Natera, Inc. Common Stock Canaccord Genuity's 46th Annual Growth Conference

Appreciate it. Yeah. No, thanks for having me.

Yeah, had a fantastic Q2, just read it out last week. Outstanding volume quarter across the board. Very strong momentum in organ health. Had an outstanding Q2 in women's health, which is sequentially seasonally down for us usually. Sequentially, we were really strong. That was kind of high single-digit growth year-on-year, which is quite difficult to achieve in such a penetrated market. Nonetheless, we got there. Probably the headline for the quarter, I think from investors' perspective, was the growth that we posted in Signatera, which just sequential to a very strong Q1 of this year. We grew an additional 34,000 units to now north of 280,000 units in the quarter. That's a record for us. The prior quarter was also a record at 25,000.

That's quite a move up and we can kind of get into some of the puts and takes on that. I think overall the business is really firing on all cylinders, to use that cliché. This is year 11 for me at the company. We've just never been in a stronger position across all areas of the business. Revenues and ASPs are very strong. Gross margins were quite good. We continue to narrow losses even as we stayed very aggressive on the investment front. I think we're very well positioned for a great run over the next few years here.

Yeah, I certainly think that that was an important component of our progress. As you'll recall, we launched the Fetal Focus offering some quarters ago, and we're seeing a very good uptake for that. Q1 we had a very strong kind of launch quarter. We saw that continue into Q2. Beyond that, I was very pleased to see us announce the launch of a new Panorama version that is even more sensitive than the prior version of Panorama in NIPT. Particularly highlighting the data we've now generated in low fetal fraction cases, which historically has been a kind of a difficult area for performance for non-invasive prenatal testing. I think our performance there is quite differentiated. Looking forward to having some publications and some presentations this fall.

Because we announced that in kind of the early June timeframe, I don't think that was really part of the Q2 performance, but I think that augurs well for the rest of the year for women's health.

Well, I didn't include it in the guide to keep ramping like this. This was truly an outstanding quarter. When investors ask us how to think about forecasting growth in women's health, just given the level of penetration that you see there, I typically think about this as a kind of a mid-single digit volume grower, and then you'd love to aspire to grow a little faster than that on revenue if you can continue to just do a good job executing and increase the fraction of time that a covered service in women's health is actually reimbursed. There is still work to do there. This is obviously a step function higher than that. We will see how we do, but we are really excited about the momentum.

Well, let me summarize. Yeah.