SAN FRANCISCO, Nov. 8, 2021 /PRNewswire/ -- Invitae
(NYSE: NVTA), a leading medical genetics company, today
announced financial and operating results for the third quarter
ended September 30, 2021.
"Year-over-year growth continued at a fast pace in the third
quarter as volumes remained strong across the platform," said
Sean George, Ph.D., co-founder and
CEO of Invitae. "In particular, progress in the oncology group is
reflected in current volumes and preparations for high-value,
high-margin product introductions over the coming year, supported
by multiple ongoing studies. We saw continued progress in our data
and platform services, underscored by the integration of Medneon
and the Ciitizen technology platform that bolster our ability to
collect, house and deliver benefits from patient data collected on
their behalf. We look forward to continued robust volume growth in
the coming periods as we introduce new testing capabilities and
increase access to our lifelong testing and data platform."
Third Quarter 2021 Financial Results
- Generated revenue of $114.4
million in the quarter, a more than 66% increase compared to
$68.7 million in the same period in
2020.
- Reported billable volume of 296,000 in the quarter,
approximately 89% increase compared to 157,000 in the same period
in 2020.
- Reported average cost per billable unit of $296 in the quarter compared to $297 average cost per billable unit in the same
period in 2020. Non-GAAP average cost per unit was $249 in the quarter.
- Achieved gross profit for the third quarter of 2021 of
$26.7 million, compared to
$22.1 million in the same period in
2020. Non-GAAP gross profit was $40.7
million in the third quarter.
Total operating expense, which excludes cost of revenue, for the
third quarter of 2021 was $220.0
million compared to $102.9
million in the same period in 2020. Non-GAAP operating
expenses for the quarter was $201.8
million.
Net loss for the third quarter of 2021 was $198.2 million, or a $0.91 net loss per share, compared to a net loss
of $102.9 million, or a $0.78 net loss per share, in the third quarter of
2020. Non-GAAP net loss for the quarter was $175.9 million, or a $0.81 non-GAAP net loss per share.
At September 30, 2021, cash, cash equivalents, restricted
cash and marketable securities totaled $1.25
billion as compared with $1.54
billion as of June 30, 2021.
Net increase in cash, cash equivalents and restricted cash for the
quarter was $186.1 million. Cash burn
was $286.0 million for the quarter.
Cash burn for the quarter would have been $148.1 million excluding the cash paid for
acquisitions, primarily related to the cash paid to acquire Medneon
and Ciitizen.
Corporate and Scientific Highlights
- Acquired patient-centric consumer health tech company Ciitizen
to enhance Invitae's platform by providing patients an easy-to-use,
centralized hub for their genomic and clinical information, which
together comprise a powerful dataset with the potential to drive
research and improve healthcare decision-making.
- Announced new data from the TRACERx lung cancer research
collaboration. The data further validate the value of liquid biopsy
as a less invasive and more comprehensive approach to guiding
personalized cancer treatment. The data underscore previous
findings from the TRACERx cohort that monitoring for cancer
circulating tumor DNA (ctDNA) based minimal residual disease (MRD)
detected relapse of non-small cell lung cancer (NSCLC) up to three
years earlier than standard of care imaging surveillance in some
instances.
- Presented research demonstrating that genetic findings informed
clinical management changes that led to improved seizure control
and outcomes in the majority of epilepsy patients with actionable
findings. The findings were presented in September at the National
Society of Genetic Counselors 40th Annual Conference.
Outlook and Guidance
The company has adjusted its 2021
annual revenue guidance to $450
million - $475 million, or
year-over-year revenue growth of between 60% and 70%. The change in
revenue outlook was primarily due to greater than expected seasonal
impact in Q3.
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 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 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 future financial results, including
guidance for 2021, long term topline growth expectations 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 expectations regarding future product introductions and
expansions; the significance and benefits of the company's recent
studies and collaborations; 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 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 June 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)
|
|
|
September 30,
2021
|
|
December 31,
2020
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
921,634
|
|
|
$
|
124,794
|
|
Marketable
securities
|
320,465
|
|
|
229,186
|
|
Accounts
receivable
|
58,431
|
|
|
47,722
|
|
Inventory
|
30,633
|
|
|
32,030
|
|
Prepaid expenses and
other current assets
|
34,401
|
|
|
20,200
|
|
Total current
assets
|
1,365,564
|
|
|
453,932
|
|
Property and
equipment, net
|
101,000
|
|
|
66,102
|
|
Operating lease
assets
|
119,194
|
|
|
45,109
|
|
Restricted
cash
|
10,275
|
|
|
6,686
|
|
Intangible assets,
net
|
1,168,157
|
|
|
981,845
|
|
Goodwill
|
2,283,059
|
|
|
1,863,623
|
|
Other
assets
|
23,790
|
|
|
13,188
|
|
Total
assets
|
$
|
5,071,039
|
|
|
$
|
3,430,485
|
|
Liabilities and
stockholders' equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
35,404
|
|
|
$
|
25,203
|
|
Accrued
liabilities
|
104,308
|
|
|
86,058
|
|
Operating lease
obligations
|
12,636
|
|
|
8,789
|
|
Finance lease
obligations
|
3,825
|
|
|
1,695
|
|
Total current
liabilities
|
156,173
|
|
|
121,745
|
|
Operating lease
obligations, net of current portion
|
120,467
|
|
|
48,357
|
|
Finance lease
obligations, net of current portion
|
6,467
|
|
|
3,123
|
|
Debt
|
111,156
|
|
|
104,449
|
|
Convertible senior
notes, net
|
1,462,499
|
|
|
283,724
|
|
Deferred tax
liability
|
51,378
|
|
|
51,538
|
|
Other long-term
liabilities
|
56,182
|
|
|
841,256
|
|
Total
liabilities
|
1,964,322
|
|
|
1,454,192
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
Common
stock
|
23
|
|
|
19
|
|
Accumulated other
comprehensive income
|
21
|
|
|
1
|
|
Additional paid-in
capital
|
4,624,397
|
|
|
3,337,120
|
|
Accumulated
deficit
|
(1,517,724)
|
|
|
(1,360,847)
|
|
Total stockholders'
equity
|
3,106,717
|
|
|
1,976,293
|
|
Total liabilities and
stockholders' equity
|
$
|
5,071,039
|
|
|
$
|
3,430,485
|
|
INVITAE
CORPORATION
|
|
Consolidated
Statements of Operations
|
(in thousands, except
per share data)
|
(unaudited)
|
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Revenue:
|
|
|
|
|
|
|
|
|
Test
revenue
|
|
$
|
111,676
|
|
|
$
|
67,326
|
|
|
$
|
322,448
|
|
|
$
|
175,503
|
|
Other
revenue
|
|
2,719
|
|
|
1,402
|
|
|
11,880
|
|
|
3,664
|
|
Total
revenue
|
|
114,395
|
|
|
68,728
|
|
|
334,328
|
|
|
179,167
|
|
Cost of
revenue
|
|
87,741
|
|
|
46,643
|
|
|
252,563
|
|
|
130,017
|
|
Research and
development
|
|
97,511
|
|
|
37,802
|
|
|
284,323
|
|
|
168,433
|
|
Selling and
marketing
|
|
55,501
|
|
|
37,800
|
|
|
163,705
|
|
|
119,440
|
|
General and
administrative
|
|
86,820
|
|
|
27,810
|
|
|
197,640
|
|
|
77,638
|
|
Change in fair value
of contingent consideration
|
|
(19,866)
|
|
|
(504)
|
|
|
(386,836)
|
|
|
4,328
|
|
Loss from
operations
|
|
(193,312)
|
|
|
(80,823)
|
|
|
(177,067)
|
|
|
(320,689)
|
|
Other income
(expense), net
|
|
3,357
|
|
|
(15,771)
|
|
|
9,846
|
|
|
(32,499)
|
|
Interest
expense
|
|
(14,069)
|
|
|
(6,308)
|
|
|
(35,869)
|
|
|
(17,244)
|
|
Net loss before
taxes
|
|
(204,024)
|
|
|
(102,902)
|
|
|
(203,090)
|
|
|
(370,432)
|
|
Income tax
benefit
|
|
(5,848)
|
|
|
—
|
|
|
(29,208)
|
|
|
(2,600)
|
|
Net loss
|
|
$
|
(198,176)
|
|
|
$
|
(102,902)
|
|
|
$
|
(173,882)
|
|
|
$
|
(367,832)
|
|
Net loss per share,
basic and diluted
|
|
$
|
(0.91)
|
|
|
$
|
(0.78)
|
|
|
$
|
(0.85)
|
|
|
$
|
(3.08)
|
|
Shares used in
computing net loss per share, basic and diluted
|
|
218,384
|
|
|
132,484
|
|
|
205,587
|
|
|
119,386
|
|
INVITAE
CORPORATION
|
|
Consolidated
Statements of Cash Flows
|
(in
thousands)
|
(unaudited)
|
|
|
Nine Months Ended
September 30,
|
|
2021
|
|
2020
|
Cash flows from
operating activities:
|
|
|
|
Net loss
|
$
|
(173,882)
|
|
|
$
|
(367,832)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
Depreciation and
amortization
|
56,848
|
|
|
22,964
|
|
Stock-based
compensation
|
131,768
|
|
|
102,329
|
|
Amortization of debt
discount and issuance costs
|
10,352
|
|
|
11,115
|
|
Remeasurements of
liabilities associated with business combinations
|
(396,015)
|
|
|
42,448
|
|
Benefit from income
taxes
|
(29,215)
|
|
|
(2,600)
|
|
Post-combination
expense
|
7,870
|
|
|
—
|
|
Other
|
7,336
|
|
|
(570)
|
|
Changes in operating
assets and liabilities, net of businesses acquired:
|
|
|
|
Accounts
receivable
|
(8,900)
|
|
|
5,516
|
|
Inventory
|
1,397
|
|
|
—
|
|
Prepaid expenses and
other current assets
|
(15,273)
|
|
|
(8,460)
|
|
Other
assets
|
(2,915)
|
|
|
1,387
|
|
Accounts
payable
|
2,581
|
|
|
3,118
|
|
Accrued expenses and
other liabilities
|
24,151
|
|
|
5,665
|
|
Net cash used in
operating activities
|
(383,897)
|
|
|
(184,920)
|
|
Cash flows from
investing activities:
|
|
|
|
Purchases of
marketable securities
|
(325,957)
|
|
|
(180,021)
|
|
Proceeds from sales
of marketable securities
|
—
|
|
|
12,832
|
|
Proceeds from
maturities of marketable securities
|
228,043
|
|
|
152,465
|
|
Acquisition of
businesses, net of cash acquired
|
(239,836)
|
|
|
(57,576)
|
|
Purchases of property
and equipment
|
(35,533)
|
|
|
(13,991)
|
|
Other
|
(1,300)
|
|
|
(2,000)
|
|
Net cash used in
investing activities
|
(374,583)
|
|
|
(88,291)
|
|
Cash flows from
financing activities:
|
|
|
|
Proceeds from public
offerings of common stock, net
|
434,263
|
|
|
217,489
|
|
Proceeds from
issuance of common stock
|
15,810
|
|
|
9,076
|
|
Proceeds from
issuance of convertible senior notes, net
|
1,116,427
|
|
|
—
|
|
Finance lease
principal payments
|
(2,833)
|
|
|
(1,543)
|
|
Other
|
(4,758)
|
|
|
3,738
|
|
Net cash provided by
financing activities
|
1,558,909
|
|
|
228,760
|
|
Net increase
(decrease) in cash, cash equivalents and restricted
cash
|
800,429
|
|
|
(44,451)
|
|
Cash, cash
equivalents and restricted cash at beginning of
period
|
131,480
|
|
|
157,572
|
|
Cash, cash
equivalents and restricted cash at end of period
|
$
|
931,909
|
|
|
$
|
113,121
|
|
Reconciliation of
GAAP to Non-GAAP Cost of Revenue
|
(in
thousands)
|
(unaudited)
|
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Cost of
revenue
|
|
$
|
87,741
|
|
|
$
|
46,643
|
|
|
$
|
252,563
|
|
|
$
|
130,017
|
|
Amortization of
acquired intangible assets
|
|
(13,422)
|
|
|
(4,708)
|
|
|
(34,578)
|
|
|
(12,138)
|
|
Acquisition-related
stock-based compensation
|
|
(80)
|
|
|
—
|
|
|
(2,320)
|
|
|
—
|
|
Acquisition-related
post-combination expense
|
|
(579)
|
|
|
—
|
|
|
(579)
|
|
|
—
|
|
Fair value adjustments
to acquisition-related assets
|
|
—
|
|
|
—
|
|
|
(3,148)
|
|
|
—
|
|
Non-GAAP cost of
revenue
|
|
$
|
73,660
|
|
|
$
|
41,935
|
|
|
$
|
211,938
|
|
|
$
|
117,879
|
|
Reconciliation of
GAAP to Non-GAAP Gross Profit
|
(in
thousands)
|
(unaudited)
|
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Revenue
|
|
$
|
114,395
|
|
|
$
|
68,728
|
|
|
$
|
334,328
|
|
|
$
|
179,167
|
|
Cost of
revenue
|
|
87,741
|
|
|
46,643
|
|
|
252,563
|
|
|
130,017
|
|
Gross
profit
|
|
26,654
|
|
|
22,085
|
|
|
81,765
|
|
|
49,150
|
|
Amortization of
acquired intangible assets
|
|
13,422
|
|
|
4,708
|
|
|
34,578
|
|
|
12,138
|
|
Acquisition-related
stock-based compensation
|
|
80
|
|
|
—
|
|
|
2,320
|
|
|
—
|
|
Acquisition-related
post-combination expense
|
|
579
|
|
|
—
|
|
|
579
|
|
|
—
|
|
Fair value adjustments
to acquisition-related assets
|
|
—
|
|
|
—
|
|
|
3,148
|
|
|
—
|
|
Non-GAAP gross
profit
|
|
$
|
40,735
|
|
|
$
|
26,793
|
|
|
$
|
122,390
|
|
|
$
|
61,288
|
|
Reconciliation of
GAAP to Non-GAAP Research and Development Expense
|
(in
thousands)
|
(unaudited)
|
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Research and
development
|
|
$
|
97,511
|
|
|
$
|
37,802
|
|
|
$
|
284,323
|
|
|
$
|
168,433
|
|
Amortization of
acquired intangible assets
|
|
(528)
|
|
|
(117)
|
|
|
(1,588)
|
|
|
(350)
|
|
Acquisition-related
stock-based compensation
|
|
(1,658)
|
|
|
171
|
|
|
(20,703)
|
|
|
(52,011)
|
|
Acquisition-related
post-combination expense
|
|
(2,391)
|
|
|
(60)
|
|
|
(3,449)
|
|
|
(60)
|
|
Non-GAAP research and
development
|
|
$
|
92,934
|
|
|
$
|
37,796
|
|
|
$
|
258,583
|
|
|
$
|
116,012
|
|
Reconciliation of
GAAP to Non-GAAP Selling and Marketing Expense
|
(in
thousands)
|
(unaudited)
|
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Selling and
marketing
|
|
$
|
55,501
|
|
|
$
|
37,800
|
|
|
$
|
163,705
|
|
|
$
|
119,440
|
|
Amortization of
acquired intangible assets
|
|
(1,685)
|
|
|
(760)
|
|
|
(5,062)
|
|
|
(2,331)
|
|
Acquisition-related
stock-based compensation
|
|
—
|
|
|
—
|
|
|
(2,696)
|
|
|
—
|
|
Acquisition-related
post-combination expense
|
|
—
|
|
|
(40)
|
|
|
(38)
|
|
|
(40)
|
|
Non-GAAP selling and
marketing
|
|
$
|
53,816
|
|
|
$
|
37,000
|
|
|
$
|
155,909
|
|
|
$
|
117,069
|
|
Reconciliation of
GAAP to Non-GAAP General and Administrative Expense
|
(in
thousands)
|
(unaudited)
|
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
General and
administrative
|
|
$
|
86,820
|
|
|
$
|
27,810
|
|
|
$
|
197,640
|
|
|
$
|
77,638
|
|
Amortization of
acquired intangible assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10)
|
|
Acquisition-related
stock-based compensation
|
|
(11)
|
|
|
—
|
|
|
(21,261)
|
|
|
—
|
|
Acquisition-related
post-combination expense
|
|
(31,716)
|
|
|
—
|
|
|
(35,463)
|
|
|
(500)
|
|
Fair value adjustments
to acquisition-related liabilities
|
|
19,866
|
|
|
504
|
|
|
386,836
|
|
|
(4,328)
|
|
Non-GAAP general and
administrative
|
|
$
|
74,959
|
|
|
$
|
28,314
|
|
|
$
|
527,752
|
|
|
$
|
72,800
|
|
Reconciliation of
Operating Expense to Non-GAAP Operating Expense
|
(in
thousands)
|
(unaudited)
|
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Research and
development
|
|
$
|
97,511
|
|
|
$
|
37,802
|
|
|
$
|
284,323
|
|
|
$
|
168,433
|
|
Selling and
marketing
|
|
55,501
|
|
|
37,800
|
|
|
163,705
|
|
|
119,440
|
|
General and
administrative
|
|
86,820
|
|
|
27,810
|
|
|
197,640
|
|
|
77,638
|
|
Change in fair value
of contingent consideration
|
|
(19,866)
|
|
|
(504)
|
|
|
(386,836)
|
|
|
4,328
|
|
Operating
expense
|
|
219,966
|
|
|
102,908
|
|
|
258,832
|
|
|
369,839
|
|
Amortization of
acquired intangible assets
|
|
(2,213)
|
|
|
(877)
|
|
|
(6,650)
|
|
|
(2,691)
|
|
Acquisition-related
stock-based compensation
|
|
(1,669)
|
|
|
171
|
|
|
(44,660)
|
|
|
(52,011)
|
|
Acquisition-related
post-combination expense
|
|
(34,107)
|
|
|
(100)
|
|
|
(38,950)
|
|
|
(600)
|
|
Change in fair value
of contingent consideration
|
|
19,866
|
|
|
504
|
|
|
386,836
|
|
|
(4,328)
|
|
Non-GAAP operating
expense
|
|
$
|
201,843
|
|
|
$
|
102,606
|
|
|
$
|
555,408
|
|
|
$
|
310,209
|
|
Reconciliation of
Other Income (Expense), Net to Non-GAAP Other Income (Expense),
Net
|
(in
thousands)
|
(unaudited)
|
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Other income
(expense), net
|
|
$
|
3,357
|
|
|
$
|
(15,771)
|
|
|
$
|
9,846
|
|
|
$
|
(32,499)
|
|
Fair value adjustments
to acquisition-related liabilities
|
|
(3,427)
|
|
|
16,208
|
|
|
(9,179)
|
|
|
37,937
|
|
Non-GAAP other income
(expense), net
|
|
$
|
(70)
|
|
|
$
|
437
|
|
|
$
|
667
|
|
|
$
|
5,438
|
|
Reconciliation of
Net Loss to Non-GAAP Net Loss Per Share
|
(in thousands, except
per share data)
|
(unaudited)
|
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Net loss
|
|
$
|
(198,176)
|
|
|
$
|
(102,902)
|
|
|
$
|
(173,882)
|
|
|
$
|
(367,832)
|
|
Amortization of
acquired intangible assets
|
|
15,635
|
|
|
5,585
|
|
|
41,228
|
|
|
14,829
|
|
Acquisition-related
stock-based compensation
|
|
1,749
|
|
|
(171)
|
|
|
46,980
|
|
|
52,011
|
|
Acquisition-related
post-combination expense
|
|
34,686
|
|
|
100
|
|
|
39,529
|
|
|
600
|
|
Fair value adjustments
to acquisition-related assets and liabilities
|
|
(23,293)
|
|
|
15,704
|
|
|
(392,867)
|
|
|
42,265
|
|
Acquisition-related
income tax benefit
|
|
(6,520)
|
|
|
—
|
|
|
(30,607)
|
|
|
(2,600)
|
|
Non-GAAP net
loss
|
|
$
|
(175,919)
|
|
|
$
|
(81,684)
|
|
|
$
|
(469,619)
|
|
|
$
|
(260,727)
|
|
|
|
|
|
|
|
|
|
|
Net loss per share,
basic and diluted
|
|
$
|
(0.91)
|
|
|
$
|
(0.78)
|
|
|
$
|
(0.85)
|
|
|
$
|
(3.08)
|
|
Non-GAAP net loss per
share, basic and diluted
|
|
$
|
(0.81)
|
|
|
$
|
(0.62)
|
|
|
$
|
(2.28)
|
|
|
$
|
(2.18)
|
|
Shares used in
computing net loss per share, basic and diluted
|
|
218,384
|
|
|
132,484
|
|
|
205,587
|
|
|
119,386
|
|
Reconciliation of
Net Increase in Cash, Cash Equivalents and Restricted Cash to Cash
Burn
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months
Ended
March 31, 2021
|
|
Three Months
Ended
June 30, 2021
|
|
Three Months
Ended
September 30, 2021
|
|
Nine Months
Ended
September 30, 2021
|
|
|
Net cash used in
operating activities
|
$
|
(89,520)
|
|
|
$
|
(129,325)
|
|
|
(165,052)
|
|
|
|
$
|
(383,897)
|
|
Net cash provided by
(used in) investing activities
|
(273,558)
|
|
|
(80,701)
|
|
|
(20,324)
|
|
|
|
(374,583)
|
|
Net cash provided by
financing activities
|
436,091
|
|
|
1,123,553
|
|
|
(735)
|
|
|
|
1,558,909
|
|
Net increase in cash,
cash equivalents and restricted cash
|
73,013
|
|
|
913,527
|
|
|
(186,111)
|
|
|
|
800,429
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Net changes in
investments
|
249,694
|
|
|
(51,475)
|
|
|
(100,305)
|
|
|
|
97,914
|
|
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)
|
|
|
|
$
|
(653,589)
|
|
|
|
|
|
|
|
|
|
|
• 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:
ir@invitae.com
(628) 213-3369
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SOURCE Invitae Corporation