SAN FRANCISCO, Aug. 3, 2021 /PRNewswire/ -- Invitae
Corporation (NYSE: NVTA), a leading medical genetics company, today
announced preliminary financial and operating results for the
second quarter ended June 30, 2021
and increases 2021 guide to revenue between $475-$500 million
for the year.
"Having now served more than 2 million patients, a major
milestone for the quarter, we are seeing a clear and steady rise in
the rate of adoption of genetics for personalized medicine, and we
are sitting at the forefront of making the vision of genetics in
mainstream medicine a reality," said Sean
George, co-founder and chief executive officer of
Invitae. "Years of investment in that reality have delivered
yet another strong quarter of growth, and with increased confidence
in continuing momentum we are increasing our revenue guidance for
the year."
Second Quarter 2021 Financial Results
- Generated revenue of $116.3
million in the quarter, a 152% increase compared to
$46.2 million in the same period in
2020
- Reported billable volume of 287,000 in the quarter, a 154%
increase compared to 113,000 in the same period in 2020
- Reported preliminary average cost per billable unit of
$317 in the quarter compared to
$380 average cost per billable unit
in the same period in 2020. Non-GAAP average cost per unit was
$261 in the quarter
- Achieved preliminary gross profit for the second quarter of
2021 of $25.2 million, compared to
$3.2 million in the same period in
2020. Non-GAAP gross profit was $41.2
million in the second quarter
Preliminary total operating expense, which excludes cost of
revenue, for the second quarter of 2021 was $159.3 million compared to $145.3 million in the same period in 2020.
Non-GAAP operating expenses, which excludes cost of revenue, for
the quarter was $198.2 million.
Preliminary net loss for the second quarter of 2021 was
$129.0 million, or a $0.64 net loss per share, compared to a net loss
of $166.4 million, or a $1.29 net loss per share, in the second quarter
of 2020. Non-GAAP net loss for the quarter was $170.8 million, or a $0.85 non-GAAP net loss per share.
Cost of revenue, operating expense and net loss and other
results as indicated are preliminary and subject to change as we
finalize acquisition-related adjustments related to the likelihood
of achieving a milestone related to the ArcherDX acquisition which
closed in October 2020. These
non-cash adjustments are expected to be significant and would be
expected to increase the gain and reduce the liability reported in
the preliminary financial information contained herein. Any
adjustments will be incorporated in Invitae's Form 10-Q to be filed
with the SEC on or before August 9,
2021.
At June 30, 2021, cash, cash
equivalents, restricted cash and marketable securities totaled
$1.54 billion as compared with
$681.9 million as of March 31, 2021. Net increase in cash, cash
equivalents and restricted cash for the quarter was $913.5 million. Cash burn was $256.8 million for the quarter. Cash burn for the
quarter would have been $136.7
million excluding the cash paid for acquisitions, primarily
related to the cash paid to acquire Genosity.
In April, the company announced that a small group of investors,
led by SB Management, a subsidiary of Softbank Group Corp., made an
investment of $1.2 billion in
convertible senior notes to support the company's future growth
initiatives.
Corporate and Scientific Highlights
- Acquired digital health AI company Medneon to add their risk
assessment tools to Invitae's education and clinical support
offerings to further support cancer patients by making it easier
for clinicians to determine who should get testing and how to use
genetic information to individualize treatment.
- Launched collaborative partnership with the ECOG-ACRIN Cancer
Research Group providing genetic testing for the NCI-sponsored,
Phase II APOLLO trial (led by Dr. Kim
Reiss-Binder, University of
Pennsylvania), investigating the effectiveness of PARP
inhibitor Olaparib in treating pancreatic cancer patients with
mutations in BRCA1, BRCA2 or PALB2
(NCT04858334).
- Partnered with Children's National Hospital to expand the
knowledge of Mendelian disorders (conditions that run in families)
by identifying novel causes of rare inherited diseases,
investigating the mechanisms underlying undiagnosed conditions, and
enhancing data sharing across the genomics research community.
- Opened early access to its new Personalized Cancer Monitoring
(PCM™) platform as a laboratory-developed test performed at an
Invitae central laboratory.
- Presented multiple studies in multiple cancer types at the 2021
American Society of Clinical Oncology (ASCO) Annual Meeting showing
all cancer patients can benefit from germline genetic testing to
guide their care, including:
-
- Data from 250 pancreatic cancer patients from the landmark
INTERCEPT study conducted at the Mayo Clinic showed that nearly one
in six patients with pancreatic cancer showed cancer-linked genetic
changes and, importantly, receiving germline testing was associated
with improved survival.
- The nationwide PROCLAIM study applied a universal genetic
testing approach in 615 prostate cancer patients to assess the
efficacy of current testing criteria and found, consistent with
INTERCEPT, that current testing criteria deprive patients and
clinicians of actionable information, particularly among
underrepresented populations, showing a significant number of
cancer treatment-linked variants were missed if testing was
restricted to current NCCN guidelines.
- A third study showed simply changing medical policy is not
enough to drive changes in clinician adoption. In a review of two
independent datasets, including commercially insured and Medicare
Advantage enrollees, only 3% of the 55,595 colorectal cancer
patients received germline genetic testing, despite medical policy
recommending germline genetic testing for all colorectal cancer
patients (consistent with the INTERCEPT colorectal cancer study).
Of the patients who received testing, 18% had a cancer-linked
variant and two thirds, or 67%, of those patients were potentially
eligible for precision therapy and/or clinical trials.
- Signed 43 biopharma partnership deals in the quarter, including
the introduction of a new sponsored testing program to provide
no-charge genetic testing to individuals at risk for or suspected
of having the most common adult neurodegenerative conditions,
including Parkinson's disease, amyotrophic lateral sclerosis and
early-onset Alzheimer's disease, in the
United States, Canada,
Australia and Brazil.
Inducement Grants
Invitae today announced that it is granting restricted stock
units ("RSUs") to new employees who joined Invitae in connection
with its recent acquisition of Medneon LLC. The RSUs are
being granted under Invitae's 2015 Stock Incentive Plan, which was
amended and restated to increase a pool of shares of Invitae common
stock thereunder which is used exclusively for the grant of
inducement awards in compliance with New York Stock Exchange Rule
303A.08 ("Rule 303A.08"). The RSUs were approved by the Invitae
Board of Directors and are made as an inducement material to each
employee entering into employment with Invitae in reliance on the
employment inducement exemption under Rule 303A.08. The RSUs
cover a total of 114,000 shares of Invitae common stock and will
vest in tranches of 25% upon each of the date of grant and the
first, second and third anniversaries of such date, subject to
acceleration in the event of a termination without cause by Invitae
or a termination with good reason by a recipient. A total of
12 recipients will receive these RSUs and the founders of Medneon,
Kamal Gogineni and Rakesh Patel, will receive RSUs with respect to
15,000 shares of Invitae common stock each.
Webcast and Conference Call Details
Management will
host a conference call and webcast today at 4:30 p.m. Eastern / 1:30
p.m. Pacific to discuss financial results and recent
developments. To access the conference call and webcast, please
register at the link below:
http://www.directeventreg.com/registration/event/2732845
Upon registering, each participant will be provided with call
details and a registrant ID. Reminders will also be sent to
registered participants via email.
The live webcast of the call and slide deck, may be
accessed here or by visiting the investors section of the
company's website at ir.invitae.com. A replay of the webcast
and conference call will be available shortly after the conclusion
of the call and will be archived on the company's website.
About Invitae
Invitae Corporation (NYSE: NVTA) is
a leading medical genetics company whose mission is to bring
comprehensive genetic information into mainstream medicine to
improve healthcare for billions of people. Invitae's goal is to
aggregate the world's genetic tests into a single service with
higher quality, faster turnaround time, and lower prices. For more
information, visit the company's 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 preliminary
financial results, including preliminary average cost per billable
test, gross profit, total operating expense, net loss and net loss
per share, and the line items denoted as preliminary on the
attached financial statements; the company's revenue guidance for
2021; the company's belief regarding the rise in the rate of
adoption of genetics in personalized medicine and that the company
is at the forefront of bringing genetics into mainstream medicine;
the momentum in its business and the drivers of that momentum; the
significance of the company's recent studies and collaborations;
and the impact and benefits of the company's acquisitions,
partnerships and product offerings. 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 completion
of the quarterly closing process, including finalization of
milestone-related adjustments and the nature and magnitude
thereof; the impact of COVID-19 on the company, and the
effectiveness of the efforts it has taken or may take in the future
in response thereto; the company's ability to continue to grow its
business, including internationally; 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 risk that the company may not obtain or
maintain sufficient levels of reimbursement for its tests; the
ability of the company to obtain regulatory approval for its tests;
the applicability of clinical results to actual outcomes; the
company's failure to successfully integrate or fully realize the
anticipated benefits of acquired businesses; risks associated with
litigation; the company's ability to use rapidly changing genetic
data to interpret test results accurately and consistently;
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 Quarterly Report on Form 10-Q for
the quarter ended March 31, 2021.
These forward-looking statements speak only as of the date hereof,
and Invitae Corporation disclaims any obligation to update these
forward-looking statements.
Non-GAAP financial measures
To supplement Invitae's
consolidated financial statements prepared in accordance with
generally accepted accounting principles in the United States (GAAP), the company is
providing several non-GAAP measures, including non-GAAP gross
profit, non-GAAP cost of revenue, non-GAAP operating expense,
including non-GAAP research and development, non-GAAP selling and
marketing, non-GAAP general and administrative and non-GAAP other
income (expense), net, as well as non-GAAP net loss and non-GAAP
net loss per share and non-GAAP cash burn. These non-GAAP financial
measures are not based on any standardized methodology prescribed
by GAAP and are not necessarily comparable to similarly-titled
measures presented by other companies. Management believes these
non-GAAP financial measures are useful to investors in evaluating
the company's ongoing operating results and trends.
Management is excluding from some or all of its non-GAAP
operating results (1) amortization of acquired intangible assets,
(2) acquisition-related stock-based compensation, (3)
post-combination expense related to the acceleration of equity
grants or bonus payments in connection with the company's
acquisitions, (4) adjustments to the fair value of
acquisition-related assets and/or liabilities, including contingent
consideration and (5) acquisition-related income tax
benefits. These non-GAAP financial measures are limited in
value because they exclude certain items that may have a material
impact on the reported financial results. Management accounts for
this limitation by analyzing results on a GAAP basis as well as a
non-GAAP basis and also by providing GAAP measures in the company's
public disclosures.
Cash burn excludes (1) changes in marketable securities, (2)
cash received from equity financings and (3) cash received from
exercises of warrants. Management believes cash burn is a liquidity
measure that provides useful information to management and
investors about the amount of cash consumed by the operations of
the business. A limitation of using this non-GAAP measure is that
cash burn does not represent the total change in cash, cash
equivalents and restricted cash for the period because it excludes
cash provided by or used for other operating, investing or
financing activities. Management accounts for this limitation by
providing information about the company's operating, investing and
financing activities in the statements of cash flows in the
consolidated financial statements in the company's most recent
Quarterly Report on Form 10-Q and Annual Report on Form 10-K and by
presenting net cash provided by (used in) operating, investing and
financing activities as well as the net increase or decrease in
cash, cash equivalents and restricted cash in its reconciliation of
cash burn.
In addition, other companies, including companies in the same
industry, may not use the same non-GAAP measures or may calculate
these metrics in a different manner than management or may use
other financial measures to evaluate their performance, all of
which could reduce the usefulness of these non-GAAP measures as
comparative measures. Because of these limitations, the company's
non-GAAP financial measures should not be considered in isolation
from, or as a substitute for, financial information prepared in
accordance with GAAP. Investors are encouraged to review the
non-GAAP reconciliations provided in the tables below. As noted
elsewhere, certain GAAP results are preliminary and subject to
change.
INVITAE
CORPORATION
|
Consolidated
Balance Sheets
|
(in
thousands)
|
(unaudited)
|
|
|
June 30,
2021
|
|
December
31,
2020
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
1,107,745
|
|
|
$
|
124,794
|
|
Marketable
securities
|
422,473
|
|
|
229,186
|
|
Accounts
receivable
|
55,714
|
|
|
47,722
|
|
Inventory
|
29,982
|
|
|
32,030
|
|
Prepaid expenses and
other current assets
|
28,089
|
|
|
20,200
|
|
Total current
assets
|
1,644,003
|
|
|
453,932
|
|
Property and
equipment, net
|
82,760
|
|
|
66,102
|
|
Operating lease
assets
|
120,844
|
|
|
45,109
|
|
Restricted
cash
|
10,275
|
|
|
6,686
|
|
Intangible assets,
net
|
1,057,389
|
|
|
981,845
|
|
Goodwill
|
2,060,889
|
|
|
1,863,623
|
|
Other
assets
|
19,303
|
|
|
13,188
|
|
Total
assets
|
$
|
4,995,463
|
|
|
$
|
3,430,485
|
|
Liabilities and
stockholders' equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
31,243
|
|
|
$
|
25,203
|
|
Accrued
liabilities*
|
90,110
|
|
|
86,058
|
|
Operating lease
obligations
|
11,930
|
|
|
8,789
|
|
Finance lease
obligations
|
2,422
|
|
|
1,695
|
|
Total current
liabilities
|
135,705
|
|
|
121,745
|
|
Operating lease
obligations, net of current portion
|
122,840
|
|
|
48,357
|
|
Finance lease
obligations, net of current portion
|
3,540
|
|
|
3,123
|
|
Debt
|
108,920
|
|
|
104,449
|
|
Convertible senior
notes, net
|
1,460,873
|
|
|
283,724
|
|
Deferred tax
liability
|
50,998
|
|
|
51,538
|
|
Other long-term
liabilities*
|
690,403
|
|
|
841,256
|
|
Total
liabilities*
|
2,573,279
|
|
|
1,454,192
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
Common
stock
|
20
|
|
|
19
|
|
Accumulated other
comprehensive income
|
34
|
|
|
1
|
|
Additional paid-in
capital*
|
4,004,436
|
|
|
3,337,120
|
|
Accumulated
deficit*
|
(1,582,306)
|
|
|
(1,360,847)
|
|
Total stockholders'
equity*
|
2,422,184
|
|
|
1,976,293
|
|
Total liabilities and
stockholders' equity*
|
$
|
4,995,463
|
|
|
$
|
3,430,485
|
|
|
*Amounts are
preliminary and subject to change as we finalize
acquisition-related adjustments. These adjustments will be
incorporated in Invitae's Form 10-Q to be filed with the SEC on or
before August 9, 2021.
|
INVITAE
CORPORATION
|
Consolidated
Statements of Operations
|
(in thousands, except
per share data)
|
(unaudited)
|
|
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Revenue:
|
|
|
|
|
|
|
|
Test
revenue
|
$
|
111,496
|
|
|
$
|
45,099
|
|
|
$
|
210,772
|
|
|
$
|
108,177
|
|
Other
revenue
|
4,816
|
|
|
1,092
|
|
|
9,161
|
|
|
2,262
|
|
Total
revenue
|
116,312
|
|
|
46,191
|
|
|
219,933
|
|
|
110,439
|
|
Cost of
revenue*
|
91,161
|
|
|
42,952
|
|
|
166,652
|
|
|
83,374
|
|
Research and
development*
|
116,893
|
|
|
74,963
|
|
|
197,251
|
|
|
130,631
|
|
Selling and
marketing*
|
58,584
|
|
|
39,520
|
|
|
109,824
|
|
|
81,640
|
|
General and
administrative*
|
55,370
|
|
|
26,006
|
|
|
127,887
|
|
|
49,828
|
|
Change in fair value
of contingent consideration*
|
(71,547)
|
|
|
4,832
|
|
|
(135,168)
|
|
|
4,832
|
|
Loss from
operations*
|
(134,149)
|
|
|
(142,082)
|
|
|
(246,513)
|
|
|
(239,866)
|
|
Other income
(expense), net
|
2,024
|
|
|
(21,436)
|
|
|
6,489
|
|
|
(16,728)
|
|
Interest
expense
|
(13,407)
|
|
|
(5,485)
|
|
|
(21,800)
|
|
|
(10,936)
|
|
Net loss before
taxes*
|
(145,532)
|
|
|
(169,003)
|
|
|
(261,824)
|
|
|
(267,530)
|
|
Income tax
benefit
|
(16,560)
|
|
|
(2,600)
|
|
|
(23,360)
|
|
|
(2,600)
|
|
Net loss*
|
$
|
(128,972)
|
|
|
$
|
(166,403)
|
|
|
$
|
(238,464)
|
|
|
$
|
(264,930)
|
|
Net loss per share,
basic and diluted
|
$
|
(0.64)
|
|
|
$
|
(1.29)
|
|
|
$
|
(1.21)
|
|
|
$
|
(2.35)
|
|
Shares used in
computing net loss per share, basic and diluted
|
201,066
|
|
|
129,023
|
|
|
197,553
|
|
|
112,765
|
|
|
*Amounts are
preliminary and subject to change as we finalize
acquisition-related adjustments. These adjustments will be
incorporated in Invitae's Form 10-Q to be filed with the SEC on or
before August 9, 2021.
|
INVITAE
CORPORATION
|
Consolidated
Statements of Cash Flows
|
(in
thousands)
|
(unaudited)
|
|
|
Six Months Ended
June 30,
|
|
2021
|
|
2020
|
Cash flows from
operating activities:
|
|
|
|
Net loss*
|
$
|
(238,464)
|
|
|
$
|
(264,930)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
Depreciation and
amortization
|
35,262
|
|
|
14,500
|
|
Stock-based
compensation*
|
137,293
|
|
|
81,124
|
|
Amortization of debt
discount and issuance costs
|
6,492
|
|
|
7,337
|
|
Remeasurements of
liabilities associated with business combinations*
|
(140,920)
|
|
|
26,749
|
|
Benefit from income
taxes
|
(23,360)
|
|
|
(2,600)
|
|
Post-combination
expense for acceleration of unvested equity
|
2,959
|
|
|
—
|
|
Other
|
5,273
|
|
|
(536)
|
|
Changes in operating
assets and liabilities, net of businesses acquired:
|
|
|
|
Accounts
receivable
|
(6,953)
|
|
|
4,939
|
|
Inventory
|
2,048
|
|
|
(4,432)
|
|
Prepaid expenses and
other current assets
|
(8,346)
|
|
|
1,383
|
|
Other
assets
|
(2,666)
|
|
|
942
|
|
Accounts
payable
|
3,780
|
|
|
9,185
|
|
Accrued expenses and
other liabilities
|
8,256
|
|
|
3,585
|
|
Net cash used in
operating activities
|
(219,346)
|
|
|
(122,754)
|
|
Cash flows from
investing activities:
|
|
|
|
Purchases of
marketable securities
|
(325,957)
|
|
|
(115,350)
|
|
Proceeds from sales
of marketable securities
|
—
|
|
|
12,532
|
|
Proceeds from
maturities of marketable securities
|
127,738
|
|
|
89,965
|
|
Acquisition of
businesses, net of cash acquired
|
(134,006)
|
|
|
(57,576)
|
|
Purchases of property
and equipment
|
(20,154)
|
|
|
(10,854)
|
|
Other
|
(1,880)
|
|
|
(1,334)
|
|
Net cash used in
investing activities
|
(354,259)
|
|
|
(82,617)
|
|
Cash flows from
financing activities:
|
|
|
|
Proceeds from public
offerings of common stock, net
|
434,263
|
|
|
217,489
|
|
Proceeds from
issuance of common stock
|
11,717
|
|
|
6,760
|
|
Proceeds from
issuance of convertible senior notes, net
|
1,116,850
|
|
|
—
|
|
Other
|
(2,685)
|
|
|
(1,904)
|
|
Net cash provided by
financing activities
|
1,560,145
|
|
|
222,345
|
|
Net increase in
cash, cash equivalents and restricted cash
|
986,540
|
|
|
16,974
|
|
Cash, cash
equivalents and restricted cash at beginning of
period
|
131,480
|
|
|
157,572
|
|
Cash, cash
equivalents and restricted cash at end of period
|
$
|
1,118,020
|
|
|
$
|
174,546
|
|
|
*Amounts are
preliminary and subject to change as we finalize
acquisition-related adjustments. These adjustments will be
incorporated in Invitae's Form 10-Q to be filed with the SEC on or
before August 9, 2021.
|
INVITAE
CORPORATION
|
Reconciliation of
GAAP to Non-GAAP Cost of Revenue
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Cost of
revenue*
|
$
|
91,161
|
|
|
$
|
42,952
|
|
|
$
|
166,652
|
|
|
$
|
83,374
|
|
Amortization of
acquired intangible assets
|
(11,323)
|
|
|
(4,757)
|
|
|
(21,156)
|
|
|
(7,430)
|
|
Acquisition-related
stock-based compensation*
|
(3,136)
|
|
|
—
|
|
|
(4,070)
|
|
|
—
|
|
Fair value adjustments
to acquisition-related assets
|
(1,574)
|
|
|
—
|
|
|
(3,148)
|
|
|
—
|
|
Non-GAAP cost of
revenue
|
$
|
75,128
|
|
|
$
|
38,195
|
|
|
$
|
138,278
|
|
|
$
|
75,944
|
|
|
|
Reconciliation of
GAAP to Non-GAAP Gross Profit
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Revenue
|
$
|
116,312
|
|
|
$
|
46,191
|
|
|
$
|
219,933
|
|
|
$
|
110,439
|
|
Cost of
revenue*
|
91,161
|
|
|
42,952
|
|
|
166,652
|
|
|
83,374
|
|
Gross
profit*
|
25,151
|
|
|
3,239
|
|
|
53,281
|
|
|
27,065
|
|
Amortization of
acquired intangible assets
|
11,323
|
|
|
4,757
|
|
|
21,156
|
|
|
7,430
|
|
Acquisition-related
stock-based compensation*
|
3,136
|
|
|
—
|
|
|
4,070
|
|
|
—
|
|
Fair value adjustments
to acquisition-related assets
|
1,574
|
|
|
—
|
|
|
3,148
|
|
|
—
|
|
Non-GAAP gross
profit
|
$
|
41,184
|
|
|
$
|
7,996
|
|
|
$
|
81,655
|
|
|
$
|
34,495
|
|
|
|
Reconciliation of
GAAP to Non-GAAP Research and Development Expense
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Research and
development*
|
$
|
116,893
|
|
|
$
|
74,963
|
|
|
$
|
197,251
|
|
|
$
|
130,631
|
|
Amortization of
acquired intangible assets
|
(530)
|
|
|
(117)
|
|
|
(1,060)
|
|
|
(233)
|
|
Acquisition-related
stock-based compensation*
|
(19,010)
|
|
|
(33,383)
|
|
|
(29,483)
|
|
|
(52,182)
|
|
Acquisition-related
post-combination expense
|
(1,000)
|
|
|
—
|
|
|
(1,060)
|
|
|
—
|
|
Non-GAAP research and
development
|
$
|
96,353
|
|
|
$
|
41,463
|
|
|
$
|
165,648
|
|
|
$
|
78,216
|
|
|
|
Reconciliation of
GAAP to Non-GAAP Selling and Marketing Expense
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Selling and
marketing*
|
$
|
58,584
|
|
|
$
|
39,520
|
|
|
$
|
109,824
|
|
|
$
|
81,640
|
|
Amortization of
acquired intangible assets
|
(1,685)
|
|
|
(786)
|
|
|
(3,377)
|
|
|
(1,571)
|
|
Acquisition-related
stock-based compensation*
|
(3,083)
|
|
|
—
|
|
|
(4,316)
|
|
|
—
|
|
Acquisition-related
post-combination expense
|
—
|
|
|
—
|
|
|
(40)
|
|
|
—
|
|
Non-GAAP selling and
marketing
|
$
|
53,816
|
|
|
$
|
38,734
|
|
|
$
|
102,091
|
|
|
$
|
80,069
|
|
|
*Amounts are
preliminary and subject to change as we finalize
acquisition-related adjustments. These adjustments will be
incorporated in Invitae's Form 10-Q to be filed with the SEC on or
before August 9, 2021.
|
INVITAE
CORPORATION
|
Reconciliation of
GAAP to Non-GAAP General and Administrative Expense
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
General and
administrative*
|
$
|
55,370
|
|
|
$
|
26,006
|
|
|
$
|
127,887
|
|
|
$
|
49,828
|
|
Amortization of
acquired intangible assets
|
—
|
|
|
—
|
|
|
—
|
|
|
(10)
|
|
Acquisition-related
stock-based compensation*
|
(7,344)
|
|
|
—
|
|
|
(38,317)
|
|
|
—
|
|
Acquisition-related
post-combination expense
|
—
|
|
|
(500)
|
|
|
(3,742)
|
|
|
(500)
|
|
Non-GAAP general and
administrative
|
$
|
48,026
|
|
|
$
|
25,506
|
|
|
$
|
85,828
|
|
|
$
|
49,318
|
|
|
|
Reconciliation of
Operating Expense to Non-GAAP Operating Expense
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Research and
development*
|
$
|
116,893
|
|
|
$
|
74,963
|
|
|
$
|
197,251
|
|
|
$
|
130,631
|
|
Selling and
marketing*
|
58,584
|
|
|
39,520
|
|
|
109,824
|
|
|
81,640
|
|
General and
administrative*
|
55,370
|
|
|
26,006
|
|
|
127,887
|
|
|
49,828
|
|
Change in fair value
of contingent consideration*
|
(71,547)
|
|
|
4,832
|
|
|
(135,168)
|
|
|
4,832
|
|
Operating
expense*
|
159,300
|
|
|
145,321
|
|
|
299,794
|
|
|
266,931
|
|
Amortization of
acquired intangible assets
|
(2,215)
|
|
|
(903)
|
|
|
(4,437)
|
|
|
(1,814)
|
|
Acquisition-related
stock-based compensation*
|
(29,437)
|
|
|
(33,383)
|
|
|
(72,116)
|
|
|
(52,182)
|
|
Acquisition-related
post-combination expense
|
(1,000)
|
|
|
(500)
|
|
|
(4,842)
|
|
|
(500)
|
|
Change in fair value
of contingent consideration*
|
71,547
|
|
|
(4,832)
|
|
|
135,168
|
|
|
(4,832)
|
|
Non-GAAP operating
expense
|
$
|
198,195
|
|
|
$
|
105,703
|
|
|
$
|
353,567
|
|
|
$
|
207,603
|
|
|
|
Reconciliation of
Other Income (Expense), Net to Non-GAAP Other Income (Expense),
Net
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Other income
(expense), net
|
$
|
2,024
|
|
|
$
|
(21,436)
|
|
|
$
|
6,489
|
|
|
$
|
(16,728)
|
|
Fair value adjustments
to acquisition-related liabilities
|
(2,374)
|
|
|
25,392
|
|
|
(5,752)
|
|
|
21,729
|
|
Non-GAAP other income
(expense), net
|
$
|
(350)
|
|
|
$
|
3,956
|
|
|
$
|
737
|
|
|
$
|
5,001
|
|
|
*Amounts are
preliminary and subject to change as we finalize
acquisition-related adjustments. These adjustments will be
incorporated in Invitae's Form 10-Q to be filed with the SEC on or
before August 9, 2021.
|
INVITAE
CORPORATION
|
Reconciliation of
Net Loss to Non-GAAP Net Loss Per Share
|
(in thousands, except
per share data)
|
(unaudited)
|
|
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Net loss*
|
$
|
(128,972)
|
|
|
$
|
(166,403)
|
|
|
$
|
(238,464)
|
|
|
$
|
(264,930)
|
|
Amortization of
acquired intangible assets
|
13,538
|
|
|
5,660
|
|
|
25,593
|
|
|
9,244
|
|
Acquisition-related
stock-based compensation*
|
32,573
|
|
|
33,383
|
|
|
76,186
|
|
|
52,182
|
|
Acquisition-related
post-combination expense
|
1,000
|
|
|
500
|
|
|
4,842
|
|
|
500
|
|
Fair value adjustments
to acquisition-related assets and liabilities
|
(800)
|
|
|
—
|
|
|
(2,604)
|
|
|
—
|
|
Change in fair value
of contingent consideration*
|
(71,547)
|
|
|
4,832
|
|
|
(135,168)
|
|
|
4,832
|
|
Acquisition-related
income tax benefit
|
(16,560)
|
|
|
(2,600)
|
|
|
(23,360)
|
|
|
(2,600)
|
|
Non-GAAP net
loss
|
$
|
(170,768)
|
|
|
$
|
(124,628)
|
|
|
$
|
(292,975)
|
|
|
$
|
(200,772)
|
|
|
|
|
|
|
|
|
|
Net loss per share,
basic and diluted*
|
$
|
(0.64)
|
|
|
$
|
(1.29)
|
|
|
$
|
(1.21)
|
|
|
$
|
(2.35)
|
|
Non-GAAP net loss per
share, basic and diluted
|
$
|
(0.85)
|
|
|
$
|
(0.97)
|
|
|
$
|
(1.48)
|
|
|
$
|
(1.78)
|
|
Shares used in
computing net loss per share, basic and diluted
|
201,066
|
|
|
129,023
|
|
|
197,553
|
|
|
112,765
|
|
|
*Amounts are
preliminary and subject to change as we finalize
acquisition-related adjustments. These adjustments will be
incorporated in Invitae's Form 10-Q to be filed with the SEC on or
before August 9, 2021.
|
Reconciliation of
Net Increase in Cash, Cash Equivalents and Restricted Cash to Cash
Burn
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months
Ended March
31, 2021
|
|
Three Months
Ended June 30,
2021
|
Six Months
Ended June 30,
2021
|
Net cash used in
operating activities
|
$
|
(89,520)
|
|
|
$
|
(129,826)
|
|
|
$
|
(219,346)
|
|
Net cash provided by
(used in) investing activities
|
(273,558)
|
|
|
(80,701)
|
|
|
(354,259)
|
|
Net cash provided by
financing activities
|
436,091
|
|
|
1,124,054
|
|
|
1,560,145
|
|
Net increase in cash,
cash equivalents and restricted cash
|
73,013
|
|
|
913,527
|
|
|
986,540
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
Net changes in
investments
|
249,694
|
|
|
(52,975)
|
|
|
196,719
|
|
Proceeds from public
offering of common stock, net of issuance costs
|
(434,263)
|
|
|
—
|
|
|
(434,263)
|
|
Proceeds from
issuance of convertible senior notes, net
|
—
|
|
|
(1,116,850)
|
|
|
(1,116,850)
|
|
Proceeds from
exercises of warrants
|
(790)
|
|
|
(452)
|
|
|
(1,242)
|
|
Cash burn
|
$
|
(112,346)
|
|
|
$
|
(256,750)
|
|
|
$
|
(369,096)
|
|
|
|
|
|
|
|
• Cash burn for the
three months ended June 30, 2021 includes $120.1 million of cash
paid for acquisitions, primarily related to the cash paid to
acquire Genosity.
|
• Cash burn for the
three months ended March 31, 2021 includes $17.7 million of cash
paid for acquisitions, primarily related to the cash paid to
acquire One Codex.
|
Contact:
Laura D'Angelo
ir@invitae.com
(628) 213-3369
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SOURCE Invitae Corporation