PR Newswire
SAN FRANCISCO, Feb. 17, 2021
SAN FRANCISCO, Feb. 17, 2021 /PRNewswire/ -- Invitae Corporation (NYSE: NVTA), a leading medical genetics company, today announced financial and operating results for the fourth quarter and full year ended December 31, 2020.
"Our results in 2020 demonstrate our ability to deliver sustained growth through commercial execution, a diversified global organization and continuous strategic additions to our menu, services and platform," said Sean George, co-founder and chief executive officer of Invitae. "Even amid the challenges of the pandemic, the durability of our relationships and the value of the information we provide to clinicians and patients was clear. As we enter 2021, we are committed to maintaining the pace we've set, making it ever-easier to integrate genetic information into healthcare decision-making by clinicians and patients at all stages of life."
Full Year and Fourth Quarter 2020 Financial Results
Total operating expense, excluding cost of revenue, for the full year 2020 was $733.5 million. Operating expense for the fourth quarter of 2020 was $363.7 million. Non-GAAP operating expense was $456.1 million for the full year 2020 and $145.9 million in the fourth quarter.
For the full year 2020, net loss was $608.9 million, or a $4.52 net loss per share. For the fourth quarter of 2020, Invitae reported a net loss of $241.0 million, or a $1.34 net loss per share. Non-GAAP net loss was $373.9 million, or a $2.78 non-GAAP net loss per share in 2020. For the fourth quarter of 2020, Invitae reported a non-GAAP net loss of $113.1 million, or a $0.63 non-GAAP net loss per share.
At December 31, 2020, cash, cash equivalents, restricted cash and marketable securities totaled $360.7 million. Net decrease in cash, cash equivalents and restricted cash was $26.1 million in 2020 and a net increase of $18.4 million for the fourth quarter. Cash burn was $441.1 million in the fourth quarter of 2020, which includes $352.7 million for cash paid for acquisitions, primarily of ArcherDX, and $13.6 million for cash paid for acquisition related expenses. Cash burn for the quarter would have been approximately $74.8 million, which includes $29.1 million of burn by ArcherDX in the fourth quarter, without the acquisition and acquisition-related costs.
Subsequent to the close of the fourth quarter on January 26, 2021, the company announced the sale of approximately 8.9 million shares of its common stock at a price of $51.50 per share, resulting in net proceeds, after underwriting discounts and commissions and offering expenses, of more than $434 million.
Looking ahead to 2021 and factoring in the continued impact associated with the COVID-19 pandemic, Invitae reiterates its stated outlook for revenue growth targets of 50% - 60% annual growth over the next few years consistent with its view at the time of the announcement of the ArcherDX acquisition. Invitae anticipates generating revenue in excess of $450 million in 2021.
This press release contains non-GAAP financial measures. Investors are encouraged to review the non-GAAP reconciliations provided in the tables below.
Full Year Corporate Highlights
Throughout 2020 and into early 2021, the company has maintained its focus on continued development of its menu, services and platform:
Full Year Scientific Highlights
The company continued to advance research illustrating the broad utility of genetic information in routine clinical care.
Webcast 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. To register for the conference call and webcast, please use one of the methods below. Upon registering, each participant will be provided with call details and a registrant ID. Reminders will also be sent to registered participants via email.
Online registration: http://www.directeventreg.com/registration/event/2952997
Phone registration: 833-508-4355 or 415-481-6010
The live webcast of the call and slide deck may be accessed by visiting the investors section of the company's website at ir.invitae.com. A replay of the webcast and conference call 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 Statement
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 belief regarding the value and leverage of its global, diversified business; the company's future results, including anticipated 2021 revenue and expected future annual revenue growth targets; the company's beliefs regarding its ability to deliver sustained growth and the drivers of its growth; the benefits and value of customer relationships and the information the company provides; the company's beliefs regarding its ability to execute its business strategy; and the benefits and importance of the company's recent studies, research and collaborations. 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 company's ability to continue to grow its business, including internationally; the loss of important customer relationships; 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 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; the applicability of clinical research results to actual outcomes; the success of collaborations; 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, 2020. 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 business combinations, (4) adjustments to the fair value of certain acquisition-related assets and liabilities 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 company's 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 financings (3) proceeds from issuance of debt and (4) 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, | |||||||
2020 | 2019 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 124,794 | $ | 151,389 | |||
Marketable securities | 229,186 | 240,436 | |||||
Accounts receivable | 47,722 | 32,541 | |||||
Inventory | 32,030 | 6,648 | |||||
Prepaid expenses and other current assets | 20,200 | 11,384 | |||||
Total current assets | 453,932 | 442,398 | |||||
Property and equipment, net | 66,102 | 37,747 | |||||
Operating lease assets | 45,109 | 36,640 | |||||
Restricted cash | 6,686 | 6,183 | |||||
Intangible assets, net | 981,845 | 125,175 | |||||
Goodwill | 1,856,923 | 126,777 | |||||
Other assets | 13,188 | 6,681 | |||||
Total assets | $ | 3,423,785 | $ | 781,601 | |||
Liabilities and stockholders' equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 25,203 | $ | 10,321 | |||
Accrued liabilities | 86,058 | 64,814 | |||||
Operating lease obligation | 8,789 | 4,870 | |||||
Finance lease obligation | 1,695 | 1,855 | |||||
Total current liabilities | 121,745 | 81,860 | |||||
Operating lease obligation, net of current portion | 48,357 | 42,191 | |||||
Finance lease obligation, net of current portion | 3,123 | 1,155 | |||||
Debt | 104,449 | — | |||||
Convertible senior notes, net | 283,724 | 268,755 | |||||
Deferred tax liability | 51,538 | — | |||||
Other long-term liabilities | 841,256 | 8,000 | |||||
Total liabilities | 1,454,192 | 401,961 | |||||
Stockholders' equity: | |||||||
Common stock | 19 | 10 | |||||
Accumulated other comprehensive loss | 1 | (9) | |||||
Additional paid-in capital | 3,337,120 | 1,138,316 | |||||
Accumulated deficit | (1,367,547) | (758,677) | |||||
Total stockholders' equity | 1,969,593 | 379,640 | |||||
Total liabilities and stockholders' equity | $ | 3,423,785 | $ | 781,601 |
INVITAE CORPORATION | ||||||||||||||||
Consolidated Statements of Operations | ||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Revenue: | ||||||||||||||||
Test revenue | $ | 96,807 | $ | 65,050 | $ | 272,310 | $ | 212,473 | ||||||||
Other revenue | 3,624 | 1,235 | 7,288 | 4,351 | ||||||||||||
Total revenue | 100,431 | 66,285 | 279,598 | 216,824 | ||||||||||||
Cost of revenue | 68,258 | 36,723 | 198,275 | 118,103 | ||||||||||||
Research and development | 72,172 | 51,279 | 240,605 | 141,526 | ||||||||||||
Selling and marketing | 48,877 | 34,575 | 168,317 | 122,237 | ||||||||||||
General and administrative | 242,607 | 22,744 | 324,573 | 79,070 | ||||||||||||
Loss from operations | (331,483) | (79,036) | (652,172) | (244,112) | ||||||||||||
Other income (expense), net | 167 | 1,681 | (32,332) | (3,891) | ||||||||||||
Interest expense | (12,522) | (5,350) | (29,766) | (12,412) | ||||||||||||
Net loss before taxes | (343,838) | (82,705) | (714,270) | (260,415) | ||||||||||||
Income tax benefit | (102,800) | (5,800) | (105,400) | (18,450) | ||||||||||||
Net loss | $ | (241,038) | $ | (76,905) | $ | (608,870) | $ | (241,965) | ||||||||
Net loss per share, basic and diluted | $ | (1.34) | $ | (0.79) | $ | (4.52) | $ | (2.66) | ||||||||
Shares used in computing net loss per share, basic and diluted | 179,860 | 97,374 | 134,587 | 90,859 |
INVITAE CORPORATION | |||||||||||
Consolidated Statements of Cash Flows | |||||||||||
(in thousands) | |||||||||||
(unaudited) | |||||||||||
Year Ended December 31, | |||||||||||
2020 | 2019 | 2018 | |||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | (608,870) | $ | (241,965) | $ | (129,355) | |||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | 39,050 | 16,206 | 13,540 | ||||||||
Stock-based compensation | 158,747 | 75,948 | 20,850 | ||||||||
Amortization of debt discount and issuance costs | 17,204 | 4,416 | — | ||||||||
Impairment losses | — | — | 2,925 | ||||||||
Remeasurements of liabilities associated with business combinations | 92,349 | — | — | ||||||||
Benefit from income taxes | (105,400) | (18,450) | (2,862) | ||||||||
Debt extinguishment costs | — | 8,926 | 5,266 | ||||||||
Post-combination expense for acceleration of unvested equity | 91,021 | — | — | ||||||||
Other | 573 | 1,095 | 1,168 | ||||||||
Changes in operating assets and liabilities, net of businesses acquired: | |||||||||||
Accounts receivable | (2,814) | (6,131) | (5,291) | ||||||||
Inventory | (7,832) | 1,645 | (2,848) | ||||||||
Prepaid expenses and other current assets | (2,010) | (6,624) | 1,403 | ||||||||
Other assets | 895 | 2,026 | (163) | ||||||||
Accounts payable | 10,186 | 1,558 | (417) | ||||||||
Accrued expenses and other long-term liabilities | 17,547 | 16,297 | 3,564 | ||||||||
Net cash used in operating activities | (299,354) | (145,053) | (92,220) | ||||||||
Cash flows from investing activities: | |||||||||||
Purchases of marketable securities | (280,258) | (260,917) | (9,680) | ||||||||
Proceeds from sales of marketable securities | 12,832 | — | 19,965 | ||||||||
Proceeds from maturities of marketable securities | 277,487 | 34,500 | 32,458 | ||||||||
Acquisition of businesses, net of cash acquired | (383,753) | (33,846) | — | ||||||||
Purchases of property and equipment | (22,865) | (20,047) | (5,970) | ||||||||
Other | (4,025) | — | (1,000) | ||||||||
Net cash provided by (used in) investing activities | (400,582) | (280,310) | 35,773 | ||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from public offerings of common stock, net of issuance costs | 263,688 | 204,024 | 112,441 | ||||||||
Proceeds from issuance of common stock, net | 279,203 | 9,470 | 17,511 | ||||||||
Proceeds from issuance of convertible senior notes, net | — | 339,900 | — | ||||||||
Proceeds from issuance of debt, net | 129,214 | — | 93,909 | ||||||||
Payments of debt extinguishment costs | — | (10,638) | (4,609) | ||||||||
Loan payments | — | (75,000) | (60,000) | ||||||||
Other | 1,739 | (2,985) | (2,100) | ||||||||
Net cash provided by financing activities | 673,844 | 464,771 | 157,152 | ||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (26,092) | 39,408 | 100,705 | ||||||||
Cash, cash equivalents and restricted cash at beginning of period | 157,572 | 118,164 | 17,459 | ||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 131,480 | $ | 157,572 | $ | 118,164 |
INVITAE CORPORATION | ||||||||||||||||
Reconciliation of GAAP to Non-GAAP Cost of Revenue | ||||||||||||||||
(in thousands) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Cost of revenue | $ | 68,258 | $ | 36,723 | $ | 198,275 | $ | 118,103 | ||||||||
Amortization of acquired intangible assets | (9,805) | (2,038) | (21,943) | (4,435) | ||||||||||||
Acquisition-related stock-based compensation | (1,954) | — | (1,954) | — | ||||||||||||
Fair value adjustments to acquisition-related assets | (1,574) | — | (1,574) | — | ||||||||||||
Non-GAAP cost of revenue | $ | 54,925 | $ | 34,685 | $ | 172,804 | $ | 113,668 | ||||||||
Reconciliation of GAAP to Non-GAAP Gross Profit | ||||||||||||||||
(in thousands) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Revenue | $ | 100,431 | $ | 66,285 | $ | 279,598 | $ | 216,824 | ||||||||
Cost of revenue | 68,258 | 36,723 | 198,275 | 118,103 | ||||||||||||
Gross profit | 32,173 | 29,562 | 81,323 | 98,721 | ||||||||||||
Amortization of acquired intangible assets - cost of revenue | 9,805 | 2,038 | 21,943 | 4,435 | ||||||||||||
Acquisition-related stock-based compensation | 1,954 | — | 1,954 | — | ||||||||||||
Fair value adjustments to acquisition-related assets | 1,574 | — | 1,574 | — | ||||||||||||
Non-GAAP gross profit | $ | 45,506 | $ | 31,600 | $ | 106,794 | $ | 103,156 | ||||||||
Reconciliation of GAAP to Non-GAAP Research and Development Expense | ||||||||||||||||
(in thousands) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Research and development | $ | 72,172 | $ | 51,279 | $ | 240,605 | $ | 141,526 | ||||||||
Amortization of acquired intangible assets | (470) | (117) | (820) | (467) | ||||||||||||
Acquisition-related stock-based compensation | (16,204) | (17,907) | (68,215) | (39,106) | ||||||||||||
Acquisition-related post-combination expense | (60) | — | (120) | — | ||||||||||||
Non-GAAP research and development | $ | 55,438 | $ | 33,255 | $ | 171,450 | $ | 101,953 |
INVITAE CORPORATION | ||||||||||||||||
Reconciliation of GAAP to Non-GAAP Selling and Marketing Expense | ||||||||||||||||
(in thousands) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Selling and marketing | $ | 48,877 | $ | 34,575 | $ | 168,317 | $ | 122,237 | ||||||||
Amortization of acquired intangible assets | (1,536) | (675) | (3,868) | (2,699) | ||||||||||||
Acquisition-related stock-based compensation | (3,155) | — | (3,155) | — | ||||||||||||
Acquisition-related post-combination expense | (40) | — | (80) | — | ||||||||||||
Non-GAAP selling and marketing | $ | 44,146 | $ | 33,900 | $ | 161,214 | $ | 119,538 | ||||||||
Reconciliation of GAAP to Non-GAAP General and Administrative Expense | ||||||||||||||||
(in thousands) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
General and administrative | $ | 242,607 | $ | 22,744 | $ | 324,573 | $ | 79,070 | ||||||||
Amortization of acquired intangible assets | — | (29) | (10) | (114) | ||||||||||||
Acquisition-related stock-based compensation | (20,147) | — | (20,147) | — | ||||||||||||
Acquisition-related post-combination expense | (125,842) | (640) | (126,342) | (6,798) | ||||||||||||
Fair value adjustments to acquisition-related liabilities | (50,317) | — | (54,645) | — | ||||||||||||
Non-GAAP general and administrative | $ | 46,301 | $ | 22,075 | $ | 123,429 | $ | 72,158 | ||||||||
Reconciliation of Operating Expense to Non-GAAP Operating Expense | ||||||||||||||||
(in thousands) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Research and development | $ | 72,172 | $ | 51,279 | $ | 240,605 | $ | 141,526 | ||||||||
Selling and marketing | 48,877 | 34,575 | 168,317 | 122,237 | ||||||||||||
General and administrative | 242,607 | 22,744 | 324,573 | 79,070 | ||||||||||||
Operating expense | 363,656 | 108,598 | 733,495 | 342,833 | ||||||||||||
Amortization of acquired intangible assets | (2,006) | (821) | (4,698) | (3,280) | ||||||||||||
Acquisition-related stock-based compensation | (39,506) | (17,907) | (91,517) | (39,106) | ||||||||||||
Acquisition-related post-combination expense | (125,942) | (640) | (126,542) | (6,798) | ||||||||||||
Fair value adjustments to acquisition-related liabilities | (50,317) | (300) | (54,645) | (600) | ||||||||||||
Non-GAAP operating expense | $ | 145,885 | $ | 88,930 | $ | 456,093 | $ | 293,049 |
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, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Other income (expense), net | $ | 167 | $ | 1,681 | $ | (32,332) | $ | (3,891) | ||||||||
Fair value adjustments to acquisition-related liabilities | (410) | — | 37,527 | — | ||||||||||||
Non-GAAP other income (expense), net | $ | (243) | $ | 1,681 | $ | 5,195 | $ | (3,891) | ||||||||
Reconciliation of Net Loss to Non-GAAP Net Loss Per Share | ||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Net loss | $ | (241,038) | $ | (76,905) | $ | (608,870) | $ | (241,965) | ||||||||
Amortization of acquired intangible assets | 11,811 | 2,859 | 26,641 | 7,715 | ||||||||||||
Acquisition-related stock-based compensation | 41,460 | 17,907 | 93,471 | 39,106 | ||||||||||||
Acquisition-related post-combination expense | 125,942 | 640 | 126,542 | 6,798 | ||||||||||||
Fair value adjustments to acquisition-related assets and liabilities | 51,481 | 300 | 93,746 | 600 | ||||||||||||
Acquisition-related income tax benefit | (102,800) | (5,800) | (105,400) | (18,450) | ||||||||||||
Non-GAAP net loss | $ | (113,144) | $ | (60,999) | $ | (373,870) | $ | (206,196) | ||||||||
Net loss per share, basic and diluted | $ | (1.34) | $ | (0.79) | $ | (4.52) | $ | (2.66) | ||||||||
Non-GAAP net loss per share, basic and diluted | $ | (0.63) | $ | (0.63) | $ | (2.78) | $ | (2.27) | ||||||||
Shares used in computing net loss per share, basic and diluted | 179,860 | 97,374 | 134,587 | 90,859 |
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, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | December 31, 2020 | |||||||||||||||
Net cash used in operating activities | $ | (62,361) | $ | (60,393) | $ | (62,166) | $ | (114,433) | $ | (299,353) | |||||||||
Net cash provided by (used in) investing activities | 801 | (83,418) | (5,674) | (312,292) | (400,583) | ||||||||||||||
Net cash provided by financing activities | 551 | 221,794 | 6,415 | 445,084 | 673,844 | ||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (61,009) | 77,983 | (61,425) | 18,359 | (26,092) | ||||||||||||||
Adjustments: | |||||||||||||||||||
Purchases of investments | — | 115,350 | 64,671 | 100,237 | 280,258 | ||||||||||||||
Sales of investments | (12,532) | — | (300) | — | (12,832) | ||||||||||||||
Maturities of investments | (24,965) | (65,000) | (62,500) | (125,022) | (277,487) | ||||||||||||||
Proceeds from public offering of common stock, net of issuance costs | — | (217,489) | — | (46,199) | (263,688) | ||||||||||||||
Proceeds from common stock issued in private placement, net | — | — | (5,000) | (258,628) | (263,628) | ||||||||||||||
Proceeds from issuance of debt, net | — | — | — | (129,214) | (129,214) | ||||||||||||||
Proceeds from exercises of warrants | (27) | (35) | (324) | (588) | (974) | ||||||||||||||
Cash burn | $ | (98,533) | $ | (89,191) | $ | (64,878) | $ | (441,055) | $ | (693,657) | |||||||||
- Cash burn for the three months ended December 31, 2020 includes $352.7 million of cash paid for acquisitions and $13.6 million in acquisition-related transaction costs. | |||||||||||||||||||
- Cash burn for the year ended December 31, 2020 includes $410.4 million of cash paid for acquisitions and $13.6 million in acquisition-related transaction costs. |
Contact:
Laura D'Angelo
[email protected]
(628) 213-3369
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SOURCE Invitae Corporation
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