Credit and interest ratesnegative · 4 filings
“Interest Expense Interest expense decreased $0.3 million, or 12.4%, in the six months ended June 30, 2026 compared to the same period in the prior year due to lower interest rates.”10-Q · Aug 7, 2026 ↗
Natera, Inc.
NTRA
Market read
Natera, Inc.'s current read is isolated; its market group is not confirming.
No new filing conclusion is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 26 directly disclosed connections are confirming.
Company-0.8% todayVolume comparison unavailable
Market group0 of 1 activeGenetic Testing · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Reported YoY increase in cost of product revenues of ~$60.6M (32.8%), with component rises in inventory, labor, third-party fees and depreciation.
Invalidation: The isolated read changes if NTRA's group or a disclosed connection begins moving with it.
Research brief
The story so far
No new filing conclusion is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 26 directly disclosed connections are confirming.
Evidence that supports
No thresholded supportive filing evidence is available yet.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- Reported YoY increase in cost of product revenues of ~$60.6M (32.8%), with component rises in inventory, labor, third-party fees and depreciation.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations327
Usable filing statements99
Verified relationships18
Evidence supporting the case
- Latest annual revenue changed +35.9% year over year.
- Net margin changed +2.2 percentage points in the latest annual period.
Evidence challenging the case
- Diluted shares increased 9.6% in the latest annual period.
- Credit and interest rates has repeated adverse evidence across 4 filings.
Questions before a position
- EV/sales is 214% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 10, 2026
326.286m+66.0%12m+85.0%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$625.5M+60.0%$-5.21+11.8%
2022-12-31$820.2M+31.1%$-5.57+8.7%
2023-12-31$1.1B+32.0%$-3.78+16.9%
2024-12-31$1.7B+56.7%$-1.53+8.5%
2025-12-31$2.3B+35.9%$-1.52+9.6%
What management says matters
Persistent and emerging business drivers
Input and raw-material costsmixed · 2 filings
“In addition, labor costs increased by $33.2 million due to the increase in hiring to support lab operations and increased volume of tests processed during the six months ended June 30, 2026 in comparison with the six months ended June 30, 2025, and shipping,…”10-Q · Aug 7, 2026 ↗
Labor availability and costsmixed · 2 filings
“In addition, labor costs increased by $33.2 million due to the increase in hiring to support lab operations and increased volume of tests processed during the six months ended June 30, 2026 in comparison with the six months ended June 30, 2025, and shipping,…”10-Q · Aug 7, 2026 ↗
Data center and AI demandmixed · 1 filings
“The increase in change in estimate was due to our continuous efforts to improve our revenue cycle operations and workflows, including automation and the use of artificial intelligence, as well as stronger reimbursement overall.”10-Q · Aug 7, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 19.3× · EV/sales 19.3×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
327.59-0.8% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:10 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for NTRA. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for NTRA. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind NTRA
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
ILMNIllumina, Inc.supplierFeb 27, 2026 ▾
“For example, our molecular diagnostics tests are currently only validated to perform on Illumina’s sequencing platform; in addition, Illumina is currently the sole supplier of our sequencers and related reagents for Panorama, Horizon, Signatera and Prospera,…”
ILMNIllumina, Inc.partnerFeb 27, 2026 ▾
“If we seek to achieve marketing authorization for Panorama, to the extent that Panorama incorporates Illumina’s sequencer or sequencing reagents, we may require Illumina’s cooperation in the regulatory process.”
Depended on by
PSNLPersonalis, Inc.customerMay 7, 2026 ▾
“First Quarter 2026 Highlights Total revenue of $15.5 million decreased 25%, or $5.1 million, during the first quarter of 2026 compared to the first quarter of 2025, due to (i) lower revenue from pharma testing services and other customers; (ii) an expected re…”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 29 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
NTRA is currently a Leader in the organic co-movement group Genetic Testing. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for NTRA; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.