Natera Posts Strong Revenue Growth but Deepens Losses in 2025 — Natera, Inc.

Event summary

Natera reported $665.5M in Q4 2025 revenue, up 39.8% YoY, with full-year revenue hitting $2.3B, a 35.9% increase.
Gross margin improved to 66.9% in Q4 and 64.7% for the year, driven by higher revenues and cost reductions.
Oncology tests surged 54.7% YoY in Q4, totaling 800,800 for the full year, up 51.6%.
Net loss widened to $208.2M in 2025 from $190.4M in 2024, despite positive cash inflow of $107.6M.

The big picture

Natera's strong revenue growth reflects the increasing demand for genetic testing, particularly in oncology. However, the widening net loss highlights the challenges of scaling operations while maintaining profitability. The company's ability to sustain this growth will depend on its success in expanding market access and optimizing operational costs.

What we're watching

Revenue Growth Sustainability: Whether Natera can maintain its strong revenue growth trajectory in 2026, particularly in oncology.
Cost Management: How the company will balance continued investment with reducing operating expenses to narrow losses.
Market Expansion: The pace at which Natera can expand its market share in cell-free DNA and precision medicine.