# Natera, Inc. (NTRA)

Informational only - not investment advice.

CIK: 0001604821
SIC: 8071 Services-Medical Laboratories
SIC breadcrumb: [Services](/division/I/) > [SIC Major Group 80](/major-group/80/) > [SIC 8071 Services-Medical Laboratories](/industry/8071/)
Latest 10-K filed: 2026-02-27
SEC page: https://www.sec.gov/edgar/browse/?CIK=1604821
Filing source: https://www.sec.gov/Archives/edgar/data/1604821/000110465926020881/ntra-20251231x10k.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-27 · accession 0001104659-26-020881 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001604821.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 2,306,113,000 USD | 2025 | verified |
| Net income | -208,160,000 USD | 2025 | verified |
| Assets | 2,398,344,000 USD | 2025 | verified |
| Free cash flow | 109,113,000 USD | 2025 | computed |
| Net margin | -9.03% | 2025 | computed |
| Operating margin | -13.44% | 2025 | computed |
| Revenue YoY | +35.90% | 2025 | computed |
| ROE | -12.16% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | NTRA | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -9.0% | -7.7% | 36 | 12 |
| Operating margin | -13.4% | -10.3% | 36 | 12 |
| Revenue growth | 35.9% | 13.8% | 92 | 13 |
| FCF margin | 4.7% | 4.7% | 50 | 11 |
| ROE | -12.2% | -7.0% | 33 | 13 |
| ROA | -8.7% | -5.6% | 38 | 14 |
| Liabilities / equity | 0.40 | 0.40 | 50 | 13 |
| Current ratio | 3.39 | 5.05 | 38 | 14 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 8071 Services-Medical Laboratories, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 2306113000 | USD | 2025 | 2026-02-27 |
| Net income | -208160000 | USD | 2025 | 2026-02-27 |
| Assets | 2398344000 | USD | 2025 | 2026-02-27 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001604821.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 212,512,000 | 209,625,000 | 257,654,000 | 302,328,000 | 391,005,000 | 625,486,000 | 820,222,000 | 1,082,571,000 | 1,696,911,000 | 2,306,113,000 |
| Net income | -100,327,000 | -137,628,000 | -128,154,000 | -124,827,000 | -229,743,000 | -471,716,000 | -547,799,000 | -434,801,000 | -190,426,000 | -208,160,000 |
| Operating income | -101,050,000 | -135,341,000 | -114,628,000 | -116,287,000 | -216,277,000 | -468,174,000 | -541,040,000 | -446,245,000 | -222,294,000 | -309,911,000 |
| Diluted EPS | -1.95 | -2.59 | -2.22 | -1.79 | -2.84 | -5.21 | -5.57 | -3.78 | -1.53 | -1.52 |
| Operating cash flow | -74,052,000 | -97,825,000 | -70,581,000 | -63,444,000 | -182,512,000 | -335,236,000 | -431,501,000 | -246,955,000 | 135,664,000 | 215,301,000 |
| Capital expenditures | 23,136,000 | 9,867,000 | 3,880,000 | 4,968,000 | 19,604,000 | 41,030,000 | 47,697,000 | 39,199,000 | 66,423,000 | 106,188,000 |
| Assets | 210,680,000 | 214,613,000 | 268,171,000 | 582,656,000 | 932,153,000 | 1,236,487,000 | 1,394,474,000 | 1,441,699,000 | 1,660,735,000 | 2,398,344,000 |
| Liabilities | 104,204,000 | 189,196,000 | 236,009,000 | 303,945,000 | 445,917,000 | 583,183,000 | 688,730,000 | 676,372,000 | 465,315,000 | 685,931,000 |
| Stockholders' equity | 143,577,000 | 25,417,000 | 32,162,000 | 278,711,000 | 486,236,000 | 653,304,000 | 705,744,000 | 765,327,000 | 1,195,420,000 | 1,712,413,000 |
| Free cash flow | -97,188,000 | -107,692,000 | -74,461,000 | -68,412,000 | -202,116,000 | -376,266,000 | -479,198,000 | -286,154,000 | 69,241,000 | 109,113,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | -47.21% | -65.65% | -49.74% | -41.29% | -58.76% | -75.42% | -66.79% | -40.16% | -11.22% | -9.03% |
| Operating margin | -47.55% | -64.56% | -44.49% | -38.46% | -55.31% | -74.85% | -65.96% | -41.22% | -13.10% | -13.44% |
| Return on equity | -69.88% |  | -398.46% | -44.79% | -47.25% | -72.20% | -77.62% | -56.81% | -15.93% | -12.16% |
| Return on assets | -47.62% | -64.13% | -47.79% | -21.42% | -24.65% | -38.15% | -39.28% | -30.16% | -11.47% | -8.68% |
| Liabilities / equity | 0.73 | 7.44 | 7.34 | 1.09 | 0.92 | 0.89 | 0.98 | 0.88 | 0.39 | 0.40 |
| Current ratio | 1.81 | 1.71 | 2.11 | 2.91 | 4.33 | 4.99 | 3.90 | 4.10 | 4.00 | 3.39 |

## As-reported value updates

6 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/NTRA/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001604821.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | -1.25 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | -1.23 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | -0.97 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 268,306,000 | -109,030,000 | -0.95 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 311,105,000 | -78,031,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 367,741,000 | -67,599,000 | -0.56 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 413,351,000 | -37,464,000 | -0.30 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 439,758,000 | -31,592,000 | -0.26 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 476,061,000 | -53,771,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 501,830,000 | -66,936,000 | -0.50 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 546,600,000 | -100,938,000 | -0.74 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 592,183,000 | -87,544,000 | -0.64 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 665,498,000 | 47,258,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 696,644,000 | -85,091,000 | -0.60 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 752,750,000 | -66,969,000 | -0.47 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from NTRA's latest 10-K: [/company/NTRA/business/](/company/NTRA/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from NTRA's latest 10-K: [/company/NTRA/risk-factors/](/company/NTRA/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1604821/000162828026054525/ntra-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-07
Report date: 2026-06-30

ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our unaudited condensed consolidated financial statements and related notes included in Part I, Item 1 of this report. Our actual results could differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on February 27, 2026.

Overview

We are a diagnostics company with proprietary molecular and bioinformatics technology that we are applying to change disease management worldwide. Our cell-free DNA ("cfDNA") technology combines our novel molecular assays, which reliably measure many informative regions across the genome, from samples as small as a single cell, with our statistical algorithms that incorporate data available from the broader scientific community to identify genetic variations, covering a wide range of serious conditions with high accuracy and coverage. We aim to make personalized genetic testing and diagnostics part of the standard of care to protect health and inform earlier and provide more targeted interventions that help lead to longer, healthier lives.

We provide a comprehensive suite of products to improve patient care outcomes in three main areas of healthcare – oncology, women’s health, and organ health. We generate the majority of our revenues from the sale of Panorama, our non-invasive prenatal test (“NIPT”) and Horizon, our genetic carrier screening test. In addition to Panorama, our product offerings in women’s health include Fetal Focus, our noninvasive prenatal test for single-gene inherited conditions, Vistara, our single-gene NIPT that screens for conditions that may affect quality of life, and Anora, our test to help determine underlying reasons for occurrence of miscarriage, and Empower, our hereditary cancer screening test which we also offer through our oncology sales channel. In oncology, we offer Signatera, our personalized ctDNA blood test for MRD assessment, early recurrence monitoring, and evaluation of treatment response in patients previously diagnosed with cancer. We also offer Latitude, our blood-based MRD test for colorectal cancer that does not require a tumor tissue sample, as well as Altera, a comprehensive genomic profiling test to support treatment decisions and therapy selection.

We process tests in our laboratories certified under the Clinical Laboratory Improvement Amendments of 1988, or CLIA, primarily in Austin, Texas and San Carlos, California; our laboratory in Boulder, Colorado performs clinical trials testing. A portion of our testing is performed by third-party laboratories. Our customers include independent laboratories, national and regional reference laboratories, medical centers and physician practices for our screening tests, and research laboratories and pharmaceutical companies. We market and sell our tests through our direct sales force and, for our women’s health tests, through our laboratory distribution partners. We bill clinics, laboratory distribution partners, patients, pharmaceutical companies and insurance payers for the tests we perform. In cases where we bill laboratory distribution partners, our partners in turn bill clinics, patients and insurers. The majority of our revenue comes from insurers with whom we have in-network contracts. Such insurers reimburse us for our tests pursuant to our in-network contracts with them, based on positive coverage determinations, which means that the insurer has determined that the test in general is medically necessary for this category of patient.

In addition to offering tests to be performed at our laboratories, either directly or through our laboratory distribution partners, we also establish licensing arrangements with laboratories under Constellation, our cloud-based distribution model, whereby our laboratory licensees run the molecular workflows themselves and then access our bioinformatics algorithms through our cloud-based software. This cloud-based distribution model results in lower revenues and gross profit per test than cases in which we process a test ourselves; however, because we do not incur the costs of processing the tests, our costs per test under this model are also lower.

The principal focus of our commercial operations is to offer our tests through both our direct sales force and laboratory distribution partners. The number of tests that we accession is a key indicator that we use to assess our business. A test is accessioned when we receive the test at our laboratory, the relevant information about the test is entered into our computer system, and the test sample is routed into the appropriate workflow. This number is a subset of the number of tests that we process. The number of tests that we process is a key metric as it tracks overall volume growth.

During the six months ended June 30, 2026, we processed approximately 2,056,800 tests, comprised of approximately 2,028,600 tests accessioned in our laboratory, compared to approximately 1,708,200 tests processed, comprised of approximately 1,680,100 tests accessioned in our laboratory, during the six months ended June 30, 2025. This

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increase in volume primarily represents continued commercial growth of Signatera, Panorama and Horizon, both as tests performed in our laboratories as well as through our Constellation software platform.

The percent of our revenues attributable to our U.S. direct sales force for the six months ended June 30, 2026 was 95%, a decrease compared to 96% for the six months ended June 30, 2025. The percent of our revenues attributable to U.S. laboratory distribution partners for the six months ended June 30, 2026 was 3%, an increase compared to 2% from the same period in the prior year. Our ability to increase our revenues and gross profit will depend on our ability to further penetrate the U.S. market with our direct sales force. The percent of our revenues attributable to international laboratory distribution partners and other international sales for the six months ended in both June 30, 2026 and 2025 was 2%.

For the six months ended June 30, 2026, total revenues were $1,449.4 million compared to $1,048.4 million in the six months ended June 30, 2025. Product revenues accounted for $1,441.8 million, nearly 99% of total revenues for the six months ended June 30, 2026 compared to $1,044.5 million, representing nearly 100% of total revenues for the six months ended June 30, 2025. For the six months ended June 30, 2026 and 2025, no customers exceeded 10% of the total revenues on an individual basis. Revenues from customers outside the United States were $24.3 million, representing approximately 2% of total revenues for the six months ended June 30, 2026. For the six months ended June 30, 2025, revenues from customers outside the United States were $18.3 million, representing approximately 2% of total revenues. Most of our revenues have been denominated in U.S. dollars, though we generate some revenue in foreign currency, primarily denominated in Euros and Singapore Dollars.

Our net loss for the six months ended June 30, 2026 and 2025 was $152.1 million and $167.9 million, respectively. This included non-cash stock compensation expense of $198.2 million and $171.2 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, we had an accumulated deficit of $2.9 billion.

Components of the Results of Operations

Revenues

Product Revenues

We generate revenues from the sale of our tests, primarily from the sale of our Signatera, Panorama and Horizon tests. Our two primary distribution channels are our direct sales force and our laboratory partners. In cases where we promote our tests through our direct sales force, we generally bill directly to a patient, clinic or insurance carrier, or a combination of the insurance carrier and patient, for the fees.

Sales of our clinical tests are recorded as product revenues. Revenues recognized from tests processed through our Constellation model, and from our strategic partnership agreements, are reported in licensing and other revenues.

In cases where we sell our tests through our laboratory partners, the majority of our laboratory partners bill the patient, clinic or insurance carrier for the performance of our tests, and we are entitled to either a fixed price per test or a percentage of their collections.

Our ability to increase our revenues will depend on our ability to further penetrate our core markets in oncology, organ health, and women’s health and, in particular, generate sales through our direct sales force, develop and commercialize additional tests, obtain reimbursement from additional third-party payers and maintain our reimbursement rates for tests performed. For example, we believe that the market for minimal residual disease (MRD) testing is significantly underpenetrated today, as Signatera was among the first of its kind of blood-based MRD personalized to be launched commercially in 2020. In order to further penetrate this market, we must continue to deliver excellent customer service, scale our laboratory operations, update the performance and features of our offering, and effectively communicate our offering to physicians via effective sales and marketing efforts. Beyond increasing volumes, an additional pathway to increasing revenues depends on increasing third party reimbursement for Signatera. Many third-party payers do not currently reimburse for Signatera, in part because Signatera is not yet broadly included in oncology clinical practice guidelines. In order to gain broader guideline inclusion, we will need to continue to publish positive clinical trial results in a wide array of cancer types.

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Licensing and Other Revenues

Revenues recognized from tests processed through our Constellation model and from our strategic partnership agreements are reported in licensing and other revenues. We also recognize licensing revenues through the licensing and the provisioning of services to support the use of our proprietary technology by licensees under our cloud-based distribution model.

Our strategy to offer access to our algorithm to laboratory licensees via our Constellation cloud-based software platform may also cause our revenues to decrease because we do not process the tests and perform the molecular biology analysis in our own laboratory under this model, and therefore are not able to charge as high an amount and, as a result, realize lower revenues per test than when we perform the entire test ourselves.

Cost of Product Revenues

The components of our cost of product revenues are material and service costs, depreciation charges associated with testing equipment, personnel costs, including stock-based compensation expense, equipment and infrastructure expenses associated with testing samples, electronic medical records, order and delivery systems, shipping charges to transport samples, costs incurred from third party test processing fees, and allocated overhead such as rent, information technology costs, leasehold depreciation and utilities. Costs associated with Whole Exome Sequencing, are also included, as well as labor costs, relating to our Signatera CLIA and Signatera research use only offerings. Costs associated with performing tests are recorded when the test is accessioned. We expect cost of product revenues to increase as the number of tests we perform increases.

As we continue to achieve scale, we have increased our focus on more efficient use of labor, automation, and DNA sequencing. For example, we updated the molecular and b

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1604821/000110465926020881/ntra-20251231x10k.htm
Complete FY 2025 MD&A: /company/NTRA/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-27
Report date: 2025-12-31

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

​

You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and related notes included in Part II, Item 8 of this report. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in “Risk Factors” included elsewhere in this report.

​

Overview

​

We are a diagnostics company with proprietary molecular and bioinformatics technology that we are applying to change disease management worldwide. Our cell-free DNA, or cfDNA, technology combines our novel molecular assays, which reliably measure many informative regions across the genome, from samples as small as a single cell, with our statistical algorithms that incorporate data available from the broader scientific community to identify genetic variations,  covering a wide range of serious conditions with high accuracy and coverage. We aim to make personalized genetic testing and diagnostics part of the standard of care to protect health and inform earlier and provide more targeted interventions that help lead to longer, healthier lives.

​

We provide a comprehensive suite of products to improve patient care outcomes in three main areas of healthcare – oncology, women’s health, and organ health. We generate the majority of our revenues from the sale of Panorama, our non-invasive prenatal test (“NIPT”) and Horizon, our genetic carrier screening test. In addition to Panorama, our product offerings in women’s health include Fetal Focus, our noninvasive prenatal test for single-gene inherited conditions, Vistara, our single-gene NIPT that screens for conditions that may affect quality of life, and Anora, our test to help determine underlying reasons for occurrence of miscarriage, and Empower, our hereditary cancer screening test which we also offer through our oncology sales channel. In oncology, we offer Signatera, our personalized ctDNA blood test for MRD assessment, early recurrence monitoring, and evaluation of treatment response in patients previously diagnosed with cancer. We also offer Latitude, our blood-based MRD test for colorectal cancer that does not require a tumor tissue sample, as well as Altera, a comprehensive genomic profiling test to support treatment decisions and therapy selection.

​

We process tests in our laboratories certified under the Clinical Laboratory Improvement Amendments of 1988, or CLIA, primarily in Austin, Texas and San Carlos, California; our laboratory in Boulder, Colorado performs clinical trials testing. A portion of our testing is performed by third-party laboratories. Our customers include independent laboratories, national and regional reference laboratories, medical centers and physician practices for our screening tests, and research laboratories and pharmaceutical companies. We market and sell our tests through our direct sales force and, for our women’s health tests, through our laboratory distribution partners. We bill clinics, laboratory distribution partners, patients, pharmaceutical companies and insurance payers for the tests we perform. In cases where we bill laboratory distribution partners, our partners in turn bill clinics, patients and insurers. The majority of our revenue comes from insurers with whom we have in-network contracts. Such insurers reimburse us for our tests pursuant to our in-network contracts with them, based on positive coverage determinations, which means that the insurer has determined that the test in general is medically necessary for this category of patient.

​

In addition to offering tests to be performed at our laboratories, either directly or through our laboratory distribution partners, we also establish licensing arrangements with laboratories under Constellation, our cloud-based distribution model, whereby our laboratory licensees run the molecular workflows themselves and then access our bioinformatics algorithms through our cloud-based software. This cloud-based distribution model results in lower revenues and gross profit per test than cases in which we process a test ourselves; however, because we do not incur the costs of processing the tests, our costs per test under this model are also lower.

​

​

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The principal focus of our commercial operations is to offer our tests through both our direct sales force and laboratory distribution partners, and our Constellation licensees under our cloud-based distribution model. The number of tests that we accession is a key indicator that we use to assess our business. A test is accessioned when we receive the test at our laboratory, the relevant information about the test is entered into our computer system, and the test sample is routed into the appropriate workflow. This number is a subset of the number of tests that we process, which includes tests distributed through our Constellation licensees. The number of tests that we process is a key metric as it tracks overall volume growth, particularly as our laboratory partners may transition from sending samples to our laboratory to our cloud-based distribution model, as a result of which our tests accessioned would decrease but our tests processed would remain unchanged.

​

During the year ended December 31, 2025, we processed approximately 3,525,500 tests, comprised of approximately 3,468,700 tests accessioned in our laboratories. During the year ended December 31, 2024, we processed approximately 3,064,600 tests, comprised of approximately 3,001,900 tests accessioned in our laboratories. During the year ended December 31, 2023, we processed approximately 2,496,100 tests, comprised of approximately 2,426,500 tests accessioned in our laboratories. This increase in volume primarily represents continued commercial growth of Signatera, Panorama and Horizon, both as tests performed in our laboratories as well as through our Constellation software platform.

​

The percent of our revenues attributable to our U.S. direct sales force were 95%, 94% and 91% for the years ended December 31, 2025, 2024, and 2023, respectively. The percent of our revenues attributable to U.S. laboratory partners for the years ended December 31, 2025, 2024, and 2023, was 3%, 4% and 6%, respectively. Our ability to increase our revenues and gross profit will depend on our ability to further penetrate the U.S. market with our direct sales force. The percent of our revenues attributable to international laboratory partners and other international sales was 2%, 2% and 3% for the years ended December 31, 2025, 2024 and 2023, respectively.

​

For the year ended December 31, 2025, total revenues were $2,306.1 million, compared to $1,696.9 million and $1,082.6 million in the years ended December 31, 2024 and 2023, respectively. Product revenues generated from our testing accounted for $2,295.8 million or nearly 100% of total revenues for the year ended December 31, 2025, compared to $1,685.1 million or 99% of total revenues for the year ended December 31, 2024 and $1,068.5 million or 99% of total revenues for the year ended December 31, 2023. For the years ended December 31, 2025, 2024, and 2023, there were no customers exceeding 10% of the total revenues on an individual basis. Revenues from customers outside the United States were $41.8 million, representing 2% of total revenues for the year ended December 31, 2025. For the year ended December 31, 2024, revenues from customers outside the United States were $39.2 million, representing approximately 2% of total revenues. For the year ended December 31, 2023, revenues from customers outside the United States were $34.9 million, representing approximately 3% of total revenues. Most of our revenues have been denominated in U.S. dollars, though we generate some revenue in foreign currency, primarily denominated in Euros and Singapore Dollars.

​

Our net losses for the years ended December 31, 2025, 2024, and 2023, were $208.2 million, $190.4 million, and $434.8 million, respectively. This included non-cash stock compensation expense of $354.4 million, $274.4 million, and $191.8 million for the years ended December 31, 2025, 2024, and 2023, respectively. As of December 31, 2025, we had an accumulated deficit of $2.8 billion.

​

Components of the Results of Operations

​

The section of this Management’s Discussion and Analysis generally discusses year-to-year comparisons between 2025 and 2024. Discussions of year-to-year comparisons between 2024 and 2023 that are not included in this Annual Report on Form 10-K can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 7 of Part II of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 27, 2025.

​

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Revenues

​

Product Revenues

​

We generate revenues from the sale of our tests, primarily from the sale of our Signatera, Panorama and HCS tests. Our two primary distribution channels are our direct sales force and our laboratory partners. In cases where we promote our tests through our direct sales force, we generally bill directly to a patient, clinic or insurance carrier, or a combination of the insurance carrier and patient, for the fees.

Sales of our clinical tests are recorded as product revenues. Revenues recognized from tests processed through our Constellation model, and from our strategic partnership agreements, are reported in licensing and other revenues.

In cases where we sell our tests through our laboratory partners, the majority of our laboratory partners bill the patient, clinic or insurance carrier for the performance of our tests, and we are entitled to either a fixed price per test or a percentage of their collections.

​

Our ability to increase our revenues will depend on our ability to further penetrate the domestic and international markets and, in particular, generate sales through our direct sales force, develop and commercialize additional tests, obtain reimbursement from additional third-party payers and increase our reimbursement rates for tests performed. For example, our financial performance depends on reimbursement for microdeletions testing. Many third-party payers do not currently reimburse for microdeletions screening in part because there has historically been limited published data on the performance of microdeletions screening tests, with our single nucleotide polymorphism-based Microdeletion and Aneuploidy RegisTry, or SMART study results only being published in early 2022.

​

Entering into in-network contracts continues to be an important part of our business strategy, as we believe that in-network coverage of our tests by third-party payers is crucial to our growth and long-term success, as in-network pricing is more predictable than out-of-network pricing, enables us to develop stable, long-term relationships with third-party payers, and provides access to a larger population of covered lives. However, the negotiated fees under our contracts with third-party payers are typically lower than the list price of our tests, and in some cases the third-party payers that we contract with have negative coverage determinations for some of our offerings, in particular Panorama for microdeletions screening. Therefore, being in-network with third-party payers has in the past had, and may in the future have, an adverse impact on our revenues and gross margins. We intend to mitigate any impact by driving more business from our most profitable accounts.

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Licensing and Other Revenues

​

Revenues recognized from tests processed through our Constellation model, and from

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/NTRA/mda/fy2025/
All MD&A years: /company/NTRA/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/NTRA/mda/fy2024/): filed 2025-02-28; accession 0001558370-25-001869 (https://www.sec.gov/Archives/edgar/data/1604821/000155837025001869/ntra-20241231x10k.htm)
- [FY 2023 MD&A](/company/NTRA/mda/fy2023/): filed 2024-02-29; accession 0001558370-24-002083 (https://www.sec.gov/Archives/edgar/data/1604821/000155837024002083/ntra-20231231x10k.htm)
- [FY 2022 MD&A](/company/NTRA/mda/fy2022/): filed 2023-03-01; accession 0001558370-23-002460 (https://www.sec.gov/Archives/edgar/data/1604821/000155837023002460/ntra-20221231x10k.htm)
- [FY 2021 MD&A](/company/NTRA/mda/fy2021/): filed 2022-02-25; accession 0001558370-22-002022 (https://www.sec.gov/Archives/edgar/data/1604821/000155837022002022/ntra-20211231x10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 8071 Services-Medical Laboratories) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PCE](/indicator/PCE/): Personal Consumption Expenditures
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [UNRATE](/indicator/UNRATE/): Unemployment Rate
- [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income

Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/NTRA.md · JSON record: /company/NTRA.json · verified financials: /company/NTRA/financials.json / /company/NTRA/financials.csv · machine TOC for the whole site: /llms.txt