NATERA (=) : Balancing Opex discipline with opportunistic investments

研报英文原文证据摘录

NATERA (=) : Balancing Opex discipline with opportunistic investments

EQUITIES

MEDTECH & SERVICES

NATERA NEUTRALPRICE* USD195.3  TARGET PRICE USD193 (DOWNSIDE 1%) TARGET 2%PRICE EPS10%26e EPS26%27e

Balancing Opex discipline with opportunistic investments

We update our model post 1Q26 (NTRA -12% on soft GM). We remain Neutral as Natera continues14 MAY 2026

Securities Research Report to progress towards catalysts (ECD, Signatera Japan launch) but we view current valuation as fair.

Production time: 21:57* (London time)

Research Analysts & Publishing Entities Early Cancer Detection (ECD) program progressing faster than expected

Navann Ty, CFA Natera indicated the FIND CRC trial is progressing ahead of schedule (see our catalysts table

BNP Paribas Securities Corp1 including timelines below), with enrollment expected to be completed 3Q26 and an FDA PMA readout

+(1) 917 749 7734

navann.ty@us.bnpparibas.com in 2027. Management indicated groundwork for a broader early detection platform is being laid in the

process, including multi-cancer screening. When the time comes to commercialize the assay, we

Curtis Moiles

understand Natera will leverage existing channels and gradually ramp up as volumes come through.BNP Paribas Securities Corp1

(+1) 646 544 1659

curtis.moiles@us.bnpparibas.com Signatera launch in Japan approaching

The company expects PMDA approval for Signatera in Japan to come in 2Q26E with preparations

ongoing for a commercial launch shortly after (within six months from now). After starting with

colorectal cancer (CRC), the company intends to expand indications, indicating muscle-invasive

bladder cancer (MIBC) as the next priority. Management struck a positive tone around the expected