Overview

• Genetic testing firm's Q1 revenue rose 39% yr/yr, beating analyst expectations

• Company raised 2026 annual revenue guidance by $120 mln at midpoint

Outlook

• Natera raises 2026 revenue guidance to $2.74 bln-$2.82 bln from $2.62 bln-$2.70 bln

• Company expects 2026 gross margin of approximately 64% to 66%

• Natera sees 2026 net cash inflow to be positive

Result Drivers

• VOLUME AND PRICE - Revenue growth was driven by increased test volumes and higher average selling prices

• ONCOLOGY AND WOMEN'S HEALTH - Oncology delivered a record quarter for volume growth and women's health saw the second highest quarterly unit growth since 2019

Company press release: ID:nBw3nlpwha

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$696.6 mln	$617.11 mln (17 Analysts)
Q1 EPS		-$0.60
Q1 Net Income		-$85.1 mln
Q1 Income from Operations		-$93.5 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 20 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the healthcare facilities & services peer group is "buy"

• Wall Street's median 12-month price target for Natera Inc is $263.00, about 22.3% above its May 6 closing price of $215.09

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