Shares of Invitae (NYSE: NVTA) were skyrocketing 53.5% as of 11:14 a.m. ET on Wednesday. The huge gain came after the medical genetics company announced its second-quarter results following the market close on Tuesday.
Second-quarter revenue was $136.6 million, up 17.5% year over year. The company posted a net loss of $2.5 billion, or $10.87 per share, based on generally accepted accounting principles ( GAAP ). Invitae's non-GAAP net loss in the second quarter was $158.5 million, or $0.68 per share. This was an improvement from the prior-year period and was better than the consensus estimate of a non-GAAP net loss of $0.74 per share.
The company also maintained its full-year revenue guidance of low double-digit growth. Invitae stated that it expects revenue growth to return to a range of 15% to 25% beyond 2023.
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Why Invitae Stock Is Skyrocketing Today