Updating Our Solid Tumor MRD Market Model, Including NTRA Market Shares

Research evidence excerpt

Updating Our Solid Tumor MRD Market Model, Including NTRA Market Shares

Diagnostics & Life Sciences Tools June 29, 2026

Subbu Nambi, Ph.D.

subbu.nambi@guggenheimpartners.com Updating Our Solid Tumor MRD Market Model,

617 874 7383 Including NTRA Market Shares Ricki Levitus

ricki.levitus@guggenheimpartners.com

212 823 6556 Key Message: We are updating our solid tumor MRD market model, which includes

Thomas VonDerVellen Signatera (NTRA) market shares by cancer indication and treatment setting (adjuvant &

thomas.vondervellen@guggenheimpartners.com surveillance). We note that our model includes conservative TAM assumptions in order

617 859 4657 to stress test the growth runway for NTRA, and even with these cautious market sizing

assumptions we still see meaningful room for NTRA to grow Signatera volumes through

2032 across most indications; though CRC is notably the most penetrated. Given the

significant growth opportunity and NTRA's strong competitive positioning in the MRD

Ticker Price Rating markets, we remain confident in the near and long term outlook.

NTRA 261.91 Buy

What's New?

We updated our market model to reflect our recent model update for NTRA. •

Solid Tumor MRD Market TAM Model Overview

Patient TAM Build: Inputs & Assumptions

We show two versions of the solid tumor MRD market in two tabs of • Tumor Types:

the model: one that is more of a SAM analysis of the currently Medicare reimbursed

tumor indications (specifically for Signatera, which has the broadest reimbursement

in this space), and a second that covers solid tumors more broadly, beyond what is

reimbursed today. The current indications where Signatera is reimbursed by Medicare

include CRC (stage II-IV & oligometastatic for adjuvant and surveillance), MIBC (adjuvant