SAN FRANCISCO, Jan. 11, 2021 /PRNewswire/ -- Invitae
Corporation (NYSE: NVTA), a leading medical genetics company,
announced preliminary unaudited full-year 2020 results, reporting
strong growth in volume and revenue, signaling continued momentum
into 2021.
"We are very pleased by the acceleration of our business in
2020, particularly in light of the impact of the COVID-19 pandemic
on the healthcare system throughout the year," said Sean George, Ph.D., co-founder and chief
executive officer of Invitae. "Our results underscore the strength
of our customer relationships, our continued ability to execute and
the benefits of the investments we've made in expanding our menu,
services and platform. The growth in testing during this time of
unrelenting stress on the healthcare system further demonstrates
the expanding value genetic information is providing patients as
they and their physicians face health challenges and
decisions."
Preliminary, unaudited financial results and other metrics
for 2020
- Generated revenue of more than $278
million in 2020, an approximate 28% increase from
$217 million in 2019
- Reported billable volume of more than 655,000 in 2020, an
approximate 40% increase from billable volume of 469,000 in
2019
- Announced year-end 2020 cash, cash equivalents, restricted cash
and marketable securities of more than $360
million as of December 31,
2020
Outlook for 2021
Looking ahead to 2021 and
factoring in the continued impact associated with the COVID-19
pandemic, Invitae reiterates its stated outlook for revenue growth
targets of 50% - 60% annual growth over the next few years consistent with its view at
the time of the announcement of the ArcherDX acquisition. Invitae
anticipates generating revenue in excess of $450 million in 2021.
"We are confident we will continue growing rapidly in 2021, even
as we navigate the continued pressure the pandemic is placing on
clinicians," said Dr. George. "Our momentum coming out of 2020 and
the underlying strength and breadth of our platform enable us to
recognize and overcome these challenges while continuing to drive
the acceleration of the adoption of genetics in mainstream medicine
as the new standard of care."
Invitae has not completed preparation of its financial
statements for the fourth quarter or full year 2020. The
preliminary, unaudited results presented in this press release for
the year ended December 31, 2020 are
based on current expectations and are subject to adjustment. Actual
results may differ materially from those disclosed in this press
release. Invitae will report its full financial results and other
metrics during its fourth quarter and year-end 2020 conference call
in February.
Invitae's Presentation at 39th Annual J.P. Morgan Healthcare
Conference
Invitae will present at the 39th Annual J.P.
Morgan Healthcare Conference on Tuesday,
January 12, 2021 at 10:50 a.m.
Eastern/7:50 a.m. Pacific. Following
the company presentation, management will participate in a breakout
session at 11:10 a.m.
Eastern/8:10 a.m. Pacific. The 2021
J.P. Morgan Healthcare Conference is being held virtually via
webinar. A live webcast of both the presentation and the breakout
session may be accessed at the following direct link or by
visiting the investors section of the company's website
at ir.invitae.com. Public listeners can access an audio and
slide recording of the session, which will be available shortly
after the conclusion of the presentation and breakout session on
the investors section of the company's website
at ir.invitae.com.
About Invitae
Invitae Corporation (NYSE:
NVTA) is a leading medical genetics company whose mission is
to bring comprehensive genetic information into mainstream medicine
to improve healthcare for billions of people. Invitae's goal is to
aggregate the world's genetic tests into a single service with
higher quality, faster turnaround time, and lower prices. For more
information, visit the company's website at invitae.com.
Safe Harbor Statements
This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including the company's
preliminary financial results for 2020, including billable volume,
revenue, cash, cash equivalents, restricted cash and marketable
securities; the company's guidance for 2021, including revenue
levels; revenue growth targets; the company's beliefs regarding its
ability to grow rapidly in 2021; the company's beliefs about its
ability to continue to drive the acceleration of the use of
genetics throughout mainstream medicine; the company's beliefs
about its ability to recognize and overcome certain challenges; the
company's beliefs regarding the strength of various attributes of
its business that it believes prove a basis for such growth; the
company's beliefs regarding the benefits of its acquisitions; and
the company's beliefs regarding the momentum in its business and
the drivers of such momentum. 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: actual results for
the fourth quarter and full year 2020, the year-end close process
and audit of the company's financial statements; the company's
ability to build on momentum in its business and the drivers of
momentum; the impact of the COVID-19 pandemic on the company's
business; the company's history of losses; the company's need to
scale its infrastructure in advance of demand for its tests and to
increase demand for its tests; the company's ability to compete;
the company's ability to develop and commercialize new tests and
expand into new markets; risks associated with the company's
ability to use rapidly changing genetic data to interpret test
results accurately, consistently, and quickly; the risk that the
company may not obtain or maintain sufficient levels of
reimbursement for its tests; the company's ability to successfully
integrate acquired businesses, and the benefits to the company of
any such acquisitions; laws and regulations applicable to the
company's business; the impact of litigation on the company's
business; and the other risks set forth in the company's filings
with the Securities and Exchange Commission, including the risks
set forth in the company's Quarterly Report on Form 10-Q for the
quarter ended September 30, 2020.
These forward-looking statements speak only as of the date hereof,
and Invitae Corporation disclaims any obligation to update these
forward-looking statements.
Contact:
Laura D'Angelo
ir@invitae.com
(628) 213-3369
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SOURCE Invitae Corporation