Natera (NASDAQ:NTRA), a global leader in cell-free DNA testing and precision medicine, released preliminary unaudited financial and operational results for the fourth quarter and full year ended December 31, 2025.
Fourth-quarter total revenues are expected to reach approximately $660 million, representing a 39% increase from $476 million in the fourth quarter of 2024.
Excluding revenue true-ups, underlying quarterly revenues exceeded $600 million.
For the full year, total revenues are anticipated to be approximately $2.3 billion, up 35% from $1.7 billion in 2024.
Test volume growth remained robust, with approximately 923,600 tests processed in the fourth quarter (up 17% from 792,800 in the prior-year period) and 3,525,500 tests processed for the full year (up 15% from 3,064,600 in 2024).
The company's oncology franchise, led by Signatera MRD testing, delivered particularly strong performance.
In the fourth quarter, oncology tests reached approximately 233,300, including 225,300 clinical MRD tests, a 55% increase from 150,800 oncology tests (including 144,500 clinical MRD) in the year-ago quarter.
Clinical MRD tests grew by approximately 22,800 sequentially from the third quarter, marking a record quarterly increase and surpassing the prior record set in Q3 2025 despite fewer collection days.
Full-year oncology test volume totaled approximately 800,800, including 769,700 clinical MRD tests, reflecting a 52% increase from 528,200 oncology tests (including 498,300 clinical MRD) in 2024.
Elsewhere, Natera generated cash inflows of approximately $30 million in the fourth quarter and more than $100 million for the full year 2025, underscoring continued improvement in operating leverage and cash flow generation.
The preliminary figures are unaudited and subject to final adjustments during the company's standard close and audit processes.
Natera expects to release complete fourth-quarter and full-year 2025 financial results, along with updated guidance, in its upcoming earnings announcement.