Natera stock lifts outlook as oncology testing accelerates

Natera reported a strong third quarter on November 5, 2026, but higher spending continued to weigh on profitability. The diagnostics company said revenue for the three months ended September 30 rose to 794.0 million US dollars from 592.2 million US dollars a year earlier, an increase of 34.1 percent. The results and outlook were published in Natera's financial release.

Testing Volume Drives Revenue Growth

Natera processed 1,093,100 tests during the quarter, compared with 893,600 in the prior-year period. Oncology testing was particularly strong: the company processed 339,500 oncology tests, up 60.9 percent from 211,000 a year earlier. Clinical molecular residual disease testing also expanded sequentially, supporting the company's focus on cancer monitoring.

Gross profit increased to 513.5 million US dollars from 384.4 million US dollars. The reported gross margin was 64.7 percent, narrowly below 64.9 percent in the third quarter of 2025. Natera said revenue adjustments contributed 32.3 million US dollars to third-quarter revenue and gross profit, compared with 55.1 million US dollars in the year-earlier quarter. Excluding the change in revenue estimates, the non-GAAP gross margin improved sequentially.

Higher Spending Limits Earnings Progress

Operating expenses rose 19.5 percent to 576.1 million US dollars. Natera attributed the increase mainly to hiring for new products and higher clinical trial costs. The operating loss nevertheless narrowed to 68.3 million US dollars from 97.6 million US dollars, while the net loss declined 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.

The figures show the central investment case and risk for Natera stock: expanding test volumes are driving top-line growth, but the company is spending heavily to develop products, expand commercial capacity and support clinical programs. That spending can strengthen the long-term platform, while also delaying a sustained return to profitability.

Revenue Outlook Moves Above Three Billion

Natera raised its 2026 revenue outlook by 140 million US dollars at the midpoint. The new range is 3.005 billion to 3.035 billion US dollars, compared with the previous range of 2.850 billion to 2.910 billion US dollars. Management maintained its expected gross margin range of 64 percent to 66 percent and said it expects positive cash flow for the full year.

The company projects selling, general and administrative costs of 1.225 billion to 1.300 billion US dollars and research and development costs of 825 million to 925 million US dollars. The guidance assumes continued volume growth and stable average selling prices, while potential fourth-quarter revenue adjustments are excluded.

Natera stock traded at 294.55 euros on Lang & Schwarz at 13:47:26 CET on Friday, November 13, 2026.

The S&P 500 remains the main market reference for investors tracking US-listed healthcare companies.

Further developments in the testing portfolio, spending plans and financial outlook can be followed in more news and analyses on Natera stock.