Natera, Inc. (NTRA) Presents at Morgan Stanley 24th Annual Global Healthcare Conference Transcript

Natera, Inc. ( NTRA ) Morgan Stanley 24th Annual Global Healthcare Conference September 14, 2026 7:45 AM EDT Company Participants Steve Chapman - CEO & Director Mike Brophy - Chief Financial Officer Conference Call Participants Kallum Titchmarsh - Morgan Stanley, Research Division Presentation Kallum Titchmarsh Morgan Stanley, Research Division Okay. I know we're a couple of minutes away, but I think we can get started given there's a lot to cover. I'm Kallum Titchmarsh, the life sciences analyst here at Morgan Stanley. Really pleased today to be joined by the team at Natera. We have Steve Chapman, CEO; and Mike Brophy, CFO. Thanks, guys, for being here. Steve Chapman CEO & Director Yes, cheers. Thanks for having us. Question-and-Answer Session Kallum Titchmarsh Morgan Stanley, Research Division Thank you. Just before we get started, for all disclosures relating to this presentation, please see morganstanley.com/researchdisclosures. Now the fun stuff's out of the way, maybe we can start on that Q2. Obviously, we're expecting strong numbers, but I think even the Q2 came comfortably above our expectations, just under 40% year-over-year sales growth, record sequential Signatera tests and then a healthy raise on the back of that. Maybe just stepping back, how has your confidence in the business evolved year-to-date? And where do you perhaps think investors may still be underestimating that durability of growth? Steve Chapman CEO & Director Yes. So I'd say, obviously, very strong quarter and year-to-date. We've had multiple revenue raises. We've seen acceleration in Signatera volume and really just strength across the business overall. I think in Q2, we had 34,000 quarter-over-quarter growth, which was just an all-time record for Signatera, super exciting. I would say the area that I think is maybe most underappreciated is just how big the MRD market opportunity is. And when we start to look drilling into