Invitae, a leading medical genetics company, announced financial and operating results for the third quarter ended September 30, 2022.
- Continued to execute against realignment plan and portfolio optimization initiatives
- Reported revenue of $133.5 million, a 16.7% YoY increase
- Cash, cash equivalents, restricted cash and marketable securities of $596 million as of 9/30
- On track to achieve planned cash burn reduction of approximately $326 million, to be fully realized by 2023
- 2022 cash burn guidance lowered; maintained other financial targets
- Conference call and webcast today at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time
SAN FRANCISCO, Nov. 8, 2022 /PRNewswire/ -- Invitae (NYSE: NVTA), a leading medical genetics company, today announced financial and operating results for the third quarter ended September 30, 2022.
"In the third quarter, we continued to deliver positive results as the organizational realignment and expense controls we put in place resulted in another quarter of improvements in our non-GAAP gross margin and operating expense, as well as our cash burn. There are also early signs demonstrating that the steps we've taken to drive higher-quality revenue are taking hold, driven by our portfolio optimization efforts and a focus on operational excellence," said Ken Knight, president and chief executive officer of Invitae. "We continue to be optimistic about the vitality of Invitae's many strengths, including our great assets, capabilities, and a comprehensive, synergistic set of solutions serving the current and future needs of our patients and partners. I am pleased with the momentum, and our energy is targeting significant market opportunities."
Third Quarter 2022 Highlights
- Generated revenue of $133.5 million, a 16.7% increase compared to $114.4 million in the third quarter of 2021.
- GAAP gross profit was $16.6 million, and non-GAAP gross profit was $61.2 million.
- GAAP gross margin was 12.4%. Non-GAAP gross margin was 45.9% as compared with 40.1% in the second quarter of 2022 and 35.6% in the third quarter of 2021.
- Cash, cash equivalents, restricted cash and marketable securities were $596.0 million as of September 30, 2022, compared to $736.8 million as of June 30, 2022. Cash burn was $151.5 million, which excludes a $9.7 million inflow from sales under our ATM facility. Our cash burn was $108.3 million after adjustments for outflows of $29.1 million related to realignment and $14.1 million related to contingent consideration held for past M&A transactions.
- Total active healthcare provider accounts totaled 20,831 as of September 30, an increase of approximately 20% year-over-year.
- Active pharmaceutical and commercial partnerships grew to 234, an increase of approximately 38% year-over-year, due to revenue growth from lab services, data services to pharmaceutical, health systems and other partners.
- Revenue per patient was $505, an increase of approximately 8% from $468 in the third quarter of 2021.
- Total patient population as of September 30 is more than 3.3 million with over 62% available for data sharing.
Total operating expense, which excludes cost of revenue, for the third quarter of 2022 was $306.5 million, which includes items related to the strategic realignment. As a result, GAAP operating expense as a percentage of revenue was 230%. Non-GAAP operating expense was $150.0 million for the third quarter of 2022. Non-GAAP operating expense as a percentage of revenue was 112%, which consistently improved as compared with 146% in the second quarter of 2022 and 176% in the third quarter of 2021.
Net loss for this year's third quarter was $301.2 million, or a $1.27 net loss per share, compared to net loss of $198.2 million, or net loss per share of $0.91, for the third quarter of 2021. Non-GAAP net loss for the third quarter of 2022 was $100.8 million, or a $0.42 non-GAAP net loss per share, compared to a net loss of $175.9 million, or an $0.81 non-GAAP net loss per share, for the third quarter of 2021.
Financial Guidance
Invitae is reiterating its revenue and non-GAAP gross margin financial guidance. The company expects a low double-digit growth rate for its full year 2022 revenue over 2021. Non-GAAP gross margins are expected to be in the range of 42-43% for full year 2022.
Invitae is reducing its full year 2022 cash burn guidance to $585-625 million, an improvement from its previous guidance of $600-650 million. This guidance includes cash to be used for realignment activities and severance of up to $75 million in 2022, which remained unchanged from the previous estimate.
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=183f46b6&confId=43070
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 expected impact, benefits, parameters, details and timing of the company's strategic business realignment or various aspects thereof; the company's beliefs regarding the potential of its business, and its business priorities; the company's future financial and operating results, including estimated annual cost savings, cash runway, guidance for 2022 and beyond, and the drivers of future financial results; the company's beliefs regarding its roadmap and business going forward; and the company's focus for the remainder of 2022. 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; 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 economic environment on the company's business; the company's ability to grow its business in a cost-effective manner; 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; 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, 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 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. 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.
|
INVITAE CORPORATION Consolidated Balance Sheets |
|||
|
September 30, |
December 31, |
||
|
Assets |
|||
|
Current assets: |
|||
|
Cash and cash equivalents |
$ 217,029 |
$ 923,250 |
|
|
Marketable securities |
368,936 |
122,121 |
|
|
Accounts receivable |
89,130 |
66,227 |
|
|
Inventory |
29,902 |
33,516 |
|
|
Prepaid expenses and other current assets |
24,679 |
33,691 |
|
|
Total current assets |
729,676 |
1,178,805 |
|
|
Property and equipment, net |
113,878 |
114,714 |
|
|
Operating lease assets |
109,971 |
121,169 |
|
|
Restricted cash |
10,027 |
10,275 |
|
|
Intangible assets, net |
1,041,185 |
1,187,994 |
|
|
Goodwill |
— |
2,283,059 |
|
|
Other assets |
21,518 |
23,551 |
|
|
Total assets |
$ 2,026,255 |
$ 4,919,567 |
|
|
Liabilities and stockholders' equity |
|||
|
Current liabilities: |
|||
|
Accounts payable |
$ 10,727 |
$ 21,127 |
|
|
Accrued liabilities |
83,116 |
106,453 |
|
|
Operating lease obligations |
14,199 |
12,359 |
|
|
Finance lease obligations |
5,279 |
4,156 |
|
|
Total current liabilities |
113,321 |
144,095 |
|
|
Operating lease obligations, net of current portion |
138,167 |
124,369 |
|
|
Finance lease obligations, net of current portion |
4,848 |
5,683 |
|
|
Debt |
120,097 |
113,391 |
|
|
Convertible senior notes, net |
1,469,108 |
1,464,138 |
|
|
Deferred tax liability |
9,181 |
51,696 |
|
|
Other long-term liabilities |
12,667 |
37,797 |
|
|
Total liabilities |
1,867,389 |
1,941,169 |
|
|
Stockholders' equity: |
|||
|
Common stock |
24 |
23 |
|
|
Accumulated other comprehensive loss |
(898) |
(7) |
|
|
Additional paid-in capital |
4,889,064 |
4,701,230 |
|
|
Accumulated deficit |
(4,729,324) |
(1,722,848) |
|
|
Total stockholders' equity |
158,866 |
2,978,398 |
|
|
Total liabilities and stockholders' equity |
$ 2,026,255 |
$ 4,919,567 |
|
|
INVITAE CORPORATION Consolidated Statements of Operations |
||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||
|
2022 |
2021 |
2022 |
2021 |
|||||
|
Revenue: |
||||||||
|
Test revenue |
$ 128,839 |
$ 111,676 |
$ 381,518 |
$ 322,448 |
||||
|
Other revenue |
4,697 |
2,719 |
12,331 |
11,880 |
||||
|
Total revenue |
133,536 |
114,395 |
393,849 |
334,328 |
||||
|
Cost of revenue |
116,956 |
87,741 |
324,412 |
252,563 |
||||
|
Research and development |
87,177 |
97,511 |
330,559 |
284,323 |
||||
|
Selling and marketing |
49,193 |
55,501 |
172,086 |
163,705 |
||||
|
General and administrative |
44,939 |
86,820 |
149,071 |
197,640 |
||||
|
Asset impairments |
6,708 |
— |
2,324,572 |
— |
||||
|
Change in fair value of contingent consideration |
— |
(19,866) |
(1,850) |
(386,836) |
||||
|
Restructuring |
118,514 |
— |
118,514 |
— |
||||
|
Total cost and operating expenses |
423,487 |
307,707 |
3,417,364 |
511,395 |
||||
|
Loss from operations |
(289,951) |
(193,312) |
(3,023,515) |
(177,067) |
||||
|
Other income, net |
1,872 |
3,357 |
19,637 |
9,846 |
||||
|
Interest expense |
(14,145) |
(14,069) |
(42,149) |
(35,869) |
||||
|
Net loss before taxes |
(302,224) |
(204,024) |
(3,046,027) |
(203,090) |
||||
|
Income tax benefit |
(1,068) |
(5,848) |
(39,551) |
(29,208) |
||||
|
Net loss |
$ (301,156) |
$ (198,176) |
$ (3,006,476) |
$ (173,882) |
||||
|
Net loss per share, basic and diluted |
$ (1.27) |
$ (0.91) |
$ (12.91) |
$ (0.85) |
||||
|
Shares used in computing net loss per share, basic and diluted |
237,974 |
218,384 |
232,889 |
205,587 |
||||
|
INVITAE CORPORATION Consolidated Statements of Cash Flows |
|||
|
Nine Months Ended September 30, |
|||
|
2022 |
2021 |
||
|
Cash flows from operating activities: |
|||
|
Net loss |
$ (3,006,476) |
$ (173,882) |
|
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|||
|
Asset impairments |
2,324,572 |
— |
|
|
Losses on asset disposals |
48,792 |
— |
|
|
Depreciation and amortization |
104,726 |
56,848 |
|
|
Stock-based compensation |
164,314 |
131,768 |
|
|
Amortization of debt discount and issuance costs |
11,676 |
10,352 |
|
|
Remeasurements of liabilities associated with business combinations |
(17,516) |
(396,015) |
|
|
Benefit from income taxes |
(39,551) |
(29,215) |
|
|
Post-combination expense for acceleration of unvested equity and deferred stock compensation |
4,980 |
7,870 |
|
|
Amortization of premiums and discounts on investment securities |
603 |
5,155 |
|
|
Non-cash lease expense |
6,832 |
1,861 |
|
|
Other |
536 |
320 |
|
|
Changes in operating assets and liabilities, net of businesses acquired: |
|||
|
Accounts receivable |
(22,903) |
(8,900) |
|
|
Inventory |
3,614 |
1,397 |
|
|
Prepaid expenses and other current assets |
9,012 |
(15,273) |
|
|
Other assets |
2,740 |
(2,915) |
|
|
Accounts payable |
(6,345) |
2,581 |
|
|
Accrued expenses and other long-term liabilities |
(540) |
24,151 |
|
|
Net cash used in operating activities |
(410,934) |
(383,897) |
|
|
Cash flows from investing activities: |
|||
|
Purchases of marketable securities |
(789,622) |
(325,957) |
|
|
Proceeds from maturities of marketable securities |
541,313 |
228,043 |
|
|
Acquisition of businesses, net of cash acquired |
— |
(239,836) |
|
|
Purchases of property and equipment |
(48,385) |
(35,533) |
|
|
Other |
— |
(1,300) |
|
|
Net cash used in investing activities |
(296,694) |
(374,583) |
|
|
Cash flows from financing activities: |
|||
|
Proceeds from public offerings of common stock, net |
9,658 |
434,263 |
|
|
Proceeds from issuance of common stock |
6,267 |
15,810 |
|
|
Proceeds from issuance of convertible senior notes, net |
— |
1,116,427 |
|
|
Finance lease principal payments |
(4,184) |
(2,833) |
|
|
Settlement of acquisition obligations |
(10,582) |
(4,758) |
|
|
Net cash provided by financing activities |
1,159 |
1,558,909 |
|
|
Net (decrease) increase in cash, cash equivalents and restricted cash |
(706,469) |
800,429 |
|
|
Cash, cash equivalents and restricted cash at beginning of period |
933,525 |
131,480 |
|
|
Cash, cash equivalents and restricted cash at end of period |
$ 227,056 |
$ 931,909 |
|
|
Reconciliation of GAAP to Non-GAAP Cost of Revenue |
||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||
|
2022 |
2021 |
2022 |
2021 |
|||||
|
Cost of revenue |
$ 116,956 |
$ 87,741 |
$ 324,412 |
$ 252,563 |
||||
|
Amortization of acquired intangible assets |
(27,711) |
(13,422) |
(73,618) |
(34,578) |
||||
|
Acquisition-related stock-based compensation |
(146) |
(80) |
(425) |
(2,320) |
||||
|
Acquisition-related post-combination expense |
(162) |
(579) |
(1,053) |
(579) |
||||
|
Fair value adjustments to acquisition-related assets |
— |
— |
— |
(3,148) |
||||
|
Restructuring-related retention bonuses |
(170) |
— |
(170) |
— |
||||
|
Inventory and prepaid write-offs |
(16,467) |
— |
(16,467) |
— |
||||
|
Non-GAAP cost of revenue |
$ 72,300 |
$ 73,660 |
$ 232,679 |
$ 211,938 |
||||
|
Reconciliation of GAAP to Non-GAAP Gross Profit |
||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||
|
2022 |
2021 |
2022 |
2021 |
|||||
|
Revenue |
$ 133,536 |
$ 114,395 |
$ 393,849 |
$ 334,328 |
||||
|
Cost of revenue |
116,956 |
87,741 |
324,412 |
252,563 |
||||
|
Gross profit |
16,580 |
26,654 |
69,437 |
81,765 |
||||
|
Amortization of acquired intangible assets |
27,711 |
13,422 |
73,618 |
34,578 |
||||
|
Acquisition-related stock-based compensation |
146 |
80 |
425 |
2,320 |
||||
|
Acquisition-related post-combination expense |
162 |
579 |
1,053 |
579 |
||||
|
Fair value adjustments to acquisition-related assets |
— |
— |
— |
3,148 |
||||
|
Restructuring-related retention bonuses |
170 |
— |
170 |
— |
||||
|
Inventory and prepaid write-offs |
16,467 |
— |
16,467 |
— |
||||
|
Non-GAAP gross profit |
$ 61,236 |
$ 40,735 |
$ 161,170 |
$ 122,390 |
||||
|
Reconciliation of GAAP to Non-GAAP Research and Development Expense |
||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||
|
2022 |
2021 |
2022 |
2021 |
|||||
|
Research and development |
$ 87,177 |
$ 97,511 |
$ 330,559 |
$ 284,323 |
||||
|
Amortization of acquired intangible assets |
(306) |
(528) |
(1,338) |
(1,588) |
||||
|
Acquisition-related stock-based compensation |
(18,695) |
(1,658) |
(65,719) |
(20,703) |
||||
|
Acquisition-related post-combination expense |
(1,962) |
(2,391) |
(7,186) |
(3,449) |
||||
|
Restructuring-related retention bonuses |
(646) |
— |
(646) |
— |
||||
|
Restructuring-related accelerated depreciation |
(3,311) |
— |
(3,311) |
— |
||||
|
Non-GAAP research and development |
$ 62,257 |
$ 92,934 |
$ 252,359 |
$ 258,583 |
||||
|
Reconciliation of GAAP to Non-GAAP Selling and Marketing Expense |
||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||
|
2022 |
2021 |
2022 |
2021 |
|||||
|
Selling and marketing |
$ 49,193 |
$ 55,501 |
$ 172,086 |
$ 163,705 |
||||
|
Amortization of acquired intangible assets |
(1,610) |
(1,685) |
(4,856) |
(5,062) |
||||
|
Acquisition-related stock-based compensation |
(806) |
— |
(2,374) |
(2,696) |
||||
|
Acquisition-related post-combination expense |
— |
— |
— |
(38) |
||||
|
Restructuring-related retention bonuses |
(115) |
— |
(115) |
— |
||||
|
Non-GAAP selling and marketing |
$ 46,662 |
$ 53,816 |
$ 164,741 |
$ 155,909 |
||||
|
Reconciliation of GAAP to Non-GAAP General and Administrative Expense |
||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||
|
2022 |
2021 |
2022 |
2021 |
|||||
|
General and administrative |
$ 44,939 |
$ 86,820 |
$ 149,071 |
$ 197,640 |
||||
|
Acquisition-related stock-based compensation |
(3,438) |
(11) |
(6,656) |
(21,261) |
||||
|
Acquisition-related post-combination expense |
— |
(31,716) |
— |
(35,463) |
||||
|
Restructuring-related retention bonuses |
(300) |
— |
(300) |
— |
||||
|
Restructuring-related accelerated depreciation |
(111) |
— |
(111) |
— |
||||
|
Non-GAAP general and administrative |
$ 41,090 |
$ 55,093 |
$ 142,004 |
$ 140,916 |
||||
|
Reconciliation of Operating Expenses to Non-GAAP Operating Expenses |
||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||
|
2022 |
2021 |
2022 |
2021 |
|||||
|
Research and development |
$ 87,177 |
$ 97,511 |
$ 330,559 |
$ 284,323 |
||||
|
Selling and marketing |
49,193 |
55,501 |
172,086 |
163,705 |
||||
|
General and administrative |
44,939 |
86,820 |
149,071 |
197,640 |
||||
|
Asset impairments |
6,708 |
— |
2,324,572 |
— |
||||
|
Change in fair value of contingent consideration |
— |
(19,866) |
(1,850) |
(386,836) |
||||
|
Restructuring |
118,514 |
— |
118,514 |
— |
||||
|
Operating expenses |
306,531 |
219,966 |
3,092,952 |
258,832 |
||||
|
Amortization of acquired intangible assets |
(1,916) |
(2,213) |
(6,194) |
(6,650) |
||||
|
Acquisition-related stock-based compensation |
(22,939) |
(1,669) |
(74,749) |
(44,660) |
||||
|
Acquisition-related post-combination expense |
(1,962) |
(34,107) |
(7,186) |
(38,950) |
||||
|
Fair value adjustments to acquisition-related liabilities |
— |
19,866 |
1,850 |
386,836 |
||||
|
Asset impairments |
(6,708) |
— |
(2,324,572) |
— |
||||
|
Restructuring |
(118,514) |
— |
(118,514) |
— |
||||
|
Restructuring-related retention bonuses |
(1,061) |
— |
(1,061) |
— |
||||
|
Restructuring-related accelerated depreciation |
(3,422) |
— |
(3,422) |
— |
||||
|
Non-GAAP operating expenses |
$ 150,009 |
$ 201,843 |
$ 559,104 |
$ 555,408 |
||||
|
Reconciliation of Other Income, Net to Non-GAAP Other Income (Expense), Net |
||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||
|
2022 |
2021 |
2022 |
2021 |
|||||
|
Other income, net |
$ 1,872 |
$ 3,357 |
$ 19,637 |
$ 9,846 |
||||
|
Fair value adjustments to acquisition-related liabilities |
527 |
(3,427) |
(15,666) |
(9,179) |
||||
|
Non-GAAP other income (expense), net |
$ 2,399 |
$ (70) |
$ 3,971 |
$ 667 |
||||
|
Reconciliation of Net Loss to Non-GAAP Net Loss and Non-GAAP Net Loss Per Share |
||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||
|
2022 |
2021 |
2022 |
2021 |
|||||
|
Net loss |
$ (301,156) |
$ (198,176) |
$ (3,006,476) |
$ (173,882) |
||||
|
Amortization of acquired intangible assets |
29,627 |
15,635 |
79,812 |
41,228 |
||||
|
Acquisition-related stock-based compensation |
23,085 |
1,749 |
75,174 |
46,980 |
||||
|
Acquisition-related post-combination expense |
2,124 |
34,686 |
8,239 |
39,529 |
||||
|
Fair value adjustments to acquisition-related assets and liabilities |
527 |
(23,293) |
(17,516) |
(392,867) |
||||
|
Asset impairments |
6,708 |
— |
2,324,572 |
— |
||||
|
Restructuring |
118,514 |
— |
118,514 |
— |
||||
|
Restructuring-related retention bonuses |
1,231 |
— |
1,231 |
— |
||||
|
Restructuring-related accelerated depreciation |
3,422 |
— |
3,422 |
— |
||||
|
Inventory and prepaid write-offs |
16,467 |
— |
16,467 |
— |
||||
|
Acquisition-related income tax benefit |
(1,390) |
(6,520) |
(40,195) |
(30,607) |
||||
|
Non-GAAP net loss |
$ (100,841) |
$ (175,919) |
$ (436,756) |
$ (469,619) |
||||
|
Net loss per share, basic and diluted |
$ (1.27) |
$ (0.91) |
$ (12.91) |
$ (0.85) |
||||
|
Non-GAAP net loss per share, basic and diluted |
$ (0.42) |
$ (0.81) |
$ (1.88) |
$ (2.28) |
||||
|
Shares used in computing net loss per share, basic and diluted |
237,974 |
218,384 |
232,889 |
205,587 |
||||
|
Reconciliation of Net Decrease in Cash, Cash Equivalents and Restricted Cash to Cash Burn |
|||||||
|
Three Months Ended |
Nine Months Ended |
||||||
|
March 31, 2022 |
June 30, 2022 |
September 30, 2022 |
September 30, 2022 |
||||
|
Net cash used in operating activities |
$ (147,543) |
$ (134,689) |
$ (128,702) |
$ (410,934) |
|||
|
Net cash (used in) provided by investing activities |
(449,456) |
108,965 |
43,797 |
(296,694) |
|||
|
Net cash (used in) provided by financing activities |
(920) |
3,770 |
(1,691) |
1,159 |
|||
|
Net decrease in cash, cash equivalents and restricted cash |
(597,919) |
(21,954) |
(86,596) |
(706,469) |
|||
|
Adjustments: |
|||||||
|
Net changes in investments |
428,608 |
(125,087) |
(55,212) |
248,309 |
|||
|
Proceeds from public offering of common stock, net |
— |
— |
(9,658) |
(9,658) |
|||
|
Cash burn |
$ (169,311) |
$ (147,041) |
$ (151,466) |
$ (467,818) |
|||
|
• Cash burn for the three months ended September 30, 2022 includes $29.1 million of restructuring-related cash payments and $14.1 million of acquisition-related payments. |
Contact for Invitae:
Hoki Luk
ir@invitae.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/invitae-reports-third-quarter-2022-financial-results-301672093.html
SOURCE Invitae Corporation
Company Codes: NYSE:NVTA
