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5 Revealing Analyst Questions From Natera’s Q2 Earnings Call

By: StockStory

NTRA Cover Image

Natera’s second quarter showed significant momentum, with management attributing strong revenue growth to broad-based gains in oncology, particularly from its Signatera minimal residual disease (MRD) test. CEO Steven Chapman highlighted a record number of new patient starts, driven by positive clinical trial results and greater physician adoption across tumor types. The company also saw continued progress in women’s health and organ health, underscored by new product launches and expanded clinical evidence. Gross margin expansion was supported by improved average selling prices and operational efficiencies, though increased costs tied to higher test volumes and investments in innovation weighed on operating margins.

Is now the time to buy NTRA? Find out in our full research report (it’s free).

Natera (NTRA) Q2 CY2025 Highlights:

  • Revenue: $546.6 million vs analyst estimates of $476.6 million (32.2% year-on-year growth, 14.7% beat)
  • Adjusted EPS: -$0.74 vs analyst expectations of -$0.59 (24.5% miss)
  • Adjusted EBITDA: -$100.5 million vs analyst estimates of -$79.05 million (-18.4% margin, 27.1% miss)
  • The company lifted its revenue guidance for the full year to $2.06 billion at the midpoint from $1.98 billion, a 4% increase
  • Operating Margin: -20.2%, down from -10.6% in the same quarter last year
  • Sales Volumes rose 12.7% year on year (22.8% in the same quarter last year)
  • Market Capitalization: $21.64 billion

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Natera’s Q2 Earnings Call

  • Daniel Brennan (TD Cowen) asked for more detail on drivers behind the record Signatera volumes and whether high-teens to 20% growth is sustainable; CEO Steven Chapman pointed to both new patient starts and expanded physician adoption, but cautioned against assuming these elevated growth rates will persist indefinitely.

  • Puneet Souda (Leerink Partners) inquired about early cancer detection trial timelines and competitive differentiation; management explained that their PROCEED and FIND studies are designed to closely match FDA requirements, with key readouts and possible submission targeted for late 2025 and 2027, respectively.

  • Catherine Schulte (Baird) sought clarity on the timing and magnitude of potential Medicare coverage expansion for non-covered indications; management emphasized ongoing submissions and the need for strong supporting data, estimating significant upside if coverage is achieved within 12–18 months.

  • Douglas Schenkel (Wolfe Research) asked about gross margin trajectory and whether guidance for Signatera unit growth should be revised upward; CFO Michael Brophy signaled cautious optimism, noting that margins would have improved more without the spike in first-time exome testing, but volume trends can be volatile.

  • Rachel Vatnsdal Olson (JPMorgan) questioned the expected timeline for productivity among newly hired sales reps; Chapman responded that new reps typically take 6–9 months to ramp, and their impact is likely to become visible late this year and into 2026.

Catalysts in Upcoming Quarters

In upcoming quarters, the StockStory team will be monitoring (1) clinical trial readouts, particularly for the PROCEED and IMvigor011 studies, as key indicators of Signatera’s future adoption and reimbursement prospects; (2) evidence of expanded Medicare and commercial payer coverage for additional cancer types and organ health products; and (3) tangible operating leverage from recent AI investments and salesforce expansion. Progress toward commercializing AI-powered diagnostics and securing new pharma partnerships will also be important markers.

Natera currently trades at $158, up from $141.45 just before the earnings. Is there an opportunity in the stock?Find out in our full research report (it’s free).

The Best Stocks for High-Quality Investors

Donald Trump’s April 2025 "Liberation Day" tariffs sent markets into a tailspin, but stocks have since rebounded strongly, proving that knee-jerk reactions often create the best buying opportunities.

The smart money is already positioning for the next leg up. Don’t miss out on the recovery - check out our Top 5 Growth Stocks for this month. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025).

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StockStory is growing and hiring equity analyst and marketing roles. Are you a 0 to 1 builder passionate about the markets and AI? See the open roles here.

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