Invitae Reports Fourth Quarter and Full Year 2022 Financial Results; Provides Company Updates

SAN FRANCISCO, Feb. 28, 2023 /PRNewswire/ -- Invitae (NYSE: NVTA), a leading medical genetics company, today announced financial and operating results for the fourth quarter and year ended December 31, 2022.

"2022 was a transformative year for Invitae as we shifted our focus to drive more profitable growth, and we are pleased that the major initiatives under our strategic realignment are now largely completed," said Ken Knight, president and chief executive officer of Invitae. "Our talented teams made great progress, and continued their work in service of patients and customers while delivering on the financial objectives aligned to our new path. These continued improvements in our financial metrics reflect our new priorities and operating discipline. In light of that execution, we separately announced today significant developments in addressing approximately 96% of our near-term debt obligations. Our investors have agreed to extend the maturities of our 2024 convertible notes into 2028, along with equitizing a portion of the debt and adding capital, demonstrating their confidence in Invitae's future. We have also repaid our term loan in full and further improved our balance sheet. Overall, we are looking forward to 2023, as we continue to drive operational excellence, along with setting the stage for our long-term growth opportunities for years to come."

Full Year and Fourth Quarter 2022 Financial Results

• Generated revenue of $516.3 million in 2022, a 12.1% increase from $460.4 million in 2021. Fourth quarter 2022 revenue of $122.5 million, versus $126.1 million a year ago, reflecting the impact of exited businesses and geographies announced earlier in the year.
• GAAP gross profit was $99.1 million in 2022, including $29.6 million in the fourth quarter. Non-GAAP gross profit was $219.7 million in 2022, including $58.5 million in the fourth quarter.
• GAAP gross margin was 19.2% in 2022, as compared with 24.3% in 2021, and 24.2% in the fourth quarter of 2022, versus 23.8% in the fourth quarter of 2021. Non-GAAP gross margin was 42.5% in 2022, as compared with 36.6% in 2021. Non-GAAP gross margin was 47.8% in the fourth quarter of 2022, compared to 36.5% in the fourth quarter of 2021.
• Cash, cash equivalents, restricted cash and marketable securities were $557.1 million as of December 31, 2022, compared to $596.0 million as of September 30, 2022 and $1.06 billion as of December 31, 2021.
• Cash burn in 2022 was $509.6 million, compared to a cash burn of $849.2 million in 2021. 2022 cash burn included outflows of $53.3 million ($38.4 million related to realignment and $14.9 million acquisition-related payments), as well as an inflow of $44.5 million related to the selected assets sale of the RUO kitted solutions.
• Cash burn in the fourth quarter was $41.8 million and included an outflow of $9.3 million related to realignment and $0.1 million of acquisition-related payments, as well as an inflow of $44.5 million related to the selected assets sale of the RUO kitted solutions. Excluding these items, cash burn would have been $77.0 million. This represents a continued improving trend since the fourth quarter of 2021 driven by our strategic realignment and cost reduction plans.
• Total active healthcare provider accounts totaled 20,929 as of December 31, 2022, an increase of approximately 13% year-over-year.
• Active pharmaceutical and commercial partnerships grew to 238, an increase of approximately 34% year-over-year, reflecting growing adoption of our product and services to pharmaceutical, health systems and other partners.
• Revenue per patient was $475 in 2022, a decrease of approximately 3% from $491 in 2021. Revenue per patient was $511 in the fourth quarter of 2022, compared to $505 in the third quarter of 2022, and $476 in the fourth quarter of 2021, primarily as a result of our realignment efforts.
• Total patient population as of December 31, 2022 is more than 3.6 million with over 62% available for data sharing.

Total GAAP operating expense, which excludes cost of revenue, for the fourth quarter of 2022 was $124.5 million, which includes items related to the strategic realignment. As a result, GAAP operating expense as a percentage of revenue was 102%, compared to 194% in the fourth quarter of 2021. Non-GAAP operating expense was $135.6 million for the fourth quarter of 2022. Non-GAAP operating expense as a percentage of revenue was 111%, compared to 171% in the fourth quarter of 2021.

Net loss for the fourth quarter of 2022 was $99.8 million, or a $0.41 net loss per share, compared to net loss of $205.1 million, or net loss per share of $0.90, for the fourth quarter of 2021. Non-GAAP net loss for the fourth quarter of 2022 was $82.0 million, or a $0.34 non-GAAP net loss per share, compared to a net loss of $184.7 million, or an $0.81 non-GAAP net loss per share, for the fourth quarter of 2021.

Financial Guidance

On a pro forma basis, the company exited fourth quarter 2022 at an annualized revenue of approximately $450 million for its remaining business. Management is expecting 2023 revenue to be over $500 million, representing low double-digit year-over-year growth compared to 2022 pro forma revenue.

Thanks to realignment initiatives, non-GAAP gross margin for 2023 is expected to be between 48-50%, compared to 42.5% in 2022. Cash burn is expected to be in the range of $250-275 million in 2023, a more than 45% reduction from 2022.

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://www.netroadshow.com/events/login?show=d75171b5&confId=46549

Upon registering, each participant will be provided with call details and access codes.

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 (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 and follow for updates on Twitter, Instagram, Facebook and LinkedIn @Invitae.

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 expectations regarding future financial and operating results, and the drivers of future financial results; the company's roadmap for 2023 and long-term growth; and the company's expectations regarding the exchange and equitization of existing notes, extension of debt maturity and repayment of senior secured loans. 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; satisfaction of closing conditions related to the debt exchange and equitization transaction; 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.

In addition, this press release includes the company's non-GAAP gross margin guidance, a non-GAAP measure used to describe the company's expected performance. The company has not presented a reconciliation of this non-GAAP measure to the company's gross margin, the most comparable GAAP financial measure, because the reconciliation could not be prepared without unreasonable effort. The information necessary to prepare the reconciliation is not available on a forward-looking basis and cannot be accurately predicted. The unavailable information could have a significant impact on the calculation of the comparable GAAP financial measure.

INVITAE CORPORATION Consolidated Balance Sheets (in thousands)
	December 31,
	2022		2021
Assets
Current assets:
Cash and cash equivalents	$         257,489		$         923,250
Marketable securities	289,611		122,121
Accounts receivable	96,148		66,227
Inventory	30,386		33,516
Prepaid expenses and other current assets	19,496		33,691
Total current assets	693,130		1,178,805
Property and equipment, net	108,723		114,714
Operating lease assets	106,563		121,169
Restricted cash	10,030		10,275
Intangible assets, net	1,012,549		1,187,994
Goodwill	—		2,283,059
Other assets	23,121		23,551
Total assets	$      1,954,116		$      4,919,567
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$           13,984		$           21,127
Accrued liabilities	74,388		106,453
Operating lease obligations	14,600		12,359
Finance lease obligations	5,121		4,156
Total current liabilities	108,093		144,095
Operating lease obligations, net of current portion	134,386		124,369
Finance lease obligations, net of current portion	3,780 Werbung Mehr Nachrichten zur Invitae Corp Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 14.06.24 - ARIVA.DE Redaktion Aktienmarkt: JP Morgan Chase-Aktie tritt auf der Stelle (180,7693 €) 14.06.24 - ARIVA.DE Redaktion Investoren meiden heute das Wertpapier von Parker-Hannifin: Kurs gibt deutlich nach (466,5183 €) Sensationelle News:    Hat East Africa bisher nur an der Oberfläche gekratzt?! weiterlesen» Anzeige wo-site-teaser-box-17274_site-teaser-box_2024-06-15_09%253A00%253A00_2024-06-16_09%253A00%253A59