The company develops genetic tests that evaluate people’s risks of developing many diseases. The company’s tests cover a wide swath of different health conditions and healthcare fields “including hereditary cancer, cardiology, neurology, pediatrics, oncology, metabolic conditions, and rare diseases.”
Invitae’s Second-Quarter Results
On Aug. 9 after the market closed, Invitae announced that its revenue had climbed 17% year-over-year to $136.6 million, slightly above analysts’ average estimate of $136 million. It reported a per-share loss of 68 cents, versus analysts’ average estimate of a per-share loss of 76 cents.
Invitae’s “total active healthcare provider accounts” climbed 25% YOY last quarter to 20,217, while its cash burn slowed to $147 million from $169 million in Q1 of 2022. The company expects to have enough cash to continue its operations until “the end of 2024.”
On the guidance front, Invitae continues to anticipate that its revenue will increase around 10%-12% this year, and it still expects to burn $600 million to $650 million of cash this year. In 2023, Invitae continues to anticipate that its cash burn will fall from $275 million to $225 million.
NVTA Stock: A Meme Stock in the Making?
After releasing its Q2 results, Invitae garnered a significant amount of attention on social media. Many of those discussing NVTA stock on social media were urging retail investors to work together to create a “short squeeze” in the name.
A Negative Preannouncement and Other News in July
On July 21, Invitae unveiled Q2 sales that were below analysts’ average outlook. The company also announced that its COO would become CEO, and reported that it would undergo a restructuring process that’s expected to generate “$326M in annualized cost savings by 2023.”
On the date of publication, Larry Ramer did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.