Natera Q3 Earnings Call Highlights $6B Target & Raised 2026 Outlook

Natera (NTRA) lifted its 2026 revenue guidance to $3.005-$3.035B from $2.850-$2.910B, anchoring the raise on 56% year-over-year growth in Signatera testing volume, which reached 316,000 units.

The beat-and-raise came with a blemish. Q3 2026 revenue hit $794M, up 34.1%, but adjusted loss widened to 39 cents per share, worse than expected. Management held gross margin guidance at 64%-66%, so the guide offered no margin upside to offset the loss.

Incoming CEO Solomon Moshkevich put a long-range marker on the table: $6B in annual revenue by 2029. He pointed to three levers: MRD testing expansion, international growth, and pharmaceutical partnerships. Management also cited expanded reimbursement coverage and advancing clinical trials as supporting the plan.

Interpretation: the guidance bump of roughly $145M at the midpoint suggests Signatera volume is running ahead of internal plans. The $6B target implies a steep multi-year ramp from the current guided base of about $3B, which leaves the stock sensitive to any slowdown in testing volume growth. The wider loss shows that growth is still being funded at a cost.