SAN FRANCISCO, Aug. 4, 2020 /PRNewswire/ -- Invitae
Corporation (NYSE: NVTA), a leading medical genetics company, today
announced financial and operating results for the second quarter
ended June 30, 2020.
"While we experienced significant disruptions in the healthcare
system due to the pandemic, we quickly established a solid recovery
during the quarter. Our results highlight the strength of our
operations and the benefits of our diversified menu, investments in
telehealth capabilities and longstanding customer relationships,
all of which position us to adapt and meet the changing needs of
our customers," said Sean George,
Ph.D., co-founder and chief executive officer of Invitae. "We
exited the quarter with a strong footing and increasing momentum.
We remain confident in our ability to continue to deliver on our
mission to bring genetic information into mainstream medicine."
Second Quarter 2020 Financial Results
- Accessioned more than 120,000 samples in the second quarter of
2020 compared to 111,000 samples in the second quarter of 2019.
Billable volume exceeded 113,000 in the second quarter of 2020
- Generated revenue of $46.2
million in the second quarter of 2020 compared to
$53.5 million in revenue in the
second quarter of 2019
- Reported average cost per sample of $358 in the second quarter of 2020 compared to
$252 average cost per sample in the
second quarter of 2019. Non-GAAP average cost per sample was
$318 in the second quarter of
2020
- Achieved gross profit of $3.2
million in the second quarter of 2020 compared to
$25.5 million of gross profit in the
second quarter of 2019. Non-GAAP gross profit was $8.0 million in the second quarter of 2020
Total operating expense, excluding cost of revenue, for the
second quarter of 2020 was $145.3
million. Non-GAAP operating expense was $105.7 million in the second quarter of 2020.
Net loss for the second quarter of 2020 was $166.4 million, or $1.29 net loss per share, compared to a net loss
of $48.7 million in the second
quarter of 2019, or $0.54 net loss
per share. Non-GAAP net loss was $99.2
million, or $0.77 non-GAAP net
loss per share, in the second quarter of 2020.
At June 30, 2020, cash, cash
equivalents, restricted cash and marketable securities totaled
$428.5 million. Net increase in cash,
cash equivalents and restricted cash for the quarter was
$78.0 million. Cash burn, including
various acquisition-related expenses, was $89.2 million for the quarter and $63.8 million when excluding the $25.4 million cash paid to acquire YouScript and
Genelex.
Early in the quarter, in response to impacts of the pandemic,
the company took actions to significantly scale back operational
expenditures. The result of these changes is expected to decrease
the discretionary spend in cost of revenue and operating expense
beginning in the third quarter.
"We continue to see a solid recovery in volume, improvement in
our operating leverage and ability to improve revenue generation.
As a result, we are well positioned with sufficient capital to
execute our strategy in the coming years," continued Dr. George.
"We have added or will be adding important capabilities to our
platform through the acquisitions we announced this quarter and our
ongoing product development efforts. With our mission clearly in
focus, we can continue to navigate these unprecedented times."
Corporate and Scientific Highlights
- Introduced expanded services and support for transition to
telehealth across customer types
-
- Launched new capabilities for Gia, the advanced clinical
chatbot that became part of Invitae through the acquisition and
rapid integration of Clear Genetics. New workflows added to Gia
support obstetrician/gynecologists, oncologists, genetic counselors
and other clinicians who order genetic testing
- Increased support for the use of at-home testing using saliva
kits, which do not require an in-person clinician visit
- Provided professional education and support for clinicians
transitioning to telehealth
- Acquired YouScript and Genelex to bring best-in-class
pharmacogenetic testing and robust, integrated clinical decision
support to Invitae
- Further expanded international footprint, including the
introduction of consumer-initiated telehealth genetic testing
services in Canada for carrier
testing in early pregnancy and cancer and cardiovascular risk
testing
- Presented research that, combined with new recommendations from
a large, multidisciplinary consensus conference published in the
Journal of Clinical Oncology, underscores the utility of
increased access to genetic testing for men with prostate cancer
across all stages of life
- Added 16 new biopharma partnerships, bringing the total number
of partnership programs to more than 105, including nine new pharma
partners in Invitae's Detect programs providing no-charge genetic
testing for conditions in which testing is underutilized and can
improve diagnosis and treatment
- Entered into a definitive agreement under which Invitae will
combine with ArcherDX, Inc.
- Closed on a public offering with net proceeds of approximately
$173.0 million and raised
$44.5 million of net proceeds under
the company's ATM
- In July, added non-invasive prenatal screening (NIPS) based on
whole genome sequencing (WGS) to the Invitae platform, providing
patients with easier access to affordable genetic testing in early
pregnancy to realize cost reductions, improve the company's ability
to scale services and pave the way for additional services based on
WGS technology
- Partnered with a major health system to integrate clinical
decision support software for use of pharmacogenetics in patient
care
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 register for the conference call and
webcast, please use one of the methods below. Upon registering,
each participant will be provided with call details and a
registrant ID.
Online registration:
http://www.directeventreg.com/registration/event/5882896
Phone registration: (888) 869-1189
or (706) 643-5902
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 Statement
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 belief that it is well-positioned to
adapt and meet the changing needs of its customers; the company's
belief regarding the momentum of its business and ability to
continue to deliver on its mission to bring genetic information
into mainstream medicine; the impact of the COVID-19 pandemic on
the company's business, and the measures it has taken or may take
in the future with respect thereto; the impact of the company's
acquisitions, including its proposed merger with ArcherDX, as well
as its partnerships and product offerings; and the company's
beliefs regarding the growth of its business, its position and
impact on the genetic testing industry, its success in executing on
its mission and strategy, and the benefits of genetic testing.
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 impact of the COVID-19 pandemic 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 Invitae and ArcherDX to obtain the approval
of Invitae's and ArcherDX's stockholders, and to satisfy the other
conditions to the closing of the acquisition and related financing
transactions on a timely basis or at all; the occurrence of events
that may give rise to a right of one or both of Invitae and
ArcherDX to terminate the merger agreement; the company's failure
to successfully integrate or fully realize the anticipated benefits
of acquired businesses; 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, 2020. 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 related to
inducement grants, (3) post-combination expense related to the
acceleration of equity grants or bonus payments in connection with
the company's business combinations, (4) adjustments to the fair
value of our acquisition-related liabilities 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.
INVITAE
CORPORATION
|
|
Consolidated
Balance Sheets
|
(in
thousands)
|
(unaudited)
|
|
|
June 30,
2020
|
|
December
31,
2019
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
168,203
|
|
|
$
|
151,389
|
|
Marketable
securities
|
253,933
|
|
|
240,436
|
|
Accounts
receivable
|
27,905
|
|
|
32,541
|
|
Prepaid expenses and
other current assets
|
21,081
|
|
|
18,032
|
|
Total current
assets
|
471,122
|
|
|
442,398
|
|
Property and
equipment, net
|
43,381
|
|
|
37,747
|
|
Operating lease
assets
|
38,239
|
|
|
36,640
|
|
Restricted
cash
|
6,343
|
|
|
6,183
|
|
Intangible assets,
net
|
192,644
|
|
|
125,175
|
|
Goodwill
|
211,225
|
|
|
126,777
|
|
Other
assets
|
6,921
|
|
|
6,681
|
|
Total
assets
|
$
|
969,875
|
|
|
$
|
781,601
|
|
Liabilities and
stockholders' equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
20,091
|
|
|
$
|
10,321
|
|
Accrued
liabilities
|
99,490
|
|
|
64,814
|
|
Operating lease
obligations
|
6,339
|
|
|
4,870
|
|
Finance lease
obligations
|
977
|
|
|
1,855
|
|
Total current
liabilities
|
126,897
|
|
|
81,860
|
|
Operating lease
obligations, net of current portion
|
42,134
|
|
|
42,191
|
|
Finance lease
obligations, net of current portion
|
879
|
|
|
1,155
|
|
Convertible senior
notes, net
|
276,092
|
|
|
268,755
|
|
Deferred tax
liability
|
10,250
|
|
|
—
|
|
Other long-term
liabilities
|
49,428
|
|
|
8,000
|
|
Total
liabilities
|
505,680
|
|
|
401,961
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
Common
stock
|
13
|
|
|
10
|
|
Accumulated other
comprehensive income (loss)
|
572
|
|
|
(9)
|
|
Additional paid-in
capital
|
1,487,217
|
|
|
1,138,316
|
|
Accumulated
deficit
|
(1,023,607)
|
|
|
(758,677)
|
|
Total stockholders'
equity
|
464,195
|
|
|
379,640
|
|
Total liabilities and
stockholders' equity
|
$
|
969,875
|
|
|
$
|
781,601
|
|
INVITAE
CORPORATION
|
|
Consolidated
Statements of Operations
|
(in thousands, except
per share data)
|
(unaudited)
|
|
|
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Revenue:
|
|
|
|
|
|
|
|
|
Test
revenue
|
|
$
|
45,099
|
|
|
$
|
52,302
|
|
|
$
|
108,177
|
|
|
$
|
91,921
|
|
Other
revenue
|
|
1,092
|
|
|
1,173
|
|
|
2,262
|
|
|
2,107
|
|
Total
revenue
|
|
46,191
|
|
|
53,475
|
|
|
110,439
|
|
|
94,028
|
|
Cost of
revenue
|
|
42,952
|
|
|
28,006
|
|
|
83,374
|
|
|
49,260
|
|
Research and
development
|
|
74,963
|
|
|
25,302
|
|
|
130,631
|
|
|
43,296
|
|
Selling and
marketing
|
|
39,520
|
|
|
30,779
|
|
|
81,640
|
|
|
54,972
|
|
General and
administrative
|
|
30,838
|
|
|
21,274
|
|
|
54,660
|
|
|
34,593
|
|
Loss from
operations
|
|
(142,082)
|
|
|
(51,886)
|
|
|
(239,866)
|
|
|
(88,093)
|
|
Other income
(expense), net
|
|
(21,436)
|
|
|
1,381
|
|
|
(16,728)
|
|
|
2,019
|
|
Interest
expense
|
|
(5,485)
|
|
|
(2,121)
|
|
|
(10,936)
|
|
|
(4,229)
|
|
Net loss before
taxes
|
|
(169,003)
|
|
|
(52,626)
|
|
|
(267,530)
|
|
|
(90,303)
|
|
Income tax
benefit
|
|
(2,600)
|
|
|
(3,950)
|
|
|
(2,600)
|
|
|
(3,950)
|
|
Net loss
|
|
$
|
(166,403)
|
|
|
$
|
(48,676)
|
|
|
$
|
(264,930)
|
|
|
$
|
(86,353)
|
|
Net loss per share,
basic and diluted
|
|
$
|
(1.29)
|
|
|
$
|
(0.54)
|
|
|
$
|
(2.35)
|
|
|
$
|
(1.01)
|
|
Shares used in
computing net loss per share, basic
and diluted
|
|
129,023
|
|
|
90,863
|
|
|
112,765
|
|
|
85,148
|
|
INVITAE
CORPORATION
|
|
Consolidated
Statements of Cash Flows
|
(in
thousands)
|
(unaudited)
|
|
|
Six Months Ended
June 30,
|
|
2020
|
|
2019
|
Cash flows from
operating activities:
|
|
|
|
Net loss
|
$
|
(264,930)
|
|
|
$
|
(86,353)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
Depreciation and
amortization
|
14,500
|
|
|
6,725
|
|
Stock-based
compensation
|
81,124
|
|
|
19,540
|
|
Amortization of debt
discount and issuance costs
|
7,337
|
|
|
—
|
|
Amortization of
premium on marketable securities
|
—
|
|
|
—
|
|
Impairment
losses
|
—
|
|
|
—
|
|
Loss on disposal of
assets
|
—
|
|
|
—
|
|
Loss on sales of
available-for-sale securities
|
—
|
|
|
—
|
|
Remeasurements of
liabilities associated with business combinations
|
26,749
|
|
|
(286)
|
|
Benefit from income
taxes
|
(2,600)
|
|
|
(3,950)
|
|
Debt extinguishment
costs
|
—
|
|
|
—
|
|
Other
|
(536)
|
|
|
1,182
|
|
Changes in operating
assets and liabilities, net of businesses acquired:
|
|
|
|
Accounts
receivable
|
4,939
|
|
|
3,153
|
|
Prepaid expenses and
other current assets
|
(3,049)
|
|
|
(3,825)
|
|
Other
assets
|
942
|
|
|
2,410
|
|
Accounts
payable
|
9,185
|
|
|
(3,954)
|
|
Accrued expenses and
other liabilities
|
3,585
|
|
|
4,267
|
|
Net cash used in
operating activities
|
(122,754)
|
|
|
(61,091)
|
|
Cash flows from
investing activities:
|
|
|
|
Purchases of
marketable securities
|
(115,350)
|
|
|
(20,781)
|
|
Proceeds from sales
of marketable securities
|
12,532
|
|
|
—
|
|
Proceeds from
maturities of marketable securities
|
89,965
|
|
|
34,000
|
|
Acquisition of
businesses, net of cash acquired
|
(57,576)
|
|
|
3,193
|
|
Purchases of property
and equipment
|
(10,854)
|
|
|
(8,824)
|
|
Other
|
(1,334)
|
|
|
—
|
|
Net cash provided by
(used in) investing activities
|
(82,617)
|
|
|
7,588
|
|
Cash flows from
financing activities:
|
|
|
|
Proceeds from public
offerings of common stock, net
|
217,489
|
|
|
184,490
|
|
Proceeds from
issuance of common stock, net
|
6,760
|
|
|
5,123
|
|
Finance lease
principal payments
|
(1,154)
|
|
|
(1,031)
|
|
Other
|
(750)
|
|
|
—
|
|
Net cash provided by
financing activities
|
222,345
|
|
|
188,582
|
|
Net increase in
cash, cash equivalents and restricted cash
|
16,974
|
|
|
135,079
|
|
Cash, cash
equivalents and restricted cash at beginning of
period
|
157,572
|
|
|
118,164
|
|
Cash, cash
equivalents and restricted cash at end of period
|
$
|
174,546
|
|
|
$
|
253,243
|
|
INVITAE
CORPORATION
|
|
Reconciliation of
GAAP to Non-GAAP Cost of Revenue
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Cost of
revenue
|
|
$
|
42,952
|
|
|
$
|
28,006
|
|
|
$
|
83,374
|
|
|
$
|
49,260
|
|
Amortization of
acquired intangible assets
|
|
(4,757)
|
|
|
(689)
|
|
|
(7,430)
|
|
|
(985)
|
|
Non-GAAP cost of
revenue
|
|
$
|
38,195
|
|
|
$
|
27,317
|
|
|
$
|
75,944
|
|
|
$
|
48,275
|
|
Reconciliation of
GAAP to Non-GAAP Gross Profit
|
(in
thousands)
|
(unaudited)
|
|
|
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Revenue
|
|
$
|
46,191
|
|
|
$
|
53,475
|
|
|
$
|
110,439
|
|
|
$
|
94,028
|
|
Cost of
revenue
|
|
42,952
|
|
|
28,006
|
|
|
83,374
|
|
|
49,260
|
|
Gross
profit
|
|
3,239
|
|
|
25,469
|
|
|
27,065
|
|
|
44,768
|
|
Amortization of
acquired intangible assets - cost
of revenue
|
|
4,757
|
|
|
689
|
|
|
7,430
|
|
|
985
|
|
Non-GAAP gross
profit
|
|
$
|
7,996
|
|
|
$
|
26,158
|
|
|
$
|
34,495
|
|
|
$
|
45,753
|
|
Reconciliation of
GAAP to Non-GAAP Research and Development Expense
|
(in
thousands)
|
(unaudited)
|
|
|
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Research and
development
|
|
$
|
74,963
|
|
|
$
|
25,302
|
|
|
$
|
130,631
|
|
|
$
|
43,296
|
|
Amortization of
acquired intangible assets
|
|
(117)
|
|
|
80
|
|
|
(233)
|
|
|
(233)
|
|
Acquisition-related
stock-based compensation
|
|
(33,383)
|
|
|
(2,586)
|
|
|
(52,182)
|
|
|
(2,586)
|
|
Non-GAAP research and
development
|
|
$
|
41,463
|
|
|
$
|
22,796
|
|
|
$
|
78,216
|
|
|
$
|
40,477
|
|
Reconciliation of
GAAP to Non-GAAP Selling and Marketing Expense
|
(in
thousands)
|
(unaudited)
|
|
|
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Selling and
marketing
|
|
$
|
39,520
|
|
|
$
|
30,779
|
|
|
$
|
81,640
|
|
|
$
|
54,972
|
|
Amortization of
acquired intangible assets
|
|
(786)
|
|
|
(675)
|
|
|
(1,571)
|
|
|
(1,349)
|
|
Non-GAAP selling and
marketing
|
|
$
|
38,734
|
|
|
$
|
30,104
|
|
|
$
|
80,069
|
|
|
$
|
53,623
|
|
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,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
General and
administrative
|
|
$
|
30,838
|
|
|
$
|
21,274
|
|
|
$
|
54,660
|
|
|
$
|
34,593
|
|
Amortization of
acquired intangible assets
|
|
—
|
|
|
(29)
|
|
|
(10)
|
|
|
(57)
|
|
Acquisition-related
post-combination expense
|
|
(500)
|
|
|
(3,212)
|
|
|
(500)
|
|
|
(3,212)
|
|
Fair value adjustments
to acquisition-related liabilities
|
|
(4,832)
|
|
|
—
|
|
|
(4,832)
|
|
|
—
|
|
Non-GAAP general and
administrative
|
|
$
|
25,506
|
|
|
$
|
18,033
|
|
|
$
|
49,318
|
|
|
$
|
31,324
|
|
Reconciliation of
Operating Expense to Non-GAAP Operating Expense
|
(in thousands, except
per share data)
|
(unaudited)
|
|
|
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Research and
development
|
|
$
|
74,963
|
|
|
$
|
25,302
|
|
|
$
|
130,631
|
|
|
$
|
43,296
|
|
Selling and
marketing
|
|
39,520
|
|
|
30,779
|
|
|
81,640
|
|
|
54,972
|
|
General and
administrative
|
|
30,838
|
|
|
21,274
|
|
|
54,660
|
|
|
34,593
|
|
Operating
expense
|
|
145,321
|
|
|
77,355
|
|
|
266,931
|
|
|
132,861
|
|
Amortization of
acquired intangible assets
|
|
(903)
|
|
|
(624)
|
|
|
(1,814)
|
|
|
(1,639)
|
|
Acquisition-related
stock-based compensation
|
|
(33,383)
|
|
|
(2,586)
|
|
|
(52,182)
|
|
|
(2,586)
|
|
Acquisition-related
post-combination expense
|
|
(500)
|
|
|
(3,212)
|
|
|
(500)
|
|
|
(3,212)
|
|
Fair value adjustments
to acquisition-related
liabilities
|
|
(4,832)
|
|
|
—
|
|
|
(4,832)
|
|
|
—
|
|
Non-GAAP operating
expense
|
|
$
|
105,703
|
|
|
$
|
70,933
|
|
|
$
|
207,603
|
|
|
$
|
125,424
|
|
Reconciliation of
Other Income (Expense), Net to Non-GAAP Other Income (Expense),
Net
|
(in thousands, except
per share data)
|
(unaudited)
|
|
|
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Other income
(expense), net
|
|
$
|
(21,436)
|
|
|
$
|
1,381
|
|
|
$
|
(16,728)
|
|
|
$
|
2,019
|
|
Fair value adjustments
to acquisition-related
liabilities
|
|
25,392
|
|
|
—
|
|
|
21,729
|
|
|
—
|
|
Non-GAAP other income
(expense), net
|
|
$
|
3,956
|
|
|
$
|
1,381
|
|
|
$
|
5,001
|
|
|
$
|
2,019
|
|
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,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net loss
|
|
$
|
(166,403)
|
|
|
$
|
(48,676)
|
|
|
$
|
(264,930)
|
|
|
$
|
(86,353)
|
|
Amortization of
acquired intangible assets
|
|
5,660
|
|
|
1,313
|
|
|
9,244
|
|
|
2,624
|
|
Acquisition-related
stock-based compensation
|
|
33,383
|
|
|
2,586
|
|
|
52,182
|
|
|
2,586
|
|
Acquisition-related
post-combination expense
|
|
500
|
|
|
3,212
|
|
|
500
|
|
|
3,212
|
|
Fair value adjustments
to acquisition-related
liabilities
|
|
30,224
|
|
|
—
|
|
|
26,561
|
|
|
—
|
|
Acquisition-related
income tax benefit
|
|
(2,600)
|
|
|
(3,950)
|
|
|
(2,600)
|
|
|
(3,950)
|
|
Non-GAAP net
loss
|
|
$
|
(99,236)
|
|
|
$
|
(45,515)
|
|
|
$
|
(179,043)
|
|
|
$
|
(81,881)
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net loss per
share, basic and diluted
|
|
$
|
(0.77)
|
|
|
$
|
(0.50)
|
|
|
$
|
(1.59)
|
|
|
$
|
(0.96)
|
|
Shares used in
computing net loss per share,
basic and diluted
|
|
129,023
|
|
|
90,863
|
|
|
112,765
|
|
|
85,148
|
|
INVITAE
CORPORATION
|
|
Reconciliation of
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted
Cash to Cash
Burn
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months
Ended
March 31, 2020
|
|
Three Months
Ended
June 30, 2020
|
|
Six Months
Ended
June 30, 2020
|
|
|
|
Net cash used in
operating activities
|
$
|
(62,361)
|
|
|
$
|
(60,393)
|
|
|
|
(122,754)
|
|
Net cash provided by
(used in) investing activities
|
801
|
|
|
(83,418)
|
|
|
|
(82,617)
|
|
Net cash provided by
financing activities
|
551
|
|
|
221,794
|
|
|
|
222,345
|
|
Net increase
(decrease) in cash, cash equivalents and
restricted cash
|
(61,009)
|
|
|
77,983
|
|
|
|
16,974
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
Purchases of
investments
|
—
|
|
|
115,350
|
|
|
|
115,350
|
|
Sales of
investments
|
(12,532)
|
|
|
—
|
|
|
|
(12,532)
|
|
Maturities of
investments
|
(24,965)
|
|
|
(65,000)
|
|
|
|
(89,965)
|
|
Proceeds from public
offering of common stock, net
of issuance costs
|
—
|
|
|
(217,489)
|
|
|
|
(217,489)
|
|
Proceeds from
exercises of warrants
|
(27)
|
|
|
(35)
|
|
|
|
(62)
|
|
Cash burn
|
$
|
(98,533)
|
|
|
$
|
(89,191)
|
|
|
|
(187,724)
|
|
|
|
|
|
|
|
|
• Cash burn for the
three months ended March 31, 2020 includes $32.3 million of cash
paid in connection with the
acquisition of Diploid and cash burn for the three months ended
June 30, 2020 includes $25.4 million of cash paid in
connection with the acquisitions of Genelex and YouScript. The
change in marketable securities for the six months
ended June 30, 2020 includes unrealized gains of $0.6
million.
|
Contact:
Laura D'Angelo
ir@invitae.com
(628) 213-3369
View original content to download
multimedia:http://www.prnewswire.com/news-releases/invitae-reports-46-2-million-in-revenue-driven-by-more-than-120-000-samples-accessioned-in-the-second-quarter-of-2020--301106028.html
SOURCE Invitae Corporation