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Natera, Inc. NTRA Gross margin

Discontinued — last reported Q3 '19

Gross margin at other companies

Labcorp Holdings logo
Labcorp HoldingsLH
28.8%+0.9pp
Quest Diagnostics logo
Quest DiagnosticsDGX
33.2%+0.4pp
Illumina logo
IlluminaILMN
66.2%-0.1pp
Guardant Health logo
Guardant HealthGH
64.9%+3.6pp
Agilent Technologies logo
Agilent TechnologiesA
52.7%-0.6pp
Incyte logo
IncyteINCY
92.5%-0.2pp

Other financials

Income statement

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Revenue$696.6M+38.8%
Operating income-$93.5M-18.1%
Net income-$85.1M-27.1%
EPS (diluted)-$0.60-20.0%

Balance sheet

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Cash & equivalents$1.1B+11.7%
Total debt$240.1M+22.7%
Total equity$1.8B+43.1%
Total assets$2.6B+50.9%

Cash flow

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Operating cash flow$40.2M-9.6%
CapEx$22.1M+1.5%
Free cash flow$18.0M-20.3%

Valuation

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Market cap$32.43B+48.3%
Enterprise value$31.58B+49.9%
P/S13×+1.0×

Profitability

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Operating margin-13%+0.6pp
Net margin-14.6%+0.6pp

Returns & leverage

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Return on equity-29%+4.1pp
Debt / equity0.1×0.0×
Current ratio-0.9×

Where this comes from

Calculated from Natera, Inc.’s reported figures.

Based on trailing twelve months.

The official record: Natera, Inc.’s 10-Q, filed November 8, 2019, on SEC EDGAR. View the filing →

Questions, answered.

What does gross margin mean?
How much of every sales dollar is left after the direct cost of what was sold.
How do you interpret gross margin?
Higher and stable gross margins indicate pricing power and a durable cost structure. A declining trend signals input-cost pressure, pricing competition, or a shift toward lower-margin products.
How does gross margin compare across companies?
Highly comparable within an industry, less so across industries — software runs 70%+ while distributors run in single digits. Track the trend more than the absolute level across sectors.