Invitae Q1 net loss widens 66% amid rise in R&D, marketing expenses (updated)
May 03, 2022 4:41 PM ETInvitae Corporation (NVTA)By: Jonathan Block, SA News Editor7 Comments
- Invitae (NYSE:NVTA) saw its Q1 2022 net loss widen 66% to $181.9M as the genetic test maker was hampered in the quarter by increases in R&D, and sales and marketing costs.
- Both the net loss and revenue of $123.7M -- though a ~19% year-over-year increase -- both missed consensus estimates.
- R&D expenses of $128.2M was a ~60% increase from Q1 2022. Sales and marketing expenses of $60.1M was a ~17% increase.
- Invitae (NVTA) noted that it intends to reduce its cash burn throughout 2022, extending its cash runway through 2023.
- The company ended the quarter with $885M in cash.
- Invitae (NVTA) also disclosed in a 10-Q filing that it received a subpoena from the U.S. Attorney's Office for Massachusetts asking for documents regarding our sponsored testing programs. The company said it is cooperating.
- Read why Seeking Alpha contributor Alexander Ebbinghouse considers Invitae (NVTA) a strong buy.
This was corrected on 05/03/2022 at 6:07 PM. This article has been updated to reflect the disclosure of a federal subpoena Invitae has received.