— Continued to execute towards operational
excellence with portfolio optimization, broad cost controls and
cash management —
— Recently announced realignment plan is
expected to extend the company's cash runway to the end of 2024;
Maintain financial guidance
— Conference call and webcast today at
4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time —
SAN
FRANCISCO, Aug. 9, 2022 /PRNewswire/ -- Invitae
(NYSE: NVTA), a leading medical genetics company, today announced
financial and operating results for the second quarter ended
June 30, 2022.
"In the second quarter, we are pleased with our progress towards
achieving operational excellence, as demonstrated by the
improvements in several key metrics focusing on non-GAAP gross
margin, operating expense, and cash burn trajectory, both on a
year-over-year and quarter-over-quarter basis. These numbers
reflected positive results based on the initiatives that we have
been implementing," said Ken Knight,
president and chief executive officer of Invitae. "We recently
announced our strategic realignment plan, as we step into our
company's next chapter. The planned changes are broad and necessary
to continue driving us toward our goal of using our industry
leading genetic testing, and advanced technologies, to transform
healthcare for today and tomorrow. We have the roadmap and the
pieces in place, and execution of our plan is top of mind as we
fuel our testing business and make focused investment in delivering
the future of personalized, genetically-driven healthcare."
Second Quarter 2022 Highlights
- Generated revenue of $136.6
million in the quarter, a 17.5% increase compared to
$116.3 million in the second quarter
of 2021.
- GAAP gross profit was $26.3
million, and non-GAAP gross profit was $54.7 million in the second quarter of this
year.
- GAAP gross margin was 19.2%. Non-GAAP gross margin was 40.1% as
compared with 36.6% in the first quarter of 2022 and 35.4% in the
second quarter of 2021.
- Cash, cash equivalents, restricted cash and marketable
securities were $737 million as of
June 30, 2022. Cash burn was
$147 million, achieving a
$22 million reduction from the first
quarter of 2022.
- Total active healthcare provider accounts in the second quarter
of 2022 totaled 20,217, roughly 25% growth over the second quarter
of 2021.
- Active pharma and commercial partnerships grew to 232, an
increase of approximately 52% over the second quarter of 2021,
driving continued revenue growth from Invitae's lab services, data
and data services platform to pharma, health system and software
and services partners.
- Total patient population is more than 3.1 million with nearly
62% available for data sharing.
Total operating expense, which excludes cost of revenue, for the
second quarter of 2022 was $2.5
billion, which included an asset impairment. As a result,
GAAP operating expense as a percentage of revenue was 1,864%.
Non-GAAP operating expense was $200.1
million for the second quarter of 2022. Non-GAAP operating
expense as a percentage of revenue was 146%, which consistently
improved as compared with 169% in the first quarter of 2022 and
170% in the second quarter of 2021.
Net loss for this year's second quarter was $2.5 billion, or a $10.87 net loss per share, compared to net income
of $133.8 million, or net income per
share of $0.66, for the second
quarter of 2021. Our second quarter 2022 net loss included a
complete writedown of goodwill of $2.3
billion, which was a result of a significant, sustained
decline in the stock price and related market capitalization and a
lower than expected financial performance. It also included
indefinite-lived intangible and asset impairments of $34.8 million. Net income for the second quarter
in 2021 was a result of the change in fair value of contingent
consideration. Non-GAAP net loss for the second quarter of 2022 was
$158.5 million, or a $0.68 non-GAAP net loss per share, compared to a
net loss of $171.5 million, or an
$0.84 non-GAAP net loss per share,
for the second quarter of 2021.
At June 30, 2022, cash, cash
equivalents, restricted cash and marketable securities totaled
$737 million as compared with
$885 million as of March 31, 2022. Cash burn in this year's second
quarter, including cash paid for acquisition related activities,
was $147 million, a decrease of
$22 million or 13.2% from the first
quarter of 2022 and approximately $50
million from the fourth quarter of 2021.
Financial Guidance
Invitae is reiterating its financial guidance. The company
expects a low double-digit growth rate for its full year 2022
revenue over 2021. Longer term revenue growth rate is expected to
return to between 15% and 25% beyond 2023.
Invitae is maintaining its 2022 cash burn guidance of
$600-650 million, which includes up
to an estimated $75 million cash to
be used for realignment activities and severance. The company also
continues to anticipate its cash burn to be in the range of
$225-275 million in 2023, which
includes up to an estimated $25
million cash to be used for realignment activities and
severance.
2022 non-GAAP gross margins are expected to continue to increase
for the rest of the year, based on ongoing margin improvement
efforts and the current realignment initiatives, to the range of
42-43% for full year 2022.
Additional non-cash related charges are expected to be recorded
in the third quarter of 2022 and in following quarters.
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://events.q4inc.com/attendee/937240483
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 expected impact,
benefits, parameters, details 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; the company's future financial and operating results,
including estimated annual cost savings, cash runway, guidance for
2022 and beyond, and the drivers of future financial results; the
company's beliefs regarding its roadmap and business going forward;
and the company's focus for the remainder of 2022. 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
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 economic environment on the company's business; the
company's ability to grow its business in a cost-effective manner;
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; 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, 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 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. 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 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.
INVITAE
CORPORATION
Consolidated
Balance Sheets (in thousands)
(unaudited)
|
|
|
June 30,
2022
|
|
December 31,
2021
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$ 303,626
|
|
$ 923,250
|
Marketable
securities
|
423,137
|
|
122,121
|
Accounts
receivable
|
82,586
|
|
66,227
|
Inventory
|
49,073
|
|
33,516
|
Prepaid expenses and
other current assets
|
35,825
|
|
33,691
|
Total current
assets
|
894,247
|
|
1,178,805
|
Property and equipment,
net
|
132,935
|
|
114,714
|
Operating lease
assets
|
117,977
|
|
121,169
|
Restricted
cash
|
10,026
|
|
10,275
|
Intangible assets,
net
|
1,107,821
|
|
1,187,994
|
Goodwill
|
—
|
|
2,283,059
|
Other assets
|
27,520
|
|
23,551
|
Total
assets
|
$
2,290,526
|
|
$
4,919,567
|
Liabilities and
stockholders' equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
26,751
|
|
$
21,127
|
Accrued
liabilities
|
93,772
|
|
106,453
|
Operating lease
obligations
|
13,388
|
|
12,359
|
Finance lease
obligations
|
5,340
|
|
4,156
|
Total current
liabilities
|
139,251
|
|
144,095
|
Operating lease
obligations, net of current portion
|
142,509
|
|
124,369
|
Finance lease
obligations, net of current portion
|
6,294
|
|
5,683
|
Debt
|
117,862
|
|
113,391
|
Convertible senior
notes, net
|
1,467,443
|
|
1,464,138
|
Deferred tax
liability
|
11,341
|
|
51,696
|
Other long-term
liabilities
|
19,921
|
|
37,797
|
Total
liabilities
|
1,904,621
|
|
1,941,169
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
Common
stock
|
24
|
|
23
|
Accumulated other
comprehensive loss
|
(1,334)
|
|
(7)
|
Additional paid-in
capital
|
4,815,383
|
|
4,701,230
|
Accumulated
deficit
|
(4,428,168)
|
|
(1,722,848)
|
Total stockholders'
equity
|
385,905
|
|
2,978,398
|
Total liabilities and
stockholders' equity
|
$
2,290,526
|
|
$
4,919,567
|
INVITAE
CORPORATION
Consolidated Statements of
Operations (in thousands, except per share data)
(unaudited)
|
|
|
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Revenue:
|
|
|
|
|
|
|
|
|
Test
revenue
|
|
$
133,182
|
|
$
111,496
|
|
$
252,679
|
|
$
210,772
|
Other
revenue
|
|
3,440
|
|
4,816
|
|
7,634
|
|
9,161
|
Total
revenue
|
|
136,622
|
|
116,312
|
|
260,313
|
|
219,933
|
Cost of
revenue
|
|
110,340
|
|
89,331
|
|
207,456
|
|
164,822
|
Research and
development
|
|
115,146
|
|
106,454
|
|
243,382
|
|
186,812
|
Selling and
marketing
|
|
62,749
|
|
56,964
|
|
122,893
|
|
108,204
|
General and
administrative
|
|
52,858
|
|
38,303
|
|
104,132
|
|
110,820
|
Asset
impairment
|
|
2,317,864
|
|
—
|
|
2,317,864
|
|
—
|
Change in fair value of
contingent consideration
|
|
(2,004)
|
|
(303,349)
|
|
(1,850)
|
|
(366,970)
|
Total cost and
operating expenses
|
|
2,656,953
|
|
(12,297)
|
|
2,993,877
|
|
203,688
|
(Loss) income from
operations
|
|
(2,520,331)
|
|
128,609
|
|
(2,733,564)
|
|
16,245
|
Other income,
net
|
|
7,326
|
|
2,024
|
|
17,765
|
|
6,489
|
Interest
expense
|
|
(14,019)
|
|
(13,407)
|
|
(28,004)
|
|
(21,800)
|
Net (loss) income
before taxes
|
|
(2,527,024)
|
|
117,226
|
|
(2,743,803)
|
|
934
|
Income tax
benefit
|
|
(3,563)
|
|
(16,560)
|
|
(38,483)
|
|
(23,360)
|
Net (loss)
income
|
|
$
(2,523,461)
|
|
$
133,786
|
|
$
(2,705,320)
|
|
$
24,294
|
Net (loss) income per
share, basic
|
|
$
(10.87)
|
|
$
0.66
|
|
$
(11.75)
|
|
$
0.12
|
Net (loss) income per
share, diluted
|
|
$
(10.87)
|
|
$
0.53
|
|
$
(11.75)
|
|
$
0.11
|
Shares used in
computing net (loss) income per share, basic
|
|
232,117
|
|
204,110
|
|
230,304
|
|
199,083
|
Shares used in
computing net (loss) income per share, diluted
|
|
232,117
|
|
264,921
|
|
230,304
|
|
216,595
|
INVITAE
CORPORATION
Consolidated Statements of Cash
Flows (in thousands)
(unaudited)
|
|
|
Six Months Ended
June 30,
|
|
2022
|
|
2021
|
Cash flows from
operating activities:
|
|
|
|
Net (loss)
income
|
$ (2,705,320)
|
|
$
24,294
|
Adjustments to
reconcile net (loss) income to net cash used in operating
activities:
|
|
|
|
Asset
impairment
|
2,317,864
|
|
—
|
Depreciation and
amortization
|
64,247
|
|
35,262
|
Stock-based
compensation
|
103,901
|
|
106,337
|
Amortization of debt
discount and issuance costs
|
7,776
|
|
6,492
|
Remeasurements of
liabilities associated with business combinations
|
(18,043)
|
|
(372,722)
|
Benefit from income
taxes
|
(38,483)
|
|
(23,360)
|
Post-combination
expense for acceleration of unvested equity and deferred stock
compensation
|
3,320
|
|
2,959
|
Amortization of
premiums and discounts on investment securities
|
1,178
|
|
3,465
|
Other
|
3,721
|
|
1,808
|
Changes in operating
assets and liabilities, net of businesses acquired:
|
|
|
|
Accounts
receivable
|
(16,359)
|
|
(6,953)
|
Inventory
|
(15,557)
|
|
2,048
|
Prepaid expenses and
other current assets
|
(2,134)
|
|
(8,346)
|
Other
assets
|
(2,104)
|
|
(2,165)
|
Accounts
payable
|
6,575
|
|
3,781
|
Accrued expenses and
other long-term liabilities
|
7,186
|
|
8,255
|
Net cash used in
operating activities
|
(282,232)
|
|
(218,845)
|
Cash flows from
investing activities:
|
|
|
|
Purchases of marketable
securities
|
(605,454)
|
|
(325,957)
|
Proceeds from
maturities of marketable securities
|
301,933
|
|
127,738
|
Acquisition of
businesses, net of cash acquired
|
—
|
|
(134,006)
|
Purchases of property
and equipment
|
(36,970)
|
|
(20,154)
|
Other
|
—
|
|
(1,880)
|
Net cash used in
investing activities
|
(340,491)
|
|
(354,259)
|
Cash flows from
financing activities:
|
|
|
|
Proceeds from public
offerings of common stock, net
|
—
|
|
434,263
|
Proceeds from issuance
of common stock
|
6,234
|
|
11,717
|
Proceeds from issuance
of convertible senior notes, net
|
—
|
|
1,116,850
|
Finance lease principal
payments
|
(2,677)
|
|
(2,126)
|
Other
|
(707)
|
|
(1,060)
|
Net cash provided by
financing activities
|
2,850
|
|
1,559,644
|
Net (decrease)
increase in cash, cash equivalents and restricted
cash
|
(619,873)
|
|
986,540
|
|
|
|
|
Cash, cash
equivalents and restricted cash at beginning of
period
|
933,525
|
|
131,480
|
Cash, cash
equivalents and restricted cash at end of period
|
$
313,652
|
|
$ 1,118,020
|
Reconciliation of
GAAP to Non-GAAP Cost of Revenue (in thousands)
(unaudited)
|
|
|
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Cost of
revenue
|
|
$
110,340
|
|
$ 89,331
|
|
$
207,456
|
|
$
164,822
|
Amortization of
acquired intangible assets
|
|
(27,907)
|
|
(11,323)
|
|
(45,907)
|
|
(21,156)
|
Acquisition-related
stock-based compensation
|
|
(147)
|
|
(1,306)
|
|
(279)
|
|
(2,240)
|
Acquisition-related
post-combination expense
|
|
(387)
|
|
—
|
|
(891)
|
|
—
|
Fair value adjustments
to acquisition-related assets
|
|
—
|
|
(1,574)
|
|
—
|
|
(3,148)
|
Non-GAAP cost of
revenue
|
|
$ 81,899
|
|
$ 75,128
|
|
$
160,379
|
|
$
138,278
|
Reconciliation of
GAAP to Non-GAAP Gross Profit (in thousands)
(unaudited)
|
|
|
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Revenue
|
|
$
136,622
|
|
$
116,312
|
|
$
260,313
|
|
$
219,933
|
Cost of
revenue
|
|
110,340
|
|
89,331
|
|
207,456
|
|
164,822
|
Gross profit
|
|
26,282
|
|
26,981
|
|
52,857
|
|
55,111
|
Amortization of
acquired intangible assets
|
|
27,907
|
|
11,323
|
|
45,907
|
|
21,156
|
Acquisition-related
stock-based compensation
|
|
147
|
|
1,306
|
|
279
|
|
2,240
|
Acquisition-related
post-combination expense
|
|
387
|
|
—
|
|
891
|
|
—
|
Fair value adjustments
to acquisition-related assets
|
|
—
|
|
1,574
|
|
—
|
|
3,148
|
Non-GAAP gross
profit
|
|
$ 54,723
|
|
$ 41,184
|
|
$ 99,934
|
|
$ 81,655
|
Reconciliation of
GAAP to Non-GAAP Research and Development Expense (in
thousands)
(unaudited)
|
|
|
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Research and
development
|
|
$
115,146
|
|
$
106,454
|
|
$
243,382
|
|
$
186,812
|
Amortization of
acquired intangible assets
|
|
(502)
|
|
(530)
|
|
(1,032)
|
|
(1,060)
|
Acquisition-related
stock-based compensation
|
|
(23,255)
|
|
(8,572)
|
|
(47,024)
|
|
(19,045)
|
Acquisition-related
post-combination expense
|
|
(2,643)
|
|
(998)
|
|
(5,224)
|
|
(1,058)
|
Non-GAAP research and
development
|
|
$ 88,746
|
|
$ 96,354
|
|
$
190,102
|
|
$
165,649
|
Reconciliation of
GAAP to Non-GAAP Selling and Marketing Expense (in
thousands)
(unaudited)
|
|
|
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Selling and
marketing
|
|
$ 62,749
|
|
$ 56,964
|
|
$
122,893
|
|
$
108,204
|
Amortization of
acquired intangible assets
|
|
(1,622)
|
|
(1,685)
|
|
(3,246)
|
|
(3,377)
|
Acquisition-related
stock-based compensation
|
|
(985)
|
|
(1,463)
|
|
(1,568)
|
|
(2,696)
|
Acquisition-related
post-combination expense
|
|
—
|
|
2
|
|
—
|
|
(38)
|
Non-GAAP selling and
marketing
|
|
$ 60,142
|
|
$ 53,818
|
|
$
118,079
|
|
$
102,093
|
Reconciliation of
GAAP to Non-GAAP General and Administrative Expense (in
thousands)
(unaudited)
|
|
|
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
General and
administrative
|
|
$ 52,858
|
|
$ 38,303
|
|
$
104,132
|
|
$
110,820
|
Acquisition-related
stock-based compensation
|
|
(1,646)
|
|
9,724
|
|
(3,218)
|
|
(21,250)
|
Acquisition-related
post-combination expense
|
|
—
|
|
(5)
|
|
—
|
|
(3,747)
|
Non-GAAP general and
administrative
|
|
$ 51,212
|
|
$ 48,022
|
|
$
100,914
|
|
$ 85,823
|
Reconciliation of
Operating Expenses to Non-GAAP Operating Expenses (in
thousands)
(unaudited)
|
|
|
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Research and
development
|
|
$
115,146
|
|
$
106,454
|
|
$
243,382
|
|
$
186,812
|
Selling and
marketing
|
|
62,749
|
|
56,964
|
|
122,893
|
|
108,204
|
General and
administrative
|
|
52,858
|
|
38,303
|
|
104,132
|
|
110,820
|
Asset
impairment
|
|
2,317,864
|
|
—
|
|
2,317,864
|
|
—
|
Change in fair value of
contingent consideration
|
|
(2,004)
|
|
(303,349)
|
|
(1,850)
|
|
(366,970)
|
Operating
expenses
|
|
2,546,613
|
|
(101,628)
|
|
2,786,421
|
|
38,866
|
Amortization of
acquired intangible assets
|
|
(2,124)
|
|
(2,215)
|
|
(4,278)
|
|
(4,437)
|
Acquisition-related
stock-based compensation
|
|
(25,886)
|
|
(311)
|
|
(51,810)
|
|
(42,991)
|
Acquisition-related
post-combination expense
|
|
(2,643)
|
|
(1,001)
|
|
(5,224)
|
|
(4,843)
|
Asset
impairment
|
|
(2,317,864)
|
|
—
|
|
(2,317,864)
|
|
—
|
Fair value adjustments
to acquisition-related liabilities
|
|
2,004
|
|
303,349
|
|
1,850
|
|
366,970
|
Non-GAAP operating
expenses
|
|
$
200,100
|
|
$
198,194
|
|
$
409,095
|
|
$
353,565
|
Reconciliation of
Other Income, Net to Non-GAAP Other Income (Expense),
Net (in thousands)
(unaudited)
|
|
|
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Other income,
net
|
|
$
7,326
|
|
$
2,024
|
|
$ 17,765
|
|
$
6,489
|
Fair value adjustments
to acquisition-related liabilities
|
|
(6,190)
|
|
(2,374)
|
|
(16,193)
|
|
(5,752)
|
Non-GAAP other income
(expense), net
|
|
$
1,136
|
|
$
(350)
|
|
$
1,572
|
|
$
737
|
Reconciliation of
Net (Loss) Income to Non-GAAP Net Loss and Non-GAAP Net Loss Per
Share (in thousands, except per share data)
(unaudited)
|
|
|
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net (loss)
income
|
|
$
(2,523,461)
|
|
$
133,786
|
|
$
(2,705,320)
|
|
$ 24,294
|
Amortization of
acquired intangible assets
|
|
30,031
|
|
13,538
|
|
50,185
|
|
25,593
|
Acquisition-related
stock-based compensation
|
|
26,033
|
|
1,617
|
|
52,089
|
|
45,231
|
Acquisition-related
post-combination expense
|
|
3,030
|
|
1,001
|
|
6,115
|
|
4,843
|
Fair value adjustments
to acquisition-related assets and liabilities
|
|
(8,194)
|
|
(304,149)
|
|
(18,043)
|
|
(369,574)
|
Asset
impairment
|
|
2,317,864
|
|
—
|
|
2,317,864
|
|
—
|
Acquisition-related
income tax benefit
|
|
(3,805)
|
|
(17,287)
|
|
(38,805)
|
|
(24,087)
|
Non-GAAP net
loss
|
|
$
(158,502)
|
|
$
(171,494)
|
|
$
(335,915)
|
|
$
(293,700)
|
|
|
|
|
|
|
|
|
|
Net (loss) income per
share, basic
|
|
$
(10.87)
|
|
$
0.66
|
|
$
(11.75)
|
|
$
0.12
|
Net (loss) income per
share, diluted
|
|
$
(10.87)
|
|
$
0.53
|
|
$
(11.75)
|
|
$
0.11
|
Non-GAAP net loss per
share, basic
|
|
$
(0.68)
|
|
$
(0.84)
|
|
$
(1.46)
|
|
$
(1.48)
|
Non-GAAP net loss per
share, diluted
|
|
$
(0.68)
|
|
$
(0.65)
|
|
$
(1.46)
|
|
$
(1.36)
|
Shares used in
computing net (loss) income per share, basic
|
|
232,117
|
|
204,110
|
|
230,304
|
|
199,083
|
Shares used in
computing net (loss) income per share, diluted
|
|
232,117
|
|
264,921
|
|
230,304
|
|
216,595
|
Reconciliation of
Net Decrease in Cash, Cash Equivalents and Restricted Cash to Cash
Burn (in thousands)
(unaudited)
|
|
|
Three Months
Ended
|
Six Months
Ended
|
|
March 31,
2022
|
|
June 30,
2022
|
|
June 30,
2022
|
Net cash used in
operating activities
|
$
(147,543)
|
|
$
(134,689)
|
|
$
(282,232)
|
Net cash (used in)
provided by investing activities
|
(449,456)
|
|
108,965
|
|
(340,491)
|
Net cash (used in)
provided by financing activities
|
(920)
|
|
3,770
|
|
2,850
|
Net decrease in cash,
cash equivalents and restricted cash
|
(597,919)
|
|
(21,954)
|
|
(619,873)
|
Adjustments:
|
|
|
|
|
|
Net changes in
investments
|
428,608
|
|
(125,087)
|
|
303,521
|
Cash burn
|
$
(169,311)
|
|
$
(147,041)
|
|
$
(316,352)
|
|
|
|
|
|
|
Contact for Invitae:
Hoki Luk
ir@invitae.com
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SOURCE Invitae Corporation