— Approximately 12% growth year-over-year in
revenues —
— Greater than $555 million in cash,
cash equivalents, marketable securities, and restricted cash —
— Cash burn continued its declining trend over the past five
quarters —
— Presenting at the 41st Annual J.P. Morgan Healthcare Conference
on January 11 at 9:00 a.m. PST —
SAN
FRANCISCO, Jan. 9, 2023 /PRNewswire/ -- Invitae
(NYSE: NVTA), a leading medical genetics company, today announced
preliminary unaudited fourth quarter and full-year 2022 revenue,
cash burn and commercial metrics.
Preliminary, unaudited financial results and other metrics
for 2022
- Generated revenue of approximately $516
million in 2022, or about a 12% increase from $460 million in 2021. Fourth quarter 2022 revenue
was approximately $122 million,
versus $126 million a year ago, which
reflects a decline due to the exited businesses and
geographies.
- Cash, cash equivalents, restricted cash and marketable
securities were greater than $555
million as of December 31,
2022. Our cash burn in the fourth quarter was less than
$80 million, which excludes an
outflow of approximately $10 million
related to realignment and an inflow of approximately $45 million related to the selected assets sale
of the RUO kitted solutions. This represents a continued declining
trend since the fourth quarter of 2021.
- Total active healthcare provider accounts of approximately
20,000, an increase of 8% from 2021.
- Active pharma and commercial partnerships grew to approximately
230, an increase of 29% in 2022, due to revenue growth from lab
services, data services to pharmaceutical, health systems and other
partners.
- Total patient population is more than 3.6 million with over 62%
available for data sharing.
"Despite a challenging environment in 2022, we executed well
against our realignment plan in the second half of the year, with
continued improvements in our financial metrics and cash burn
reduction. Overall, we are pleased with our progress and with the
hard work across the organization that has driven these results,"
said Ken Knight, president and chief
executive officer of Invitae. "The mission of Invitae has not
changed, and we are committed to bringing genetics to mainstream
medicine. Our company is also building on a new foundation grounded
on achieving profitable growth. And as we move forward, we're
excited about what lies ahead for our company, our partners and
millions more patients. We're looking forward to our opportunities
in 2023 and beyond, unlocking the value that Invitae holds."
Invitae has not completed preparation of its financial
statements for the fourth quarter or full year 2022. The
preliminary, unaudited results presented in this press release for
the year ended December 31, 2022, are
based on current expectations and are subject to adjustment. Actual
results may differ materially from those disclosed in this press
release. Invitae will report its full financial results and other
metrics during its fourth quarter and year-end 2022 conference call
in late February.
Invitae's Presentation at 41st Annual J.P. Morgan Healthcare
Conference
Invitae will present at the 41st Annual J.P.
Morgan Healthcare Conference on Wednesday,
January 11, 2023, at 12:00 p.m.
Eastern Time / 9:00 a.m. Pacific
Time. A live webcast of both the presentation and a Q&A
session may be accessed at the following direct link or by visiting
the investors section of the company's website at ir.invitae.com.
Public listeners can access an audio and slide recording of the
session, which will be available shortly after the conclusion of
the presentation and Q&A session on the investors section of
the company's website at ir.invitae.com.
About Invitae
Invitae (NYSE: NVTA) is a leading
medical genetics company trusted by millions of patients and their
providers to deliver timely genetic information using digital
technology. We aim to provide accurate and actionable answers to
strengthen medical decision-making for individuals and their
families. Invitae's genetics experts apply a rigorous approach to
data and research, serving as the foundation of their mission to
bring comprehensive genetic information into mainstream medicine to
improve healthcare for billions of people.
To learn more, visit 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 mission; the
expected impact, benefits, and timing of the company's strategic
business realignment or various aspects thereof; the company's
beliefs regarding the potential of its business, and its business
priorities and initiatives and the potential benefits thereof; the
company's future financial and operating results, and the drivers
of future financial results; 2022 preliminary financial results,
including revenue and cash burn; the company's roadmap and product
pipeline; and the company's beliefs regarding its business and its
comprehensive 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: actual results for the fourth
quarter and full year 2022, the year-end close process and audit of
the company's financial statements; the ability of the company to
successfully execute its strategic business realignment and achieve
the intended benefits thereof on the expected timeframe or at all;
unforeseen or greater than expected costs associated with the
strategic business realignment; the risk that the disruption that
may result from the realignment may harm the company's business,
market share or its relationship with customers or potential
customers; 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 and the current
economic environment on the company's business; the company's
ability to grow its business in a cost-efficient manner; the
company's history of losses; the company's ability to maintain
important customer relationships; 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 applicability of clinical results to actual outcomes;
risks associated with litigation; the company's ability to use
rapidly changing genetic data to interpret test results accurately
and consistently; laws and regulations applicable to the company's
business; and the other risks set forth in the reports filed by the
company with the SEC, including its Quarterly Report on Form 10-Q
for the quarter ended September 30,
2022. 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 the company'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. These
non-GAAP financial measures exclude certain items that are required
by GAAP. In addition, these non-GAAP 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 uses such non-GAAP
information to manage the company's business and monitor its
performance.
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 and on the company's
website.
Contacts for Invitae:
Investor Relations
Hoki
Luk
ir@invitae.com
Public Relations
Amy Hadsock
pr@invitae.com
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SOURCE Invitae Corporation