NVTA - Invitae slumps 23% on 2023 guidance debt agreement

• Invitae Corp. ( NYSE: NVTA ) is off 23% in Wednesday afternoon trading after issuing lackluster guidance and signing exchange and financing agreements with Deerfield Management Company.
• The medical genetics company said it expects 2023 revenue of "over $500M," which represents low double-digit year-over-year growth. Consensus is $518.33M.
• Invitae ( NVTA ) added it sees non-GAAP gross margin of 48%-50%, compared to 42.5% in 2022. Also, cash burn is expected to be $250M-275M, more than 45% less than in 2022.
• The company intends to exchange about $306M 2% convertible senior notes due 2024 (old notes) for about $275M of new 4.5% series A convertible senior secured notes due 2028.
• In its Q4 2022 quarterly results released Tuesday, Invitae ( NVTA ) beat on the top and bottom lines .

For further details see: