Natera (NASDAQ: NTRA) reported Q1 EPS of ($0.45), $0.11 better than the analyst estimate of ($0.56). Revenue for the quarter came in at $94 million versus the consensus estimate of $85.06 million.

Recent Accomplishments & Highlights

• Generated total revenues of $94.0 million in the first quarter of 2020 compared to $66.8 million in the first quarter of 2019, an increase of 41%.
• Processed approximately 235,500 tests in the first quarter of 2020, compared to approximately 200,200 tests processed in the first quarter of 2019 and 209,400 tests processed in the fourth quarter of 2019.
• Achieved cost of goods sold of $202 per test accessioned in Natera's laboratory; approaching the company's long-term target of $200 cost of goods sold per unit.
• Successfully enrolled the first 145 patients in the ProActive registry trial for ProsperaTM in kidney transplant rejection.
• Responded to COVID-19 by implementing safety protocols in the laboratory, scaling remote ordering capabilities for patients and physicians.
• Saw coverage for Panorama® expanded during COVID-19 by greater than 20 million lives.
• Successfully issued convertible senior notes due 2027 for net proceeds of $278.9 million in April 2020.
• Repaid the obligations under its 2017 term loan with OrbiMed Advisors in April 2020.

"We were very pleased with our performance in the first quarter," said Steve Chapman, Natera's Chief Executive Officer. "We had a record quarter for both volumes and revenues, and drove cost of goods sold per unit to very near the long-term target we had set out previously. We responded aggressively to the COVID-19 outbreak to ensure no disruptions to our lab operations, demonstrated our ability to rapidly scale our mobile ordering platforms for patients and providers, and further strengthened our balance sheet with the financing."

For earnings history and earnings-related data on Natera (NTRA) click here.