Natera's third quarter revenue of $794M beat estimates by 13% as full year guidance was raised

Natera reported third quarter 2026 revenues that significantly exceeded expectations, fueled by 61% growth in oncology test volumes and improved average selling prices. Despite a wider-than-expected loss per share attributed to aggressive R&D spending on clinical trials and early cancer detection, the company raised its annual revenue outlook by $140 million and projected $6 billion in revenue by 2029.

Key Highlights

• Total revenue reached $794.0 million, a 34.1% year-over-year increase, significantly beating the $702.9 million consensus.
• Clinical MRD oncology tests reached 316,000 units, growing 56% year-over-year and representing the second consecutive quarter of >30,000 sequential unit adds.
• Management raised fiscal year 2026 revenue guidance to a midpoint of $3.02 billion while remaining committed to positive cash flow.
• Organic gross margin (excluding revenue true-ups) expanded to 63.2%, representing a 140 basis point sequential improvement over the second quarter of 2026.