NVTA - Invitae Non-GAAP EPS of -$0.30 beats by $0.07 revenue of $120.5M beats by $0.32M

2023-08-08 16:03:09 ET

• Invitae press release ( NYSE: NVTA ): Q2 Non-GAAP EPS of -$0.30 beats by $0.07 .
• Revenue of $120.5M (-11.8% Y/Y) beats by $0.32M .
• Reported revenue of $120.5 million, a 12% year-over-year decrease due to exited businesses and geographies; pro forma revenue up slightly year-over-year
• The company continues to expect its non-GAAP gross margin for 2023 to be between 48%-50%.
• Ongoing cash burn, which includes cash, cash equivalents, marketable securities, and restricted cash and excludes certain items, is now expected to improve to the range of $220-$245 million in 2023 from the company's previous guidance range of $250-$275 million.
• In 2023, cash burn will be higher than ongoing cash burn as a result of the company's voluntary repayment of its $135 million term loan in the first quarter of 2023.
• Adjusts 2023 revenue guidance to $480-$500 million vs $497.55M consensus from over $500 million previously

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