SAN FRANCISCO, May 8, 2017 /PRNewswire/ -- Invitae
Corporation (NYSE: NVTA), one of the fastest growing genetic
information companies, today announced financial and operating
results for the quarter ended March 31,
2017.
First Quarter 2017 Financial Highlights:
- Generated revenue of $10.3
million in the first quarter of 2017, compared to
$4.0 million in the first quarter of
2016.
- Accessioned more than 26,000 samples in the first quarter of
2017, representing a 166% increase over the first quarter of
2016.
- Reduced cost of goods sold (COGS) per sample accessioned from
$612 in the first quarter of 2016 to
$359 in the first quarter of
2017.
- Achieved positive gross profit of approximately $1.0 million in the first quarter of 2017
compared to a negative gross profit of $2.0
million in 2016.
For the first quarter 2017, Invitae reported a net loss of
$26.9 million, or a $0.64 loss per share, compared to a net loss of
$25.6 million in the first quarter of
2016, or a $0.80 loss per share.
Total operating expenses for the first quarter of 2017, excluding
the cost of goods sold, were $28.3
million compared to $23.5
million in the first quarter of 2016. First quarter
operating expenses included $5.3
million in non-cash expenses, including depreciation and
equity compensation.
Cash used in operating activities in the first quarter 2017
amounted to $22.0 million, as
compared to $24.0 million in 2016. At
March 31, 2017, cash, cash
equivalents, restricted cash, and marketable securities totaled
$101.5 million, $4.2 million more than the comparable amount as
of December 31, 2016, reflecting net
proceeds of approximately $39.7
million, resulting from a loan agreement secured in
March 2017 and the subsequent
extinguishment of $12.1 million in
previously outstanding debt.
"We are winning the race to scale in our industry," said
Sean George, chief executive officer
of Invitae. "By providing more affordable genetic testing, we are
opening up access for patients to address a wide spectrum of health
issues, from rare diseases to common cancers, fueling increased
utilization of our expanding platform. Now in-network with a
majority of major payers, we expect the rise in demand for
Invitae's services in the first quarter will translate into
significant revenue growth throughout the remainder of the
year."
Strategic Advancements:
- Significantly Expanded Footprint of Invitae's Genome Network
Connecting over 75,000 Patients with more than 100 advocacy groups,
the National Institutes of Health (NIH), Patient-Centered Outcomes
Research Institute (PCORI), as well as biotech and pharmaceutical
companies
-
- Acquired permission-based global platform for sharing
safeguarded data among patients, clinicians, advocacy
organizations, researchers, and therapeutic developers to
accelerate the understanding, diagnosis, and treatment of
hereditary disease.
- Signed contracts with multiple biopharma companies, including a
new partnership with Alnylam Pharmaceuticals to provide testing for
patients suspected of having hereditary ATTR amyloidosis, a rare,
progressive and life-threatening disease characterized by
accumulation of misfolded proteins in nerves and cells of other
organs.
- Launched the Invitae Patient Insights Network, enabling
participants to contribute data, learn how others manage similar
health plans, and receive information about the latest research and
clinical trial opportunities.
- Continued Progress with Payers, Bringing Total Lives
Contracted To More Than 187 Million:
-
- Secured several statewide fee-for-service Medicaid agreements
and contracted with several major private payers, including
additional Blue Cross Blue Shield plans.
- Signed contract with Blue Shield of California to cover Invitae's exome testing
and expect additional contracts to be executed during the remainder
of 2017.
- Added to the Invitae Platform with the Release of New
Testing Content and Broader Service Enhancements:
-
- Introduced exome sequencing and interpretation services,
bringing the company's available test menu to more than 20,000
genes. Exome testing can help clinicians make or confirm a
diagnosis and develop an appropriate medical management plan, which
is especially important in pediatric and rare disorders for which
early diagnosis is essential.
- Expanded its genetic test menu with the addition of new tests
and expanded panels for inherited metabolic and immune system
disorders, including panels to confirm diagnoses suggested by
newborn screening.
- Broadened its menu to include a unique test for Spinal Muscular
Atrophy (SMA), a neuromuscular disease that is one of the leading
lethal genetic disorders among infants as well as a significant
cause of progressive neuromuscular disease in childhood.
- Added additional genes linked to cancer, cardiovascular
conditions, and other genetic disorders to its menu of proactive
genetic tests, resulting in a panel capable of providing
information on 139 medically actionable genes.
- Robust Research Initiatives Continue to Point to Broader
Utility of Genetic Information and Underscore Precision of
Invitae's Services:
-
- Presented new research at the 2017 Genitourinary Cancer
Symposium suggesting that one in six patients tested with prostate
cancer and a positive family history are at high risk of an
inherited genetic mutation that might help inform their treatment
options.
- Presented 18 posters and talks at the 2017 American College of
Medical Genetics (ACMG) Annual Clinical Genetics Meeting, including
five posters designated as "high-ranking." Additionally, Invitae
researchers presented findings from the company's growing body of
experience on the use of proactive testing.
- Presented new research from a collaboration between TME
Research and Invitae at the American Society of Breast Surgeons
(ASBS) Annual Meeting suggesting that current genetic testing
guidelines may miss breast cancer patients who could benefit from
testing.
Webinar and Conference Call Details:
Management will host a webinar and conference call today at
4:30 p.m. Eastern / 1:30 p.m. Pacific to discuss financial results
and recent developments. The dial-in numbers for the conference
call are (877) 201-0168 for domestic callers and (647) 788-4901 for
international callers, and the reservation number for both is
11040513.
The live webinar and conference call may be accessed by visiting
the investors section of the company's website at ir.invitae.com. A
replay of the webinar will be available shortly after the
conclusion of the call and will be archived on the company's
website.
About Invitae
Invitae Corporation's (NYSE: NVTA)
mission is to bring comprehensive genetic information into
mainstream medical practice to improve the quality of healthcare
for billions of people. Invitae's goal is to aggregate most of the
world's genetic tests into a single service with higher quality,
faster turnaround time, and lower price than many single-gene and
panel tests today. The company currently provides a diagnostic
service comprising approximately 1,500 genes for a variety of
genetic disorders associated with oncology, cardiology, neurology,
pediatrics, and other rare disease areas, as well as a clinical
whole exome analysis service. Additionally, the company has created
a Genome Network to connect patients, clinicians, advocacy
organizations, researchers, and therapeutic developers to
accelerate the understanding, diagnosis, and treatment of
hereditary disease. For more information, visit our website at
invitae.com.
Safe Harbor Statements
This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including statements
relating to the company's expectations regarding full-year 2017
revenue; the company's belief that it is winning the race to scale
in its industry and opening up access for patients to address a
wide spectrum of health issues, which is leading to increased
utilization of its expanding platform; that being in-network with a
majority of major payors and the rise in demand for its services in
the first quarter will lead to significant revenue grow throughout
the remainder of 2017; that additional payer contracts will be
executed during the remainder of 2017; that exome testing can help
clinicians make or confirm a diagnosis and develop an appropriate
medical management plan; and that research continues to point to
the broader utility of genetic information and precision of the
company's services. Forward-looking statements are subject to risks
and uncertainties that could cause actual results to differ
materially, and reported results should not be considered as an
indication of future performance. These risks and uncertainties
include, but are not limited to: the company's history of losses;
the company's ability to compete; the company's failure to manage
growth effectively; the company's need to scale its infrastructure
in advance of demand for its tests and to increase demand for its
tests; the company's ability to develop and commercialize new tests
and expand into new markets; the risk that the company may not
obtain or maintain sufficient levels of reimbursement for its
tests; the company's inability to raise additional capital on
acceptable terms; risks associated with the company's ability to
use rapidly changing genetic data to interpret test results
accurately, consistently, and quickly; risks associated with the
company's limited experience with respect to acquisitions; security
breaches, loss of data and other disruptions; laws and regulations
applicable to the company's business; and the other risks set forth
in the company's filings with the Securities and Exchange
Commission, including the risks set forth in the company's Annual
Report on Form 10-K for the year ended December 31, 2016. These forward-looking
statements speak only as of the date hereof, and Invitae
Corporation disclaims any obligation to update these
forward-looking statements.
NOTE: Invitae and the Invitae logo are trademarks of Invitae
Corporation. All other trademarks and service marks are the
property of their respective owners.
Invitae
Corporation
|
Condensed
Consolidated Statements of Operations
|
(In thousands,
except share and per share amounts)
|
|
|
|
Three months
ended
|
|
|
March
31,
|
|
|
2017
|
|
2016
|
|
|
(Unaudited)
|
|
(Unaudited)
|
Revenue
|
$
|
10,338
|
$
|
3,955
|
Costs and operating
expenses:
|
|
|
|
|
Cost of
revenue
|
|
9,329
|
|
5,987
|
Research and
development
|
|
10,023
|
|
10,660
|
Selling and
marketing
|
|
11,572
|
|
7,043
|
General and
administrative
|
|
6,751
|
|
5,755
|
Total costs and
operating expenses
|
|
37,675
|
|
29,445
|
Loss from
operations
|
|
(27,337)
|
|
(25,490)
|
Other income
(expense), net
|
|
(691)
|
|
(16)
|
Interest
expense
|
|
(322)
|
|
(84)
|
Net loss before
taxes
|
|
(28,350)
|
|
(25,590)
|
Income tax
benefit
|
|
(1,422)
|
|
—
|
Net loss
|
$
|
(26,928)
|
$
|
(25,590)
|
Net loss per share,
basic and diluted
|
$
|
(0.64)
|
$
|
(0.80)
|
Shares used in
computing net loss per share, basic and diluted
|
|
42,318,136
|
|
31,964,541
|
Invitae
Corporation
|
Condensed
Consolidated Balance Sheets
|
(In
thousands)
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
(Unaudited)
|
|
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
43,439
|
$
|
66,825
|
Marketable
securities
|
|
53,342
|
|
25,798
|
Accounts
receivable
|
|
2,032
|
|
1,153
|
Prepaid expenses and
other current assets
|
|
8,582
|
|
8,024
|
Total current
assets
|
|
107,395
|
|
101,800
|
Property and
equipment, net
|
|
26,604
|
|
23,793
|
Restricted
cash
|
|
4,697
|
|
4,697
|
Intangible assets,
net
|
|
4,122
|
|
—
|
Goodwill
|
|
9,432
|
|
—
|
Other
assets
|
|
372
|
|
361
|
Total
assets
|
$
|
152,622
|
$
|
130,651
|
|
|
|
|
|
Liabilities,
convertible preferred stock, and stockholders'
equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
$
|
4,953
|
$
|
3,352
|
Accrued
liabilities
|
|
13,112
|
|
6,711
|
Capital lease
obligation, current portion
|
|
1,647
|
|
1,309
|
Debt, current
portion
|
|
—
|
|
3,381
|
Total current
liabilities
|
|
19,712
|
|
14,753
|
Capital lease
obligation, net of current portion
|
|
1,166
|
|
266
|
Debt, net of current
portion
|
|
38,921
|
|
8,721
|
Other long term
liabilities
|
|
10,524
|
|
7,837
|
Total
liabilities
|
|
70,323
|
|
31,577
|
Stockholders'
equity:
|
|
|
|
|
Common
stock
|
|
4
|
|
4
|
Accumulated other
comprehensive loss
|
|
(36)
|
|
—
|
Additional paid-in
capital
|
|
384,477
|
|
374,288
|
Accumulated
deficit
|
|
(302,146)
|
|
(275,218)
|
Total stockholders'
equity
|
|
82,299
|
|
99,074
|
Total liabilities,
convertible preferred stock and stockholders' equity
|
$
|
152,622
|
$
|
130,651
|
The condensed, consolidated balance sheet at December 31, 2016 has been derived from the
audited consolidated financial statements at that date included in
the company's annual report on Form 10-K for the year ended
December 31, 2016.
Contact:
Kate McNeil
ir@invitae.com
347-204-4226
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/invitae-exceeds-26000-samples-accessioned-reports-revenue-of-103-million-and-net-loss-of-064-per-share-in-first-quarter-2017-300453463.html
SOURCE Invitae Corporation