NVTA - Invitae Non-GAAP EPS of -$0.37 beats by $0.03 revenue of $117.36M beats by $0.79M

2023-05-09 16:12:23 ET

• Invitae press release ( NYSE: NVTA ): Q1 Non-GAAP EPS of -$0.37 beats by $0.03 .
• Revenue of $117.36M (-5.1% Y/Y) beats by $0.79M .
• Non-GAAP gross profit was $56.2 million in the quarter, compared with $45.2 million in the first quarter of 2022, representing a year-over-year growth rate of 24.3%.
• Non-GAAP gross margin was 47.9% in the quarter, as compared with 36.6% in the first quarter of 2022.
• Cash, cash equivalents, restricted cash and marketable securities were $388.7 million as of March 31, 2023, compared to $557.1 million as of December 31, 2022.
• Revenue per patient was $463 in the quarter, compared to $416 in the first quarter of 2022, primarily as a result of our realignment efforts.
• Total patient population as of March 31, 2023 is approximately 3.9 million with over 63% available for data sharing.
• Guidance: Management continues to expect 2023 revenue to be over $500 million, representing low double-digit year-over-year growth compared to 2022 pro forma revenue. The company also continues to expect its non-GAAP gross margin for 2023 to be between 48-50%.
• In 2023, reported 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. Ongoing cash burn is expected to be the same as the company's previous guidance range of $250-275 million.
• Shares -3.73% .

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