Natera stock lifts 2026 outlook after 34% Q3 revenue growth

Natera reported third-quarter 2026 revenue of 794.0 million US dollars, up 34.1% from 592.2 million US dollars a year earlier, according to the company's financial release published on Thursday, November 5. The Austin-based diagnostics company raised its 2026 revenue outlook after a quarter marked by higher testing activity and improved average selling prices.

Natera stock traded at 289.70 euros on Lang & Schwarz at 13:51 CET on Thursday, November 12, 2026.

Testing volume drives higher outlook

Natera processed 1,093,100 tests in the quarter, compared with 893,600 in the third quarter of 2025. Oncology testing rose to 339,500 units from 211,000, an increase of 60.9%. The company said the revenue increase was driven by higher volume and average selling price improvements.

Gross margin was 64.7%, compared with 64.9% a year earlier. Excluding changes in revenue estimates, non-GAAP gross margin increased by 1.4 percentage points from the second quarter. Natera said those changes increased third-quarter revenue by 32.3 million US dollars, down from 52.3 million US dollars in the previous quarter.

Investment keeps pressure on earnings

Operating expenses rose 19.5% to 576.1 million US dollars, mainly because of headcount growth for new products and higher clinical-trial spending. The net loss narrowed to 59.9 million US dollars, or 0.42 US dollars per diluted share, from 87.5 million US dollars, or 0.64 US dollars per share, in the prior-year quarter.

For the full year, Natera now expects revenue of 3.005 billion to 3.035 billion US dollars, compared with its previous range of 2.850 billion to 2.910 billion US dollars. The midpoint increased by 140 million US dollars. Management also expects a gross margin of 64% to 66%, positive cash flow, selling, general and administrative costs of 1.225 billion to 1.300 billion US dollars, and research and development spending of 825 million to 925 million US dollars.

The revised outlook improves the sales visibility for investors, but it also highlights the cost of expanding Natera's testing platform. The company continues to report a net loss, while clinical trials, staffing and new product launches require additional spending. Execution on volume growth and reimbursement will therefore remain central to the investment case.

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