We are increasing our 2026 revenue estimate by 4% to reflect continued momentum in the business. Natera had pre-released Q4 revenue that was significantly higher than we had expected, due in part to prior period revenue, but also to continued strength across all lines of business - and particularly Signatera. The company also issued 2026 guidance that was 3% higher than our estimate (and 2% higher than consensus) at the midpoint. The midpoint of the 2026 revenue guide implies 25% growth (excluding 2025 true-ups). We would consider 25% growth to be a huge success, given the size of the company and the very difficult 2025 comp. However, with the stock trading at 10x 2026 revenue, we suspect that Natera will need to continue the trend of beats and raises for the stock to go up meaningfully from here.