Natera, Inc. (NTRA)

Natera is a diagnostics company built on proprietary molecular and bioinformatics technology. Its cell-free DNA (cfDNA) platform combines molecular assays that measure many informative regions of the genome, from samples as small as a single cell, with statistical algorithms that draw on internal and public genomic data to identify genetic variations. The core method is massively multiplexed PCR (mmPCR), which measures thousands of SNPs simultaneously in a single reaction. The company aims to make personalized genetic testing part of the standard of care, and it applies the technology to women's health, oncology and organ health. In 2024 it reported revenues of $1,696.9 million (product revenues of $1,685.1 million), a net loss of $190.4 million, and about 3.1 million tests processed.

In women's health, the company's main products are Panorama and Horizon. Panorama, launched in 2013, is a non-invasive prenatal test (NIPT) that screens for chromosomal abnormalities such as Down, Edwards, Patau and Turner syndromes and triploidy, and for five microdeletion conditions. It also determines fetal sex and can distinguish each twin's DNA to determine zygosity. It can be performed as early as nine weeks of pregnancy, and the company describes itself as the U.S. market leader by volume. Horizon is a carrier screening test for up to 613 inherited conditions. Other products include Vistara, a single-gene NIPT for 25 conditions that has a CE Mark, and a Fetal RhD NIPT launched in 2024. In oncology, the company commercializes Signatera, a personalized, tumor-informed blood-based ctDNA test that detects molecular residual disease (MRD) and monitors for recurrence across many cancer types. In organ health, it offers donor-derived cfDNA tests to assess kidney, heart and lung transplant rejection, as well as genetic testing for chronic kidney disease. It also offers Constellation, a cloud software platform.

The company sells directly through its U.S. sales force and distributes tests globally through a network of over 100 laboratory and distribution partners, including many large international laboratories. Customers include physicians, patients and partner laboratories. For Panorama, the company estimates about 4.3 million U.S. pregnancies, of which roughly 800,000 are high-risk (maternal age 35 or older) and about 3.5 million are average-risk. The company supports its tests with over 250 peer-reviewed publications and over 500 issued or pending patents as of December 31, 2024.

Natera is headquartered in Austin, Texas, with laboratory facilities in Austin and San Carlos, California. Commercial testing is performed in its CLIA-certified laboratories, which are also CAP-accredited. All products except Constellation are laboratory developed tests. The technology works with standard equipment and a range of next generation sequencing platforms, so partner laboratories can run tests locally and access the algorithms through the cloud. The company says it competes with other commercially available NIPTs that use first-generation quantitative counting methods.