Invitae today announced financial and operating results for the fourth quarter and full year ended December 31, 2017.
-- Annual test volume exceeds high end of guidance --
|
| [12-February-2018] |
|
SAN FRANCISCO, Feb. 12, 2018 /PRNewswire/ -- Invitae (NYSE: NVTA), one of the fastest growing genetic information companies, today announced financial and operating results for the fourth quarter and full year ended December 31, 2017. "Over the past year, we have made significant strategic investments that we believe uniquely position our company to deliver affordable, high-quality, comprehensive genetic information and empower individuals to do more with that information," commented Sean George, chief executive officer of Invitae. "Our continued triple-digit volume and revenue growth demonstrates the power of our approach. Our cost structure, scalability and reputation has made us the fastest-growing genetic information company in hereditary cancer, and we are now leveraging that strength across all stages of life to become the partner of choice for individuals, health systems, biopharma partners and advocacy communities bringing genetic information into mainstream medical practice." Fourth Quarter and Full Year 2017 Financial Results On November 14, 2017, Invitae completed its previously announced acquisition of CombiMatrix. Invitae's consolidated operating results below for the three and 12 months ended December 31, 2017, include the results of CombiMatrix beginning on the acquisition date. References to "base Invitae business" operating results and business measurements refer to Invitae fourth quarter and full-year 2017 results excluding any contribution from Good Start Genetics, acquired in August 2017, or CombiMatrix.
Total operating expenses, excluding cost of goods sold (COGS), for the full year 2017 were $139.4 million compared to $97.4 million in 2016. Total operating expenses for the fourth quarter of 2017, excluding COGS, were $43.2 million compared to $26.0 million in the fourth quarter of 2016. Net loss for the full year 2017 was $123.4 million, or a $2.65 loss per share compared to a net loss of $100.3 million, or a $3.02 loss per share, for the full year 2016. For the fourth quarter of 2017, Invitae reported a net loss of $40.5 million, or a $0.78 loss per share, compared to a net loss of $24.8 million in the fourth quarter of 2016, or a $0.69 loss per share. At December 31, 2017, cash, cash equivalents, restricted cash, and marketable securities totaled approximately $76.0 million. Cash used in operating activities in 2017 amounted to $97.7 million, as compared to $76.3 million in 2016. 2017 Strategic Advancements and Operational Highlights
2018 Guidance For 2018, the company announced it anticipates accessioning at least 250,000 samples and generating at least $120 million in revenue for the combined organization. Webinar and Conference Call Details Management will host a conference call and webcast today at 4:30 p.m. Eastern / 1:30 p.m. Pacific to discuss financial results and recent developments. The dial-in numbers for the conference call are (866) 393-4306 for domestic callers and (734) 385-2616 for international callers, and the reservation number for both is 1395729. Following prepared remarks, management will respond to questions from investors and analysts, subject to time limitations. The live webcast of the call may be accessed 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 bringing comprehensive genetic information into mainstream medical practice to improve the quality of healthcare for billions of people. As one of the fastest growing genetic information company, Invitae is advancing the broad potential of genetics, helping to expand its use across the healthcare continuum. The company provides genetic information services for all stages of life - from preconception screening, to newborn diagnosis, to inherited disease screening, to proactive health management - and a unique, rapidly expanding network of patients, hospital systems, and advocacy partners that is moving genetics from one-dimensional testing to complex information management. For more information visit www.invitae.com, or follow us on Twitter, Facebook or LinkedIn. 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 expectations that its robust test volume and revenue growth will continue in 2018 and beyond; that the market for genetic information will continue to expand rapidly; that the company's strategic investments in content and capabilities uniquely position it to provide genetic information services; the company's belief that it is the fastest-growing genetic information company in hereditary cancer; and that the company is leveraging its strengths to become the partner of choice for genetic information services. 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 company's history of losses; risks associated with the company's limited experience with respect to acquisitions; 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 company's ability to develop and commercialize new tests and expand into new markets; the risk that the company may not obtain or maintain sufficient levels of reimbursement for its tests; the company's inability to raise additional capital on acceptable terms; risks associated with the company's ability to use rapidly changing genetic data to interpret test results accurately, consistently, and quickly; 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 filings with the Securities and Exchange Commission, including the risks set forth in the company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2017. These forward-looking statements speak only as of the date hereof, and Invitae Corporation disclaims any obligation to update these forward-looking statements.
Invitae Corporation
Condensed Consolidated Statements of Operations
(In thousands, except share and per share amounts)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------
2017 2016 2017 2016
---- ---- ---- ----
(unaudited)
Revenue:
Test revenue $24,572 $9,093 $65,169 $24,840
Other revenue 827 143 3,052 208
--- --- ----- ---
Total revenue 25,399 9,236 68,221 25,048
Costs and operating expenses:
Cost of test revenue 17,049 8,173 50,142 27,878
Research and development 13,605 11,775 46,469 44,630
Selling and marketing 16,079 7,949 53,417 28,638
General and administrative 13,557 6,291 39,472 24,085
------ ----- ------ ------
Total costs and operating expenses 60,290 34,188 189,500 125,231
------ ------ ------- -------
Loss from operations (34,891) (24,952) (121,279) (100,183)
Other income (expense), net 293 226 (303) 348
Interest expense (1,137) (122) (3,654) (421)
------ ---- ------ ----
Net loss before taxes (35,735) (24,848) (125,236) (100,256)
Income tax expense (benefit) 4,758 - (1,856) -
----- --- ------ ---
Net loss $(40,493) $(24,848) $(123,380) $(100,256)
======== ======== ========= =========
Net loss per share, basic and
diluted $(0.78) $(0.69) $(2.65) $(3.02)
Shares used in computing net loss
per share, basic and diluted 52,018,007 36,245,400 46,511,739 33,176,305
Invitae Corporation
Condensed Consolidated Balance Sheets
(In thousands)
December 31, December 31,
2017 2016
---- ----
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $12,053 $66,825
Marketable securities 52,607 25,798
Accounts receivable 10,422 1,153
Prepaid expenses and other current
assets 11,599 8,024
------ -----
Total current assets 86,681 101,800
Property and equipment, net 30,341 23,793
Restricted cash 5,406 4,697
Marketable securities, non-current 5,983 -
Intangible assets, net 35,516 -
Goodwill 46,575 -
Other assets 576 361
--- ---
Total assets $211,078 $130,651
======== ========
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $8,606 $3,352
Accrued liabilities 22,742 6,711
Capital lease obligation, current
portion 2,039 1,309
Debt, current portion - 3,381
--- -----
Total current liabilities 33,387 14,753
Capital lease obligation, net of
current portion 3,373 266
Debt, net of current portion 39,084 8,721
Other long-term liabilities 13,440 7,837
------ -----
Total liabilities 89,284 31,577
------ ------
Stockholders' equity:
Common stock 5 4
Accumulated other comprehensive loss (171) -
Additional paid-in capital 520,558 374,288
Accumulated deficit (398,598) (275,218)
-------- --------
Total stockholders' equity 121,794 99,074
------- ------
Total liabilities and stockholders'
equity $211,078 $130,651
======== ========
The condensed, consolidated balance sheet at December 31, 2016 has been derived from the audited consolidated financial statements at that date included in the company's Annual Report on Form 10-K for the year ended December 31, 2016. Contact:
View original content with multimedia:http://www.prnewswire.com/news-releases/invitae-reports-over-150-volume-and-over-170-revenue-growth-for-2017-300597350.html SOURCE Invitae Corporation |
||
Company Codes: NYSE:NVTA |
