September 25, 2023
Invitae Announces Appointment of Finance Veteran Ana Schrank as CFO
Invitae (NYSE: NVTA), a leading medical genetics company, today announced the appointment of finance veteran Ana Schrank as the Company's chief financial officer (CFO), effective October 2. Robert Dickey, who has been the Company's interim CFO since August 2023, will transition to a consulting role for the Company and will work closely with Ms. Schrank and the leadership team to ensure a smooth transition. "We're excited to welcome Ana to our Invitae team. Her track record of driving growth, transforming businesses and building high performing teams are a great fit for our needs now and into the future," said Ken Knight, president and chief executive officer of Invitae. "Ana brings financial and leadership experience with healthcare companies across different stages of growth, and will be a tremendous asset to Invitae as we continue our focus on profitable growth, operational excellence, innovation and investment in our future." With more than 25 years in finance, Ana brings a wealth
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September 22, 2023
Invitae Receives Notice of Non-Compliance with NYSE Minimum Share Price Continued Listing Standard
Invitae (NYSE: NVTA), a leading medical genetics company, today announced that it received a notice from the New York Stock Exchange (the "NYSE") on September 20, 2023, indicating the company is not currently in compliance with Section 802.01C of the NYSE Listed Company Manual because the average closing price of the company's common stock over a consecutive 30 trading-day period was less than $1.00 per share. The NYSE notice has no immediate effect on the listing of the common stock on the NYSE, subject to the company's compliance with the NYSE's continued listing requirements. Invitae has notified the NYSE that it intends to bring the company into compliance with the listing standards within the required cure period. The NYSE notification described above does not affect the company's business operations and does not conflict with or cause an event of default or acceleration under any of the company's material debt or other agreements. During the cure period, Invitae's common stock
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August 28, 2023
Invitae Hires Industry Veteran Robert Guigley as Chief Commercial Officer
Invitae (NYSE: NVTA), a leading medical genetics company, today announced that it has appointed Robert (Rob) Guigley as its chief commercial officer, effective September 5, 2023. Mr. Guigley brings to the role more than 20 years of commercial experience spanning biotechnology, pharmaceuticals, diagnostics and genetic testing. He will develop and implement Invitae's commercial strategy with a focus on driving profitable revenue growth, expanding the market, improving reimbursement levels and enhancing the service of clients and patients. "I'm excited to welcome Rob to the leadership team as we sharpen our focus on expanding the size and number of pathways for profitable growth," said Ken Knight, president and chief executive officer of Invitae. "Rob is a talented and innovative leader who has provided vision and led impactful change throughout his career. His deep understanding of the long-term prospects of genetic information, along with his extensive experience working with payers,
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August 15, 2023
Clinical Trial Results Support Genetic Testing of All Patients with Prostate Cancer
Invitae (NYSE: NVTA), a leading medical genetics company, today announced findings from its PROCLAIM trial , published in European Urology Oncology , showing that almost half of prostate cancer patients with clinically actionable pathogenic/likely pathogenic germline variants (PGVs) could be missing out on genetics-informed care due to restrictive criteria for genetic testing. In this prospective, observational study, nearly 1,000 men with prostate cancer unselected for family history of cancer, age at diagnosis or stage of disease, underwent germline genetic testing of 84 cancer predisposition genes under the care of urologists across the U.S., primarily in community clinics. In this study, 51% of patients with prostate cancer met National Comprehensive Cancer Network (NCCN) guidelines and 49% did not. The diagnostic yield of germline genetic testing between these two patient groups was compared. "Real world evidence suggests that less than 15% of prostate cancer patients who could
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August 14, 2023
Invitae Announces Selection of Finance Executive Robert Dickey as Interim CFO
Invitae (NYSE: NVTA), a leading medical genetics company, today announced that Robert Dickey has been named its interim chief financial officer (CFO), effective immediately. Christine Gorjanc, who had assumed the interim CFO role in June 2023, will transition back to her prior role as the Company's Chair of the Audit Committee of the Board of Directors and member of the Compensation Committee of the Board of Directors, effective immediately. Ms. Gorjanc will work closely with Mr. Dickey and the executive leadership team to ensure a smooth transition. She will also continue to assist the Company with the search for its permanent CFO. "I'm grateful for Christine's willingness to immediately step in as interim CFO, bridging our short term needs and helping us select the right candidate for the near term transition while continuing to assist with our long term needs by identifying candidates for the permanent CFO role," said Ken Knight, president and chief executive officer of Invitae.
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August 8, 2023
Invitae Reports Second Quarter 2023 Financial Results
– Reported revenue of $120.5 million, a 12% year-over-year decrease due to exited businesses and geographies; pro forma revenue up slightly year-over-year – – GAAP gross margin was 27.4% and non-GAAP gross margin was 49.8%; continued improvement in non-GAAP gross margin for eight consecutive quarters – – Company improves ongoing cash burn annual guidance to $220-$245 million; adjusts 2023 revenue guidance to $480-$500 million from over $500 million previously – – Conference call and webcast today at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time – Invitae (NYSE: NVTA), a leading medical genetics company, today announced financial and operating results for the second quarter ended June 30, 2023. "In the second quarter, we continued our steady march toward becoming a profitable business while continuing to serve our patients and clients. We performed well in non-GAAP gross margin and cash burn trajectory as both continued to show meaningful improvements. On a pro forma
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July 26, 2023
Invitae to Announce Second Quarter 2023 Financial Results on Tuesday, August 8, 2023
Invitae (NYSE: NVTA), a leading medical genetics company, today announced that it will report its second quarter 2023 financial results on Tuesday, August 8, 2023, and will host a conference call and webcast that day at 4:30 p.m. Eastern / 1:30 p.m. Pacific to discuss its financial results and recent highlights. To access the conference call, please register at the link below:
https://www.netroadshow.com/events/login?show=53f2c7d8&confId=53596 Upon registering, each participant will be provided with call details and access codes. 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 (NYSE: NVTA ) is a leading medical genetics company trusted by millions of patients and their providers to deliver timely genetic
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May 31, 2023
Invitae to Present at the William Blair 43rd Annual Growth Stock Conference
Invitae (NYSE: NVTA), a leading medical genetics company, today announced that Ken Knight, president and chief executive officer, will present at the William Blair 43rd Annual Growth Stock Conference on Wednesday, June 7, 2023, at 12:40 p.m. Central Time. A live audio webcast of the presentation 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 presentation. About Invitae Invitae (NYSE: NVTA) is a leading medical genetics company trusted by millions of patients and their providers to deliver timely genetic information using digital technology. We aim to provide accurate and actionable answers to strengthen medical decision-making for individuals and their families. Invitae's genetics experts apply a rigorous approach to data and research, serving as the foundation of their mission to bring comprehensive genetic information into mainstream medicine to improve
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May 26, 2023
New Research Insights to be Presented by Invitae at the 2023 ASCO Annual Meeting Reinforce the Critical Role of Germline Genetic Testing in Oncology
Invitae (NYSE: NVTA), a leading medical genetics company, today announced nine studies to be presented at the 2023 American Society of Clinical Oncology (ASCO) Annual Meeting held in Chicago from June 2-6, 2023. The new research insights highlight innovations in genetic testing in a variety of clinical settings, population groups and cancer types, and reinforce the need to reduce barriers to genetic services to help patients receive the most effective care and monitoring. Presentation showcases learnings about the benefits of germline genetic testing for lung cancer patients ( Saturday, June 3, 2023 at 12:30 p.m. CDT and Monday, June 5, 2023 at 1 p.m. CDT) Leading lung cancer expert and Invitae research partner, Renato Martins, M.D., M.P.H., Virginia Commonwealth University (VCU) Massey Cancer Center, will present findings from a retrospective study of over 7,000 lung cancer patients who completed germline genetic testing (GGT). Results of the study showed that 14.9% of patients in
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May 25, 2023
Invitae Announces CFO Transition and Selection of Veteran Finance Executive Christine Gorjanc as Interim CFO
Invitae (NYSE: NVTA), a leading medical genetics company, today announced that Chief Financial Officer (CFO) Yafei (Roxi) Wen is resigning to pursue other opportunities, effective June 30, 2023. The Company has initiated a search for a new CFO. Ms. Wen will continue in her role through the end of the second quarter. Christine Gorjanc, the Company's longtime Chair of the Audit Committee of the Board of Directors, will assist during the transition and will assume the role of interim CFO, effective July 1, 2023. Ms. Wen will work closely with Ms. Gorjanc and the executive team to ensure a smooth transition. Ms. Wen's resignation is not the result of any disagreement with the Company on any matter related to the Company's operations, policies or procedures. "We are immensely grateful for Roxi's significant contributions to the Company over the past two years, and appreciate her assistance during the transition. We wish her only the best in her future endeavors," said Ken Knight, president
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May 15, 2023
Invitae to Appeal Trial Verdict
Invitae (NYSE: NVTA), a leading medical genetics company, today announced that it intends to appeal the verdict delivered by a jury at the United States District Court for the District of Delaware. The jury found that Invitae's products using Anchored Multiplex PCR ("AMP") chemistry infringe certain Natera, Inc. patents. The jury awarded Natera a total of $19.35 million, based on lost profits and a royalty rate of 10% on certain products. Invitae will vigorously defend itself in future proceedings regarding Natera's request for injunctive relief. In response to the verdict, Invitae President and CEO Ken Knight said, "We continue to have strong confidence in our product portfolio and our freedom to operate based on the unique and distinguished nature of our technology, and expect to demonstrate that in ongoing proceedings. We believe that it is important to provide options for cancer patients, clinicians and healthcare systems. To that end, we are committed to bringing an effective and
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May 9, 2023
Invitae Reports First Quarter 2023 Financial Results
– Reported revenue of $117.4 million, a 5% year-over-year decrease due to exited businesses and geographies; pro forma year-over-year revenue growth was ~10% – – Continued improvement in gross margin and ongoing cash burn trends – – Company reiterates key 2023 financial guidance metrics – – Conference call and webcast today at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time – Invitae (NYSE: NVTA), a leading medical genetics company, today announced financial and operating results for the first quarter ended March 31, 2023. "In the first quarter, our team continued to execute across the organization as we posted approximately 10% year-over-year growth in revenue on a pro forma basis, along with improved gross margins and reduced cash burn and we are reiterating our 2023 financial goals," said Ken Knight, president and chief executive officer of Invitae. "Looking ahead, we are focused on expanding our current business along with investing in our growth engines. We
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April 26, 2023
Invitae to Announce First Quarter 2023 Financial Results on Tuesday, May 9, 2023
Invitae (NYSE: NVTA), a leading medical genetics company, today announced that it will report its first quarter 2023 financial results on Tuesday, May 9, 2023, and will host a conference call and webcast that day at 4:30 p.m. Eastern / 1:30 p.m. Pacific to discuss its financial results and recent highlights. To access the conference call, please register at the link below:
https://www.netroadshow.com/events/login?show=cd3e99e2&confId=49697 Upon registering, each participant will be provided with call details and access codes. 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 (NYSE: NVTA) is a leading medical genetics company trusted by millions of patients and their providers to deliver timely genetic information simplified by
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April 17, 2023
Invitae Publishes Annual Environmental, Social and Governance (ESG) Report
Invitae (NYSE: NVTA), a leading medical genetics company, today published its 2023 Environmental, Social and Governance (ESG) Report. This report provides a holistic view of the company's approach to ESG and our performance and progress through measurable data and metrics during the 2022 fiscal year. "We continue to be committed to advancing our sustainable business practices and ESG efforts as part of our core mission to bring comprehensive genetic information into mainstream medicine," said Erik Kaiser, chief sustainability officer. "This year's report demonstrates how Invitae's purpose and values guide our goal of improving healthcare for all, upholding our social responsibility, exercising environmental stewardship and governing with trust and transparency throughout our business." The report provides an in-depth review of the progress made in the past year through company-wide ESG initiatives. The company's notable achievements include: Continued our focus on increasing the
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April 13, 2023
New Study Findings Published in Nature Show Circulating Tumor DNA (ctDNA) Can Predict and Detect Cancer Recurrence Earlier In Non-Small Cell Lung Cancer
Invitae (NYSE: NVTA), a leading medical genetics company, today announced new research published in Nature describing the first use of the company's personalized cancer monitoring (PCM) platform to demonstrate the utility of ctDNA as a biomarker for cancer recurrence in a large cohort of patients with stage I-III non-small-cell lung cancer (NSCLC) followed for up to five years. The research technology used in the study leverages a patient-specific panel developed to identify variants from a patient's own tumor rather than a static gene panel. This study leveraged Invitae's PCM platform to assess panels of up to 200 variants, a size unique to this platform at the time the study was conducted, and was optimized for maximum performance. Since then, Invitae has commercialized its laboratory developed test utilizing panel sizes of up to 50 variants. In this publication, sensitivity and specificity of >99.9% was achieved at 0.008% variant allele frequency (AF) with 60ng cfDNA input and
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March 22, 2023
Invitae and Deerfield Management Partner to Create Novel Therapeutics for Rare Diseases
Invitae (NYSE: NVTA), a leading medical genetics company, and Deerfield Management Company , a healthcare investment firm, today announced a partnership to advance genetics-based drug discovery and development in rare disease. The partnership will leverage genetics and clinical data from millions of patients and Deerfield's broad drug discovery and development expertise. "Invitae's core objectives include expanding access to genetic information to improve healthcare for patients. Through this partnership, we intend to serve millions of families affected by rare diseases with high unmet needs," said Farid Vij, general manager of patient network and data at Invitae. "Our genetic and clinical data platform is highly enriched with patients possessing rare disorders, enabling a deeper understanding of the natural history and genetic basis of these diseases, and improving the success rate of new clinical programs." "Despite significant research efforts, there are thousands of rare diseases
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March 21, 2023
Invitae Announces Partnership with Epic to Streamline Genetic Testing
Invitae (NYSE: NVTA), a leading medical genetics company, today announced its partnership with Epic, an industry-leading healthcare software company. Through Aura, Epic's specialty diagnostics suite, Invitae will streamline interactions with provider organizations in the Epic community, making test result information available in providers' usual workflows so that it's easier to use genetic insights to inform treatment decisions. "Genetic testing can inform some of the most important care decisions in patients' lives, and Invitae is making it more accessible to both patients and providers across the Epic community," said Dave Fuhrmann, senior vice president of research and development at Epic. "Aura will help them do so by further enabling precision medicine at many of the nation's leading healthcare organizations." "Our use of Aura allows patients and providers to seamlessly access genetic testing that can help identify at-risk individuals, enhance early detection and better
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March 16, 2023
Invitae Appoints Dr. W. Michael Korn as Chief Medical Officer for Oncology
– Expert in the field of gastrointestinal cancer and precision oncology to lead Invitae's medical oncology team with a particular focus on somatic testing development – – Invitae reports inducement grant under NYSE Rule 303A.08 – Invitae (NYSE: NVTA), a leading medical genetics company, today announced the appointment of W. Michael Korn, M.D., as its chief medical officer for oncology, effective March 13, 2023. Dr. Korn brings decades of experience in the field of gastrointestinal cancers, implementing precision oncology principles in clinical cancer care, and designing a novel database on targeted cancer therapeutics. At Invitae, Dr. Korn will lead the medical oncology team with the goal of enabling an integrated portfolio in cancer, with an emphasis on somatic testing development. Invitae's comprehensive oncology portfolio aims to accurately and reliably identify patients at risk of developing cancer and enable care for patients diagnosed with cancer through advanced molecular
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March 15, 2023
Invitae to Present Data at The American College of Medical Genetics Meeting 2023 That Supports Removing Barriers to Genetic Testing
Invitae (NYSE: NVTA), a leading medical genetics company, today announced seven studies, including one oral presentation and six posters, to be presented at the 2023 American College of Medical Genetics Meeting held in Salt Lake City from March 14-18, 2023. The research reinforces the importance of universal genetic testing for patients with cancer, with much of the data highlighting the need for increased representation in clinical genetic testing data across racial, ethnic and ancestry groups that have long been underrepresented in genetic studies and databases. Such inclusion can uncover unique insights and expand the clinical validity of genetic testing to more populations, helping inform health journeys and potentially improving health outcomes. Invitae will also be highlighting powerful innovative technological advances that include multiplex assays of variant effects, machine learning and big data approaches to address current challenges in variant classification and
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March 6, 2023
Invitae's PCM Assay for Minimal Residual Disease Receives its First Commercial Coverage
Invitae (NYSE: NVTA), a leading medical genetics company, today announced that its Personalized Cancer Monitoring (PCM™) assay, which helps detect minimal residual disease (MRD) in patients, has obtained its first commercial coverage in all solid tumors by Blue Shield of California. The policy, effective as of March 1, 2023, considers the test medically necessary for patients with stage I-IV cancer after surgical intervention for adjuvant or targeted therapy and/or monitoring for relapse or progression. Invitae's PCM uses a novel set of personalized assays based on a patient's tumor to detect circulating tumor DNA (ctDNA) in blood, assisting with risk stratification, assessing response to treatment and detecting cancer recurrence. "We are very pleased with this coverage decision because it recognizes the utility of PCM in detecting MRD, thereby improving the clinical care of cancer patients," said Robert Nussbaum, M.D., chief medical officer at Invitae. "We are continuing to generate
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March 1, 2023
Invitae to Present at the TD Cowen 43rd Annual Health Care Conference
Invitae (NYSE: NVTA), a leading medical genetics company, today announced that Ken Knight, president and chief executive officer, will participate in a fireside chat at the TD Cowen 43 rd Annual Health Care Conference on Monday, March 6, at 1:30 p.m. Eastern. A live audio webcast of the fireside chat 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 fireside chat. About Invitae Invitae (NYSE: NVTA) is a leading medical genetics company trusted by millions of patients and their providers to deliver timely genetic information using digital technology. We aim to provide accurate and actionable answers to strengthen medical decision-making for individuals and their families. Invitae's genetics experts apply a rigorous approach to data and research, serving as the foundation of their mission to bring comprehensive genetic information into mainstream medicine to improve
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February 28, 2023
Invitae Announces Convertible Notes and Share Exchange and New Convertible Notes Issuance
– In a transaction led by Deerfield Management, the Company effectively addresses ~96% of its 2024 convertible debt obligations – – Participating holders to exchange 90% of their existing 2024 notes for new notes due in 2028 and equitize 10% of their holdings; Certain investors will also provide an additional $30 million of capital – – The Company will discuss this announcement during its fourth quarter and full year 2022 earnings call at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time – Invitae (NYSE: NVTA), a leading medical genetics company, today announced that it has signed exchange and financing agreements with a fund managed by Deerfield Management Company and other investors (collectively, the "Investors"). The privately negotiated agreements with the Investors' holdings of the Company's outstanding 2.00% Convertible Senior Notes due 2024 (the "Old Notes") calls for the exchange of approximately $306 million aggregate principal amount of the Old Notes into approximately $275
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February 28, 2023
Invitae Reports Fourth Quarter and Full Year 2022 Financial Results; Provides Company Updates
– Entered into a ~$336 million transaction for the 2024 convertible notes, effectively addressing ~96% of the amount outstanding (see separate press release to follow) – – Repaid its 2024 senior secured term loan in full, improving its balance sheet – – Company maintains cash runway through the end of 2024 – – Annual revenue grew by 12.1%; Continued to improve on key financial metrics – – Major initiatives under strategic realignment largely completed – – Guiding to low double digit pro forma revenue growth and continued expansion of non-GAAP gross margin in 2023, decreasing cash burn by over 45% from 2022 – – Conference call and webcast today at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time – Invitae (NYSE: NVTA), a leading medical genetics company, today announced financial and operating results for the fourth quarter and year ended December 31, 2022. "2022 was a transformative year for Invitae as we shifted our focus to drive more profitable growth, and we are pleased
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February 14, 2023
Invitae to Announce Fourth Quarter and Full Year 2022 Financial Results on Tuesday, February 28, 2023
Invitae (NYSE: NVTA), a leading medical genetics company, today announced that it will report its fourth quarter and full year 2022 financial results on Tuesday, February 28, 2023, and will host a conference call and webcast that day at 4:30 p.m. Eastern / 1:30 p.m. Pacific to discuss its financial results and recent highlights. To access the conference call, please register at the link below:
https://www.netroadshow.com/events/login?show=d75171b5&confId=46549 Upon registering, each participant will be provided with call details and access codes. 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 (NYSE: NVTA) is a leading medical genetics company trusted by millions of patients and their providers to deliver
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January 30, 2023
Invitae Appoints William H. Osborne to its Board of Directors
Invitae (NYSE: NVTA), a leading medical genetics company, has announced that aerospace, transportation and industrial supplies veteran William H. Osborne has been appointed to its board of directors and will also serve on its audit committee, effective January 26, 2023. "We are pleased to welcome William (Bill) Osborne to our board of directors and look forward to working with him and taking full advantage of his considerable track record of both operational and governance leadership. Bill has guided multiple companies to achieve transformational growth, scale and innovation, globally," said Ken Knight, president and chief executive officer of Invitae. "Bill's experience in the CEO role and his tenure at both Boeing Company and Navistar demonstrate a breadth and depth of leadership within global enterprises. While at Boeing, Bill served in several senior management positions, led its manufacturing council and provided oversight of corporate environmental health and safety. These roles
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January 9, 2023
Invitae Reports Preliminary 2022 Financial Results
— Approximately 12% growth year-over-year in revenues —
— Greater than $555 million in cash, cash equivalents, marketable securities, and restricted cash —
— Cash burn continued its declining trend over the past five quarters —
— Presenting at the 41st Annual J.P. Morgan Healthcare Conference on January 11 at 9:00 a.m. PST — Invitae (NYSE: NVTA), a leading medical genetics company, today announced preliminary unaudited fourth quarter and full-year 2022 revenue, cash burn and commercial metrics. Preliminary, unaudited financial results and other metrics for 2022 Generated revenue of approximately $516 million in 2022, or about a 12% increase from $460 million in 2021. Fourth quarter 2022 revenue was approximately $122 million, versus $126 million a year ago, which reflects a decline due to the exited businesses and geographies. Cash, cash equivalents, restricted cash and marketable securities were greater than $555 million as of December 31, 2022. Our cash burn in the
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January 4, 2023
Invitae to Present at the 41st Annual J.P. Morgan Healthcare Conference
Invitae (NYSE: NVTA), a leading medical genetics company, today announced that Ken Knight, president & chief executive officer, will present at the 41 st Annual J.P. Morgan Healthcare Conference on Wednesday, January 11, 2023, at 12:00 p.m. Eastern / 9:00 a.m. Pacific. The live audio webcast of the presentation may be accessed by visiting the investors section of the company website at ir.invitae.com . A replay of the webcast will be available shortly after the conclusion of the presentation. About Invitae Invitae (NYSE: NVTA) is a leading medical genetics company trusted by millions of patients and their providers to deliver timely genetic information simplified by digital technology. With accurate and actionable answers to strengthen medical decision-making, Invitae gives individuals and their families powerful, personalized insights that could improve and extend their lives. Invitae's genetics experts apply a rigorous approach to data and research, serving as the foundation of
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