Natera, Inc.

Listed Company

NTRACIK 0001604821NasdaqLarge AcceleratedServices-Medical LaboratoriesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$2.31B

Net Income

$-208.20M

Total Assets

$2.40B

Equity

$1.71B

Shares Out

141.73M

Op. Cash Flow

$215.30M

Business

Natera, Inc. is a diagnostics company that applies proprietary cell-free DNA molecular and bioinformatics technology to detect genetic variations for clinical decision-making. It offers blood- and tissue-based molecular tests and related cloud software, including Panorama, Horizon, Vistara, Signatera, Altera, Prospera, Renasight and the Constellation analytics platform. The company organizes its business across three primary clinical areas—women’s health, oncology and organ health—while also licensing cloud-based algorithms and reagents to laboratory partners. It commercializes tests through a U.S. direct sales force, payer networks and a global network of laboratory and distribution partners using cloud delivery, mobile phlebotomy and provider portals.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	2,306	1,697	1,083	820	625
Research and development	624	404	321	316	264
Selling, general and administrative	1,177	841	618	589	511
Amortization of acquired intangible assets	2	—	—	—	—
Total cost and expenses	2,616	1,919	1,529	1,361	1,094
Loss from operations	−310	−222	−446	−541	−468
Interest expense	−4	−11	−13	−9	−8
Interest and other income, net	46	43	24	4	5
Loss before income taxes	−268	−190	−435	−547	−471
Income tax benefit (expense)	60	−700,000	−300,000	−1	−600,000
Net loss	−208	−190	−435	−548	−472
Unrealized gain on available-for-sale securities and foreign currency translation adjustment	86,000	3	13	—	—
Comprehensive loss	−208	−188	−422	−562	−478
Basic (in dollars per share)	−1.52	−1.53	−3.78	−5.57	−5.21
Diluted (in dollars per share)	−1.52	−1.53	−3.78	−5.57	−5.21
Basic (in shares)	137	125	115	98	91
Diluted (in shares)	137	125	115	98	91

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-11-30	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash, cash equivalents and restricted cash	1,100	—	946	642	466
Short-term investments	—	—	23	237	432
Accounts receivable, net of allowance of $8,018 in 2025 and $7,259 in 2024	297	—	314	278	244
Inventory	68	—	45	41	35
Prepaid expenses and other current assets, net	56	—	49	61	34
Total current assets	1,497	—	1,376	1,259	1,212
Property and equipment, net	241	—	162	111	92
Operating lease right-of-use assets	109	—	86	57	72
Goodwill	141	141	—	—	—
Intangible assets	374	—	11	—	—
Other assets	37	—	26	15	18
Total assets	2,398	—	1,661	1,442	1,394
Accounts payable	33	—	35	15	31
Accrued compensation	93	—	62	46	44
Contingent consideration payable, current portion	22	—	—	—	—
Deferred revenue, current portion	25	—	20	17	11
Short-term debt financing	80	—	80	80	80
Other accrued liabilities	189	—	147	149	144
Total current liabilities	441	—	344	307	310
Contingent consideration payable, long-term portion	97	—	—	—	—
Deferred tax liability, long-term portion	701,000	—	—	—	—
Operating lease liabilities, long-term portion	118	—	97	67	77
Deferred revenue, long-term portion	17	—	17	19	20
Other liabilities	12	—	8	—	—
Total liabilities	686	—	465	676	689
Commitments and contingencies (Note 10)	—	—	—	—	—
Common stock, $0.0001 par value: 750,000 shares authorized at both December 31, 2025 and 2024; 139,693 and 132,646 shares issued and outstanding at December 31, 2025 and 2024, respectively	14,000	—	12,000	11,000	11,000
Additional paid-in capital	4,489	—	3,764	3,146	2,665
Accumulated deficit	−2,800	—	−2,568	−2,377	−1,943
Accumulated other comprehensive loss	−258,000	—	−344,000	−3	−16
Total stockholders' equity	1,712	—	1,195	765	706
Total liabilities and stockholders' equity	2,398	—	1,661	1,442	1,394

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−208	−190	−435	−548	−472
Depreciation and amortization	42	31	24	17	11
Expensed in-process research and development	—	—	3	9	36
Non-cash lease expense	20	15	15	14	11
Stock-based compensation	354	274	192	152	115
Amortization of premiums and accretion of purchase discounts on investment securities	32,000	−618,000	1	5	—
Change in fair value of warrants and preferred stock of related party equity investment	−3	—	—	—	—
Foreign exchange adjustment	17,000	462,000	265,000	−2,000	−11,000
Amortization of debt discount and issuance cost	—	991,000	1	1	1
Non-cash interest expense	−39,000	3	52,000	302,000	94,000
Non-cash expense recovery	−1	−442,000	—	—	—
Accounts receivable	21	−36	−34	−122	−44
Inventory	−21	−4	−5	−8	−7
Operating lease right-of-use assets	4	—	8	622,000	—
Prepaid expenses and other assets	−9	11	−26	−1	−3
Accounts payable	753,000	13	−15	5	19
Accrued compensation	60	40	22	3	11
Deferred tax liability	−61	—	—	—	—
Operating lease liabilities	−20	−17	−12	−10	−10
Other accrued liabilities	31	−6	10	48	33
Deferred revenue	3	852,000	5	2	−44
Net cash provided by (used in) operating activities	215	136	−247	−432	−335
Purchases of investments	—	−122	−98	−87	−876
Proceeds from sale of investments	—	25	—	248	188
Proceeds from maturity of investments	23	314	306	217	533
Purchases of property and equipment, net	−106	−66	−39	−48	−41
Purchase of intangible assets, net	−33	−10	—	—	—
Investment in related party	—	−3	—	—	—
Cash paid for business combination, net	−16	—	—	—	−9
Net cash (used in) provided by investing activities	−132	138	168	330	−205
Proceeds from exercise of stock options	23	13	4	6	12
Proceeds from issuance of common stock under employee stock purchase plan	25	17	15	—	—
Proceeds from public offering, net of issuance cost	—	—	235	433	551
Stock issuance costs	−112,000	—	—	—	—
Cash redemption on Convertible Note	—	−82,000	—	—	—
Net cash provided by financing activities	47	30	254	483	576
Net change in cash, cash equivalents and restricted cash	131	303	176	381	36
Cash paid for income taxes, net	499,000	1	295,000	549,000	283,000
Cash paid for interest	4	8	11	8	7
Purchases of property and equipment in accounts payable and accruals	−1	9	2	−2	5
Acquisition of warrants	—	9	—	—	—
Amounts accrued for acquisition of intangible assets	3	1	—	—	—
Contingent consideration for business combination	118	—	—	—	—
Issuance of common stock for business combination	287	—	—	—	—
Issuance of common stock for IPR&D milestone	—	—	14	—	—
Stock-based compensation included in capitalized software development costs	3	2	629,000	—	—
Debt and interest converted into equity	—	287	—	—	—

Filings

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