Invitae Reports Third Quarter 2022 Financial Results

 — Continued to execute against realignment plan and portfolio optimization initiatives —
— Reported revenue of $133.5 million, a 16.7% YoY increase —
— Cash, cash equivalents, restricted cash and marketable securities of $596 million as of 9/30 —
— On track to achieve planned cash burn reduction of approximately $326 million, to be fully realized by 2023 —
— 2022 cash burn guidance lowered; maintained other financial targets —
— Conference call and webcast today at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time —

SAN FRANCISCO, Nov. 8, 2022 /PRNewswire/ -- Invitae (NYSE: NVTA), a leading medical genetics company, today announced financial and operating results for the third quarter ended September 30, 2022.

"In the third quarter, we continued to deliver positive results as the organizational realignment and expense controls we put in place resulted in another quarter of improvements in our non-GAAP gross margin and operating expense, as well as our cash burn. There are also early signs demonstrating that the steps we've taken to drive higher-quality revenue are taking hold, driven by our portfolio optimization efforts and a focus on operational excellence," said Ken Knight, president and chief executive officer of Invitae. "We continue to be optimistic about the vitality of Invitae's many strengths, including our great assets, capabilities, and a comprehensive, synergistic set of solutions serving the current and future needs of our patients and partners. I am pleased with the momentum, and our energy is targeting significant market opportunities."

Third Quarter 2022 Highlights