Natera Posts Record $666M Q4 Revenue, 66.9% Margin and $2.7B 2026 Guide
Natera reported $666 million in Q4 revenue, up 40% year-over-year and 66.9% gross margin (63.7% organic) with record 924,000 tests processed, including 225,000 MRD clinical units and $60 million in revenue true-ups improving DSOs to 47 days. It guided 2026 revenue of $2.62–$2.70 billion and 63–65% gross margin with modest 9.5% operating expense growth.
1. Q4 Financial Results
Natera delivered $666 million in Q4 revenue, a 40% increase from a year earlier, alongside a 66.9% gross margin (63.7% organic). The company processed a record 924,000 tests—including 225,000 MRD clinical units, up 56%—and accelerated cash collections to achieve 47 days sales outstanding after $60 million in revenue true-ups.
2. 2026 Guidance and Outlook
Management initiated 2026 revenue guidance of $2.62–$2.70 billion and a 63–65% gross margin, assuming limited revenue true-ups and modest 9.5% operating expense growth. The plan includes stable SG&A, targeted R&D investments and cautious margin assumptions to reflect non-recurring Q4 drivers and new product launches.
3. Clinical and Product Milestones
Natera highlighted several clinical and regulatory achievements, including a MolDX submission for the tissue-free MRD test Latitude, phased-variant technology launching in 2026 and a major Japan launch later in the year. The company also expanded its 21-gene Fetal Focus NIPT with 96% sensitivity and strong early uptake in maternal-fetal medicine accounts.