NTRA - Natera rallies on Q1 estimates beat increased 2022 revenue guidance

Natera (NTRA) rallies 4% premarket as the Co. reported Q1 revenues of $194.1M beating estimates by $17.5M, where Product revenues were $190M, an increase of 57.8% Y/Y. The Co. processed ~489,300 tests in Q1 2022, compared to ~348,200 tests processed in Q1 2021, an increase of 40.5% Y/Y. Gross margin declined to 46.8% from 56.1%, due to the revenue recognition of ~$28.6M in Q1 2021 as a result of the conclusion of its collaboration with Qiagen. At March 31, 2022, Natera held ~$752.2M in cash, equivalents, short-term investments and restricted cash, compared to $653.7M as of March 31, 2021. Total outstanding debt balance of $330.7M, comprised of $50.1M including accrued interest under its line of credit with UBS at a variable interest rate of 30-day LIBOR plus 110 bps and a net carrying amount of $280.7M under its seven-year convertible senior notes. Outlook: Increased 2022 revenue guidance from $770-790M to $790-810M, Gross margin to

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Natera rallies on Q1 estimates beat, increased 2022 revenue guidance