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Actionable news in NVTA: INVITAE CORPORATION,

InVitae: San Francisco, February 9, 2016

The following excerpt is from the company's SEC filing.

Invitae Corporation (NYSE: NVTA) today reported financial and operating results for the fourth quarter and full year ended December 31, 2015. The company met its volume guidance by delivering approximately 19,000 billable tests in the year and announced its plan to deliver 50,000-70,000 billable tests in 2016.

In 2015, we demonstrated our ability to scale our genetic testing business and proved a hypothesis that is fundamental to our future success: delivering comprehensive, high quality genetic testing at an affordable price resonates with clinicians and drives volume, said Randy Scott, chairman and C EO of Invitae.

In 2016, were planning to expand our test menu to cover more clinically-relevant indications while improving quality and lowering costs.

By the end of 2016, we expect to be close to our goal of aggregating all of the worlds medically-relevant genetic tests into a single service with better quality, faster turnaround time, and affordable prices, said Sean George, president and COO of Invitae. Upon expanding our menu and reaching this goal, the many hundreds of rare disease advocacy organizations representing hundreds of thousands of patients will have a partner in providing access to comprehensive, high quality, truly affordable genetic testing services.

Following are the results of the companys key metrics in 2015:

Generated revenue of $3.2 million in the fourth quarter of 2015 and a total of $8.4 million for the year.

Reduced cost of goods sold (COGS) per sample accessioned from less than $1,200 in the first quarter of 2015 to less than $700 in the fourth quarter, while increasing the production and medical teams in anticipation of additional content and volume. This represents a 42% decrease in COGS per sample accessioned from the beginning of 2015.

More than doubled the size of its genetic testing platform to include more than 600 genes in production and began releasing dozens of new test panels for hereditary cancer, cardiovascular, neuromuscular, pediatric, and other rare disorders.

Delivered approximately 19,000 billable tests for the year, representing a greater than 400% increase from the more than 3,600 billable tests delivered in 2014. Additionally, the company reported that it accessioned more than 20,000 samples in 2015.

Delivered approximately 7,000 billable tests in the fourth quarter of 2015, representing a 36% increase over the third quarter of 2015, and accessioned approximately 8,000 samples in the quarter.

Signed additional contracts with payers in addition to 41 active institutional contracts as of the end of 2015.

Total operating expenses for the fourth quarter of 2015 were $27.5 million, compared with $24.6 million for the third quarter of 2015. For the full year, operating expenses were $97.9 million, compared to $49.0 million in 2014. Net loss was $24.4 million in the fourth quarter of 2015, or a $0.76 loss per share compared to a net loss of $15.3 million and a $16.56 loss per share in the fourth quarter of 2014. Net loss for the full year 2015 was $89.8 million, or a $3.18 loss per share compared to a net loss of $47.5 million or a $56.14 loss per share in the full year 2014.

At December 31, 2015, the company held approximately $131.8 million in cash and cash equivalents, marketable securities and restricted cash.

2016 Business Objectives:

The company announced business objectives for 2016, including plans to:

reduce COGS to under $500 per report by the end of 2016;

expand its test menu to...


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