# EDGAR Filing Document

**Accession Number:** 0001604821
**File Stem:** 0001104659-25-107727
**Filing Date:** 2025-11
**Character Count:** 42017
**Document Hash:** a30251947c7864e465cb264b7be198b4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-107727.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001104659-25-107727

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20251106

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Natera, Inc.
- **CENTRAL INDEX KEY:** 0001604821
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MEDICAL LABORATORIES [8071]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 010894487
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37478
- **FILM NUMBER:** 251458275

**BUSINESS ADDRESS:**
- **STREET 1:** 13011 MCCALLEN PASS
- **STREET 2:** BUILDING A SUITE 100
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78753
- **BUSINESS PHONE:** 650-249-9090

**MAIL ADDRESS:**
- **STREET 1:** 13011 MCCALLEN PASS
- **STREET 2:** BUILDING A SUITE 100
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78753

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of**

**the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): November 6, 2025**

**Natera, Inc.** 

**(Exact name of registrant as specified in its charter)** 

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-37478** | **01-0894487** |
| **(State or other jurisdiction<br> of incorporation)** | **(Commission<br> File Number)** | **(IRS Employer<br> Identification No.)** |

---

**13011 McCallen Pass Building A Suite 100** 

**Austin, TX 78753**

**(Address of principal executive offices, including zip code)** 

**(650) 980-9190**

**(Registrant's telephone number, including area code)** 

**N/A**

**(Former name or former address, if changed since last report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, par value $0.0001 per share | NTRA | Nasdaq Stock Market LLC<br> (Nasdaq Global Select Market) |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

---

| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition.** |

---

On November 6, 2025, Natera, Inc. issued a press release announcing the results for its third quarter ended September 30, 2025 and provided a related investor presentation. A copy of the press release and a copy of the investor presentation are furnished herewith as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

The information in this Current Report on Form 8-K and the accompanying Exhibit 99.1 and Exhibit 99.2 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by reference in such filing.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

---

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [99.1](tm2529763d1_ex99-1.htm) | [Press Release dated November 6, 2025.](tm2529763d1_ex99-1.htm) |
| [99.2](tm2529763d1_ex99-2.htm) | [Investor Presentation.](tm2529763d1_ex99-2.htm) |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL). |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| Natera, Inc. | Natera, Inc. |
| By: | */s/ Michael Brophy* |
|  | Michael Brophy |
|  | Chief Financial Officer (Principal Financial and Accounting Officer) |

---

Dated: November 6, 2025

## Exhibit 99.1

**Exhibit 99.1**

**Natera Reports Third Quarter 2025 Financial Results**

AUSTIN, Texas, November 6, 2025 / Business Wire/ — Natera, Inc. (NASDAQ: NTRA), a global leader in cell-free DNA and precision medicine, today reported its financial results for the third quarter ended September 30, 2025.

**Recent Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;· Generated total revenues of $592.2 million in
the third quarter of 2025, compared to $439.8 million in the third quarter of 2024, an increase of 34.7%. Product revenues grew 35.3%
over the same period.

&nbsp;&nbsp;&nbsp;&nbsp;· Generated a gross margin percentage <sup>2</sup> of 64.9% in the third quarter of 2025, compared to a gross margin percentage <sup>2</sup> of 61.8% in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· Processed approximately 893,600 tests in the
third quarter of 2025, compared to approximately 775,800 tests in the third quarter of 2024, an increase of 15.2%.

&nbsp;&nbsp;&nbsp;&nbsp;· Performed
 approximately 211,000 oncology tests in the third quarter of 2025, compared to approximately
 137,100 in the third quarter of 2024, an increase of 53.9%. This included record sequential
 growth of approximately 21,500 clinical molecular residual disease (MRD) units compared to
 the second quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;· Achieved positive cash flow of approximately
$26.4 million<sup>1</sup> in the third quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;· Raising 2025 annual revenue guidance by $160
million at the midpoint, from $2.02 billion - $2.10 billion to $2.18 billion - $2.26 billion.

"Results in the third quarter were excellent, including our largest increase in quarterly clinical MRD units to date," said Steve Chapman, chief executive officer of Natera. "We continue to advance innovation across the portfolio, with successful read-outs for Signatera™, positive new results for our early cancer detection program, and the announcement of an expanded panel for our Fetal Focus™ single-gene noninvasive prenatal test."

**Third Quarter Ended September 30, 2025 Financial Results**

Total revenues were $592.2 million in the third quarter of 2025 compared to $439.8 million in the third quarter of 2024, an increase of 34.7%. The increase in total revenues was driven primarily by a 35.3% increase in product revenues, which were $590.2 million in the third quarter of 2025 compared to $436.1 million in the third quarter of 2024. The increase in product revenues was primarily driven by an increase in volume and average selling price improvements, as well as cash receipts that were collected during the quarter in excess of initial revenue estimates for tests delivered in prior quarters.

Natera processed approximately 893,600 tests in the third quarter of 2025, including approximately 879,700 tests accessioned in its laboratory, compared to approximately 775,800 tests processed, including approximately 760,700 tests accessioned in its laboratory, in the third quarter of 2024, an increase of 15.2% from the prior period.

In the third quarter of 2025, Natera recognized revenue on approximately 832,900 tests for which results were reported to customers in the period (tests reported), including approximately 819,900 tests reported from its laboratory, compared to approximately 750,100 tests reported, including approximately 735,900 tests reported from its laboratory, in the third quarter of 2024, an increase of 11.0% from the prior period.

Gross margin<sup>2</sup> for the three months ended September 30, 2025 and 2024 was $384.4 million and $271.7 million, respectively, representing a gross margin percentage<sup>2</sup> of 64.9% and 61.8%, respectively. Natera had higher gross margin<sup>2</sup> in the third quarter of 2025 primarily as a result of higher revenues, continued progress in reducing cost of revenues associated with tests processed, as well as incremental cash receipts during the quarter in excess of initial revenue estimates for tests delivered in the prior period. Total operating expenses, representing research and development expenses and selling, general and administrative expenses, for the third quarter of 2025 were $482.0 million, compared to $311.1 million in the same period of the prior year, an increase of 54.9%. The increase was primarily driven by salary and related compensation expenditures, including stock-based compensation expense, to support new product offerings as well as increases in consulting and legal expenses.

Loss from operations for the third quarter of 2025 was $97.6 million compared to $39.3 million for the same period of the prior year.

Natera reported a net loss for the third quarter of 2025 of $87.5 million, or ($0.64) per diluted share, compared to a net loss of $31.6 million, or ($0.26) per diluted share, for the same period in 2024. Weighted average shares outstanding were approximately 137.2 million in the third quarter of 2025 compared to 123.8 million in the third quarter of the prior year.

At September 30, 2025, Natera held approximately $1,042.4 million in cash, cash equivalents, short-term investments and restricted cash, compared to $968.3 million as of December 31, 2024. As of September 30, 2025, Natera had a total outstanding debt balance of $80.3 million including accrued interest under its line of credit with UBS at a variable interest rate of 30-day SOFR plus 50 bps.

**Financial Outlook**

Natera anticipates 2025 total revenue of $2.18 billion - $2.26 billion; 2025 gross margin<sup>2</sup> to be approximately 62% to 64% of revenues; selling, general and administrative costs to be approximately $1.08 billion to $1.18 billion; research and development costs to be approximately $575 million to $625 million; and net cash inflow to be approximately $100 million<sup>3</sup>.

**Test Volume Summary**

---

| | | | |
|:---|:---|:---|:---|
| **Unit** | **Q3 2025** | **Q3 2024** | **Definition** |
| &nbsp;&nbsp;Tests processed | 893600 | &nbsp;&nbsp;775800 | Tests accessioned in our laboratory plus units processed outside of our laboratory |
| &nbsp;&nbsp;Tests accessioned | 879700 | &nbsp;&nbsp;760700 | Test accessioned in our laboratory |
| &nbsp;&nbsp;Tests reported | 832900 | &nbsp;&nbsp;750100 | Total tests reported |
| &nbsp;&nbsp;Tests reported in our laboratory | 819900 | &nbsp;&nbsp;735900 | Total tests reported less units reported outside of our laboratory |

---

**About Natera**

Natera™ is a global leader in cell-free DNA and precision medicine, dedicated to oncology, women's health, and organ health. We aim to make personalized genetic testing and diagnostics part of the standard of care to protect health and enable earlier, more targeted interventions that help lead to longer, healthier lives. Natera's tests are validated by more than 325 peer-reviewed publications that demonstrate high accuracy. Natera operates ISO 13485-certified and CAP-accredited laboratories certified under the Clinical Laboratory Improvement Amendments (CLIA) in Austin, Texas and San Carlos, California. For more information, visit www.natera.com.

**Conference Call Information**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Event: | &nbsp;&nbsp;Natera's Third quarter 2025 Financial Results Conference Call |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;Thursday, November 6, 2025 |
| &nbsp;&nbsp;Time: | &nbsp;&nbsp;4:30 p.m. ET |
| &nbsp;&nbsp;Live Dial-In: | &nbsp;&nbsp;1-888-770-7321 (Domestic)<br> 1-929-201-7107 (International) |
| &nbsp;&nbsp;Conference ID: | &nbsp;&nbsp;7684785 |
| &nbsp;&nbsp;Webcast Link: | &nbsp;&nbsp;<u>https://events.q4inc.com/attendee/822764987</u> |

---

**Forward-Looking Statements**

This press release contains forward-looking statements under the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts, including statements regarding its market opportunity, anticipated products and launch schedules, reimbursement coverage and product costs, commercial and strategic partnerships and acquisitions, user experience, clinical trials and studies, and its strategies, goals and general business and market conditions, are forward-looking statements. Any forward-looking statements contained in this press release are based upon Natera's current plans, estimates, and expectations, as of the date of this release, and are not a representation that such plans, estimates, or expectations will be achieved.

These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially, including: we face numerous uncertainties and challenges in achieving our financial projections and goals; we may be unable to further increase the use and adoption of our products through our direct sales efforts or through our laboratory partners; we have incurred net losses since our inception and we anticipate that we will continue to incur net losses for the foreseeable future; our quarterly results may fluctuate from period to period; our estimates of market opportunity and forecasts of market growth may prove to be inaccurate; we may be unable to compete successfully with existing or future products or services offered by our competitors; we may engage in acquisitions, dispositions or other strategic transactions that may not achieve our anticipated benefits and could otherwise disrupt our business, cause dilution to our stockholders or reduce our financial resources; our products may not perform as expected; the results of our clinical studies may not support the use and reimbursement of our tests, particularly for microdeletions screening, and may not be able to be replicated in later studies required for regulatory approvals or clearances; if either of our primary CLIA-certified laboratories becomes inoperable, we will be unable to perform our tests and our business will be harmed; we rely on a limited number of suppliers or, in some cases, single suppliers, for some of our laboratory instruments and materials and may not be able to find replacements or immediately transition to alternative suppliers; if we are unable to successfully scale our operations, our business could suffer; the marketing, sale, and use of Panorama and our other products could result in substantial damages arising from product liability or professional liability claims that exceed our resources; we may be unable to expand, obtain or maintain third-party payer coverage and reimbursement for our tests, and we may be required to refund reimbursements already received; third-party payers may withdraw coverage or provide lower levels of reimbursement due to changing policies, billing complexities or other factors; we could incur substantial costs and delays complying with governmental regulations, including recently enacted FDA regulations regarding LDTs; litigation and other regulatory or governmental proceedings, related to our intellectual property or the commercialization of our tests, are costly, time- consuming, could result in our obligation to pay material judgments or incur material settlement costs, and could limit our ability to commercialize our tests; and any inability to effectively protect our proprietary technology could harm our competitive position or our brand.

We discuss these and other risks and uncertainties in greater detail in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our periodic reports on Forms 10-K and 10-Q and in other filings that we make with the SEC from time to time. These documents are available on our website at www.natera.com under the Investor Relations section and on the SEC's website at www.sec.gov.

We operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement. In light of these risks, uncertainties and assumptions, you should not place undue reliance on our forward-looking statements. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this presentation to conform these statements to actual results or to changes in our expectations.

**References**

1. Positive cash flow for the quarter ended September 30, 2025, is derived from the GAAP Statement of
Cash Flows as follows: net cash provided by operating activities of $59.4 million, net cash provided by financing activities of $1.9 million,
offset by net cash used in investing activities for purchases of property and equipment and acquisition of intangible assets of $34.9
million.

2. Gross margin is calculated as GAAP total revenues less GAAP cost of revenues. Gross margin percentage
is calculated as gross margin divided by GAAP total revenues.

3. Cash (outflow) inflow is calculated as the sum of GAAP net cash provided by (used in) operating activities,
GAAP net cash provided by (used in) financing activities, and GAAP net cash provided by (used in) investing activities for purchases of
property and equipment.

**Contacts**

<u>Investor Relations</u><br> Mike Brophy, CFO, Natera, Inc., <u>investor@natera.com</u>

<u>Media</u><br> Lesley Bogdanow, VP of Corporate Communications, Natera, Inc., pr@natera.com

**Natera, Inc.**

**Consolidated Balance Sheets**

(Unaudited)

*(in thousands, except shares)*

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | **December 31,**<br>**2024 (1)** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash, cash equivalents and restricted cash | $1041438 | $945587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 1000 | 22689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance of $8,419 and $7,259 at September 30, 2025 and December 31, 2024, respectively | 286379 | 314165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | 64644 | 44744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets, net | 53862 | 48635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1447323 | 1375820 |
| Property and equipment, net | 206496 | 162046 |
| Operating lease right-of-use assets | 96988 | 86149 |
| Other assets | 70675 | 36720 |
| Total assets | $1821482 | $1660735 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $46499 | $34922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation | 77439 | 62114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued liabilities | 215951 | 146893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue, current portion | 21786 | 19754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term debt financing | 80341 | 80362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 442016 | 344045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue, long-term portion and other liabilities | 22898 | 24682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, long-term portion | 104380 | 96588 |
| Total liabilities | 569294 | 465315 |
| Commitments and contingencies |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;Common stock **(2)** | 14 | 12 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 4075641 | 3763614 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (2823280) | (2567862) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (187) | (344) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 1252188 | 1195420 |
| Total liabilities and stockholders' equity | $1821482 | $1660735 |

---

(1) The consolidated balance sheet at December 31, 2024 has been derived from the audited consolidated
financial statements at that date included in the Company's Annual Report on Form 10-K for the year ended December 31,
2024. (2) As of September 30, 2025 and December 31, 2024, there were approximately 137,533,000 and 132,646,000
shares of common stock issued and outstanding, respectively.

**Natera, Inc.**

**Consolidated Statements of Operations and Comprehensive Loss**

(Unaudited)

*(in thousands, except per share data)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Product revenues | $590197 | $436127 | $1634660 | $1212163 |
| &nbsp;&nbsp;&nbsp;Licensing and other revenues | 1986 | 3631 | 5955 | 8687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 592183 | 439758 | 1640615 | 1220850 |
| **Cost and expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of product revenues | 207253 | 167657 | 591397 | 496340 |
| &nbsp;&nbsp;&nbsp;Cost of licensing and other revenues | 548 | 354 | 1465 | 990 |
| &nbsp;&nbsp;&nbsp;Research and development | 173412 | 96931 | 448917 | 274677 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative | 308546 | 214154 | 885962 | 606397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cost and expenses | 689759 | 479096 | 1927741 | 1378404 |
| **Loss from operations** | (97576) | (39338) | (287126) | (157554) |
| Interest expense | (1045) | (3142) | (3078) | (9393) |
| Interest and other income, net | 11284 | 11618 | 35441 | 32342 |
| Loss before income taxes | (87337) | (30862) | (254763) | (134605) |
| Income tax expense | (207) | (730) | (655) | (2050) |
| Net loss | $(87544) | $(31592) | $(255418) | $(136655) |
| Unrealized (loss) gain on available-for-sale securities, net of tax | 100 | 593 | 157 | 2320 |
| Comprehensive loss | $(87444) | $(30999) | $(255261) | $(134335) |
| Net loss per share: |  |  |  |  |
| Basic and diluted | $(0.64) | $(0.26) | $(1.88) | $(1.12) |
| Weighted-average number of shares used in computing basic and diluted net loss per share: |  |  |  |  |
| Basic and diluted | 137187 | 123775 | 136181 | 122486 |

---

## Exhibit 99.2

**Exhibit 99.2**

![](tm2529763d1_ex99-2img001.jpg)

November 6, 2025 Natera, Inc. Q3'2025 Earnings Presentation

![](tm2529763d1_ex99-2img002.jpg)

This presentation contains forward - looking statements under the meaning of the Private Securities Litigation Reform Act of 1995 . All statements other than statements of historical facts contained in this presentation, including statements regarding our market opportunity, our anticipated products and launch schedules, our reimbursement coverage and our product costs, our commercial and strategic partnerships and potential acquisitions, our user experience, our clinical trials and studies, our strategies, our goals and general business and market conditions, are forward - looking statements . These forward - looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially, including : we face numerous uncertainties and challenges in achieving our financial projections and goals ; we may be unable to further increase the use and adoption of our products through our direct sales efforts or through our laboratory partners ; we have incurred net losses since our inception and we anticipate that we will continue to incur net losses for the foreseeable future ; our quarterly results may fluctuate from period to period ; unless otherwise indicated, all financial data for the current and prior quarters are unaudited and subject to adjustment in connection with the completion of Natera's quarterly and annual financial reporting processes ; our estimates of market opportunity and forecasts of market growth may prove to be inaccurate ; we may be unable to compete successfully with existing or future products or services offered by our competitors ; we may engage in acquisitions, dispositions or other strategic transactions that may not achieve our anticipated benefits and could otherwise disrupt our business, cause dilution to our stockholders or reduce our financial resources ; our products may not perform as expected ; the results of our clinical studies may not support the use and reimbursement of our tests, particularly for microdeletions screening, and may not be able to be replicated in later studies required for regulatory approvals or clearances ; if either of our primary CLIA - certified laboratories becomes inoperable, we will be unable to perform our tests and our business will be harmed ; we rely on a limited number of suppliers or, in some cases, single suppliers, for some of our laboratory instruments and materials and may not be able to find replacements or immediately transition to alternative suppliers ; if we are unable to successfully scale our operations, our business could suffer ; the marketing, sale, and use of Panorama and our other products could result in substantial damages arising from product liability or professional liability claims that exceed our resources ; we may be unable to expand, obtain or maintain third - party payer coverage and reimbursement for our tests, and we may be required to refund reimbursements already received ; third - party payers may withdraw coverage or provide lower levels of reimbursement due to changing policies, billing complexities or other factors ; we could incur substantial costs and delays complying with governmental regulations, including recently enacted FDA regulations regarding LDTs ; litigation and other regulatory or governmental proceedings, related to our intellectual property or the commercialization of our tests, are costly, time - consuming, could result in our obligation to pay material judgments or incur material settlement costs, and could limit our ability to commercialize our tests ; and any inability to effectively protect our proprietary technology could harm our competitive position or our brand . We discuss these and other risks and uncertainties in greater detail in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our periodic reports on Forms 10 - K and 10 - Q and in other filings we make with the SEC from time to time . Moreover, we operate in a very competitive and rapidly changing environment . New risks emerge from time to time . It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward - looking statement . In light of these risks, uncertainties and assumptions, the forward - looking events and circumstances discussed in this presentation may not occur and our actual results could differ materially and adversely from those anticipated or implied . As a result, you should not place undue reliance on our forward - looking statements . Except as required by law, we undertake no obligation to update publicly any forward - looking statements for any reason after the date of this presentation to conform these statements to actual results or to changes in our expectations . We file reports, proxy statements, and other information with the SEC . Such reports, proxy statements, and other information concerning us is available at http : //www . sec . gov . Requests for copies of such documents should be directed to our Investor Relations department at Natera , Inc . , 13011 McCallen Pass, Building A Suite 100 , Austin, TX 78753 . Our telephone number is (650) 980 - 9190 . 2 Safe harbor statement Not for reproduction or further distribution.

![](tm2529763d1_ex99-2img003.jpg)

3 Q3 2025 highlights and recent business updates Not for reproduction or further distribution. 1. Non - GAAP gross margin percentage is computed as follows: GAAP revenues minus GAAP cost of product revenues and licensing and ot her revenues divided by GAAP revenues. 2. Non - GAAP cash inflow / outflow are calculated based on GAAP Statement of Cash Flows amounts including net cash from operating ac tivities, net cash from investing activities excluding amounts related to short - term investments, and net cash from financing activities excluding proceeds from public offerings. Please refer to our website at https://investor.natera.com/financials/ for a reconciliation of non - GAAP cash inflow / outflow to the most directly comparable GAAP financial measure. Management uses non - GAAP cash flow as an indicator of the Company's operational cash generati ng capabilities. Revenue of ~$592M in Q3 2025 vs ~$440M in Q3 2024; year - over - year growth of ~35%. ~894K total tests processed in Q3 2025 vs ~776K in Q3 2024; year - over - year growth of ~15%. ~202K clinical MRD tests in Q3 2025 vs ~130K in Q3 2024; year - over - year growth of ~56%. Clinical MRD tests grew ~21.5K units over Q2 2025. Gross margin 1 of ~65% in Q3 2025; generated ~$26M in cash inflow 2 in Q3 2025. Increasing 2025 financial outlook by $160M for revenue : Outlook includes revenue of $2.18B – $2.26B; gross margin 1 of 62% – 64%; and $100M in cash flow generation 2 . Announced strong new data in early cancer detection for advanced adenomas. Furthered MRD leadership and Signatera TM differentiation in landmark ESMO presentations. Announced expansion of gene panel for Fetal Focus TM single - gene NIPT.

![](tm2529763d1_ex99-2img004.jpg)

262K 407K 518K 626K 776K 894K K 100K 200K 300K 400K 500K 600K 700K 800K 900K 1000K FY20 Q3 FY21 Q3 FY22 Q3 FY23 Q3 FY24 Q3 FY25 Q3 Volumes continue to ramp Not for reproduction or further distribution. 4 • Fastest ever quarterly oncology growth; c ontinued strength in new patient starts, recurrence monitoring • Strong performance in women's health • O rgan health continues to expand

![](tm2529763d1_ex99-2img005.jpg)

81K 91K 106K 118K 130K 145K 161K 181K 202K 50K 70K 90K 110K 130K 150K 170K 190K 210K 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 5 Clinical MRD 1 volumes: record Signatera quarter C linical MRD tests processed ~21.5 K • Fastest unit growth quarter • Acceleration seen across multiple tumor types • Strong data readouts driving volume acceleration Not for reproduction or further distribution. 1. Includes clinical volumes for both Signatera and Latitude TM .

![](tm2529763d1_ex99-2img006.jpg)

$98M $158M $211M $268M $440M $592M $M $100M $200M $300M $400M $500M $600M $700M FY20 Q3 FY21 Q3 FY22 Q3 FY23 Q3 FY24 Q3 FY25 Q3 Revenues continue to ramp: 35% year - over - year growth over Q3'24 35% 6 • 8% sequential growth over record Q2 • Good momentum in women's health • Organ health continues to grow, including competitive wins • Another record Signatera quarter Not for reproduction or further distribution.

![](tm2529763d1_ex99-2img007.jpg)

45% 51% 57% 59% 62% 63% 63% 63% 65% 35% 40% 45% 50% 55% 60% 65% 70% 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 7 Continued gross margin 1 execution ~ 2 % true up benefit ~4% true up benefit ~4% true up benefit ~3% true up benefit ~3% true up benefit ~3% true up benefit ~3% true up benefit ~4% true up benefit • Gross margins 1 up: 64.9% vs 63.4% in Q2 • Ex true ups, GMs 2 up ~120 bp vs Q2 • Continued sequential step up in ASPs • Efficient Signatera COGS • Cash collection exceeding expectations, driving true - ups 1. Non - GAAP gross margin percentage is computed as follows: GAAP revenues minus GAAP cost of product revenues and licensing and oth er revenues divided by GAAP revenues. 2. Non - GAAP gross margin percentage excluding true ups is computed as follows: GAAP revenues minus change in revenue estimate for t ests delivered in prior periods that were fully collected minus GAAP cost of product revenues and licensing and other revenues divided by GAAP revenues minus change in revenue estimate for tests delivered in prior periods that were fully co llected. Change in revenue estimate for tests delivered in prior periods that were fully collected was $55.1M and $45.3M for 3Q25 and 2Q25, respectively. Gross margins 1 quarterly trend Not for reproduction or further distribution.

![](tm2529763d1_ex99-2img008.jpg)

8 Q3 opex: SG&A flat, investment focused on high - ROIC R&D $0.00 $100.00 $200.00 $300.00 $400.00 $500.00 $600.00 Q2A Q3A SG&A R&D $457M $482M R&D +$25M SG&A Flat Total Opex • Multiple recent product launches expand productivity of commercial team • Signatera data generation: 7 new MolDx submissions ready • Growing demand for Signatera clinical trials • Strong ECD data offers potential for another large organic growth vector in future FY25 Q2 FY25 Q3 Not for reproduction or further distribution.

![](tm2529763d1_ex99-2img009.jpg)

9 Newly expanded 20 - gene panel for Fetal Focus launching in Q4 Broad coverage of genes relevant to clinically actionable conditions. Proprietary LinkedSNP technology optimized to detect challenging homozygous cases. EXPAND study differentiated with all outcomes confirmed by genetic truth in prenatal or postnatal diagnostic testing. Not for reproduction or further distribution.

![](tm2529763d1_ex99-2img010.jpg)

10 ESMO Congress: practice - changing evidence in muscle - invasive bladder cancer "This is the strongest evidence to date for intervening with adjuvant systemic therapy on the basis of detecting plasma ctDNA ." Alex Wyatt, D.Phil, University of British Columbia, ESMO Congress (IMvigor011 study discussant), 10/20/25 Checkmate 274: Annals of Oncology 2 IMvigor011: New England Journal of Medicine 1 1. Powles T, Kann AG, Castellano D, et al. ctDNA - Guided Adjuvant Atezolizumab in Muscle - Invasive Bladder Cancer. N Engl J Med . Published online October 20, 2025; doi:10.1056/NEJMoa2511885. 2. Galsky MD, et al. Adjuvant nivolumab versus placebo for high - risk muscle - invasive urothelial carcinoma: 5 - year efficacy and ctDNA resu lts from CheckMate 274. Ann Oncol. 2025; doi:10.1016/j.annonc.2025.09.139. Not for reproduction or further distribution.

![](tm2529763d1_ex99-2img011.jpg)

Strong Signatera data at ESMO in colorectal cancer and Nature 1 publication Key details INTERCEPT - CRC shows the impact of sustained ctDNA clearance after adjuvant treatment, supporting Signatera's ability to evaluate response to therapy 11 NICHE - 2 supports clinical utility of Signatera in the neoadjuvant setting to inform surgical and adjuvant treatment published in Nature 1. Tan, P.B., Verschoor, Y.L ., van den Berg, J.G. et al. Neoadjuvant immunotherapy in mismatch - repair - proficient colon cancers. Nature (2025). https://doi.o rg/10.1038/s41586 - 025 - 09679 - 4. Not for reproduction or further distribution.

![](tm2529763d1_ex99-2img012.jpg)

Signatera harnesses the benefits of multiplex PCR (mPCR - NGS) technology Extremely deep sequencing of targeted, high - quality variants versus shallower sequencing of a broader set of variants 12 Not for reproduction or further distribution. mPCR - NGS vs hybrid capture Targeted and deep vs wide and shallow Performance is based on more than just the number of targets: molecular biology approaches, variant selection techniques, calling algorithms Sequencing coverage: >100,000x per target

![](tm2529763d1_ex99-2img013.jpg)

Early cancer detection (ECD): leveraging Natera's extensive experience in assay development • >250,000 tumors sequenced across all stages enables deep biological understanding of disease • Platform developed over 2 years • Novel methylation discovery with cancers, premalignant lesions and other conditions • Development specific to advanced adenoma (AA) targets and samples • Methylation technology refinement reduces the noise floor Biological depth Discovery Algorithm Technology 1 2 4 3 13 Not for reproduction or further distribution.

![](tm2529763d1_ex99-2img014.jpg)

14 ECD: performance data on pre - cancerous lesions 1. Chung D.C. et al. A cell - free DNA blood - based test for colorectal cancer screening. N Engl J Med. 2024;390(11):973 - 983. doi:10.1 056/NEJMoa2304714. 2. Shaukat A. et al. Clinical validation of a circulating tumor DNA - based blood test to screen for colorectal cancer. JAMA. 2025;33 4(1):56 - 63. doi:10.1001/jama.2025.7515. Overall AA performance 22.5% sensitivity (CI: 15.4% - 32.4%) 91.5% specificity (CI: 88.2% - 93.9%) 92 advanced adenoma (AA) cases • 98.9% less than 30 millimeters and 93.5% less than 20 millimeters • Covering all histologies including serrated polyps 366 colonoscopy - screened non - advanced adenoma controls 5,000 prospectively collected samples Readout on 1,400 sequential patients with outcomes Not for reproduction or further distribution. Adjusted for subtype prevalences in recent studies 22.4% 1 and 23.7% 2

![](tm2529763d1_ex99-2img015.jpg)

15 PROCEED - CRC: AA histology and size distribution 74% - 78% 78% Serr & tubular >15mm 13.7mm Mean AA size 4 - 5% 35% <20 mm >75% 56% 20 - 29 mm Natera data Other large cohorts 1,2 Serrated Tubular Villous (>25%) High Grade Dysplasia >30 mm 20 - 29 mm 10 - 19 mm 5 - 9 mm <5 mm Higher Detection Rates Lower Detection Rates Size and subtype distribution 1. Chung D.C. et al. A cell - free DNA blood - based test for colorectal cancer screening. N Engl J Med. 2024;390(11):973 - 983. doi: 10.1056/NEJMoa2304714 . 2. Shaukat A. et al. Clinical validation of a circulating tumor DNA - based blood test to screen for colorectal cancer. JAMA. 2025;334(1):56 - 63. doi: 10.1001/jama.2025.7515 . Not for reproduction or further distribution.

![](tm2529763d1_ex99-2img016.jpg)

16 1. NCT : NCT07046585. FIND - CRC 1 : initiated in 2025, continuing to make significant progress Targeting 25K average - risk adults; 70 CRC cases, ~1,400 AA cases FIND CRC: FDA - enabling study First patient in: May 2025 18 - month enrollment target Not for reproduction or further distribution.

![](tm2529763d1_ex99-2img017.jpg)

FY25 Q3 financial overview 17 Change Y/Y FY24 Q3 FY25 Q3 $154.1 $436.1 $590.2 Product revenues ($1.6) $3.6 $2.0 Licensing and other revenues $152.4 $439.8 $592.2 Total revenues 311 bps 61.8% 64.9% Gross margin% 1 $76.5 $96.9 $173.4 R&D $94.4 $214.2 $308.5 SG&A ($0.38) ($0.26) ($0.64) Net loss per diluted share ($ in millions, except for per share data) Change Y/Y Dec 31, 2024 Sep 30, 2025 Balance sheet $74.2 $968.3 $1,042.4 Cash & investments 2 ($0.1) $80.4 $80.3 UBS line of credit Not for reproduction or further distribution. 1. Non - GAAP gross margin percentage is computed as follows: GAAP revenues minus GAAP cost of product revenues and licensing and ot her revenues divided by GAAP revenues. 2. Cash and investments also include cash equivalents and restricted cash.

![](tm2529763d1_ex99-2img018.jpg)

Key drivers Current Guide 3 Q2 Guide Original Guide Guide ($ millions) Continued volume growth, conservative ASPs, strong oncology contribution $2,180 – $2,260 $2,020 – $2,100 $1,870 – $1,950 Revenue Continued ASP growth and COGS improvements 62% – 64% 61% – 64% 60% – 64% Gross margin 1 Commercial / reimbursement efforts generating returns; non - recurring settlement charge $1,075 – $1,175 $975 – $1,050 $950 – $975 SG&A Accelerating clinical trials with focus on ECD and MRD $575 – $625 $550 – $590 $525 – $550 R&D Revenue and margin growth yielding significant cash flow $100M in cash flow Positive Positive Cash flow 2 Raising 2025 guidance Not for reproduction or further distribution. 18 1. Non - GAAP gross margin percentage is computed as follows: GAAP revenues minus GAAP cost of product revenues and licensing and ot her revenues divided by GAAP revenues. 2. Non - GAAP cash inflow / outflow are calculated based on GAAP Statement of Cash Flows amounts including net cash from operating ac tivities, net cash from investing activities excluding amounts related to short - term investments, and net cash from financing activities excluding proceeds from public offerings. Please refer to our website at https://investor.natera.com/financials/ for a reconciliation of non - GAAP cash inflow / outflow to the most directly comparable GAAP financial measure. Management uses non - GAAP cash flow as an indicator of the Company's operational cash generati ng capabilities. 3. The outlook ranges above reflect management's current expectations as of November 6, 2025.

![](tm2529763d1_ex99-2img019.jpg)©202 5 Natera, Inc. All Rights Reserved. Not for reproduction or further distribution.®