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Jun 30, 2025
Natera Q2 2025 Earnings Report
Natera reported strong financial results for the second quarter of 2025, driven by significant revenue growth and increased test volumes across its product lines.
Key Takeaways
Natera delivered outstanding results in the second quarter of 2025, with total revenues increasing by 32.2% year-over-year to $546.6 million. This growth was primarily fueled by a 32.3% increase in product revenues and higher test volumes. Despite increased operating expenses, the company improved its gross margin and ended the quarter with over $1 billion in cash and equivalents.
Total revenues for Q2 2025 reached $546.6 million, a 32.2% increase from Q2 2024.
Product revenues were the primary driver of growth, rising 32.3% to $544.4 million.
Gross profit increased to $346.6 million, with gross margin improving to 63.4% from 58.8% in the prior year.
Natera processed approximately 853,100 tests and reported results for 812,900 tests, representing a 12.2% and 12.1% increase respectively from Q2 2024.
Revenue by Segment
Forward Guidance
Natera has raised its financial outlook for 2025, anticipating strong total revenue and improved gross margins, along with positive net cash inflow.
Positive Outlook
- Anticipated 2025 total revenue of $2.02 billion to $2.10 billion.
- Expected 2025 gross margin to be approximately 61% to 64% of revenues.
- Projected positive net cash inflow for 2025.
- Continued strength across women’s health and organ health product lines.
- Advancing a robust pipeline of data and innovation.
Challenges Ahead
- Selling, general and administrative costs are projected to be approximately $0.975 billion to $1.05 billion.
- Research and development costs are expected to be $550 million to $590 million.
- Uncertainties and challenges in achieving financial projections and goals.
- Potential inability to further increase product adoption through sales efforts or laboratory partners.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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