PR Newswire
SAN FRANCISCO, Aug. 7, 2018
SAN FRANCISCO, Aug. 7, 2018 /PRNewswire/ -- Invitae Corporation (NYSE: NVTA), one of the fastest growing genetics companies, today announced financial and operating results for the second quarter ended June 30, 2018. Based on progress in the quarter, Invitae is raising its revenue guidance from more than $130 million to between $135 and $140 million in 2018.
"The combination of our broad and affordable diagnostic, reproductive health and proactive testing capabilities enables Invitae to answer genetic-related healthcare questions across all stages of life and opens up opportunity for growth as we bring genetics into mainstream medicine," said Sean George, co-founder and chief executive officer of Invitae. "Amidst the rapid growth in both volume and revenue, Invitae is emerging as a leader in the world of genetics. Given our progress, we're increasing our annual revenue guidance."
Second Quarter 2018 Results
Total operating expenses for the second quarter of 2018, excluding cost of goods sold, were $46.9 million compared to $31.9 million in the second quarter of 2017. For the second quarter of 2018, Invitae reported a net loss of $31.7 million, or a $0.47 loss per share, compared to a net loss of $28.6 million in the second quarter of 2017, or a $0.66 loss per share.
Cash used in operating activities for the quarter was $26.5 million, compared to $35.1 million in the first quarter of 2018. At June 30, 2018, cash, cash equivalents, restricted cash and marketable securities totaled $91.4 million which includes $53.5 million in net proceeds from an equity offering that closed in April. The company also has access to $20 million in additional debt, bringing total available capital at the quarter close to more than $110 million.
Corporate Highlights
Scientific Highlights
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. 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 3497996. 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 a genetics company whose mission is to bring comprehensive genetic information into mainstream medical practice to improve the quality of healthcare for billions of people. Invitae's goal is to aggregate most of the world's genetic tests into a single service with higher quality, faster turnaround time and lower prices.
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 future financial performance and estimated guidance for 2018; the company's belief that its product mix opens up opportunities for growth; and that it is emerging as a leader in genetics. 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; 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; the company's ability to use rapidly changing genetic data to interpret test results accurately and consistently; 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 March 31, 2018. 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 |
Six Months Ended |
|||||||||||||||
June 30, |
June 30, |
|||||||||||||||
2018 |
2017 |
2018 |
2017 |
|||||||||||||
(Unaudited) |
(Unaudited) |
|||||||||||||||
Revenue: |
||||||||||||||||
Test revenue |
$ |
36,350 |
$ |
13,592 |
$ |
63,403 |
$ |
23,287 |
||||||||
Other revenue |
956 |
744 |
1,574 |
1,387 |
||||||||||||
Total revenue |
37,306 |
14,336 |
64,977 |
24,674 |
||||||||||||
Costs and operating expenses: |
||||||||||||||||
Cost of test revenue |
20,447 |
10,490 |
38,523 |
19,819 |
||||||||||||
Research and development |
15,784 |
11,339 |
31,150 |
21,362 |
||||||||||||
Selling and marketing |
18,707 |
12,520 |
37,631 |
24,092 |
||||||||||||
General and administrative |
12,436 |
8,062 |
24,216 |
14,813 |
||||||||||||
Total costs and operating expenses |
67,374 |
42,411 |
131,520 |
80,086 |
||||||||||||
Loss from operations |
(30,068) |
(28,075) |
(66,543) |
(55,412) |
||||||||||||
Other income (expense), net |
188 |
151 |
1,835 |
(540) |
||||||||||||
Interest expense |
(1,791) |
(1,067) |
(3,083) |
(1,389) |
||||||||||||
Net loss before taxes |
(31,671) |
(28,991) |
(67,791) |
(57,341) |
||||||||||||
Income tax benefit |
- |
(434) |
- |
(1,856) |
||||||||||||
Net loss |
$ |
(31,671) |
$ |
(28,557) |
$ |
(67,791) |
$ |
(55,485) |
||||||||
Net loss per share, basic and diluted |
$ |
(0.47) |
$ |
(0.66) |
$ |
(1.12) |
$ |
(1.30) |
||||||||
Shares used in computing net loss per share, basic and diluted |
67,806,606 |
43,226,569 |
60,775,077 |
42,808,175 |
Invitae Corporation Condensed Consolidated Balance Sheets (In thousands) | ||||||||
June 30, |
December 31, |
|||||||
2018 |
2017 |
|||||||
(Unaudited) |
||||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ |
48,568 |
$ |
12,053 |
||||
Marketable securities |
36,576 |
52,607 |
||||||
Accounts receivable |
25,058 |
10,422 |
||||||
Prepaid expenses and other current assets |
12,311 |
11,599 |
||||||
Total current assets |
122,513 |
86,681 |
||||||
Property and equipment, net |
28,816 |
30,341 |
||||||
Restricted cash |
5,307 |
5,406 |
||||||
Marketable securities, non-current |
900 |
5,983 |
||||||
Intangible assets, net |
32,994 |
35,516 |
||||||
Goodwill |
47,217 |
46,575 |
||||||
Other assets |
1,329 |
576 |
||||||
Total assets |
$ |
239,076 |
$ |
211,078 |
||||
Liabilities and stockholders' equity |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ |
5,200 |
$ |
8,606 |
||||
Accrued liabilities |
22,566 |
22,742 |
||||||
Capital lease obligation, current portion |
1,829 |
2,039 |
||||||
Debt, current portion |
3,061 |
— |
||||||
Total current liabilities |
32,656 |
33,387 |
||||||
Capital lease obligation, net of current portion |
2,413 |
3,373 |
||||||
Debt, net of current portion |
55,575 |
39,084 |
||||||
Other long-term liabilities |
9,785 |
13,440 |
||||||
Total liabilities |
100,429 |
89,284 |
||||||
Stockholders' equity: |
||||||||
Common stock |
6 |
5 |
||||||
Accumulated other comprehensive loss |
(109) |
(171) |
||||||
Additional paid-in capital |
593,898 |
520,558 |
||||||
Accumulated deficit |
(455,148) |
(398,598) |
||||||
Total stockholders' equity |
138,647 |
121,794 |
||||||
Total liabilities and stockholders' equity |
$ |
239,076 |
$ |
211,078 |
The condensed, consolidated balance sheet at December 31, 2017 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, 2017.
Contact:
Laura D'Angelo
[email protected]
(628) 213-3369
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SOURCE Invitae Corporation
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