Invitae Corp Reports Net Loss of $942 Million for the Quarter

Invitae Corp [NVTA], the leading genetics company, announced its financial results for the third quarter of 2023. The company reported a net loss of $942 million for the quarter, compared to a net loss of $301 million in the same period last year. Quarterly revenue for Invitae Corp stood at $121 million.

Financial Performance

Despite the significant net loss, the company achieved a slight increase in revenue compared to the previous year. However, the increase was not substantial enough to offset the high operating expenses, resulting in a larger net loss for the quarter. The company's operating expenses totaled $1.1 billion, driven by costs related to research and development, sales and marketing, and general and administrative activities. Additionally, the company incurred impairment charges of over $1 billion, primarily related to goodwill and intangible assets.