Short Answer

The market considers it unlikely Natera will process over 1.05 million tests in Q1 2027 (0.0%), despite consistent year-over-year growth, strong oncology momentum, and anticipated Japan launch contributions collectively suggesting significantly higher volumes. The model prices this outcome at 20.0%.

1. Market Behavior & Drivers

No historical price data available.
  • Above 1.2 million test volume is projected from Q1 2025-2026 year-over-year growth.
  • Signatera's strong oncology growth and potential Japan launch may drive higher volumes.

Who Wins and Why

Outcome Market Model Why
Above 1.05 million 0.0% 20.0% Natera's consistent growth, oncology momentum, Japan launch, and analyst forecasts suggest higher Q1 2027 test volumes.
Above 1.2 million 0.0% 20.0% Natera's consistent growth, oncology momentum, Japan launch, and analyst forecasts suggest higher Q1 2027 test volumes.
Above 1.25 million 0.0% 20.0% Natera's consistent growth, oncology momentum, Japan launch, and analyst forecasts suggest higher Q1 2027 test volumes.
Above 1.3 million 0.0% 15.0% Natera's consistent growth, oncology momentum, Japan launch, and analyst forecasts suggest higher Q1 2027 test volumes.
Above 1.35 million 0.0% 10.0% Natera's consistent growth, oncology momentum, Japan launch, and analyst forecasts suggest higher Q1 2027 test volumes.

Current Context

Natera's test volumes show consistent sequential and year-over-year growth. The company processed 1,093,100 tests in Q3 2026, a 22.3% year-over-year increase from 893,600 tests in Q3 2025 [1][2]. This figure includes 339,500 oncology tests, up 60.9% year-over-year, and 316,000 clinical MRD units, a 56% year-over-year increase and 33,000 units sequentially [1][2][3]. For historical context, Q1 2026 test volumes were 1,013,600, an 18.5% year-over-year rise from Q1 2025 [4][5][6]. Sequential test volume progressed from 1,013,600 in Q1 2026 to 1,043,900 in Q2 2026, then to 1,093,100 in Q3 2026 [1][7][4][8]. This trajectory suggests a Q4 2026 and Q1 2027 run-rate potentially in the 1.1M-1.2M range, if 20-25% year-over-year growth continues [1][7][4][8].
Financial guidance and analyst projections frame expectations for Q1 2027. Natera raised its full-year 2026 revenue guidance three times to $3.005B-$3.035B, increasing the midpoint by $140M at Q3 [1][3][9][10]. The company also introduced a $6B revenue-by-2029 target, implying a roughly 25% compound annual growth rate, with a long-term Signatera average selling price (ASP) target of $2,000, up from the current ~$1,275 [1][3][9][10]. Management's conservative 2027 framework assumes flat unit additions, steady ASPs, a flat margin range, and 10-12% operating expense growth, with potential COGS pressure if Signatera Genome and Fetal Focus adoption outpaces cost-reduction efforts [3]. For Q1 2027, analyst consensus revenue estimates are approximately $840.49M (Yahoo Finance, 14 analysts, range $774.8M-$883.8M) and $840M (MarketScreener) [11][12][13]. EPS estimates for Q1 2027 range from -$0.25 (Yahoo) to -$0.18 (Barchart) to -$0.30 (MarketScreener) [11][12][13]. Prediction markets show low probabilities for high test volumes; Kalshi indicates less than 1% probability for thresholds above 1.05M, 1.2M, and 1.25M tests for Q1 2027 [14]. Public.com's Q1 2027 market shows "Above 800" at 75% and "Above 810" at 59% (in thousands) [15]. Natera reported Q3 2026 EPS of -$0.39, missing consensus by 129.4%, though revenue beat consensus by 13.0% at $793.98M [3][16]. The company expects to achieve breakeven in 2027 and profitability by 2029 [3][16]. Upcoming dates include Q4 2026 earnings around February 25, 2027, and Q1 2027 earnings in late April/early May 2027 [17][18][12][13]. The FIND CRC study readout and FDA submission are targeted for 2027, alongside a late 2026 Signatera Japan commercial launch [19][20].
Sources (20)
  1. 1Natera, Inc. | Natera Reports Third Quarter 2026 Financial Resultsinvestor.natera.com
  2. 2Natera (NTRA) Q3 2026 Earnings Call Transcript | The Motley Foolfool.com
  3. 3Natera Misses On The Bottom Line, But A 13% Revenue Beat, Third Guidance Raise And $6B 2029 Target Dominate The Quarterfinviz.com
  4. 4Natera, Inc. | Natera Reports First Quarter 2026 Financial Resultsinvestor.natera.com
  5. 5Natera Reports First Quarter 2026 Financial Results | MarketScreenermarketscreener.com
  6. 6Natera Q1 2026 slides: revenue jumps 39%, guidance raised By Investing.comau.investing.com
  7. 7Natera, Inc. | Natera Reports Second Quarter 2026 Financial Resultsinvestor.natera.com
  8. 8Natera Reports Second Quarter 2026 Financial Resultsfinance.yahoo.com
  9. 9Natera (NTRA) Q1 2026 Earnings Call Transcript & Audiostockanalysis.com
  10. 10Natera (NTRA) Q2 2026 Earnings Call Transcript & Audiostockanalysis.com
  11. 11Natera, Inc. (NTRA) Analyst Ratings, Estimates & Forecasts - Yahoo Financefinance.yahoo.com
  12. 12Natera, Inc.: Company Events Publications and Financial Calendar | NTRA | US6323071042 | MarketScreenermarketscreener.com
  13. 13NTRA Earnings Estimates for Natera Stock - Barchart.combarchart.com
  14. 14Natera tests processed next quarter Odds & Predictions 2027kalshi.com
  15. 15Natera tests processed in Q3 Odds & Predictions - Public.compublic.com
  16. 16Natera (NasdaqGS:NTRA) Stock Forecast & Analyst Predictions - Simply Wall Stsimplywall.st
  17. 17NTRA | Natera Inc. Analyst Estimates | MarketWatchmarketwatch.com
  18. 18Natera, Inc. (NTRA) - Earnings Historyalphaquery.com
  19. 19Natera, Inc. Q2 2026 Earnings Call Summaryfinance.yahoo.com
  20. 20NTRA - Natera Inc Earnings Reports, Summaries & Call Transcripts | Morningstarkessler-prod.reta52d8.eas.morningstar.com

2. Market Data

Contract Snapshot

This Kalshi market series concerns the total number of Natera tests processed in the next quarter, with specific sub-markets such as "Above 1.05 million." For a market like "Above 1.05 million," a 'Yes' resolution would be triggered if Natera processes over 1.05 million tests, while a 'No' resolution occurs if 1.05 million or fewer tests are processed. The market is scheduled to end on May 6, 4:00 PM EDT, but the specific "Above 1.05 million" market is currently "Launching soon," meaning trading has not yet commenced.

Available Contracts

Market options and current pricing

Outcome bucket Yes (price) No (price) Last trade probability
Above 1.05 million $0.00 $1.00 0%
Above 1.2 million $0.00 $1.00 0%
Above 1.25 million $0.00 $1.00 0%
Above 1.3 million $0.00 $1.00 0%
Above 1.35 million $0.00 $1.00 0%
Above 1.4 million $0.00 $1.00 0%

Market Discussion

Natera processed a record ~1,093,100 tests in Q3 2026, marking a 22.3% year-over-year increase, and raised its FY2026 revenue guidance while targeting $6 billion in revenue by 2029 [1]. For Q1 2027, a prediction market assigns less than 1% probability to test volumes exceeding 1.05 million [2], despite Natera's Clinical MRD units reaching 316,000 (+56% YoY) in Q3 2026 and Wall Street analysts projecting full-year 2027 revenue around $3.3 billion [1].

Sources (2)
  1. 1Natera (NTRA) Q3 2026 Earnings Call Transcript | The Motley Foolfool.com
  2. 2Natera tests processed next quarter Odds & Predictions 2027kalshi.com

3. How might the late-2026 commercial launch of Signatera in Japan influence Natera's total processed test volume in Q1 2027?

Signatera Japan CRC ApprovalJune 24, 2026 [1]
Q3 2026 Total Tests Processed1,093,100 [2][3][4][5]
Japan Annual CRC Incidence~150,000 cases/year [6][7][8]
Japan's Signatera launch hinges on securing reimbursement for Q1 2027. The potential for Signatera to contribute incremental test volume in Japan during Q1 2027 is largely dependent on the finalization of reimbursement and pricing, which is anticipated in late Q4 2026 or early Q1 2027 [9][10][6]. If reimbursement is successfully secured, Japan is expected to add to the overall test volume, potentially pushing total tests processed beyond the estimated 1.1 million to 1.15 million range implied by existing organic growth trends [9][10][6].
Signatera gained key approvals, with Natera expecting rapid Japanese adoption. Signatera achieved its initial PMDA approval for colorectal cancer in Japan on June 24, 2026, making it the country's first PMDA-approved MRD test [1]. This was followed by a second PMDA approval for muscle-invasive bladder cancer on September 22, 2026 [11][12][6]. Natera management indicated on their Q3 2026 earnings call that Japan adoption could be "at least as fast as we saw in the United States, if not faster" [6]. This outlook is supported by factors such as a high colorectal cancer incidence of approximately 150,000 cases annually, strong guideline support, over 100 trial sites with prior Signatera experience, and the advantages of centralized testing with single-payer coverage [6][7][8].
Japan's contribution could significantly expand Signatera's total addressable market. Earlier, during the Q1 2026 earnings call, Natera highlighted that the Japan launch could "effectively double Signatera's annual CRC volume TAM" [13]. This prospective contribution in Q1 2027 would augment an already projected increase in Natera's total processed test volume, aligning with Wall Street analysts' FY2027 revenue forecasts of approximately $3.3 billion to $3.64 billion [2][14]. Natera has shown consistent growth in processed tests, reporting 1,013,600 in Q1 2026, 1,044,000 in Q2 2026, and 1,093,100 in Q3 2026 [2][3][4][5].
Sources (14)
  1. 1Signatera™ Receives Regulatory Approval in Japan for Colorectal Cancer | Nateranatera.com
  2. 2Natera (NTRA) Q3 2026 Earnings Call Transcript | The Motley Foolfool.com
  3. 3Natera, Inc. | Natera Reports First Quarter 2026 Financial Resultsinvestor.natera.com
  4. 4Natera Q1 2026 slides: revenue jumps 39%, guidance raised By Investing.comau.investing.com
  5. 5Natera, Inc. (NTRA) jumps 15% on strong Q2 results | TickerSparktickerspark.ai
  6. 6Natera (NTRA) Q3 2026 Earnings Call Transcript & Audiostockanalysis.com
  7. 7NTRA Q3 2026 Earnings Call Summary | Stock Taperstocktaper.com
  8. 8Natera earnings in focus as Japan expansion looms By Investing.cominvesting.com
  9. 9Natera tests processed in Q3 Odds & Predictions - Public.compublic.com
  10. 10Natera Says Signatera Commercial Launch In Japan Expected In 1H 2027 — TradingView Newstradingview.com
  11. 11Signatera™ Receives Regulatory Approval in Japan as a Companion Diagnostic in Muscle-Invasive Bladder Cancer | MarketMinute1kttc.marketminute.com
  12. 12Why Is Natera (NTRA) Stock Soaring Todaybusiness.theeveningleader.com
  13. 13Natera Q1 Earnings Call Highlights — TradingView Newstradingview.com
  14. 14Natera, Inc. (NTRA) Analyst Ratings, Estimates & Forecasts - Yahoo Financefinance.yahoo.com

4. What test volume for Q1 2027 is suggested by extrapolating Natera's year-over-year growth from Q1 2025 to Q1 2026?

Estimated Q1 2027 Test Volume1,201,116 tests [1][2][3]
Q1 2026 Test Volume1,013,600 tests [1][2][3]
Projected Full-Year 2027 Revenue$3.3 billion to $3.64 billion [4][5]
Natera's Q1 2027 test volume projects over 1.2 million. Natera's test volume is estimated to reach 1,201,116 tests in Q1 2027. This projection is based on the 18.5% year-over-year growth observed between Q1 2025 and Q1 2026. In Q1 2025, the company processed approximately 855,100 tests [6][7], which grew to 1,013,600 tests in Q1 2026 [1][2][3].
Natera's accelerated growth extends beyond Q1, driven by oncology. The company's overall test volume growth has accelerated, with year-over-year increases of 22.4% in Q2 2026 and 22.3% in Q3 2026 [8][9]. The oncology test segment has been particularly robust, demonstrating year-over-year increases of 54.4% in Q1 2026, 57.2% in Q2 2026, and 60.9% in Q3 2026 [1][8][9]. Following two consecutive quarters with over 1 million tests processed and record oncology volume growth, Natera's CEO Steve Chapman remarked that the company is "clearly on a roll" [10].
Analysts project strong full-year revenue growth for Natera in 2027. Wall Street analysts forecast Natera's full-year 2027 revenue to be between approximately $3.3 billion and $3.64 billion [4][5]. This range suggests a 21.23% growth from the estimated $3.0 billion revenue in 2026 [4][5].
Sources (10)
  1. 1Natera, Inc. | Natera Reports First Quarter 2026 Financial Resultsinvestor.natera.com
  2. 2Natera Reports First Quarter 2026 Financial Results | MarketScreenermarketscreener.com
  3. 3Q1'2026 Earnings Presentations201.q4cdn.com
  4. 4Druckenmiller’s $613 Million Silent Bet Is Crushing Nvidia — and It’s Not a Tech Stock | NAI 500nai500.com
  5. 5Natera, Inc. (NTRA) Analyst Ratings, Estimates & Forecasts - Yahoo Financefinance.yahoo.com
  6. 6Natera Reports First Quarter 2025 Financial Results | Nateranatera.com
  7. 7Natera, Inc._March 31, 2025sec.gov
  8. 8Natera, Inc. | Natera Reports Second Quarter 2026 Financial Resultsinvestor.natera.com
  9. 9Natera, Inc. | Natera Reports Third Quarter 2026 Financial Resultsinvestor.natera.com
  10. 10Natera CEO Says Company Is 'Clearly on a Roll' After Record Test Volumes, Raises Outlook — TradingView Newstradingview.com

5. How do the projected Q1 2027 growth rates for Natera's high-growth oncology segment (Signatera) compare to its more mature women's health segment?

Signatera Q1 2027 Growth Rate50-60% YoY [1][2][3][4][5]
Women's Health Q1 2027 Growth Rate5-9% YoY [1][2][3][4][5]
Signatera Q1 2027 Projected Volumes350,000-370,000 units [1][2][6][7][8][9]
Natera's oncology segment, Signatera, will significantly outpace women's health in Q1 2027. Signatera is projected to achieve a year-over-year growth rate of approximately 50-60%, a substantial difference compared to the 5-9% year-over-year growth anticipated for the women's health segment [1][2][3][4][5]. This growth differential, estimated at 6-10x, is primarily attributed to Signatera's early market penetration, which Evercore estimates to be less than 5% [1][2][3][4][5]. In contrast, Natera management describes the women's health segment as a 'mid-single-digit volume grower' within a highly saturated market, having already shown mid-to-high single-digit growth in Q3 2026 [1][2][3][5].
Signatera's strong growth is driven by volume expansion and key catalysts. For Q1 2027, Signatera is projected to reach volumes of approximately 350,000-370,000 units [1][2][6][7][8][9]. This forecast is based on management's trailing 12-month average linear growth model, which tracked clinical MRD volumes increasing from 249,000 in Q4 2025 to 316,000 in Q3 2026 [1][2][6][7][8][9]. Key catalysts expected to further propel Signatera's growth in 2027 include seven pending MolDX coverage submissions, an NCCN bladder cancer Category 1 recommendation, and a commercial launch for colorectal cancer in Japan [1][2][10][11].
Total Natera tests in Q1 2027 are projected to exceed one million. The overall tests for Natera in Q1 2027 are projected to fall within the 1.10-1.15 million range [2][6][7][12][13]. Market expectations suggest that these volumes will comfortably surpass 1.05 million but are likely to remain below 1.2 million [2][6][7][12][13].
Sources (13)
  1. 1Natera (NTRA) Q2 2026 Earnings Call Transcript & Audiostockanalysis.com
  2. 2Natera (NTRA) Q3 2026 Earnings Call Transcript | The Motley Foolfool.com
  3. 3Natera, Inc. (NTRA) Presents at Canaccord Genuity's 46th Annual Growth Conference Transcript | Seeking Alphaseekingalpha.com
  4. 4Evercore Initiates Coverage of Natera With Outperform Rating | GenomeWebgenomeweb.com
  5. 5Natera (NTRA) FY 2026 Earnings Call Transcript & Audiostockanalysis.com
  6. 6Natera, Inc. | Natera Reports First Quarter 2026 Financial Resultsinvestor.natera.com
  7. 7Natera Reports Second Quarter 2026 Financial Resultsfinance.yahoo.com
  8. 8Natera: Q2 2026 Earnings Presentation | MarketScreenermarketscreener.com
  9. 9Natera, Inc.roic.ai
  10. 10Natera, Inc. Q2 2026 Earnings Call Summaryfinance.yahoo.com
  11. 11Natera (NTRA) 2026 年第二季度财报电话会议实录|长桥证券longbridge.com
  12. 12Natera CEO Says Company Is 'Clearly on a Roll' After Record Test Volumes, Raises Outlook — TradingView Newstradingview.com
  13. 13Natera tests processed next quarter Odds & Predictions 2027kalshi.com

6. What are the specific Q1 2027 test volume forecasts for Natera from key equity research firms like William Blair or those aggregated by Yahoo Finance?

William Blair 2027 Revenue Estimate$3,171 million [1]
Analyst Consensus 2027 Revenue$3.33 billion [2][3]
Kalshi Q1 2027 Test Volume ExpectationExpected well above 1.05 million [4]
Specific Q1 2027 test volume forecasts are not broadly available from key equity research firms. While direct Q1 2027 volume forecasts for Natera are absent from the provided research, William Blair initiated coverage in April 2026, projecting Natera's full-year 2027 revenue at $3,171 million [1]. Aggregated estimates from 21 analysts via Yahoo Finance indicate an average full-year 2027 revenue of $3.33 billion [2][3], aligning with broader Wall Street projections of $3.3 billion [5], an increase from $2.8 billion in 2026. Q1 2027 revenue estimates are currently unavailable from ADVFN [3].
Historical test volumes indicate growth, supported by market predictions and strategic initiatives. Natera processed 1,013,600 tests in Q1 2026, 1,043,900 in Q2 2026, and approximately 1.09 million in Q3 2026 [6][7][8]. The Kalshi prediction market suggests Q1 2027 volumes are expected to exceed 1.05 million, with 'Above 1.05 million' having less than 1% probability for the 'next quarter' (May 2027 resolution) [4]. Anticipated volume growth drivers include Natera's entry into the Japan market, Fetal Focus approaching a 200,000-test order run rate, and the NCCN Category 1 recommendation for Signatera in bladder cancer [9][10][11][12][13][14].
Natera's revenue outlook is positive, driven by strategic initiatives and a consistent forecasting approach. The company raised its 2026 revenue guidance to $2.85 billion-$2.91 billion, implying roughly 31% annual growth [15]. Management employs a linear growth model for Signatera forecasting, which accounts for randomness around weather and seasonality [16][17][10][11].
Sources (17)
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  2. 2Natera Inc (NTRA) Stock Forecast, Price Targets and Analyst Predictionsadvfn.com
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  4. 4Natera tests processed next quarter Odds & Predictions 2027kalshi.com
  5. 5Druckenmiller’s $613 Million Silent Bet Is Crushing Nvidia — and It’s Not a Tech Stock | NAI 500nai500.com
  6. 6Natera, Inc. | Natera Reports First Quarter 2026 Financial Resultsinvestor.natera.com
  7. 7Natera Reports First Quarter 2026 Financial Results | MarketScreenermarketscreener.com
  8. 8Natera (NTRA) Third Quarter 2026 Earnings Recap: A Record Quarter in Genetic Testingtickeron.com
  9. 9Natera NTRA Q1 2026 Earnings Call Transcript | The Motley Foolfool.com
  10. 10Natera Spotlights Record Signatera Volumes, Raises Outlook at Canaccord Conferencesharewise.com
  11. 11Natera (NTRA) 2026 年第二季度财报电话会议实录|长桥证券longbridge.com
  12. 12Natera, Inc. (NTRA) Stock Research Report | Flashflash.stocksentinel.ai
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  16. 16[NTRA] Natera: Q3 2026 earnings test Signatera volume, margin and cash flow | drillrdrillr.ai
  17. 17Natera (NTRA) Q2 2026 Earnings Call Transcript & Audiostockanalysis.com

7. To justify Wall Street's consensus revenue forecast of ~$840M for Q1 2027, what combination of test volume and average selling price (ASP) is implied?

Wall Street Q1 2027 Revenue Forecast$840.49 million to $840.61 million [1][2]
Tests Processed for Q1 2027 ForecastApproximately 1.10-1.15 million tests [3][1][2][4][5][6][7]
Blended ASP for Q1 2027 Forecast$730-$765 per test [3][1][2][4][5][6][7]
Achieving Q1 2027 revenue requires specific test volume and pricing. To meet Wall Street's consensus revenue forecast of approximately $840 million for Q1 2027, Natera is projected to process between 1.10 and 1.15 million tests at a blended average selling price (ASP) ranging from $730 to $765 per test [3][1][2][4][5][6][7]. Wall Street's specific consensus for Natera's Q1 2027 revenue is $840.49 million [1] or $840.61 million [2], representing approximately 20.7% year-over-year growth from Q1 2026's revenue of $696.6 million [3][1][4].
Modest volume growth and improved ASP drive projected revenue. This forecast implies a modest volume growth of 1-5% from Q3 2026's 1.09 million tests and an improvement in ASP from the ~$726 level recorded in Q3 2026 [3][1][2][4][5][6][7]. In Q3 2026, Natera processed 1,093,100 tests with an implied blended ASP of about $726 [3][7]. For context, in Q1 2026, Natera processed 1,013,600 tests with an implied blended ASP of about $687 [4][8][9]. Natera's revenue growth is primarily driven by increases in both test volumes and ASPs, with oncology test volumes showing significant year-over-year growth through 2026 [3][7][4][5][6]. The company has also outlined a long-term strategic goal to double its revenues to $6 billion by 2029, which would require approximately 20% annual growth [3].
Sources (9)
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8. What Could Change the Odds

Key Catalysts

Natera reported Q1 2026 revenue of $696.6M, up 38.8% year-over-year (YoY), on 1,013,600 tests processed, an 18.5% YoY increase [1][2][3]. Q3 2026 revenue reached $794.0M (+34.1% YoY) from 1,093,100 tests (+22.3% YoY), with oncology tests comprising 339,500 (+60.9% YoY) [4][5]. Clinical MRD units also rose to ~316,000 (+56% YoY) in Q3 2026, marking two consecutive quarters with >30,000 sequential unit growth [6][4]. Following Q3 2026, Natera raised its full-year 2026 revenue guidance to $3.005B–$3.035B and set a long-term target of $6B revenue by 2029, implying approximately 25% CAGR [4][6][7].
Several bullish catalysts are in play for 2027. These include anticipated Medicare MolDX coverage for serial Signatera use in early-stage hepatocellular carcinoma, Japanese approval for muscle-invasive bladder cancer, and FDA Breakthrough designation for the multi-cancer assay [7][8][9][10]. The FIND CRC pivotal study, with 30,000 enrolled patients, is scheduled for a definitive colorectal cancer readout in 2027 [11][8]. Signatera Average Selling Price (ASP) is projected to exit 2026 at ~$1,275, with management forecasting $150–$200 ASP upside from pending MolDX indications over the next 12–18 months, aligning with a $2,000 long-term ASP target [12][9][10]. Analyst consensus for full-year 2027 revenue is approximately $3.64B, representing about 21% YoY growth, with a forecast for breakeven and a projected profit of ~$10.1M–$13.4M [13][14].
Potential headwinds include elevated R&D spending, approximately $100M in 2026 for early cancer detection and the FIND trial, alongside SG&A guidance of $1.225B–$1.3B for FY2026 [7][11][8]. Natera's Q3 2026 EPS of -$0.42 missed consensus of -$0.26 [7][11][8][15]. The stock trades at a premium valuation of ~$377–$391, suggesting limited tolerance for disappointment [7][11][8][15]. Near-term events include Q4 2026 earnings scheduled for February 25–26, 2027, and Q1 2027 earnings expected around May 2027 [16][17][18][19]. Analyst consensus for Q1 2027 revenue is approximately $840.5M, with an EPS estimate of -$0.25 [13]. Kalshi prediction markets for Natera tests processed in the quarter ending May 2027 show 'Above 1.05 million' and 'Above 1.2 million' both at less than 1% probability [20][21].

Key Dates & Catalysts

  • Expiration: September 03, 2027
  • Closes: September 03, 2027
Sources (21)
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