vesko, President, Chief Business Officer.
Today's conference call is being broadcast live via webcast. We will be
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