Natera is a molecular diagnostics company that develops and sells blood-based genetic tests using cell-free DNA (cfDNA) technology across three areas: oncology, women's health, and organ health. Natera's core technology uses massively multiplexed PCR to measure thousands of genetic markers from tiny DNA samples, enabling detection of tumor DNA, fetal DNA, or donor organ DNA circulating in a patient's blood. In oncology, Natera's flagship product is Signatera, a personalized circulating tumor DNA test custom-built from a patient's tumor tissue to detect residual cancer after treatment and monitor for recurrence. Natera also offers Panorama, a non-invasive prenatal test for fetal chromosomal abnormalities, and Horizon, a carrier screening test for inherited conditions. In organ health, Natera's Prospera test detects donor DNA in a transplant recipient's blood as a signal of potential organ rejection. Natera performs tests in its own CLIA-certified labs and bills commercial insurers and government programs like Medicare for reimbursement. Revenue is driven by test volume and ASP, which is heavily influenced by payer coverage decisions. A key business dynamic is that many tests are run in indications not yet covered by payers, so as coverage expands, ASPs rise with little incremental cost since lab infrastructure is already in place. Natera sells directly to physicians and hospitals in the U.S. and distributes internationally through lab and distribution partners in over 80 countries, and also licenses its Constellation bioinformatics platform to third-party labs globally.