Natera reported after the close of the market on Wednesday that its fourth quarter 2019 revenues grew 24 percent year over year.

For the three months ended Dec. 31, 2019, Natera reported $83.2 million in revenue compared to $67.0 million in Q4 2018 and beating analysts' average estimate of $77.8 million. 

The increase in total revenues was driven primarily by sales of Natera's Panorama and Horizon tests, the San Carlos, California-based company said.

The firm reported Q4 2019 product revenues of $74.5 million, up 18 percent year over year from $63.1 million, and Q4 2019 license and other revenues of $8.7 million, up 123 percent year over year from $3.9 million.

The molecular diagnostics firm processed 209,400 tests in Q4 2019 — including approximately 198,300 tests accessioned in its laboratory — up from 174,200 tests in Q4 2018, including approximately 162,900 tests accessioned in its laboratory.  

Natera's R&D spending rose 17 percent year over year to $15 million in the recently completed quarter from $12.8 million in the year-ago quarter. Its SG&A costs climbed 43 percent to $58.6 million from $41.1 million.

Natera reported a net loss for the quarter of $35.2 million, or $.46 per share, compared to a net loss of $31.8 million, or $.51 per share, in Q4 2018. The firm beat Wall Street analysts' average estimate for a net loss per share of $.55.

Natera's revenues for full-year 2019 increased 17 percent to $302.3 million from $257.7 million in 2018.

The firm reported 2019 product revenues of $269.9 million, up 12 percent year over year from $240.4 million, and 2019 license and other revenues of $32.4 million, up 87 percent year over year from $17.3 million.

It processed about 804,300 tests during the year, including 753,800 tests accessioned in its lab, a 20 percent increase from the 668,600 tests processed, including 625,900 accessioned in its lab, in 2018.

"2019 was a transformational year for Natera," Steve Chapman, the firm's CEO, said in a statement. "We delivered strong volume growth, consistent average selling price expansion, and reduced cost-of-goods sold per unit in our reproductive health business."

He said that the firm opened a path to creating value in new multibillion dollar markets in transplant rejection and oncology.

Natera's net loss for 2019 narrowed to $124.8 million, or $1.79 per share, from a net loss of $128.2 million, or $2.22 per share in 2018. It beat Wall Street analysts' estimate for a 2019 net loss per share of $1.88.

Natera's full year 2019 R&D expenses remained flat year over year at $51.4 million, while its SG&A expenses rose 33 percent to $206.2 million compared to $154.9 million in 2018.

Natera anticipates 2020 revenue of between $335 million and $350 million.

As of Dec. 31, 2019, Natera held $61.9 million in cash and cash equivalents and $379.1 million in short-term investments.