NTRA — Tests and revenue
Natera's testing business is growing quickly, but revenue growth and test growth are not the same thing.
On November 5, $NTRA reported third-quarter revenue of $794 million, up 34.1% year over year, and raised its 2026 revenue outlook to $3.005 billion–$3.035 billion. The company said both volume and improvements in average selling prices contributed to growth.
Natera processed about 1.09 million tests in the quarter, up 22.3%. It reported results to customers for about 1.02 million tests, up 23%. Those are different measures, so mixing them can create a misleading picture of growth or revenue per test.
The company also said changes in revenue estimates added $32.3 million to quarterly revenue. Such adjustments reflect information about collections and make it important to inspect the underlying period, not just the headline growth rate.
Leadership is changing too: Solomon Moshkevich became CEO on November 5. The new leader inherits an expanding business that still reported a quarterly operating loss.
For the next test, track reported test volumes, pricing, estimate changes and operating losses together. That will help distinguish durable demand and collections from the effect of accounting revisions.