Invitae Corporation Stock Price, News & Analysis

Invitae (NYSE: NVTA) announced that its Personalized Cancer Monitoring (PCM™) assay has received its first commercial coverage from Blue Shield of California for all solid tumors. Effective from March 1, 2023, the policy deems the test medically necessary for cancer patients (stage I-IV) post-surgery. The PCM assay detects circulating tumor DNA (ctDNA) in blood, aiding in risk assessment and monitoring for cancer recurrence. M.D. Robert Nussbaum emphasized this coverage as a significant advancement for patient care, with ongoing efforts to expand clinical evidence and reimbursement pathways.

Invitae (NYSE: NVTA), a prominent medical genetics company, announced that Ken Knight, its president and CEO, will participate in a fireside chat at the TD Cowen 43rd Annual Health Care Conference on March 6, 2023, at 1:30 p.m. Eastern.

A live audio webcast will be available on the investor section of the company's website, with a replay accessible shortly after the event. Invitae's mission is to integrate comprehensive genetic information into modern healthcare, improving medical decision-making for individuals globally.

Invitae (NYSE: NVTA) announced a transaction led by Deerfield Management to address approximately $306 million of its 2024 convertible debt obligations. Approximately 90% of existing 2024 notes will be exchanged for new notes due in 2028, with 10% equitized. Additionally, Invitae will receive $30 million in cash from investors. This refinancing is aimed at improving the company’s balance sheet and cash flow as it focuses on mainstreaming genetic information in healthcare. The new notes, amounting to approximately $275 million, will be convertible into about 118.6 million shares of common stock.

Invitae (NYSE: NVTA) reported a 12.1% increase in annual revenue, reaching $516.3 million for 2022, though Q4 revenue fell to $122.5 million from $126.1 million year-over-year. The company completed major strategic initiatives and repaid its 2024 term loan, improving its balance sheet. Cash burn was reduced by over 45%, totaling $509.6 million in 2022, and is projected to be between $250-275 million in 2023. Invitae anticipates low double-digit revenue growth for 2023 and a non-GAAP gross margin of 48-50%. Cash, cash equivalents, and investments stood at $557.1 million at year-end 2022.

Invitae (NYSE: NVTA) announced it will report its fourth quarter and full year 2022 financial results on February 28, 2023. The company will host a conference call and webcast at 4:30 p.m. Eastern that day to discuss its financial performance and recent highlights. Investors can register for the call and access further details through the company's website. Invitae focuses on integrating comprehensive genetic information into mainstream healthcare, aiming to enhance the quality and accessibility of genetic testing for patients.

Invitae (NYSE: NVTA) has appointed William H. Osborne to its board of directors and audit committee, effective January 26, 2023. Osborne brings extensive leadership experience from aerospace and transportation sectors, including key roles at Boeing and Navistar. His operational expertise is expected to enhance Invitae's mission to make medical genetics affordable and accessible. CEO Ken Knight emphasized Osborne's potential to drive innovation and streamline processes within the company. Invitae aims to leverage this new perspective to improve healthcare outcomes for millions, aligning with its goal of integrating genetic information into mainstream medicine.

Invitae (NYSE: NVTA) reported preliminary, unaudited revenue for 2022, totaling approximately $516 million, marking a 12% year-over-year growth from $460 million in 2021. The fourth quarter revenue was about $122 million, a drop from $126 million in the previous year. As of December 31, 2022, the company had over $555 million in cash and equivalents, with a declining cash burn trend noted. Active healthcare accounts increased by 8% and commercial partnerships by 29%. The company will present at the J.P. Morgan Healthcare Conference on January 11.

Invitae (NYSE: NVTA), a leader in medical genetics, will have CEO Ken Knight present at the 41st Annual J.P. Morgan Healthcare Conference on January 11, 2023, at 12:00 p.m. Eastern. The presentation will be accessible through the company's investor section at ir.invitae.com. Invitae aims to provide comprehensive genetic information to improve healthcare, trusted by millions for personalized insights. A replay of the presentation will be available post-event.

Integrated DNA Technologies (IDT) has acquired Invitae's Archer® Next Generation Sequencing (NGS) research assays for approximately $48 million. This strategic purchase aims to enhance IDT’s oncology research capabilities, allowing labs to identify biomarkers and boost cancer research. The acquisition includes a license to Invitae’s AMP™ technology, and the NGS assays are expected to integrate smoothly with IDT's existing xGen™ offerings, which have experienced significant growth since 2019. The deal also adds over 100 new associates globally to IDT’s workforce.