SAN FRANCISCO, Feb. 24, 2022 /PRNewswire/ -- Invitae (NYSE:
NVTA), a leading medical genetics company, today announced
financial and operating results for the fourth quarter and year
ended December 31, 2021.
"2021 was another year of industry leading growth and the
addition of almost 1 million patients onto the Invitae platform,
providing further evidence that the Invitae vision and
one-of-a-kind testing, digital health and data network are ushering
in the era of genomic health management," said Sean George, Ph.D., co-founder and CEO of
Invitae. "Looking into 2022, we intend to maintain our focus on
driving that shift to a healthcare ecosystem underscored by genomic
information and management, while demonstrating operational
excellence and charting a clear path towards operating cash
flows."
Full Year and Fourth Quarter 2021 Financial Results
- Generated revenue of $460.4
million in 2021, including $126.1
million in the fourth quarter.
- Reported billable volume of 1.17 million in 2021, including
327,000 in the fourth quarter.
- Total active healthcare provider accounts in 2021 totaled
18,458, more than 50 percent growth since the beginning of
2020.
- Active pharma and commercial partnerships grew to 178, an
increase of approximately 170 percent since the beginning of 2020
driving continued revenue growth from Invitae's data and data
services platform to pharma, health system and software and
services partners.
- Total patient population is more than 2.5 million with over 62
percent available for data sharing.
- Achieved gross profit of $111.8
million in 2021, including $30.0
million in the fourth quarter. Non-GAAP gross profit was
$168.4 million in 2021, and
$46.0 million in the fourth
quarter.
Total operating expense, which excludes cost of revenue, for the
full year 2021 was $503.4 million.
Operating expense for the fourth quarter of 2021 was $244.6 million. Non-GAAP operating expense was
$771.1 million for the full year
2021, and $215.7 million in the
fourth quarter.
Net loss for the full year 2021 was $379.0 million, or a $1.80 net loss per share. For the fourth quarter
of 2021, Invitae reported a net loss of $205.1 million, or a $0.90 net loss per share. Non-GAAP net loss was
$654.3 million, or a $3.10 non-GAAP net loss per share in 2021. For
the fourth quarter of 2021, Invitae reported a non-GAAP net loss of
$184.7 million, or a $0.81 non-GAAP net loss per share.
At December 31, 2021, cash, cash equivalents, restricted
cash and marketable securities totaled $1.06
billion as compared with $1.25
billion as of September 30,
2021. Net increase in cash, cash equivalents, restricted
cash, and marketable securities was $695
million in 2021, and a net decrease of $196.7 million for the fourth quarter. Cash burn
was $195.6 million in the fourth
quarter of 2021. Cash burn for the quarter would have been
$186.1 million excluding the cash
paid for acquisitions.
Guidance
The company has issued 2022 annual
revenue guidance of year-over-year revenue growth of 40 percent, or
approximately $640 million. New
guidance categories for 2022 include gross margin and cash burn
measures. Gross margin for 2022 is expected to be between 42-45
percent with cash burn, including cash used for acquisition-related
activities, expected to be in the range of $600-$650 million
in 2022, a more than $200 million
year-over-year reduction.
Webcast and Conference Call Details
Management
will host a conference call and webcast today at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time to discuss financial
results and recent developments. To access the conference call,
please register at the link below:
https://conferencingportals.com/event/DqFqYhVe
Upon registering, each participant will be provided with call
details and a conference ID.
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 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 beliefs regarding its vision
and that its results evidence its belief that it is ushering in the
era of genomic health management; the company's future financial
and operating results, including guidance for 2022, and the drivers
of future financial results; the company's beliefs regarding the
momentum in its business and the drivers of that momentum; the
company's expectations regarding future growth; the company's focus
for 2022, and its expectations regarding charting a path toward
future operating cash flows; expectations regarding future product
introductions and expansions; 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 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 impact of inflation; 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 September 30, 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 or debt 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)
|
|
|
December
31,
|
|
2021
|
|
2020
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
923,250
|
|
$
124,794
|
Marketable
securities
|
122,121
|
|
229,186
|
Accounts
receivable
|
66,227
|
|
47,722
|
Inventory
|
33,516
|
|
32,030
|
Prepaid expenses and
other current assets
|
33,691
|
|
20,200
|
Total current
assets
|
1,178,805
|
|
453,932
|
Property and
equipment, net
|
114,714
|
|
66,102
|
Operating lease
assets
|
121,169
|
|
45,109
|
Restricted
cash
|
10,275
|
|
6,686
|
Intangible assets,
net
|
1,187,994
|
|
981,845
|
Goodwill
|
2,283,059
|
|
1,863,623
|
Other
assets
|
23,551
|
|
13,188
|
Total
assets
|
$
4,919,567
|
|
$
3,430,485
|
Liabilities and
stockholders' equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
21,127
|
|
$
25,203
|
Accrued
liabilities
|
106,453
|
|
86,058
|
Operating lease
obligation
|
12,359
|
|
8,789
|
Finance lease
obligation
|
4,156
|
|
1,695
|
Total current
liabilities
|
144,095
|
|
121,745
|
Operating lease
obligation, net of current portion
|
124,369
|
|
48,357
|
Finance lease
obligation, net of current portion
|
5,683
|
|
3,123
|
Debt
|
113,391
|
|
104,449
|
Convertible senior
notes, net
|
1,464,138
|
|
283,724
|
Deferred tax
liability
|
51,696
|
|
51,538
|
Other long-term
liabilities
|
37,797
|
|
841,256
|
Total
liabilities
|
1,941,169
|
|
1,454,192
|
Stockholders'
equity:
|
|
|
|
Common
stock
|
23
|
|
19
|
Accumulated other
comprehensive (loss) income
|
(7)
|
|
1
|
Additional paid-in
capital
|
4,701,230
|
|
3,337,120
|
Accumulated
deficit
|
(1,722,848)
|
|
(1,360,847)
|
Total stockholders'
equity
|
2,978,398
|
|
1,976,293
|
Total liabilities and
stockholders' equity
|
$
4,919,567
|
|
$
3,430,485
|
INVITAE
CORPORATION
|
|
Consolidated
Statements of Operations
|
(in thousands, except
per share data)
|
(unaudited)
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Revenue:
|
|
|
|
|
|
|
|
|
Test
revenue
|
|
$
121,624
|
|
$
96,807
|
|
$
444,072
|
|
$
272,310
|
Other
revenue
|
|
4,497
|
|
3,624
|
|
16,377
|
|
7,288
|
Total
revenue
|
|
126,121
|
|
100,431
|
|
460,449
|
|
279,598
|
Cost of
revenue
|
|
96,106
|
|
68,258
|
|
348,669
|
|
198,275
|
Research and
development
|
|
131,764
|
|
72,172
|
|
416,087
|
|
240,605
|
Selling and
marketing
|
|
62,205
|
|
48,877
|
|
225,910
|
|
168,317
|
General and
administrative
|
|
50,430
|
|
192,290
|
|
248,070
|
|
270,029
|
Change in fair value
of contingent consideration
|
|
190
|
|
50,317
|
|
(386,646)
|
|
54,544
|
Total costs and
operating expenses
|
|
340,695
|
|
431,914
|
|
852,090
|
|
931,770
|
Loss from
operations
|
|
(214,574)
|
|
(331,483)
|
|
(391,641)
|
|
(652,172)
|
Other income
(expense), net
|
|
15,832
|
|
167
|
|
25,678
|
|
(32,332)
|
Interest
expense
|
|
(14,031)
|
|
(12,522)
|
|
(49,900)
|
|
(29,766)
|
Net loss before
taxes
|
|
(212,773)
|
|
(343,838)
|
|
(415,863)
|
|
(714,270)
|
Income tax
benefit
|
|
(7,649)
|
|
(109,500)
|
|
(36,857)
|
|
(112,100)
|
Net loss
|
|
$
(205,124)
|
|
$
(234,338)
|
|
$
(379,006)
|
|
$
(602,170)
|
Net loss per share,
basic and diluted
|
|
$
(0.90)
|
|
$
(1.30)
|
|
$
(1.80)
|
|
$
(4.47)
|
Shares used in
computing net loss per share,
basic and diluted
|
|
226,849
|
|
179,860
|
|
210,946
|
|
134,587
|
INVITAE
CORPORATION
|
|
Consolidated
Statements of Cash Flows
|
(in
thousands)
|
(unaudited)
|
|
|
Year Ended
December 31,
|
|
2021
|
|
2020
|
|
2019
|
Cash flows from
operating activities:
|
|
|
|
|
|
Net loss
|
$
(379,006)
|
|
$
(602,170)
|
|
$
(241,965)
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
Depreciation and
amortization
|
80,472
|
|
39,050
|
|
16,206
|
Stock-based
compensation
|
180,075
|
|
158,747
|
|
75,948
|
Amortization of debt
discount and issuance costs
|
14,226
|
|
17,204
|
|
4,416
|
Remeasurements of
liabilities associated with business combinations
|
(411,842)
|
|
92,348
|
|
—
|
Benefit from income
taxes
|
(36,857)
|
|
(112,100)
|
|
(18,450)
|
Debt extinguishment
costs
|
—
|
|
—
|
|
8,926
|
Post-combination
expense for acceleration of unvested equity and deferred stock
compensation
|
9,530
|
|
91,021
|
|
—
|
Amortization of
premiums and discounts on investment securities
|
6,221
|
|
1,236
|
|
(296)
|
Other
|
4,983
|
|
189
|
|
1,391
|
Changes in operating
assets and liabilities, net of businesses acquired:
|
Accounts
receivable
|
(16,696)
|
|
(2,814)
|
|
(6,131)
|
Inventory
|
(1,486)
|
|
(7,832)
|
|
1,645
|
Prepaid expenses and
other current assets
|
(14,563)
|
|
(2,010)
|
|
(6,624)
|
Other
assets
|
(3,274)
|
|
895
|
|
2,026
|
Accounts
payable
|
(9,258)
|
|
10,186
|
|
1,558
|
Accrued expenses and
other long-term liabilities
|
17,660
|
|
17,548
|
|
16,297
|
Net cash used in
operating activities
|
(559,815)
|
|
(298,502)
|
|
(145,053)
|
Cash flows from
investing activities:
|
|
|
|
|
|
Purchases of
marketable securities
|
(325,957)
|
|
(280,258)
|
|
(260,917)
|
Proceeds from sales
of marketable securities
|
—
|
|
12,832
|
|
—
|
Proceeds from
maturities of marketable securities
|
425,293
|
|
277,487
|
|
34,500
|
Acquisition of
businesses, net of cash acquired
|
(247,396)
|
|
(383,753)
|
|
(33,846)
|
Purchases of property
and equipment
|
(54,720)
|
|
(22,865)
|
|
(20,047)
|
Other
|
(1,300)
|
|
(4,026)
|
|
—
|
Net cash used in
investing activities
|
(204,080)
|
|
(400,583)
|
|
(280,310)
|
Cash flows from
financing activities:
|
|
|
|
|
|
Proceeds from public
offerings of common stock, net
|
434,263
|
|
263,688
|
|
204,024
|
Proceeds from
issuance of common stock
|
23,767
|
|
284,203
|
|
9,470
|
Proceeds from
issuance of convertible senior notes, net
|
1,116,427
|
|
—
|
|
339,900
|
Proceeds from
issuance of debt, net
|
—
|
|
129,214
|
|
—
|
Payments of debt
extinguishment costs
|
—
|
|
—
|
|
(10,638)
|
Loan
payments
|
—
|
|
—
|
|
(75,000)
|
Finance lease
principal payments
|
(3,759)
|
|
(2,655)
|
|
(2,075)
|
Other
|
(4,758)
|
|
(1,457)
|
|
(910)
|
Net cash provided by
financing activities
|
1,565,940
|
|
672,993
|
|
464,771
|
Net increase
(decrease) in cash, cash equivalents and restricted
cash
|
802,045
|
|
(26,092)
|
|
39,408
|
Cash, cash
equivalents and restricted cash at beginning of
period
|
131,480
|
|
157,572
|
|
118,164
|
Cash, cash
equivalents and restricted cash at end of period
|
$
933,525
|
|
$
131,480
|
|
$
157,572
|
INVITAE
CORPORATION
|
|
Reconciliation of
GAAP to Non-GAAP Cost of Revenue
|
(in
thousands)
|
(unaudited)
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Cost of
revenue
|
|
$
96,106
|
|
$
68,258
|
|
$
348,669
|
|
$
198,275
|
Amortization of
acquired intangible assets
|
|
(15,392)
|
|
(9,805)
|
|
(49,970)
|
|
(21,943)
|
Acquisition-related
stock-based compensation
|
|
(141)
|
|
(1,954)
|
|
(2,461)
|
|
(1,954)
|
Acquisition-related
post-combination expense
|
|
(479)
|
|
—
|
|
(1,058)
|
|
—
|
Fair value adjustments
to acquisition-related
assets
|
|
—
|
|
(1,574)
|
|
(3,148)
|
|
(1,574)
|
Non-GAAP cost of
revenue
|
|
$
80,094
|
|
$
54,925
|
|
$
292,032
|
|
$
172,804
|
Reconciliation of
GAAP to Non-GAAP Gross Profit
|
(in
thousands)
|
(unaudited)
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Revenue
|
|
$
126,121
|
|
$
100,431
|
|
$
460,449
|
|
$
279,598
|
Cost of
revenue
|
|
96,106
|
|
68,258
|
|
348,669
|
|
198,275
|
Gross
profit
|
|
30,015
|
|
32,173
|
|
111,780
|
|
81,323
|
Amortization of
acquired intangible assets - cost of revenue
|
|
15,392
|
|
9,805
|
|
49,970
|
|
21,943
|
Acquisition-related
stock-based compensation
|
|
141
|
|
1,954
|
|
2,461
|
|
1,954
|
Acquisition-related
post-combination expense
|
|
479
|
|
—
|
|
1,058
|
|
—
|
Fair value adjustments
to acquisition-related
assets
|
|
—
|
|
1,574
|
|
3,148
|
|
1,574
|
Non-GAAP gross
profit
|
|
$
46,027
|
|
$
45,506
|
|
$
168,417
|
|
$
106,794
|
Reconciliation of
GAAP to Non-GAAP Research and Development Expense
|
(in
thousands)
|
(unaudited)
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Research and
development
|
|
$
131,764
|
|
$
72,172
|
|
$
416,087
|
|
$
240,605
|
Amortization of
acquired intangible assets
|
|
(529)
|
|
(470)
|
|
(2,117)
|
|
(820)
|
Acquisition-related
stock-based compensation
|
|
(23,703)
|
|
(16,204)
|
|
(44,406)
|
|
(68,215)
|
Acquisition-related
post-combination expense
|
|
(2,607)
|
|
(60)
|
|
(6,056)
|
|
(120)
|
Non-GAAP research and
development
|
|
$
104,925
|
|
$
55,438
|
|
$
363,508
|
|
$
171,450
|
INVITAE
CORPORATION
|
|
Reconciliation of
GAAP to Non-GAAP Selling and Marketing Expense
|
(in
thousands)
|
(unaudited)
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Selling and
marketing
|
|
$
62,205
|
|
$
48,877
|
|
$
225,910
|
|
$
168,317
|
Amortization of
acquired intangible assets
|
|
(1,686)
|
|
(1,536)
|
|
(6,748)
|
|
(3,868)
|
Acquisition-related
stock-based compensation
|
|
—
|
|
(3,155)
|
|
(2,696)
|
|
(3,155)
|
Acquisition-related
post-combination expense
|
|
—
|
|
(40)
|
|
(38)
|
|
(80)
|
Non-GAAP selling and
marketing
|
|
$
60,519
|
|
$
44,146
|
|
$
216,428
|
|
$
161,214
|
Reconciliation of
GAAP to Non-GAAP General and Administrative Expense
|
(in
thousands)
|
(unaudited)
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
General and
administrative
|
|
$
50,430
|
|
$
192,290
|
|
$
248,070
|
|
$
270,029
|
Amortization of
acquired intangible assets
|
|
—
|
|
—
|
|
—
|
|
(10)
|
Acquisition-related
stock-based compensation
|
|
(32)
|
|
(20,147)
|
|
(21,293)
|
|
(20,147)
|
Acquisition-related
post-combination expense
|
|
(165)
|
|
(125,842)
|
|
(35,628)
|
|
(126,342)
|
Non-GAAP general and
administrative
|
|
$
50,233
|
|
$
46,301
|
|
$
191,149
|
|
$
123,530
|
Reconciliation of
Operating Expense to Non-GAAP Operating Expense
|
(in
thousands)
|
(unaudited)
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Research and
development
|
|
$
131,764
|
|
$
72,172
|
|
$
416,087
|
|
$
240,605
|
Selling and
marketing
|
|
62,205
|
|
48,877
|
|
225,910
|
|
168,317
|
General and
administrative
|
|
50,430
|
|
192,290
|
|
248,070
|
|
270,029
|
Change in fair value
of contingent consideration
|
|
190
|
|
50,317
|
|
(386,646)
|
|
54,544
|
Operating
expense
|
|
244,589
|
|
363,656
|
|
503,421
|
|
733,495
|
Amortization of
acquired intangible assets
|
|
(2,215)
|
|
(2,006)
|
|
(8,865)
|
|
(4,698)
|
Acquisition-related
stock-based compensation
|
|
(23,735)
|
|
(39,506)
|
|
(68,395)
|
|
(91,517)
|
Acquisition-related
post-combination expense
|
|
(2,772)
|
|
(125,942)
|
|
(41,722)
|
|
(126,542)
|
Fair value adjustments
to acquisition-related
liabilities
|
|
(190)
|
|
(50,317)
|
|
386,646
|
|
(54,645)
|
Non-GAAP operating
expense
|
|
$
215,677
|
|
$
145,885
|
|
$
771,085
|
|
$
456,093
|
INVITAE
CORPORATION
|
|
Reconciliation of
Other Income (Expense), Net to Non-GAAP Other Income (Expense),
Net
|
(in
thousands)
|
(unaudited)
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Other income
(expense), net
|
|
$
15,832
|
|
$
167
|
|
$
25,678
|
|
$
(32,332)
|
Fair value adjustments
to acquisition-related
liabilities
|
|
(16,017)
|
|
(410)
|
|
(25,196)
|
|
37,527
|
Non-GAAP other
(expense) income, net
|
|
$
(185)
|
|
$
(243)
|
|
$
482
|
|
$
5,195
|
Reconciliation of
Net Loss to Non-GAAP Net Loss And Non-GAAP Net Loss Per
Share
|
(in thousands, except
per share data)
|
(unaudited)
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Net loss
|
|
$
(205,124)
|
|
$
(234,338)
|
|
$
(379,006)
|
|
$
(602,170)
|
Amortization of
acquired intangible assets
|
|
17,607
|
|
11,811
|
|
58,835
|
|
26,641
|
Acquisition-related
stock-based compensation
|
|
23,876
|
|
41,460
|
|
70,856
|
|
93,471
|
Acquisition-related
post-combination expense
|
|
3,251
|
|
125,942
|
|
42,780
|
|
126,542
|
Fair value adjustments
to acquisition-related
assets and liabilities
|
|
(15,827)
|
|
51,481
|
|
(408,694)
|
|
93,746
|
Acquisition-related
income tax benefit
|
|
(8,480)
|
|
(109,500)
|
|
(39,087)
|
|
(112,100)
|
Non-GAAP net
loss
|
|
$
(184,697)
|
|
$
(113,144)
|
|
$
(654,316)
|
|
$
(373,870)
|
|
|
|
|
|
|
|
|
|
Net loss per share,
basic and diluted
|
|
$
(0.90)
|
|
$
(1.30)
|
|
$
(1.80)
|
|
$
(4.47)
|
Non-GAAP net loss per
share, basic and diluted
|
|
$
(0.81)
|
|
$
(0.63)
|
|
$
(3.10)
|
|
$
(2.78)
|
Shares used in
computing net loss per share, basic and diluted
|
|
226,849
|
|
179,860
|
|
210,946
|
|
134,587
|
INVITAE
CORPORATION
|
|
Reconciliation of
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted
Cash to Cash Burn
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
March 31,
2021
|
|
June 30,
2021
|
|
September 30,
2021
|
|
December 31,
2021
|
|
December 31,
2021
|
Net cash used in
operating activities
|
$
(89,520)
|
|
$
(129,325)
|
|
$
(165,052)
|
|
$
(175,918)
|
|
$
(559,815)
|
Net cash (used in)
provided by investing activities
|
(273,558)
|
|
(80,701)
|
|
(20,324)
|
|
170,503
|
|
(204,080)
|
Net cash provided by
(used in) financing activities
|
436,091
|
|
1,123,553
|
|
(735)
|
|
7,031
|
|
1,565,940
|
Net increase
(decrease) in cash, cash equivalents and
restricted cash
|
73,013
|
|
913,527
|
|
(186,111)
|
|
1,616
|
|
802,045
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Net changes in
investments
|
249,694
|
|
(51,475)
|
|
(100,305)
|
|
(197,250)
|
|
(99,336)
|
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)
|
|
423
|
|
—
|
|
(1,116,427)
|
Proceeds from
exercises of warrants
|
(790)
|
|
(452)
|
|
—
|
|
—
|
|
(1,242)
|
Cash burn
|
$
(112,346)
|
|
$
(255,250)
|
|
$
(285,993)
|
|
$
(195,634)
|
|
$
(849,223)
|
|
|
|
|
|
|
|
|
|
|
• Cash burn for the
three months ended December 31, 2021 includes $9.5 million cash
paid for acquisitions, primarily related to the cash paid to
acquire Stratify Genomics, Inc.
|
• Cash burn for the
three months ended September 30, 2021 includes $134.6 million of
cash paid for acquisitions, primarily related to the cash paid to
acquire Medneon and Ciitizen, and $3.3 million in
acquisition-related transaction costs.
|
• 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 for Invitae:
Jack Finks
ir@invitae.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/invitae-reports-460-4-million-in-annual-revenue-driven-by-1-17-million-in-billable-volume-in-2021--301490122.html
SOURCE Invitae Corporation