Natera Inc
NTRA - Insider Information
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+ FollowMarket Cap$59.72B
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Earnings Call Q2 2026
August 6, 2026 - AI Summary
Strong Q2 performance: record volumes + accelerating adoption
- Processed ~1.044M tests in Q2 (again >1M; new company record).
- Oncology clinical MRD units: ~283k, +~56% YoY (Q2 2025), and +34k sequentially (largest QoQ increase to date).
- Management attributes sequential acceleration to: recovery from weather-impacted Q1, commercial team ramp (hired earlier in 2025), and post-approval momentum (FDA + Japan PMDA) plus broad tumor-type uptake (CRC/breast largest; growing “long tail”).
- Revenue: ~$753M, +~38% YoY (reported); ~40% YoY ex-revenue true ups.
Margins and cash flow improving; gross margin target reiterated
- Gross margin ~65% in Q2, driven by sequential ASP improvement.
- Sequential ex-true-up margin improved ~50 bps vs Q1 (partly offset by COGS uptick from scaling newer products).
- Company reiterates comfort moving toward 70%+ gross margin over time (step-function style improvements expected from reimbursement/coverage and internal COGS projects).
- DSO improved to ~57 days (down ~4 days), and company again generated positive cash inflow, with losses continuing to narrow while investing in growth.
Big outlook upgrade (forecast): revenue guide reset higher; growth ex true-ups ~31%
- Revenue guidance reset upward by $100M at the midpoint to $2.85B–$2.91B for the year.
- Implies ~31% annual revenue growth ex true-ups and expects stronger H2 vs H1.
- OpEx held steady (still investing—“foot on the gas”).
- Management says the guide is supported by: volume growth + stable ASPs, and better-than-expected women’s health seasonality.
- Signatera ASP growth drivers are intentionally kept out of 2026 guide (MolDX/Medicare Advantage expansion + NCCN bladder + more indications expected later—key execution dependency).
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$-182.61
146.7% downside
Current Fair Value
146.7% downsideOvervalued by 146.7% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $59.72 Billion |
|---|---|
| Enterprise Value | $58.89 Billion |
| Earnings per Share | $-1.52 |
| Beta | 1.5 |
| Outstanding Shares | 143,279,000 |
Return
| Return on Equity | -10.56% |
|---|---|
| Return on Assets | -7.24% |
| Return on Invested Capital | -12.53% |
Valuation & Multiples
| P/E Ratio | -304.63 |
|---|---|
| PEG | 905.21 |
| Price to Sales | 21.72 |
| Price to Book Ratio | 32.59 |
| Enterprise Value to Revenue | 21.75 |
| Enterprise Value to EBIT | -223.4 |
| Enterprise Value to Net Income | -307 |
| Total Debt to Enterprise | 0 |
| Debt to Equity | 0.14 |
Revenue Sources
No data
Last Earnings Call
Report Date
August 6, 2026
EPS Estimate
$-0.49
Consensus analyst estimateRevenue Estimate
$661.24 M
Consensus analyst estimateNext Earnings Call
Expected Date
November 5, 2026
EPS Estimate
$-0.28
Consensus analyst estimateRevenue Estimate
$707.54 M
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 54.00, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 54.0000▲ 5330.22% |
|---|---|
| Total Calls | 100▼ 99.99% |
| Total Puts | 5,400▼ 99.46% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 2.14%▼ 94.13% |
|---|---|
| Total Invested | $1.26B▼ 96.64% |
| Investors Holding | 302▼ 584.00% |
About Natera Inc
Naterais a pioneer and global leader in cell-free DNA testing from a simple blood draw. The mission of the company is to change the management of disease worldwide with a focus on women's health, oncology, and organ health. Natera operat...