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Natera, Inc. NTRA Fair Value Adjustment of Warrants

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$33.14B+48.3%
Enterprise value$32.29B+49.9%
P/S13.3×+1.0×

Profitability

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Gross margin42.9%—
Operating margin-13%+0.6pp
Net margin-14.6%+0.6pp
FCF margin4.2%-0.5pp

Returns & leverage

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Return on equity-29%+4.1pp
Debt / equity0.1×0.0×
Current ratio3×-0.9×

Questions, answered.

What does fair value adjustment of warrants mean?
This represents the non-cash gain or loss resulting from changes in the market value of warrant liabilities issued by the company. Because these liabilities are marked to market each period, the resulting fluctuations impact net income without affecting cash flow. It reflects market sentiment regarding the company's equity volatility.