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Invitae Preliminary Q4 Revenues in Line With Wall Street Estimate

NEW YORK – Invitae announced Monday that it anticipates fourth quarter revenues of approximately $122 million, a roughly 3 percent decline from $126 million in the same quarter last year but nudging past the Wall Street consensus estimate of $121.5 million.

The San Francisco-based company attributed this decline largely to businesses and geographies that it had exited over the past year.

The firm also anticipates annual revenue of approximately $516 million, representing a 12 percent increase over 2021 revenues of $460 million and falling nearly in line with the average Wall Street estimate of $515.6 million.

While Invitae did not disclose test volumes, it reported growth in active healthcare provider accounts of approximately 20,000 for the year, representing an 8 percent increase over last year. Active pharma and commercial partnerships also grew in 2022, rising by 29 percent year over year to approximately 230.

Invitae reported cash, cash equivalents, restricted cash, and marketable securities greater than $555 million as of Dec. 31, and a fourth quarter cash burn of under $80 million, excluding an approximately $10 million outflow related to company realignment and an approximately $45 million inflow related to the sale of its portfolio of Archer next-generation sequencing research-use assays to Integrated DNA Technologies for $48 million.

Shares of Invitae were up by approximately 3 percent in early morning trading on the Nasdaq, at $2.05 per share.