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Invitae Announces $73.5 Million Private Placement Offering to Fuel Strategic Growth Opportunities and Reports Preliminary Second Quarter Financial Results

Invitae

Net proceeds are intended to support general corporate purposes, and additionally, to support acceleration of Invitae's strategic growth plan, which includes actively pursuing acquisitions that can provide access to new markets, expansion of the company's test menu, and contribute positively to cash flow after two to three quarters.

Cowen and Company, LLC and Leerink Partners LLC are acting as joint placement agents for the transaction.

"Our strong balance sheet, ongoing volume and revenue growth position us well to accelerate our progress toward becoming the leading provider of genetic information services," said Sean George, chief executive officer of Invitae. "Invitae has built a robust genetic information platform designed to tackle the complex challenges in medical interpretation, investing in tools that are precise, customized and scalable. With this infrastructure fueling continued growth across all categories of our adult inherited testing, we can begin opportunistically expanding our platform content and services through new industry partnerships and strategic acquisitions."

Building on Strength of Growing Business: Preliminary Second Quarter 2017 Results
Invitae continued to see strong growth and increased momentum in its core testing business in the second quarter of 2017. As anticipated, revenue ramp has begun to outpace volume growth as covered lives increased to over 200 million and managed care contracts signed in 2016 become operational. Preliminary results are as follows:

  • Generated revenue of $14.3 in the second quarter of 2017, a 39% increase over the first quarter of 2017 revenue of $10.3 million and a 157% increase over the second quarter of 2016 revenue of $5.6 million.
  • Accessioned more than 30,400 samples in the second quarter of 2017, representing a 17% increase over the first quarter of 2017 and 139% increase over the second quarter of 2016.
  • Reduced cost of goods sold (COGS) per sample accessioned from $500 in the second quarter of 2016 to below $345 in the second quarter of 2017. Total cost of goods sold totaled $10.5 million in the second quarter of 2017, compared to $6.5 million in...

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