Natera, Inc.

Overview

Natera, Inc. is a diagnostics company that uses molecular and bioinformatics technology, including cell-free DNA, to develop genetic and molecular tests for oncology, women’s health, and organ health. Its core offerings include Panorama prenatal screening, Horizon carrier screening, Signatera personalized circulating tumor DNA testing, and Prospera transplant testing. The company’s stated aim is to make personalized genetic testing and diagnostics part of standard care, supporting earlier and more targeted interventions.[1]+2

Natera’s testing business is based primarily in the United States, with some international activity, including Panorama customers primarily in Europe; revenue outside the U.S. was about 2% of total revenue in the first half of 2026. Revenue was $2.306 billion for 2025 and $1.449 billion for the six months ended June 30, 2026.[3]+2 [1]+4

Products & services

Natera’s products are genetic and molecular diagnostic tests delivered primarily as laboratory services. Its women’s-health portfolio includes **Panorama**, a blood-based non-invasive prenatal screening test for chromosomal conditions including trisomy 21, 18 and 13, Turner syndrome, triploidy and selected microdeletions; it can also assess zygosity and fetal sex in twin pregnancies. **Horizon** screens individuals or couples for carrier status for inherited conditions. Other offerings include **Fetal Focus** and **Vistara** single-gene prenatal tests, **Fetal RhD** testing to assess fetal RhD status, **Anora** testing of miscarriage tissue for chromosomal causes, and **Empower**, hereditary-cancer screening with panels covering 12 cancer types and customizable options spanning more than 190 genes.[6]+7

In oncology, **Signatera** is a personalized, tumor-informed circulating tumor DNA (ctDNA) test used to assess minimal residual disease, monitor recurrence and evaluate treatment response. It uses an assay customized to tumor-specific mutations; Natera reports detection at sample-level average variant allele frequency as low as 0.0002%. Signatera is offered as a clinical laboratory-developed test and as a research-use-only service. **Latitude** is a blood-based colorectal-cancer MRD test that does not require tumor tissue, while **Altera** provides tissue-based comprehensive genomic profiling to help inform treatment selection.[14]+4

For transplant and kidney care, **Prospera** measures donor-derived cell-free DNA in recipient blood to assess active rejection after kidney, heart or lung transplant; its kidney validation reported 89% sensitivity, an AUC of 0.87 and 95% negative predictive value at a 1% dd-cfDNA cutoff. **Renasight** is a blood- or saliva-based kidney genetic test covering 397 genes associated with chronic kidney disease. **Constellation** is a cloud-based platform that provides laboratory customers access to Natera algorithms and bioinformatics to validate and launch tests using its technology.[18]+3

For the year ended 2025, Natera reported $2,295.8 million of product revenue on $2,306.1 million of total revenue—nearly all reported revenue. The company identifies Panorama and Horizon as major revenue drivers, but does not disclose revenue percentages for individual tests or product categories.[21][2] [6]+17

Geographic presence

Natera’s revenue is generated predominantly in the United States. In FY2025, revenue by payer location was $2,264.3 million from the U.S. (98.2%), $9.4 million from the Americas excluding the U.S. (0.4%), $24.5 million from Europe, the Middle East, India and Africa (1.1%), and $8.0 million from Asia Pacific and Other (0.3%). The company specifies that this breakdown is based on payer location, not where testing is performed.[22][23] For the first half of 2026, the corresponding shares were 98.3%, 0.3%, 1.1% and 0.3%, respectively.[24]

The company identifies laboratory facilities in Austin, Texas; San Carlos, California; and Boulder, Colorado, with Austin and San Carlos processing the tests that account for the significant majority of revenue. Its principal executive office is in Austin, Texas.[25][26] Sales are made through direct sales and laboratory partners, and the company also describes international sales through independent laboratories; the available information does not specify countries served through those channels.[27][28] [22]+6

Business segments

Natera reports one operating/reportable segment, not separate segments for oncology, women’s health, and organ health. Those are business focus areas: oncology includes personalized cancer testing and monitoring; women’s health includes prenatal, carrier, and hereditary cancer screening; and organ health includes transplant-rejection and chronic-kidney-disease testing. The company does not disclose revenue shares for these areas.[29]+3

As an alternative revenue breakdown, FY2025 revenue was reported as product revenue of $2,295.8 million (approximately 99.6% of $2,306.1 million total) and licensing and other revenue of $10.3 million (approximately 0.4%). These are revenue categories, not business segments.[32][4] [29]+6

Company history

Natera began as Gene Security Network, formed in November 2003 by co-founders Matthew Rabinowitz and Jonathan Sheena; it was incorporated in Delaware in 2007 and changed its name to Natera, Inc. in January 2012.[33]+2 Natera launched its Panorama prenatal test in 2013 and its Horizon carrier-screening service in 2014, then went public on July 1, 2015.[6]+2

In 2017, Natera introduced Vistara, a single-gene prenatal test, and launched Signatera for cancer research.[38][39] In January 2019, Steve Chapman became CEO, while co-founder Rabinowitz moved to executive chairman; later that year Signatera received FDA Breakthrough Device designation.[40][41]

Natera expanded its transplant-testing business with the commercial launch of Prospera Lung in 2021.[42] In 2024, it acquired certain Invitae reproductive-health assets and launched fetal RhD testing.[43][10] In 2025, it broadened Signatera’s clinical offering with Signatera Genome, launched the Fetal Focus prenatal test, and completed its acquisition of Foresight Diagnostics.[44]+2 [33]+15

Sources

• Natera, Inc. — Full financial report (2025 Y)
  28 citations

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• Natera, Inc. — Full financial report (2026 Q 2)
  6 citations

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• investor.natera.com[34]
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