On April 13, 2020 Natera, Inc. (NASDAQ: NTRA), a pioneer and global leader in cell-free DNA testing, reported preliminary operational and financial results for the quarter ended March 31, 2020 (Press release, Natera, APR 13, 2020, View Source [SID1234556273]). Natera generated total revenues of approximately $89 million to $91 million and processed approximately 235,000 total tests in Q1. Operating losses were generally consistent with Q4 2019.
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Q1 represented another record volume and revenue quarter for Natera, and quarterly unit growth was the largest in company history despite the impact from COVID-19. Volumes declined approximately 15% in the last two weeks of March from record Q1 levels, or to roughly the average weekly volumes in Q4 2019. As expected, the New York area and our in-vitro fertilization channels were most severely impacted.
Natera responded quickly to the outbreak by implementing key safety protocols for its employees and laboratories, and by expanding its remote capabilities. "We are very pleased with our performance in the second half of March given the pandemic, and before seeing the extent of the impact of our recent remote initiatives. Customers and patients have begun to take advantage of our remote access platforms in record numbers, and we are encouraged to see the recent expansion in average risk NIPT covered lives that occurred in late March," said Steve Chapman, Natera’s CEO.
Fiscal Year 2020 Outlook:
As a result of the highly dynamic situation and ongoing disruptions from COVID-19, the company is withdrawing its financial guidance for the 2020 fiscal year. At the present time, the Company cannot predict the extent or duration of the impact of the COVID-19 outbreak on its operating results.