Invitae Corporation(NYSE: NVTA), a genetic information company, today announced financial and operating results for the third quarter ended September 30, 2016. Year to date, the company has secured contracts with the top five major payers while making substantial progress on all four of its key metrics. The company also stated it expects to be cash flow positive by the end of 2018. This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20161107006497/en/
(Graphic: Invitae Corporation)
"We believe Invitae has emerged from being a concept story to a company that has industry-leading growth rates in the genetic testing market with a clear path to becoming cash flow positive," said Randy Scott, chairman and chief executive officer at Invitae. "With our recently announced progress in contracting with the top five major payers, we are now shifting our emphasis to driving revenue as a top priority. We will be working diligently to begin to operationalize those contracts as we move in network which should significantly improve our payment rates and drive volume growth throughout 2017 and beyond." The company reported total revenue of $6.3 million in the third quarter of 2016, compared to $2.2 million in the third quarter of 2015. Total costs and operating expenses were $31.2 million in the third quarter of 2016 compared to $24.6 million for the third quarter of 2015. Cost of revenue (cost of tests delivered) was $7.2 million for approximately 15,500 samples accessioned in the third quarter of 2016 compared to $4.0 million for more than 5,400 samples accessioned in the third quarter of 2015. Operating expenses, excluding cost of revenue (cost of tests delivered), were $23.9 million in the third quarter of 2016 compared to $20.7 million for the third quarter of 2015. Net loss was $25.0 million in the third quarter of 2016, or a $0.77 loss per share, compared to $22.5 million in the third quarter of 2015, or a $0.71 loss per share. Operating expenses in the third quarter of 2016 included non-cash expenses of approximately $5.3 million, including depreciation, equity compensation, and non-cash rent expense for a new production facility, which the company expects to occupy later this year.