Filing Flows › Natera (NTRA) › Q1 2025
Natera (NTRA) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 9, 2025
Natera (NTRA) reported revenue of $502M for the first quarter 2025 (Q1 2025), +36% from a year earlier and +5% from the quarter before. Operating margin was -15.8%, net loss $66.9M (13.3% of revenue).
Natera, Q1 2025: revenue $502M (+36% year over year), operating margin -15.8%, net loss $66.9M, operating cash flow $44.5M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $502M | +5% | +36% |
| Operating profit | −$79.2M | — | — |
| Net earnings | −$66.9M | — | — |
| Operating cash flow | $44.5M | -16% | +65% |
| Free cash flow | $22.6M | -35% | +239% |
What changed
Revenue was $501.8M in Q1 2025, up 36% year over year and up 5% from the previous quarter. Product was the largest line at 100% of revenue. Product added $135.4M year over year (up 37%), 101% of the total change. Licensing and other declined 42%.
Operating costs exceeded revenue by $79.2M, an operating margin of -15.8%. Total costs grew 31% against revenue growth of 36%. The fastest-growing cost line was Research & development (+46%). The quarter ended with a net loss of $66.9M, wider than the previous quarter's $53.8M loss.
Operating cash flow was $44.5M (up 65% year over year). Non-cash charges added back $9.2M of depreciation and amortization and $77.8M of share-based compensation. Working capital and other items added $24.3M. Capital expenditures of $21.8M left free cash flow of $22.6M.
Questions
What was Natera's revenue in the first quarter 2025?
Natera (NTRA) reported revenue of $502M for the first quarter 2025 (Q1 2025), +36% from a year earlier and +5% from the quarter before.
Was Natera profitable in the first quarter 2025?
Operating loss was $79.2M (-15.8% of revenue) and net loss $66.9M.
Source: Natera 10-Q on SEC EDGAR.