The stock dropped 20% to $292.47 after the close, following a 7% decline during the regular session to $363.76.

Natera reported a third-quarter loss of $59.9 million, or 42 cents a share, compared with a loss of $87.5 million, or 64 cents a share, a year earlier. Analysts polled by FactSet had expected a loss of 28 cents a share. Revenue rose 34% to $794 million, beating analysts’ estimate of $707.5 million.

Operating expenses increased 20% to $576.1 million, which the company attributed to hiring to support new product offerings and higher clinical trial expenses. Natera raised its revenue guidance to $3.01 billion to $3.04 billion, from its previous range of $2.85 billion to $2.91 billion.

Chapman will remain with the company as a consultant and adviser to the board. Solomon Moshkevich was appointed CEO, effective immediately. He joined Natera in 2011 and most recently served as president of its clinical diagnostics segment, where he led the company’s oncology expansion.