Natera, Inc. reported total revenues of $1,696.9 million for the year ended December 31, 2024, a 56.7% increase compared to $1,082.6 million in 2023. Product revenues, representing 99% of total revenue, reached $1,685.1 million in 2024, up 57.7% from $1,068.5 million in 2023. The increase is attributed to continued growth in Signatera, Panorama, and Horizon tests, both through direct sales and the Constellation cloud-based platform. Licensing and other revenues decreased slightly to $11.8 million in 2024 from $14.1 million in 2023.
The company's net loss decreased to $190.4 million in 2024 from $434.8 million in 2023. This improvement, however, includes non-cash stock compensation expense of $274.4 million in 2024. The company processed approximately 3.1 million tests in 2024, compared to 2.5 million in 2023 and 2.1 million in 2022. Approximately three-quarters of customers ordering the basic Panorama panel also ordered 22q11.2 deletion syndrome screening or the full microdeletions panel in 2024, and 44% ordered Horizon carrier screening. The company's global workforce comprised 4,434 employees as of December 31, 2024.
In 2024, Natera launched its Fetal RhD NIPT, assessing fetal rhesus factor status. The company also expanded its facilities, entering into new lease arrangements for additional space in Austin, Texas, and San Carlos, California, with future commitments aggregating to approximately $12.8 million through 2033. The company acquired certain reproductive health assets from Invitae Corp. in January 2024 for $10.5 million. Natera is involved in various legal proceedings, including patent infringement lawsuits and false advertising claims, with outcomes uncertain.
The company's financial performance is significantly influenced by third-party payer reimbursement, particularly for microdeletions screening in NIPT, where reimbursement rates remain low. Natera anticipates continued losses for the foreseeable future and plans to continue investing in research and development and commercialization efforts. As of December 31, 2024, the company had $945.6 million in cash and cash equivalents and restricted cash, $22.7 million in marketable securities, and $80.4 million outstanding on its credit line. The company's outlook is contingent upon several factors, including market growth, successful product development, and securing broader reimbursement coverage. The company does not anticipate paying cash dividends in the foreseeable future.
About Natera, Inc.
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