EarningsQ2 2026 Earnings Report
DE:45E Q2 2026 EPS Results
Actual EPS-€0.42
Consensus EPS-€0.44
Beat/MissBeat by +€0.02
One Year Ago EPS-€0.66
DE:45E Q2 2026 Revenue Results
Actual Revenue€670.92M
Expected Revenue€589.36M
Beat/MissBeat by +€81.56M
YoY Revenue Growth+37.71%
Earnings Announcement Details
QuarterQ2 2026
Date08/06/2026
TimeAfter Close
Conference CallThursday, August 6, 2026
DE:45E Upcoming Earnings
Natera's next earnings date is estimated for November 11, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:45E Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong operational momentum and multiple high‑impact milestones (record volumes, robust revenue growth, major regulatory approvals, new guideline support, improved ASPs and margins, raised guidance, and a deep prospective clinical program). These positives are partially offset by near-term margin pressure from new product ramps, substantial investment in early cancer detection that depresses near-term profitability, reliance on future coverage actions for major ASP upside, and some one-time/variable SG&A items. Overall, the balance of evidence points to accelerating commercialization and durable long‑term opportunity despite expected short‑term investment and mix effects.Company Guidance
Record Test Volume
Processed approximately 1.044 million tests in Q2 FY26, exceeding 1 million units and setting a new company record with broad volume strength across businesses.
Strong Oncology / MRD Growth
Clinical MRD (primarily Signatera) units were ~283,000 in the quarter, up ~56% year-over-year vs Q2 2025 and increased ~34,000 units sequentially (largest sequential increase to date).
Robust Revenue Growth and Guide Raise
Reported revenue of approximately $753 million in Q2, ~38% year-over-year growth (about 40% ex revenue true-ups). Raised full-year revenue guidance midpoint by $100 million to a range of $2.85B–$2.91B, implying ~31% revenue growth ex true-ups for FY26.
Improving ASPs and Gross Margin
Signatera ASPs increased to roughly $12.75. Reported gross margin was ~65% for the quarter, driven largely by ASP improvements and showing ~50 basis points sequential improvement ex-true-ups vs Q1.
Major Regulatory and Guideline Milestones for Signatera
Signatera achieved multiple strategic wins: first MRD test FDA approval as a companion diagnostic (muscle invasive bladder cancer), Japanese PMDA approval for colorectal cancer, EU IVDR certification (indicated across >20 tumor types), and NCCN Category 1 recommendation for bladder cancer—each expected to accelerate adoption and reimbursement.
Organ Health Reimbursement Expansion
Medicare final LCD for organ transplant surveillance published (effective Aug 30): year-1 coverage expanded to 6 tests for kidney and 12 tests for heart and lung transplants, with years 2–3 coverage at 4 tests/year across all three categories—expected to drive Prospera ASPs and volumes.
Women's Health Product Innovation and Adoption
Launched enhanced Panorama NIPT in May with a no-call rate reduced to 0.5% (from ~2%), an ~80% improvement; prospective blinded studies included >3,300 patients and detected 100% of trisomy 21 cases in low fetal fraction cohort. Fetal Focus and fetal RHD launches continue to drive new account wins and share gains.
Prospective Clinical Evidence and SIGNAL Program
Over 70 prospective MRD studies opened; Natera launched SIGNAL-ER101 (first self‑sponsored interventional study) and plans multiple additional interventional SIGNAL trials designed to be practice-changing and guideline/reimbursement enablers.
Early Cancer Detection Progress
Proceed CRC data showed promising performance (22.5% sensitivity / 91.5% specificity for advanced adenomas; case-control CRC sensitivity 95% / specificity 91%). FIND pivotal study near full enrollment (~24,000 average-risk adults) with readout expected in 2027; company investing to prepare assay and FDA path.
Improved Cash Conversion and Financial Discipline
Generated positive cash inflow in the quarter; Days Sales Outstanding (DSO) improved by ~4 days to an average of 57 days. Management intends to hold OpEx steady in the guide and remains focused on generating cash for the year while investing in growth.
DE:45E Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed