Invitae (NYSE: NVTA) is a small-cap stock with huge potential in the genetic testing market. The company makes money from providing testing services that can check for rare diseases, hereditary cancer, and other conditions that someone may be susceptible to based on their genes. Its goal is to make genetic tests simpler, more efficient, and cheaper.
The company has been achieving terrific growth in recent years, but the problem is that the rest of its financials haven't looked so great, with Invitae still nowhere near breakeven. Does the company's potential in the long run make up for that, and could Invitae be a stock that helps you retire a millionaire?
Invitae is in the genetic testing business and that's an area that has a lot of potential, but the caveat is that it may be a while before it gets realized. According to estimates from Fortune Business Insights, the U.S. genetic testing market was worth a modest $4 billion in 2019. By 2027, it is expected to more than double to $10.3 billion, which equates to a 13% compound annual growth rate.
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Could Invitae Stock Help You Retire a Millionaire?