SAN FRANCISCO, Jan. 8, 2018 /PRNewswire/ -- Invitae
Corporation (NYSE: NVTA), one of the fastest growing genetic
information companies, announced preliminary full-year 2017 results
that demonstrate continued strong momentum, with volume and revenue
more than doubling compared to 2016 results. Preliminary financial
results for 2017 include:
- 127% year-over-year growth in volume for the base business,
excluding acquisitions, to more than 134,000 samples accessioned
compared to approximately 59,000 in 2016. The results exceeded the
high end of the company's previously increased projected range of
120,000-130,000 samples.
- 136% growth in revenue in the base business to approximately
$59 million, excluding acquisitions.
Results were within the company's $55-$65 million
revenue guidance.
- Including results from acquisitions, the company expects to
report full-year 2017 accessioned volume totalling approximately
150,000 samples generating approximately $67
million in total revenue. Invitae's acquisition of Good
Start Genetics closed in early August
2017, and its acquisition of CombiMatrix closed in
mid-November 2017.
For 2018, the company announced it anticipates accessioning at
least 250,000 samples and generating at least $120 million in revenue for the combined
organization.
"Our business continued to accelerate rapidly throughout 2017, a
pace which we expect to continue delivering in 2018 and beyond,"
said Sean George, chief executive
officer of Invitae. "The strength of our adult inherited genetics
business and our newly acquired reproductive and family health
genetics business positions us to launch an integrated platform in
2018 that supports the use of genetic information throughout
mainstream medical care and across all stages of life."
The company will present at the 36th Annual J.P. Morgan
Healthcare Conference on Wednesday, January
10, 2018 at 2:00 p.m. Pacific
at The Westin St. Francis in San
Francisco. A live, listen-only webcast of the presentation
and breakout session can be accessed by visiting the events section
of Invitae's website at ir.invitae.com.
Invitae has not completed preparation of its financial
statements for the fourth quarter or full year of 2017. The
preliminary, unaudited results presented in this news release for
the quarter and year ended Dec. 31,
2017 are based on current expectations and are subject to
year-end closing adjustments. Actual results may differ.
Invitae will report its full financial results and other metrics
during its fourth quarter and year-end 2017 conference call in
February.
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.
Specializing in genetic diagnostics in clinical areas across all
stages of life, Invitae is aggregating the world's genetic tests
into a single service with better quality, faster turnaround time,
and lower prices. The company provides a variety of diagnostic
tests with clinical utility in preimplantation and carrier
screening for inherited disorders, miscarriage analysis, pediatric
and developmental disorders, neurological disorders, cardiovascular
disorders, metabolic disorders, and hereditary cancers. 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 the company's preliminary financial results for
2017, including volume and revenue; the company's expectation that
it will exceed its guidance for 2017; the company's expectations
regarding continued growth in 2018, including volume and revenue
levels; the company's belief regarding the momentum of its
business; and the company's ability to launch an integrated
platform in 2018.. 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 need to scale its infrastructure in advance
of demand for its tests and to increase demand for its tests; the
company's ability to compete; the company's ability to develop and
commercialize new tests and expand into new markets; risks
associated with the company's ability to use rapidly changing
genetic data to interpret test results accurately, consistently,
and quickly; the risk that the company may not obtain or maintain
sufficient levels of reimbursement for its tests; the company's
ability to successfully integrate acquired businesses; 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
Quarterly Report on Form 10-Q for the quarter ended September 30, 2017. These forward-looking
statements speak only as of the date hereof, and Invitae
Corporation disclaims any obligation to update these
forward-looking statements.
Contact:
Kate McNeil
ir@invitae.com
347-204-4226
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SOURCE Invitae Corporation