The Ledger ResearchPrivate

The Front Office

Scouting report · NTRA

Michael B. Brophy

  • Chief Financial Officer (Principal Financial and Accounting Officer), NTRA since 2017-02src

Ex-Morgan Stanley diagnostics banker; Natera CFO since February 2017

—thin record

Not ranked yet

Scouting sheet

as of 24 Sep 2026
Delivers guidance—no promises on the record yet
Answers the question—no call reviewed yet
Capital allocation—company not reviewed yet
Pay design5548% performance-conditioned · revenue, margin, fcf, individual, time only · 98% for · company lost money
Skin in the game—no holding or price on file
Age
45src
In the role
10 yr
Promises scored
0
Hit rate
—
Dodges / 100 answers
—
Airtime on calls
—
Every promise, oldest firstno scored promises yet

What to weigh

Watch 3

  • Personal defendant in a certified securities class action (class period 2020-02-26 to 2022-03-14) over Prospera and Panorama disclosures. The complaint alleges insider sales while holding material non-public information. Allegations, not findingssrc
  • Holds 31,580 shares beneficially (25,722 held plus 5,858 vesting within 60 days) after about $22m of sales in the last 12 months. The proxy says he meets the 1x-salary guidelinesrc
  • Company half of his bonus (80% weight) paid on a revenue target set at about 11% growth in a year of 35.9% growth (131.1% payout)src

In their favour 1

  • Salary raised 14% for 2025 but, per the proxy, still well below the peer median. About half his target pay is performance-based (PSUs on three-year cumulative revenue)src

Career

  1. 2017 – now
    Naterasrc
    Chief Financial Officer
    Succeeded Herm Rosenman, who moved to the board; the press release called it planned succession
  2. 2016 – 2017
    Naterasrc
    Senior Vice President, Finance and Investor Relations
    From September 2016
  3. 2015 – 2016
    Naterasrc
    Vice President, Corporate Development and Investor Relations
    Joined September 2015, just after the July 2015 IPO
  4. 2014 – 2015
    Morgan Stanley, Investment Banking Divisionsrc
    Executive Director (life science tools and diagnostics)
  5. 2011 – 2013
    Morgan Stanley, Investment Banking Divisionsrc
    Vice President (life science tools and diagnostics)

Not located: Pre-2011 not dated in any filing: the Air Force service (search summary only) and the UCLA MBA have no years

Achievements

  • CFO for more than nine years, promoted from inside after running investor relations and corporate developmentsrc
  • Before Natera, advised life science tools and diagnostics companies as a Morgan Stanley investment banker (2011-2015)src
  • Scored 110% on the individual component of his 2025 bonus, for total cash incentive of $390,175 against a $307,560 targetsrc
  • Signs the 10-K as principal financial and principal accounting officer; holds a power of attorney for it with the CEOsrc

Education

  • United States Air Force Academy, BS Economicssrc
  • University of California, Los Angeles, MBA Business Administrationsrc

Background

  • Family No family relationship with any director or executive officer (2017 appointment 8-K; the 2026 proxy names only the Rabinowitz brothers)src
  • Service Air Force Academy graduate; a search-result profile says he served four years of active duty, reaching captain, on satellite-ground-station contractingsrc
  • Legal Named as a defendant, with Natera, Chapman and Rabinowitz, in the securities class action in the Western District of Texas (filed April 2022). The motion to dismiss was granted in part; the class is certifiedsrc

The promise ledger

No promise on the record yet: the research routine has not scored this company's guidance.

Sources

9
  1. Filing Natera DEF 14A for the 2026-06-11 annual meeting (accession 0001104659-26-047770) · 2026-04-23
  2. Filing Natera 8-K Item 5.02, Brophy appointed CFO effective 2017-02-01; Rosenman resigns as CFO and joins the board (0001104659-17-006437) · 2017-02-03
  3. Filing Natera press release on Brophy's appointment as CFO, Exhibit 99.1 to the 8-K of 2017-02-03 · 2017-02-03
  4. Filing Natera 8-K Items 5.02/5.07, 2026 annual meeting results (0001604821-26-000003) · 2026-06-16
  5. Filing Natera 10-K for FY2025 (0001104659-26-020881), signatures and Legal Proceedings note · 2026-02-27
  6. Filing SEC XBRL companyconcept us-gaap/NetIncomeLoss, CIK 1604821 (FY2025 10-K, 0001104659-26-020881) · 2026-02-27
  7. Filing Form 4, Michael Burkes Brophy (reporting CIK 1697362), sales of 2026-08-03/04 (0001697362-26-000017); window totals summed over all 14 of his Form 4s filed 2025-10-01 to 2026-08-05 · 2026-08-05
  8. Web search result WebSearch: Comparably profile of Michael Brophy, CFO at Natera (Air Force service summary) · 2026-09-24
  9. Web search result WebSearch: Kessler Topaz case page and amended complaint, Natera securities class action (W.D. Tex. 1:22-cv-00398); names Natera, Steve Chapman, Michael Brophy, Matthew Rabinowitz among defendants · 2026-09-24