Invitae, a leading medical genetics company, announced financial and operating results for the fourth quarter and year ended December 31, 2021.
- Annual revenue grew by 65 percent and annual billable volume by 77 percent year over year
- Full-year 2022 revenue growth guidance of 40 percent to approximately $640 million
- Guiding to expansion of gross margin throughout 2022 and decreasing cash burn charting path to positive cash flows
- Conference call and webcast today at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time
SAN FRANCISCO, Feb. 24, 2022 /PRNewswire/ -- Invitae (NYSE: NVTA), a leading medical genetics company, today announced financial and operating results for the fourth quarter and year ended December 31, 2021.
"2021 was another year of industry leading growth and the addition of almost 1 million patients onto the Invitae platform, providing further evidence that the Invitae vision and one-of-a-kind testing, digital health and data network are ushering in the era of genomic health management," said Sean George, Ph.D., co-founder and CEO of Invitae. "Looking into 2022, we intend to maintain our focus on driving that shift to a healthcare ecosystem underscored by genomic information and management, while demonstrating operational excellence and charting a clear path towards operating cash flows."
Full Year and Fourth Quarter 2021 Financial Results
- Generated revenue of $460.4 million in 2021, including $126.1 million in the fourth quarter.
- Reported billable volume of 1.17 million in 2021, including 327,000 in the fourth quarter.
- Total active healthcare provider accounts in 2021 totaled 18,458, more than 50 percent growth since the beginning of 2020.
- Active pharma and commercial partnerships grew to 178, an increase of approximately 170 percent since the beginning of 2020 driving continued revenue growth from Invitae's data and data services platform to pharma, health system and software and services partners.
- Total patient population is more than 2.5 million with over 62 percent available for data sharing.
- Achieved gross profit of $111.8 million in 2021, including $30.0 million in the fourth quarter. Non-GAAP gross profit was $168.4 million in 2021, and $46.0 million in the fourth quarter.
Total operating expense, which excludes cost of revenue, for the full year 2021 was $503.4 million. Operating expense for the fourth quarter of 2021 was $244.6 million. Non-GAAP operating expense was $771.1 million for the full year 2021, and $215.7 million in the fourth quarter.
Net loss for the full year 2021 was $379.0 million, or a $1.80 net loss per share. For the fourth quarter of 2021, Invitae reported a net loss of $205.1 million, or a $0.90 net loss per share. Non-GAAP net loss was $654.3 million, or a $3.10 non-GAAP net loss per share in 2021. For the fourth quarter of 2021, Invitae reported a non-GAAP net loss of $184.7 million, or a $0.81 non-GAAP net loss per share.
At December 31, 2021, cash, cash equivalents, restricted cash and marketable securities totaled $1.06 billion as compared with $1.25 billion as of September 30, 2021. Net increase in cash, cash equivalents, restricted cash, and marketable securities was $695 million in 2021, and a net decrease of $196.7 million for the fourth quarter. Cash burn was $195.6 million in the fourth quarter of 2021. Cash burn for the quarter would have been $186.1 million excluding the cash paid for acquisitions.
Guidance
The company has issued 2022 annual revenue guidance of year-over-year revenue growth of 40 percent, or approximately $640 million. New guidance categories for 2022 include gross margin and cash burn measures. Gross margin for 2022 is expected to be between 42-45 percent with cash burn, including cash used for acquisition-related activities, expected to be in the range of $600-$650 million in 2022, a more than $200 million year-over-year reduction.
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 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 beliefs regarding its vision and that its results evidence its belief that it is ushering in the era of genomic health management; the company's future financial and operating results, including guidance for 2022, 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 focus for 2022, and its expectations regarding charting a path toward future operating cash flows; expectations regarding future product introductions and expansions; 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 impact of inflation; 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 September 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) |
|||
|
December 31, |
|||
|
2021 |
2020 |
||
|
Assets |
|||
|
Current assets: |
|||
|
Cash and cash equivalents |
$ 923,250 |
$ 124,794 |
|
|
Marketable securities |
122,121 |
229,186 |
|
|
Accounts receivable |
66,227 |
47,722 |
|
|
Inventory |
33,516 |
32,030 |
|
|
Prepaid expenses and other current assets |
33,691 |
20,200 |
|
|
Total current assets |
1,178,805 |
453,932 |
|
|
Property and equipment, net |
114,714 |
66,102 |
|
|
Operating lease assets |
121,169 |
45,109 |
|
|
Restricted cash |
10,275 |
6,686 |
|
|
Intangible assets, net |
1,187,994 |
981,845 |
|
|
Goodwill |
2,283,059 |
1,863,623 |
|
|
Other assets |
23,551 |
13,188 |
|
|
Total assets |
$ 4,919,567 |
$ 3,430,485 |
|
|
Liabilities and stockholders' equity |
|||
|
Current liabilities: |
|||
|
Accounts payable |
$ 21,127 |
$ 25,203 |
|
|
Accrued liabilities |
106,453 |
86,058 |
|
|
Operating lease obligation |
12,359 |
8,789 |
|
|
Finance lease obligation |
4,156 |
1,695 |
|
|
Total current liabilities |
144,095 |
121,745 |
|
|
Operating lease obligation, net of current portion |
124,369 |
48,357 |
|
|
Finance lease obligation, net of current portion |
5,683 |
3,123 |
|
|
Debt |
113,391 |
104,449 |
|
|
Convertible senior notes, net |
1,464,138 |
283,724 |
|
|
Deferred tax liability |
51,696 |
51,538 |
|
|
Other long-term liabilities |
37,797 |
841,256 |
|
|
Total liabilities |
1,941,169 |
1,454,192 |
|
|
Stockholders' equity: |
|||
|
Common stock |
23 |
19 |
|
|
Accumulated other comprehensive (loss) income |
(7) |
1 |
|
|
Additional paid-in capital |
4,701,230 |
3,337,120 |
|
|
Accumulated deficit |
(1,722,848) |
(1,360,847) |
|
|
Total stockholders' equity |
2,978,398 |
1,976,293 |
|
|
Total liabilities and stockholders' equity |
$ 4,919,567 |
$ 3,430,485 |
|
|
INVITAE CORPORATION |
||||||||
|
Consolidated Statements of Operations |
||||||||
|
(in thousands, except per share data) |
||||||||
|
(unaudited) |
||||||||
|
Three Months Ended December 31, |
Year Ended December 31, |
|||||||
|
2021 |
2020 |
2021 |
2020 |
|||||
|
Revenue: |
||||||||
|
Test revenue |
$ 121,624 |
$ 96,807 |
$ 444,072 |
$ 272,310 |
||||
|
Other revenue |
4,497 |
3,624 |
16,377 |
7,288 |
||||
|
Total revenue |
126,121 |
100,431 |
460,449 |
279,598 |
||||
|
Cost of revenue |
96,106 |
68,258 |
348,669 |
198,275 |
||||
|
Research and development |
131,764 |
72,172 |
416,087 |
240,605 |
||||
|
Selling and marketing |
62,205 |
48,877 |
225,910 |
168,317 |
||||
|
General and administrative |
50,430 |
192,290 |
248,070 |
270,029 |
||||
|
Change in fair value of contingent consideration |
190 |
50,317 |
(386,646) |
54,544 |
||||
|
Total costs and operating expenses |
340,695 |
431,914 |
852,090 |
931,770 |
||||
|
Loss from operations |
(214,574) |
(331,483) |
(391,641) |
(652,172) |
||||
|
Other income (expense), net |
15,832 |
167 |
25,678 |
(32,332) |
||||
|
Interest expense |
(14,031) |
(12,522) |
(49,900) |
(29,766) |
||||
|
Net loss before taxes |
(212,773) |
(343,838) |
(415,863) |
(714,270) |
||||
|
Income tax benefit |
(7,649) |
(109,500) |
(36,857) |
(112,100) |
||||
|
Net loss |
$ (205,124) |
$ (234,338) |
$ (379,006) |
$ (602,170) |
||||
|
Net loss per share, basic and diluted |
$ (0.90) |
$ (1.30) |
$ (1.80) |
$ (4.47) |
||||
|
Shares used in computing net loss per share, |
226,849 |
179,860 |
210,946 |
134,587 |
||||
|
INVITAE CORPORATION |
|||||
|
Consolidated Statements of Cash Flows |
|||||
|
(in thousands) |
|||||
|
(unaudited) |
|||||
|
Year Ended December 31, |
|||||
|
2021 |
2020 |
2019 |
|||
|
Cash flows from operating activities: |
|||||
|
Net loss |
$ (379,006) |
$ (602,170) |
$ (241,965) |
||
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|||||
|
Depreciation and amortization |
80,472 |
39,050 |
16,206 |
||
|
Stock-based compensation |
180,075 |
158,747 |
75,948 |
||
|
Amortization of debt discount and issuance costs |
14,226 |
17,204 |
4,416 |
||
|
Remeasurements of liabilities associated with business combinations |
(411,842) |
92,348 |
— |
||
|
Benefit from income taxes |
(36,857) |
(112,100) |
(18,450) |
||
|
Debt extinguishment costs |
— |
— |
8,926 |
||
|
Post-combination expense for acceleration of unvested equity and deferred stock compensation |
9,530 |
91,021 |
— |
||
|
Amortization of premiums and discounts on investment securities |
6,221 |
1,236 |
(296) |
||
|
Other |
4,983 |
189 |
1,391 |
||
|
Changes in operating assets and liabilities, net of businesses acquired: |
|||||
|
Accounts receivable |
(16,696) |
(2,814) |
(6,131) |
||
|
Inventory |
(1,486) |
(7,832) |
1,645 |
||
|
Prepaid expenses and other current assets |
(14,563) |
(2,010) |
(6,624) |
||
|
Other assets |
(3,274) |
895 |
2,026 |
||
|
Accounts payable |
(9,258) |
10,186 |
1,558 |
||
|
Accrued expenses and other long-term liabilities |
17,660 |
17,548 |
16,297 |
||
|
Net cash used in operating activities |
(559,815) |
(298,502) |
(145,053) |
||
|
Cash flows from investing activities: |
|||||
|
Purchases of marketable securities |
(325,957) |
(280,258) |
(260,917) |
||
|
Proceeds from sales of marketable securities |
— |
12,832 |
— |
||
|
Proceeds from maturities of marketable securities |
425,293 |
277,487 |
34,500 |
||
|
Acquisition of businesses, net of cash acquired |
(247,396) |
(383,753) |
(33,846) |
||
|
Purchases of property and equipment |
(54,720) |
(22,865) |
(20,047) |
||
|
Other |
(1,300) |
(4,026) |
— |
||
|
Net cash used in investing activities |
(204,080) |
(400,583) |
(280,310) |
||
|
Cash flows from financing activities: |
|||||
|
Proceeds from public offerings of common stock, net |
434,263 |
263,688 |
204,024 |
||
|
Proceeds from issuance of common stock |
23,767 |
284,203 |
9,470 |
||
|
Proceeds from issuance of convertible senior notes, net |
1,116,427 |
— |
339,900 |
||
|
Proceeds from issuance of debt, net |
— |
129,214 |
— |
||
|
Payments of debt extinguishment costs |
— |
— |
(10,638) |
||
|
Loan payments |
— |
— |
(75,000) |
||
|
Finance lease principal payments |
(3,759) |
(2,655) |
(2,075) |
||
|
Other |
(4,758) |
(1,457) |
(910) |
||
|
Net cash provided by financing activities |
1,565,940 |
672,993 |
464,771 |
||
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
802,045 |
(26,092) |
39,408 |
||
|
Cash, cash equivalents and restricted cash at beginning of period |
131,480 |
157,572 |
118,164 |
||
|
Cash, cash equivalents and restricted cash at end of period |
$ 933,525 |
$ 131,480 |
$ 157,572 |
||
|
INVITAE CORPORATION |
||||||||
|
Reconciliation of GAAP to Non-GAAP Cost of Revenue |
||||||||
|
(in thousands) |
||||||||
|
(unaudited) |
||||||||
|
Three Months Ended December 31, |
Year Ended December 31, |
|||||||
|
2021 |
2020 |
2021 |
2020 |
|||||
|
Cost of revenue |
$ 96,106 |
$ 68,258 |
$ 348,669 |
$ 198,275 |
||||
|
Amortization of acquired intangible assets |
(15,392) |
(9,805) |
(49,970) |
(21,943) |
||||
|
Acquisition-related stock-based compensation |
(141) |
(1,954) |
(2,461) |
(1,954) |
||||
|
Acquisition-related post-combination expense |
(479) |
— |
(1,058) |
— |
||||
|
Fair value adjustments to acquisition-related |
— |
(1,574) |
(3,148) |
(1,574) |
||||
|
Non-GAAP cost of revenue |
$ 80,094 |
$ 54,925 |
$ 292,032 |
$ 172,804 |
||||
|
Reconciliation of GAAP to Non-GAAP Gross Profit |
||||||||
|
(in thousands) |
||||||||
|
(unaudited) |
||||||||
|
Three Months Ended December 31, |
Year Ended December 31, |
|||||||
|
2021 |
2020 |
2021 |
2020 |
|||||
|
Revenue |
$ 126,121 |
$ 100,431 |
$ 460,449 |
$ 279,598 |
||||
|
Cost of revenue |
96,106 |
68,258 |
348,669 |
198,275 |
||||
|
Gross profit |
30,015 |
32,173 |
111,780 |
81,323 |
||||
|
Amortization of acquired intangible assets - cost of revenue |
15,392 |
9,805 |
49,970 |
21,943 |
||||
|
Acquisition-related stock-based compensation |
141 |
1,954 |
2,461 |
1,954 |
||||
|
Acquisition-related post-combination expense |
479 |
— |
1,058 |
— |
||||
|
Fair value adjustments to acquisition-related |
— |
1,574 |
3,148 |
1,574 |
||||
|
Non-GAAP gross profit |
$ 46,027 |
$ 45,506 |
$ 168,417 |
$ 106,794 |
||||
|
Reconciliation of GAAP to Non-GAAP Research and Development Expense |
||||||||
|
(in thousands) |
||||||||
|
(unaudited) |
||||||||
|
Three Months Ended December 31, |
Year Ended December 31, |
|||||||
|
2021 |
2020 |
2021 |
2020 |
|||||
|
Research and development |
$ 131,764 |
$ 72,172 |
$ 416,087 |
$ 240,605 |
||||
|
Amortization of acquired intangible assets |
(529) |
(470) |
(2,117) |
(820) |
||||
|
Acquisition-related stock-based compensation |
(23,703) |
(16,204) |
(44,406) |
(68,215) |
||||
|
Acquisition-related post-combination expense |
(2,607) |
(60) |
(6,056) |
(120) |
||||
|
Non-GAAP research and development |
$ 104,925 |
$ 55,438 |
$ 363,508 |
$ 171,450 |
||||
|
INVITAE CORPORATION |
||||||||
|
Reconciliation of GAAP to Non-GAAP Selling and Marketing Expense |
||||||||
|
(in thousands) |
||||||||
|
(unaudited) |
||||||||
|
Three Months Ended December 31, |
Year Ended December 31, |
|||||||
|
2021 |
2020 |
2021 |
2020 |
|||||
|
Selling and marketing |
$ 62,205 |
$ 48,877 |
$ 225,910 |
$ 168,317 |
||||
|
Amortization of acquired intangible assets |
(1,686) |
(1,536) |
(6,748) |
(3,868) |
||||
|
Acquisition-related stock-based compensation |
— |
(3,155) |
(2,696) |
(3,155) |
||||
|
Acquisition-related post-combination expense |
— |
(40) |
(38) |
(80) |
||||
|
Non-GAAP selling and marketing |
$ 60,519 |
$ 44,146 |
$ 216,428 |
$ 161,214 |
||||
|
Reconciliation of GAAP to Non-GAAP General and Administrative Expense |
||||||||
|
(in thousands) |
||||||||
|
(unaudited) |
||||||||
|
Three Months Ended December 31, |
Year Ended December 31, |
|||||||
|
2021 |
2020 |
2021 |
2020 |
|||||
|
General and administrative |
$ 50,430 |
$ 192,290 |
$ 248,070 |
$ 270,029 |
||||
|
Amortization of acquired intangible assets |
— |
— |
— |
(10) |
||||
|
Acquisition-related stock-based compensation |
(32) |
(20,147) |
(21,293) |
(20,147) |
||||
|
Acquisition-related post-combination expense |
(165) |
(125,842) |
(35,628) |
(126,342) |
||||
|
Non-GAAP general and administrative |
$ 50,233 |
$ 46,301 |
$ 191,149 |
$ 123,530 |
||||
|
Reconciliation of Operating Expense to Non-GAAP Operating Expense |
||||||||
|
(in thousands) |
||||||||
|
(unaudited) |
||||||||
|
Three Months Ended December 31, |
Year Ended December 31, |
|||||||
|
2021 |
2020 |
2021 |
2020 |
|||||
|
Research and development |
$ 131,764 |
$ 72,172 |
$ 416,087 |
$ 240,605 |
||||
|
Selling and marketing |
62,205 |
48,877 |
225,910 |
168,317 |
||||
|
General and administrative |
50,430 |
192,290 |
248,070 |
270,029 |
||||
|
Change in fair value of contingent consideration |
190 |
50,317 |
(386,646) |
54,544 |
||||
|
Operating expense |
244,589 |
363,656 |
503,421 |
733,495 |
||||
|
Amortization of acquired intangible assets |
(2,215) |
(2,006) |
(8,865) |
(4,698) |
||||
|
Acquisition-related stock-based compensation |
(23,735) |
(39,506) |
(68,395) |
(91,517) |
||||
|
Acquisition-related post-combination expense |
(2,772) |
(125,942) |
(41,722) |
(126,542) |
||||
|
Fair value adjustments to acquisition-related |
(190) |
(50,317) |
386,646 |
(54,645) |
||||
|
Non-GAAP operating expense |
$ 215,677 |
$ 145,885 |
$ 771,085 |
$ 456,093 |
||||
|
INVITAE CORPORATION |
||||||||
|
Reconciliation of Other Income (Expense), Net to Non-GAAP Other Income (Expense), Net |
||||||||
|
(in thousands) |
||||||||
|
(unaudited) |
||||||||
|
Three Months Ended December 31, |
Year Ended December 31, |
|||||||
|
2021 |
2020 |
2021 |
2020 |
|||||
|
Other income (expense), net |
$ 15,832 |
$ 167 |
$ 25,678 |
$ (32,332) |
||||
|
Fair value adjustments to acquisition-related |
(16,017) |
(410) |
(25,196) |
37,527 |
||||
|
Non-GAAP other (expense) income, net |
$ (185) |
$ (243) |
$ 482 |
$ 5,195 |
||||
|
Reconciliation of Net Loss to Non-GAAP Net Loss And Non-GAAP Net Loss Per Share |
||||||||
|
(in thousands, except per share data) |
||||||||
|
(unaudited) |
||||||||
|
Three Months Ended December 31, |
Year Ended December 31, |
|||||||
|
2021 |
2020 |
2021 |
2020 |
|||||
|
Net loss |
$ (205,124) |
$ (234,338) |
$ (379,006) |
$ (602,170) |
||||
|
Amortization of acquired intangible assets |
17,607 |
11,811 |
58,835 |
26,641 |
||||
|
Acquisition-related stock-based compensation |
23,876 |
41,460 |
70,856 |
93,471 |
||||
|
Acquisition-related post-combination expense |
3,251 |
125,942 |
42,780 |
126,542 |
||||
|
Fair value adjustments to acquisition-related |
(15,827) |
51,481 |
(408,694) |
93,746 |
||||
|
Acquisition-related income tax benefit |
(8,480) |
(109,500) |
(39,087) |
(112,100) |
||||
|
Non-GAAP net loss |
$ (184,697) |
$ (113,144) |
$ (654,316) |
$ (373,870) |
||||
|
Net loss per share, basic and diluted |
$ (0.90) |
$ (1.30) |
$ (1.80) |
$ (4.47) |
||||
|
Non-GAAP net loss per share, basic and diluted |
$ (0.81) |
$ (0.63) |
$ (3.10) |
$ (2.78) |
||||
|
Shares used in computing net loss per share, basic and diluted |
226,849 |
179,860 |
210,946 |
134,587 |
||||
|
INVITAE CORPORATION |
|||||||||
|
Reconciliation of Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash to Cash Burn |
|||||||||
|
(in thousands) |
|||||||||
|
(unaudited) |
|||||||||
|
Three Months Ended |
Year Ended |
||||||||
|
March 31, |
June 30, |
September 30, |
December 31, |
December 31, |
|||||
|
Net cash used in operating activities |
$ (89,520) |
$ (129,325) |
$ (165,052) |
$ (175,918) |
$ (559,815) |
||||
|
Net cash (used in) provided by investing activities |
(273,558) |
(80,701) |
(20,324) |
170,503 |
(204,080) |
||||
|
Net cash provided by (used in) financing activities |
436,091 |
1,123,553 |
(735) |
7,031 |
1,565,940 |
||||
|
Net increase (decrease) in cash, cash equivalents and |
73,013 |
913,527 |
(186,111) |
1,616 |
802,045 |
||||
|
Adjustments: |
|||||||||
|
Net changes in investments |
249,694 |
(51,475) |
(100,305) |
(197,250) |
(99,336) |
||||
|
Proceeds from public offering of common stock, net of |
(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) |
$ (195,634) |
$ (849,223) |
||||
|
• Cash burn for the three months ended December 31, 2021 includes $9.5 million cash paid for acquisitions, primarily related to the cash paid to acquire Stratify Genomics, Inc. |
|||||||||
|
• 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:
Jack Finks
ir@invitae.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/invitae-reports-460-4-million-in-annual-revenue-driven-by-1-17-million-in-billable-volume-in-2021--301490122.html
SOURCE Invitae Corporation
Company Codes: NYSE:NVTA
