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Natera sued Progenity in June but the firm said its Innatal cell-free DNA noninvasive prenatal test does not infringe any of Natera's six patents.
The suit comes shortly after Progenity filed for an initial public offering in which it is seeking to raise up to $122.6 million.
In its complaint, the Maryland-based company claimed that Natera infringes two of its patents, both titled "Methods for detection of genetic disorders."
The company said that a large portion of the offering's proceeds would be used to end criminal and civil investigations over its past billing practices.
The May 8 settlement resolves all claims and counterclaims relating to noninvasive prenatal testing and pre-implantation genetic screening and diagnosis.
Natera reported $94 million in revenues for the quarter, up from $66.8 million a year ago and beating analysts' consensus estimate of $85 million.
Revenues for the fiscal year totaled £16.6 million ($20.7 million), up from £8.9 million during FY 2018.
The notes will be sold at an initial effective conversion price of about $38.79 per share, approximately a 30 percent premium to Monday's $29.84 per share closing price.
The company is withdrawing its previous financial guidance for 2020, saying that it cannot predict the extent or duration of the impact of the COVID-19 pandemic.
Under the 2018 agreement, the companies had planned to develop cell-free DNA assays for prenatal screening using Qiagen's GeneReader sequencing system.