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Invitae Q4 Estimated Revenues Rise 4 Percent

NEW YORK – Invitae reported on Wednesday estimated unaudited year-over-year revenue gains of 4 percent for the fourth quarter of 2023 and a decline of 6 percent for the full year.

For the three months ended Dec. 31, the San Francisco-based genetic testing company reported estimated revenues of $127.8 million compared to $122.5 million a year ago. Invitae said that Q4 revenues increased approximately 14 percent year over year after adjusting for approximately $10.5 million related to discontinued businesses over the same period last year.

Invitae divested various businesses in 2023 as part of an ongoing restructuring, including the Ciitizen medical records platform that it had acquired in 2021 and selected assets of pharmacogenomics decision support company YouScript, which it acquired in 2020.

Last month, Invitae filed for Chapter 11 bankruptcy protection, following suspension from the New York Stock Exchange due to abnormally low trading prices.

Invitae said that estimated full-year 2023 revenues were $487.0 million, a 6 percent year-over-year drop from $516.3 million in 2022.

Estimated full-year revenue increased approximately 7 percent compared to 2022 after adjusting for revenue of approximately $62.1 million related to discontinued businesses over the prior year.

Invitae finished the year with $209 million in cash, cash equivalents, restricted cash, and marketable securities, compared to $557.1 million at the end of 2022.

Early this year, Invitae said it had sold certain women's health assets to Natera.