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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 –

SAN FRANCISCO, Feb. 28, 2023 /PRNewswire/ -- 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 that the major initiatives under our strategic realignment are now largely completed," said Ken Knight, president and chief executive officer of Invitae. "Our talented teams made great progress, and continued their work in service of patients and customers while delivering on the financial objectives aligned to our new path. These continued improvements in our financial metrics reflect our new priorities and operating discipline. In light of that execution, we separately announced today significant developments in addressing approximately 96% of our near-term debt obligations. Our investors have agreed to extend the maturities of our 2024 convertible notes into 2028, along with equitizing a portion of the debt and adding capital, demonstrating their confidence in Invitae's future. We have also repaid our term loan in full and further improved our balance sheet. Overall, we are looking forward to 2023, as we continue to drive operational excellence, along with setting the stage for our long-term growth opportunities for years to come."

Full Year and Fourth Quarter 2022 Financial Results

  • Generated revenue of $516.3 million in 2022, a 12.1% increase from $460.4 million in 2021. Fourth quarter 2022 revenue of $122.5 million, versus $126.1 million a year ago, reflecting the impact of exited businesses and geographies announced earlier in the year.
  • GAAP gross profit was $99.1 million in 2022, including $29.6 million in the fourth quarter. Non-GAAP gross profit was $219.7 million in 2022, including $58.5 million in the fourth quarter.
  • GAAP gross margin was 19.2% in 2022, as compared with 24.3% in 2021, and 24.2% in the fourth quarter of 2022, versus 23.8% in the fourth quarter of 2021. Non-GAAP gross margin was 42.5% in 2022, as compared with 36.6% in 2021. Non-GAAP gross margin was 47.8% in the fourth quarter of 2022, compared to 36.5% in the fourth quarter of 2021.
  • Cash, cash equivalents, restricted cash and marketable securities were $557.1 million as of December 31, 2022, compared to $596.0 million as of September 30, 2022 and $1.06 billion as of December 31, 2021.
  • Cash burn in 2022 was $509.6 million, compared to a cash burn of $849.2 million in 2021. 2022 cash burn included outflows of $53.3 million ($38.4 million related to realignment and $14.9 million acquisition-related payments), as well as an inflow of $44.5 million related to the selected assets sale of the RUO kitted solutions.
  • Cash burn in the fourth quarter was $41.8 million and included an outflow of $9.3 million related to realignment and $0.1 million of acquisition-related payments, as well as an inflow of $44.5 million related to the selected assets sale of the RUO kitted solutions. Excluding these items, cash burn would have been $77.0 million. This represents a continued improving trend since the fourth quarter of 2021 driven by our strategic realignment and cost reduction plans.
  • Total active healthcare provider accounts totaled 20,929 as of December 31, 2022, an increase of approximately 13% year-over-year.
  • Active pharmaceutical and commercial partnerships grew to 238, an increase of approximately 34% year-over-year, reflecting growing adoption of our product and services to pharmaceutical, health systems and other partners.
  • Revenue per patient was $475 in 2022, a decrease of approximately 3% from $491 in 2021. Revenue per patient was $511 in the fourth quarter of 2022, compared to $505 in the third quarter of 2022, and $476 in the fourth quarter of 2021, primarily as a result of our realignment efforts.
  • Total patient population as of December 31, 2022 is more than 3.6 million with over 62% available for data sharing.

Total GAAP operating expense, which excludes cost of revenue, for the fourth quarter of 2022 was $124.5 million, which includes items related to the strategic realignment. As a result, GAAP operating expense as a percentage of revenue was 102%, compared to 194% in the fourth quarter of 2021. Non-GAAP operating expense was $135.6 million for the fourth quarter of 2022. Non-GAAP operating expense as a percentage of revenue was 111%, compared to 171% in the fourth quarter of 2021.

Net loss for the fourth quarter of 2022 was $99.8 million, or a $0.41 net loss per share, compared to net loss of $205.1 million, or net loss per share of $0.90, for the fourth quarter of 2021. Non-GAAP net loss for the fourth quarter of 2022 was $82.0 million, or a $0.34 non-GAAP net loss per share, compared to a net loss of $184.7 million, or an $0.81 non-GAAP net loss per share, for the fourth quarter of 2021.

Financial Guidance

On a pro forma basis, the company exited fourth quarter 2022 at an annualized revenue of approximately $450 million for its remaining business. Management is expecting 2023 revenue to be over $500 million, representing low double-digit year-over-year growth compared to 2022 pro forma revenue.

Thanks to realignment initiatives, non-GAAP gross margin for 2023 is expected to be between 48-50%, compared to 42.5% in 2022. Cash burn is expected to be in the range of $250-275 million in 2023, a more than 45% reduction from 2022.

Webcast and Conference Call Details

Management will host a conference call and webcast today at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time to discuss financial results and recent developments. 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 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 healthcare for billions of people.

To learn more, visit invitae.com and follow for updates on Twitter, Instagram, Facebook and LinkedIn @Invitae.

Safe Harbor Statements

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 mission; the expected impact, benefits, and timing of the company's strategic business realignment or various aspects thereof; the company's expectations regarding future financial and operating results, and the drivers of future financial results; the company's roadmap for 2023 and long-term growth; and the company's expectations regarding the exchange and equitization of existing notes, extension of debt maturity and repayment of senior secured loans. 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 ability of the company to successfully execute its strategic business realignment and achieve the intended benefits thereof on the expected timeframe or at all; unforeseen or greater than expected costs associated with the strategic business realignment; the risk that the disruption that may result from the realignment may harm the company's business, market share or its relationship with customers or potential customers; satisfaction of closing conditions related to the debt exchange and equitization transaction; 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 impact of inflation and the current economic environment on the company's business; the company's ability to grow its business in a cost-efficient manner; the company's history of losses; the company's ability to maintain 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 applicability of clinical results to actual outcomes; risks associated with litigation; the company's ability to use rapidly changing genetic data to interpret test results accurately and consistently; laws and regulations applicable to the company's business; and the other risks set forth in the reports filed by the company with the SEC, including its Quarterly Report on Form 10-Q for the quarter ended September 30, 2022. 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 the company'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. These non-GAAP financial measures exclude certain items that are required by GAAP. In addition, these non-GAAP 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 uses such non-GAAP information to manage the company's business and monitor its performance.

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 and on the company's website.

In addition, this press release includes the company's non-GAAP gross margin guidance, a non-GAAP measure used to describe the company's expected performance. The company has not presented a reconciliation of this non-GAAP measure to the company's gross margin, the most comparable GAAP financial measure, because the reconciliation could not be prepared without unreasonable effort. The information necessary to prepare the reconciliation is not available on a forward-looking basis and cannot be accurately predicted. The unavailable information could have a significant impact on the calculation of the comparable GAAP financial measure.

 

INVITAE CORPORATION
Consolidated Balance Sheets
(in thousands)

 
 

December 31,

 

2022

 

2021

Assets

     

Current assets:

     

Cash and cash equivalents

$         257,489

 

$         923,250

Marketable securities

289,611

 

122,121

Accounts receivable

96,148

 

66,227

Inventory

30,386

 

33,516

Prepaid expenses and other current assets

19,496

 

33,691

Total current assets

693,130

 

1,178,805

Property and equipment, net

108,723

 

114,714

Operating lease assets

106,563

 

121,169

Restricted cash

10,030

 

10,275

Intangible assets, net

1,012,549

 

1,187,994

Goodwill

 

2,283,059

Other assets

23,121

 

23,551

Total assets

$      1,954,116

 

$      4,919,567

Liabilities and stockholders' equity

     

Current liabilities:

     

Accounts payable

$           13,984

 

$           21,127

Accrued liabilities

74,388

 

106,453

Operating lease obligations

14,600

 

12,359

Finance lease obligations

5,121

 

4,156

Total current liabilities

108,093

 

144,095

Operating lease obligations, net of current portion

134,386

 

124,369

Finance lease obligations, net of current portion

3,780

 

5,683

Debt

122,333

 

113,391

Convertible senior notes, net

1,470,783

 

1,464,138

Deferred tax liability

8,130

 

51,696

Other long-term liabilities

4,775

 

37,797

Total liabilities

1,852,280

 

1,941,169

Stockholders' equity:

     

Common stock

25

 

23

Accumulated other comprehensive loss

(80)

 

(7)

Additional paid-in capital

4,931,032

 

4,701,230

Accumulated deficit

(4,829,141)

 

(1,722,848)

Total stockholders' equity

101,836

 

2,978,398

Total liabilities and stockholders' equity

$      1,954,116

 

$      4,919,567

 

INVITAE CORPORATION
Consolidated Statements of Operations
(in thousands, except per share data)

 
   

Three Months Ended December 31,

 

Year Ended December 31,

   

2022

 

2021

 

2022

 

2021

Revenue:

               

Test revenue

 

$        119,042

 

$        121,624

 

$        500,560

 

$        444,072

Other revenue

 

3,412

 

4,497

 

15,743

 

16,377

Total revenue

 

122,454

 

126,121

 

516,303

 

460,449

Operating expenses:

               

Cost of revenue

 

92,844

 

96,106

 

417,256

 

348,669

Research and development

 

71,529

 

131,764

 

402,088

 

416,087

Selling and marketing

 

46,795

 

62,205

 

218,881

 

225,910

General and administrative

 

43,243

 

50,430

 

192,314

 

248,070

Goodwill and IPR&D impairment

 

 

 

2,313,047

 

Restructuring and other costs

 

10,292

 

 

140,331

 

Gain on sale of RUO kit assets

 

(47,354)

 

 

(47,354)

 

Change in fair value of contingent consideration

 

 

190

 

(1,850)

 

(386,646)

Total operating expenses

 

217,349

 

340,695

 

3,634,713

 

852,090

Loss from operations

 

(94,895)

 

(214,574)

 

(3,118,410)

 

(391,641)

Other income (expense), net:

               

Change in fair value of acquisition-related liabilities

 

240

 

16,017

 

15,906

 

25,196

Other income (expense), net

 

4,083

 

(185)

 

8,054

 

482

Total other income, net

 

4,323

 

15,832

 

23,960

 

25,678

Interest expense

 

(14,598)

 

(14,031)

 

(56,747)

 

(49,900)

Net loss before taxes

 

(105,170)

 

(212,773)

 

(3,151,197)

 

(415,863)

Income tax benefit

 

5,353

 

7,649

 

44,904

 

36,857

Net loss

 

$         (99,817)

 

$       (205,124)

 

$    (3,106,293)

 

$       (379,006)

Net loss per share, basic and diluted

 

$             (0.41)

 

$             (0.90)

 

$           (13.18)

 

$             (1.80)

Shares used in computing net loss per share, basic and diluted

 

243,948

 

226,849

 

235,676

 

210,946

 

INVITAE CORPORATION
Consolidated Statements of Cash Flows
(in thousands)

 
 

Year Ended December 31,

 

2022

 

2021

 

2020

Cash flows from operating activities:

         

Net loss

$   (3,106,293)

 

$      (379,006)

 

$      (602,170)

Adjustments to reconcile net loss to net cash used in operating activities:

Goodwill and IPR&D impairment

2,313,047

 

 

Impairments and losses on disposals of long-lived assets

60,507

 

 

Gain on sale of RUO kit assets

(47,354)

 

 

Depreciation and amortization

142,071

 

80,472

 

39,050

Stock-based compensation

199,304

 

180,075

 

158,747

Amortization of debt discount and issuance costs

15,587

 

14,226

 

17,204

Remeasurements of liabilities associated with business combinations

(17,756)

 

(411,842)

 

92,348

Benefit from income taxes

(44,904)

 

(36,857)

 

(112,100)

Post-combination expense for acceleration of unvested equity and deferred stock
compensation

8,428

 

9,530

 

91,021

Amortization of premiums and discounts on investment securities

(1,515)

 

6,221

 

1,236

Non-cash lease expense

10,240

 

3,496

 

777

Other

1,018

 

1,487

 

(588)

Changes in operating assets and liabilities, net of businesses acquired:

Accounts receivable

(29,921)

 

(16,696)

 

(2,814)

Inventory

3,130

 

(1,486)

 

(7,832)

Prepaid expenses and other current assets

14,195

 

(14,563)

 

(2,010)

Other assets

3,124

 

(3,274)

 

895

Accounts payable

(2,465)

 

(9,258)

 

10,186

Accrued expenses and other long-term liabilities

(13,404)

 

17,660

 

17,548

Net cash used in operating activities

(492,961)

 

(559,815)

 

(298,502)

Cash flows from investing activities:

         

Purchases of marketable securities

(892,361)

 

(325,957)

 

(280,258)

Proceeds from sales of marketable securities

 

 

12,832

Proceeds from maturities of marketable securities

726,313

 

425,293

 

277,487

Acquisition of businesses, net of cash acquired

 

(247,396)

 

(383,753)

Proceeds from sale of RUO kit assets

44,554

 

 

Purchases of property and equipment

(53,309)

 

(54,720)

 

(22,865)

Other

 

(1,300)

 

(4,026)

Net cash used in investing activities

(174,803)

 

(204,080)

 

(400,583)

Cash flows from financing activities:

         

Proceeds from public offerings of common stock, net

9,658

 

434,263

 

263,688

Proceeds from issuance of common stock

8,157

 

23,767

 

284,203

Proceeds from issuance of convertible senior notes, net

 

1,116,427

 

Proceeds from issuance of debt, net

 

 

129,214

Finance lease principal payments

(5,410)

 

(3,759)

 

(2,655)

Settlement of acquisition obligations

(10,647)

 

(4,758)

 

(1,457)

Net cash provided by financing activities

1,758

 

1,565,940

 

672,993

Net (decrease) increase in cash, cash equivalents and restricted cash

(666,006)

 

802,045

 

(26,092)

Cash, cash equivalents and restricted cash at beginning of period

933,525

 

131,480

 

157,572

Cash, cash equivalents and restricted cash at end of period

$        267,519

 

$        933,525

 

$        131,480

 

Reconciliation of GAAP to Non-GAAP Cost of Revenue
(in thousands)
(unaudited)

 
   

Three Months Ended December 31,

 

Year Ended December 31,

   

2022

 

2021

 

2022

 

2021

Cost of revenue

 

$         92,844

 

$         96,106

 

$       417,256

 

$       348,669

Amortization of acquired intangible assets

 

(26,950)

 

(15,392)

 

(100,568)

 

(49,970)

Acquisition-related stock-based compensation

 

(156)

 

(141)

 

(581)

 

(2,461)

Acquisition-related post-combination expense

 

 

(479)

 

(1,053)

 

(1,058)

Change in fair value of acquisition-related assets

 

 

 

 

(3,148)

Restructuring-related retention bonuses

 

(82)

 

 

(252)

 

Inventory and prepaid write-offs

 

(1,712)

 

 

(18,179)

 

Non-GAAP cost of revenue

 

$         63,944

 

$         80,094

 

$       296,623

 

$       292,032

 

Reconciliation of GAAP to Non-GAAP Gross Profit
(in thousands)
(unaudited)

 
   

Three Months Ended December 31,

 

Year Ended December 31,

   

2022

 

2021

 

2022

 

2021

Revenue

 

$       122,454

 

$       126,121

 

$       516,303

 

$       460,449

Cost of revenue

 

92,844

 

96,106

 

417,256

 

348,669

Gross profit

 

29,610

 

30,015

 

99,047

 

111,780

Amortization of acquired intangible assets

 

26,950

 

15,392

 

100,568

 

49,970

Acquisition-related stock-based compensation

 

156

 

141

 

581

 

2,461

Acquisition-related post-combination expense

 

 

479

 

1,053

 

1,058

Change in fair value of acquisition-related assets

 

 

 

 

3,148

Restructuring-related retention bonuses

 

82

 

 

252

 

Inventory and prepaid write-offs

 

1,712

 

 

18,179

 

Non-GAAP gross profit

 

$         58,510

 

$         46,027

 

$       219,680

 

$       168,417

 

Reconciliation of GAAP to Non-GAAP Research and Development Expense
(in thousands)
(unaudited)

 
   

Three Months Ended December 31,

 

Year Ended December 31,

   

2022

 

2021

 

2022

 

2021

Research and development

 

$         71,529

 

$       131,764

 

$       402,088

 

$       416,087

Amortization of acquired intangible assets

 

(91)

 

(529)

 

(1,429)

 

(2,117)

Acquisition-related stock-based compensation

 

(14,367)

 

(23,703)

 

(80,086)

 

(44,406)

Acquisition-related post-combination expense

 

(3,460)

 

(2,607)

 

(10,646)

 

(6,056)

Restructuring-related retention bonuses

 

(1,339)

 

 

(1,985)

 

Restructuring-related accelerated depreciation

 

(2,607)

 

 

(5,918)

 

Non-GAAP research and development

 

$         49,665

 

$       104,925

 

$       302,024

 

$       363,508

 

Reconciliation of GAAP to Non-GAAP Selling and Marketing Expense
(in thousands)
(unaudited)

 
   

Three Months Ended December 31,

 

Year Ended December 31,

   

2022

 

2021

 

2022

 

2021

Selling and marketing

 

$         46,795

 

$         62,205

 

$       218,881

 

$       225,910

Amortization of acquired intangible assets

 

(1,595)

 

(1,686)

 

(6,451)

 

(6,748)

Acquisition-related stock-based compensation

 

(511)

 

 

(2,885)

 

(2,696)

Acquisition-related post-combination expense

 

 

 

 

(38)

Restructuring-related retention bonuses

 

(243)

 

 

(358)

 

Non-GAAP selling and marketing

 

$         44,446

 

$         60,519

 

$       209,187

 

$       216,428

 

Reconciliation of GAAP to Non-GAAP General and Administrative Expense
(in thousands)
(unaudited)

 
   

Three Months Ended December 31,

 

Year Ended December 31,

   

2022

 

2021

 

2022

 

2021

General and administrative

 

$         43,243

 

$         50,430

 

$       192,314

 

$       248,070

Acquisition-related stock-based compensation

 

(1,119)

 

(32)

 

(7,775)

 

(21,293)

Acquisition-related post-combination expense

 

 

(165)

 

 

(35,628)

Restructuring-related retention bonuses

 

(595)

 

 

(895)

 

Restructuring-related accelerated depreciation

 

(71)

 

 

(182)

 

Non-GAAP general and administrative

 

$         41,458

 

$         50,233

 

$       183,462

 

$       191,149

 

 

Reconciliation of Operating Expenses to Non-GAAP Operating Expenses
(in thousands)
(unaudited)

   

Three Months Ended December 31,

 

Year Ended December 31,

   

2022

 

2021

 

2022

 

2021

Research and development

 

$         71,529

 

$       131,764

 

$       402,088

 

$       416,087

Selling and marketing

 

46,795

 

62,205

 

218,881

 

225,910

General and administrative

 

43,243

 

50,430

 

192,314

 

248,070

Goodwill and IPR&D impairment

 

 

 

2,313,047

 

Restructuring and other costs

 

10,292

 

 

140,331

 

Gain on sale of RUO kit assets

 

(47,354)

 

 

(47,354)

 

Change in fair value of contingent consideration

 

 

190

 

(1,850)

 

(386,646)

Operating expenses

 

124,505

 

244,589

 

3,217,457

 

503,421

Goodwill and IPR&D impairment

 

 

 

(2,313,047)

 

Restructuring and other costs

 

(10,292)

 

 

(140,331)

 

Gain on sale of RUO kit assets

 

47,354

 

 

47,354

 

Change in fair value of contingent consideration

 

 

(190)

 

1,850

 

386,646

Amortization of acquired intangible assets

 

(1,686)

 

(2,215)

 

(7,880)

 

(8,865)

Acquisition-related stock-based compensation

 

(15,997)

 

(23,735)

 

(90,746)

 

(68,395)

Acquisition-related post-combination expense

 

(3,460)

 

(2,772)

 

(10,646)

 

(41,722)

Restructuring-related retention bonuses

 

(2,177)

 

 

(3,238)

 

Restructuring-related accelerated depreciation

 

(2,678)

 

 

(6,100)

 

Non-GAAP operating expenses

 

$       135,569

 

$       215,677

 

$       694,673

 

$       771,085

 

Reconciliation of Other Income, Net to Non-GAAP Other Income (Expense), Net
(in thousands)
(unaudited)

 
   

Three Months Ended December 31,

 

Year Ended December 31,

   

2022

 

2021

 

2022

 

2021

Other income, net

 

$           4,323

 

$         15,832

 

$         23,960

 

$         25,678

Change in fair value of acquisition-related liabilities

 

(240)

 

(16,017)

 

(15,906)

 

(25,196)

Non-GAAP other income (expense), net

 

$           4,083

 

$            (185)

 

$           8,054

 

$             482

 

Reconciliation of Net Loss to Non-GAAP Net Loss and Non-GAAP Net Loss Per Share
(in thousands, except per share data)
(unaudited)

 
   

Three Months Ended December 31,

 

Year Ended December 31,

   

2022

 

2021

 

2022

 

2021

Net loss

 

$       (99,817)

 

$     (205,124)

 

$   (3,106,293)

 

$     (379,006)

Goodwill and IPR&D impairment

 

 

 

2,313,047

 

Restructuring and other costs

 

10,292

 

 

140,331

 

Gain on sale of RUO kit assets

 

(47,354)

 

 

(47,354)

 

Change in fair value of contingent consideration

 

 

190

 

(1,850)

 

(386,646)

Amortization of acquired intangible assets

 

28,636

 

17,607

 

108,448

 

58,835

Acquisition-related stock-based compensation

 

16,153

 

23,876

 

91,327

 

70,856

Acquisition-related post-combination expense

 

3,460

 

3,251

 

11,699

 

42,780

Change in fair value of acquisition-related
assets and liabilities

 

(240)

 

(16,017)

 

(15,906)

 

(22,048)

Restructuring-related retention bonuses

 

2,259

 

 

3,490

 

Restructuring-related accelerated depreciation

 

2,678

 

 

6,100

 

Inventory and prepaid write-offs

 

1,712

 

 

18,179

 

Acquisition-related income tax benefit

 

235

 

(8,480)

 

(39,960)

 

(39,087)

Non-GAAP net loss

 

$       (81,986)

 

$     (184,697)

 

$     (518,742)

 

$     (654,316)

                 

Net loss per share, basic and diluted

 

$           (0.41)

 

$           (0.90)

 

$         (13.18)

 

$           (1.80)

Non-GAAP net loss per share, basic and diluted

 

$           (0.34)

 

$           (0.81)

 

$           (2.20)

 

$           (3.10)

Shares used in computing net loss per share, basic and diluted

 

243,948

 

226,849

 

235,676

 

210,946

 

Reconciliation of Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash to Cash Burn
(in thousands)
(unaudited)

 
 

Three Months Ended

 

Year Ended

 

March 31,
2022

 

June 30,
2022

 

September 30,
2022

 

December 31,
2022

 

December 31,
2022

Net cash used in operating activities

$  (147,543)

 

$   (134,689)

 

$   (128,702)

 

$     (82,027)

 

$         (492,961)

Net cash (used in) provided by investing activities

(449,456)

 

108,965

 

43,797

 

121,891

 

(174,803)

Net cash (used in) provided by financing activities

(920)

 

3,770

 

(1,691)

 

599

 

1,758

Net (decrease) increase in cash, cash equivalents and restricted
cash

(597,919)

 

(21,954)

 

(86,596)

 

40,463

 

(666,006)

Adjustments:

                 

Net changes in investments

428,608

 

(125,087)

 

(55,212)

 

(82,261)

 

166,048

Proceeds from public offering of common stock, net

 

 

(9,658)

 

 

(9,658)

Cash burn

$  (169,311)

 

$   (147,041)

 

$   (151,466)

 

$     (41,798)

 

$         (509,616)

                   

• Cash burn for the three months ended June 30, 2022 includes $0.7 million of acquisition-related payments.

• Cash burn for the three months ended September 30, 2022 includes $29.1 million of restructuring-related cash payments and $14.1 million
of acquisition-related payments.

• Cash burn for the three months ended December 31, 2022 includes $44.5 million of proceeds from the sale of RUO kit assets, $9.3 million
of restructuring-related cash payments and $0.1 million of acquisition-related payments.

 

Contacts for Invitae:

Investor Relations
Hoki Luk
ir@invitae.com

Public Relations
Amy Sands Hadsock
pr@invitae.com 

 

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SOURCE Invitae Corporation

Investor Contact

Christin O’Donnell
VP, Investor Relations
Laboratory Corporation of America Holdings
531 South Spring Street
Burlington, NC 27215
336-436-5076
investor@labcorp.com