Invitae Announces Third Quarter 2016 Financial Results, Secures Contracts With Top Five Largest Payers, And Grows Volume More Than 200% Year-Over-Year
11/8/2016 10:48:44 AM
SAN FRANCISCO--(BUSINESS WIRE)--Invitae Corporation (NYSE: NVTA), a genetic information company, today announced financial and operating results for the third quarter ended September 30, 2016. Year to date, the company has secured contracts with the top five major payers while making substantial progress on all four of its key metrics. The company also stated it expects to be cash flow positive by the end of 2018.
“We believe Invitae has emerged from being a concept story to a company that has industry-leading growth rates in the genetic testing market with a clear path to becoming cash flow positive,” said Randy Scott, chairman and chief executive officer at Invitae. “With our recently announced progress in contracting with the top five major payers, we are now shifting our emphasis to driving revenue as a top priority. We will be working diligently to begin to operationalize those contracts as we move in network which should significantly improve our payment rates and drive volume growth throughout 2017 and beyond.”
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