Natera, Inc. (NASDAQ: NTRA)

Natera, Inc. is a diagnostics company that applies proprietary molecular and bioinformatics technology to improve disease management worldwide. The company’s core technology combines cell free DNA analysis with statistical algorithms to detect genetic variations from very small samples. Natera focuses on three main healthcare areas oncology women’s health and organ health. It offers a suite of blood based tests that help clinicians make earlier and more targeted treatment decisions.

Natera generates revenue primarily from the sale of its diagnostic tests. Product revenues were $2,295.8 million in 2025, $1,685.1 million in 2024, and $1,068.5 million in 2023. The company sells tests directly through its U. S. sales force and partners with over one hundred laboratory and distribution partners internationally. In 2025 the company processed approximately 3,500,000 tests compared to 3,100,000 in 2024 and 2,500,000 in 2023. Revenue also includes service offerings such as the Constellation cloud software platform.

The company operates through the following segments.

• Oncology: The segment provides personalized circulating tumor DNA tests for minimal residual disease detection recurrence monitoring and treatment response evaluation in patients previously diagnosed with cancer. It also offers tissue based comprehensive genomic profiling to support therapy selection and a hereditary cancer screening panel to inform surgical and therapeutic decisions.

• Women's Health: The segment offers non invasive prenatal testing to screen for fetal chromosomal abnormalities and microdeletions. It also provides carrier screening for inherited conditions and single gene non invasive prenatal tests for recessive disorders. Additionally the segment includes hereditary cancer screening and products of conception testing to support reproductive health.

• Organ Health: The segment offers tests to assess active rejection in kidney heart and lung transplant recipients by measuring donor derived cell free DNA in blood. It also provides a genetic test for chronic kidney disease to identify hereditary risk and guide management.

Natera holds a leading position in the non invasive prenatal testing market where it ranks as the largest volume provider in the United States. The company competes with firms such as BGI BillionToOne Fulgent Genetics Illumina through its Verinata subsidiary Labcorp Myriad Genetics Quest Diagnostics Revvity Guardant Health Tempus Labs Caris Life Sciences Exact Sciences Personalis and CareDx. Competitive advantages stem from its proprietary molecular assays and algorithms that deliver high sensitivity and specificity across oncology women’s health and organ health applications. A strong intellectual property portfolio with over 650 issued or pending patents and extensive peer reviewed publications further differentiate the company. Additionally Natera’s integrated commercial model which combines direct sales a global partnership network and user experience tools such as EMR integration and mobile phlebotomy supports broad adoption of its tests.

Natera serves hospitals outpatient clinics physician practices transplant centers oncology clinics IVF centers and clinical laboratories. Its tests are ordered by obstetricians gynecologists maternal fetal medicine specialists oncologists nephrologists and other healthcare providers. The company also works with biopharmaceutical firms for research use and collaborates with health plans to secure reimbursement coverage.