- Invitae ( NYSE: NVTA ) shares are down 16% in Tuesday afternoon as investors deal with the aftermath of a slew of post-market news from the medical genetics company after Monday's closing bell.
- Besides having the company's COO take over as CEO effective immediately, Invitae ( NVTA ) reported Q2 preliminary revenue below consensus estimates and said revenue will remain flat in the second half of the year.
- Invitae will try to right the ship through a restructuring that includes $326M in annualized cost savings by 2023.
- Year to date, shares are down ~86% .
- Due to the restructuring, Seeking Alpha contributor Bill Maurer calls Invitae ( NVTA ) a strong sell.
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Invitae down 16% as investors take in new CEO, 2022 revenue guidance, and restructuring