Natera, Inc. reported total revenues of $2.306 billion for the year ended December 31, 2025, a 35.9% increase compared to $1.697 billion in 2024. Product revenues, primarily from the sales of Signatera, Panorama, and Horizon tests, accounted for $2.296 billion of the total, up from $1.685 billion in the previous year. Licensing and other revenues decreased by 13% to $10.3 million. The company's net loss increased to $208.2 million in 2025, compared to $190.4 million in 2024, but decreased from $434.8 million in 2023.
Key operational developments included processing approximately 3.5 million tests in 2025, an increase from 3.1 million in 2024 and 2.5 million in 2023. The company's U.S. direct sales force contributed 95% of total revenues, while U.S. laboratory partners accounted for 3%. International laboratory partners and other international sales generated 2% of total revenues. In December 2025, Natera acquired Foresight Diagnostics, a cancer diagnostics company, to expand its intellectual property portfolio and focus on lymphoma.
Explanations for the changes in financial performance include increased test volumes and average selling price improvements, particularly for Signatera, Panorama, and Horizon. The increase in cost of product revenues was primarily due to higher inventory consumption, third-party fees, and shipping, equipment, and related depreciation expenses. Research and development expenses increased due to higher personnel costs, consulting expenses, and lab-related expenses. Selling, general, and administrative expenses also increased due to higher personnel costs, marketing expenses, and legal-related expenses.
Looking ahead, Natera anticipates continued investment in research and development activities related to enhancing existing products and developing new ones. The company believes its existing cash and marketable securities will be sufficient to meet its anticipated cash requirements for at least the next 12 months. Natera's strategy includes expanding its market penetration through its direct sales force, developing new tests, and obtaining broader reimbursement coverage from third-party payers. The company is also focused on improving operational efficiency through automation and cost management.
About Natera, Inc.
Natera, Inc. is a diagnostics company specializing in cell-free DNA technology for non-invasive genetic testing across women’s health, oncology, and organ health. Its core products include prenatal tests, carrier screening, cancer residual disease detection, and transplant rejection monitoring. The company leverages proprietary molecular assays and cloud-based platforms to deliver high-accuracy, scalable solutions globally, serving healthcare providers, laboratories, and patients.
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