Here are 1-2 brief analogies for Natera (NTRA):

• Exact Sciences, but for genetic diagnostic tests across reproductive health, oncology, and organ transplants.
• Guardant Health, but also a leader in genetic testing for prenatal care and organ transplants.

• Panorama NIPT: A non-invasive prenatal test that screens for common chromosomal abnormalities and microdeletions in a developing fetus.
• Horizon Carrier Screening: Genetic testing used to identify if prospective parents are carriers for autosomal recessive and X-linked genetic conditions.
• Signatera: A personalized molecular residual disease (MRD) test for cancer patients, designed to detect remaining tumor DNA and monitor recurrence or treatment effectiveness.
• Prospera: A donor-derived cell-free DNA (dd-cfDNA) test used to assess for active organ rejection in kidney and heart transplant recipients.
• Anora: A genetic test for products of conception (POC) designed to determine the chromosomal cause of miscarriage.
• Vistara: A non-invasive prenatal screen that identifies single-gene disorders by analyzing cell-free DNA from a maternal blood sample.

Natera (NTRA) primarily sells its advanced diagnostic testing services to other companies and organizations rather than directly to individuals. Its major customer segments include healthcare providers and pharmaceutical/biotechnology companies.

While Natera's business with healthcare providers (hospitals, clinics, and physician offices across oncology, prenatal care, and organ transplant specialties) is extensive, this customer base is highly fragmented. Natera does not publicly disclose specific individual healthcare institutions as major customers accounting for a significant portion of its revenue.

However, Natera has established significant relationships with pharmaceutical and biotechnology companies, which utilize Natera's Signatera molecular residual disease (MRD) testing platform for their clinical trials and companion diagnostic development. These companies pay Natera for its testing services and scientific expertise, making them key customers in this segment. Prominent examples of such customers include:

• Regeneron Pharmaceuticals, Inc. (Symbol: REGN) - Natera has partnered with Regeneron for the use of Signatera in clinical trials for oncology treatments, such as Libtayo.
• Bristol Myers Squibb Company (Symbol: BMY) - Natera's Signatera platform is utilized in various oncology clinical trials conducted by Bristol Myers Squibb to monitor treatment response and detect molecular residual disease.
• Merck & Co., Inc. (Symbol: MRK) - Natera collaborates with Merck, with Signatera being incorporated into clinical trials, particularly in adjuvant settings, to assess treatment efficacy and guide therapy decisions.

• Illumina (ILMN)
• Thermo Fisher Scientific (TMO)

Steve Chapman, Chief Executive Officer

Steve Chapman joined Natera in 2008 and became Chief Executive Officer in 2019, having previously served as Chief Operating Officer. Before Natera, he worked at Genzyme Genetics and began his career as a researcher in human genetics at UCLA. He is recognized as a leading authority on the commercialization of genetic testing.

Mike Brophy, Chief Financial Officer

Mike Brophy was appointed Chief Financial Officer of Natera in February 2017. He joined Natera in 2015, holding roles such as Vice President of Corporate Development and Investor Relations and Senior Vice President of Finance and Investor Relations. Prior to Natera, he was an executive director and vice president in the investment banking division of Morgan Stanley, where he focused on advising clients in the life science tools and diagnostics sector.

Solomon Moshkevich, President of Clinical Diagnostics

Solomon Moshkevich joined Natera in 2011 and currently serves as President of Clinical Diagnostics, overseeing productization, clinical validation, commercialization, and quality across the company. He has been instrumental in the development and commercial success of Natera's cell-free DNA products. Moshkevich began his career as a consultant with Bain & Company before joining the private equity investment team at Parthenon Capital.

John Fesko, President and Chief Business Officer

John Fesko joined Natera in 2014 and is currently the President and Chief Business Officer, leading efforts across collaborations with payors, government affairs, business development, market development, pharmaceutical services, patient experience, communications, marketing, and international commercial operations and strategy. His prior experience includes roles at Roche, Novartis Pharma AG, MPM Capital, and InVivoScribe.

Minetta Liu, MD, Chief Medical Officer of Oncology

Dr. Minetta Liu was appointed Natera's Chief Medical Officer of Oncology in May 2022. Before joining Natera, she was a professor of oncology and chair of research in the Department of Oncology at Mayo Clinic. She brings extensive experience in developing blood-based biomarkers to predict treatment benefit and outcomes in solid tumors and in developing novel therapeutics.

The aggressive emergence and increasing clinical validation and commercialization efforts of direct competitors in the oncology minimal residual disease (MRD) liquid biopsy market, particularly Guardant Health's Guardant Reveal. Guardant Reveal directly competes with Natera's Signatera, targeting the same patient populations and clinical indications. As the oncology MRD market is still in its early stages of widespread adoption and definition, the successful establishment of Guardant Reveal as a preferred or dominant test could significantly hinder Natera's ability to capture market share and achieve its growth potential in this crucial segment.

Natera (NTRA) operates in three main areas: oncology, women's health, and organ health. The addressable markets for these products and services are as follows:

• Oncology (Signatera): The total addressable market (TAM) for minimal residual disease (MRD) testing, in which Natera's Signatera test operates, is estimated at $20 billion. This market size primarily refers to the U.S. region.
• Women's Health (Panorama, Horizon) and Organ Health (Prospera): The combined total addressable market (TAM) for non-invasive prenatal testing (NIPT), which includes Natera's Panorama test, and organ transplants, which includes Natera's Prospera test, is approximately $5 billion. This figure is likely focused on the U.S. market, as Natera emphasizes the U.S. market due to Medicare coverage. Additionally, the global market for carrier screening, which includes Natera's Horizon test, is projected to reach $5.4 billion by 2028.

• Expanding Adoption and Indications for Signatera: Natera anticipates continued substantial growth from its Signatera molecular residual disease (MRD) test. This growth is fueled by strong clinical data, increased adoption by oncologists across various tumor types, and record new patient starts. The company is actively working to secure broader reimbursement for Signatera, including through biomarker state policies and MolDx submissions for additional indications, which is expected to drive both volume and average selling price (ASP) gains.
• Payer Coverage Expansion and Improved Reimbursement: A significant driver of revenue growth is the anticipated expansion of payer coverage for Natera's tests, particularly for MRD testing. Management expects a "steady linear process" over the next two years as more commercial payers adopt coverage, leading to higher average selling prices and supporting overall revenue. The company is also making significant efforts to better secure reimbursement for all covered services.
• Launch and Growth of New Products and Clinical Programs: Natera is investing in and launching new products and advancing its clinical pipeline. This includes the recently expanded Fetal Focus™ single-gene noninvasive prenatal test, which has received positive initial feedback. Additionally, the company is making targeted research and development investments in early cancer detection programs, such as the FIND study, and new products like Signatera Genome and tissue-free MRD (Latitude), all designed to contribute to future revenue growth.
• Sustained Performance in Women's Health and Organ Health: While oncology is a primary focus, Natera continues to see steady volume growth and stable average selling prices in its women's health portfolio (e.g., Panorama NIPT) and is capturing market share and experiencing end-market growth in organ health (e.g., Prospera for organ transplant rejection). These established segments are expected to continue contributing to overall revenue expansion.

Share Repurchases

• Natera did not have a significant share repurchase program, with its buyback yield reported as 0.00% as of November 9, 2025.

Share Issuance

• The number of common shares issued and outstanding increased from approximately 132,646,000 as of December 31, 2024, to 136,757,000 as of June 30, 2025.
• Weighted average shares outstanding grew from approximately 120.8 million in Q1 2024 to 134.8 million in Q1 2025.
• Weighted average shares outstanding increased from approximately 123.8 million in Q3 2024 to 137.2 million in Q3 2025.

Capital Expenditures

• Natera's capital expenditures were $66 million in 2024, $39 million in 2023, $48 million in 2022, $41 million in 2021, and $20 million in 2020.
• The company's strategy involves sustained investment in cutting-edge technologies and product development.
• Significant capital is allocated to research and development for new product offerings, such as the Fetal Focus prenatal test and the Signatera molecular residual disease (MRD) test, and expanding clinical trials and payer coverage for its diagnostic tests.