InVitae (NVTA) reported Q2 EPS of ($0.68), $0.08 better than the analyst estimate of ($0.76). Revenue for the quarter came in at $136.6 million versus the consensus estimate of $137.5 million.
GUIDANCE:
Invitae (NYSE:NVTA) is reiterating its financial guidance. The company expects a low double-digit growth rate for its full year 2022 revenue over 2021. Longer term revenue growth rate is expected to return to between 15% and 25% beyond 2023.
Invitae is maintaining its 2022 cash burn guidance of $600-650 million, which includes up to an estimated $75 million cash to be used for realignment activities and severance. The company also continues to anticipate its cash burn to be in the range of $225-275 million in 2023, which includes up to an estimated $25 million cash to be used for realignment activities and severance.
2022 non-GAAP gross margins are expected to continue to increase for the rest of the year, based on ongoing margin improvement efforts and the current realignment initiatives, to the range of 42-43% for full year 2022.
Additional non-cash related charges are expected to be recorded in the third quarter of 2022 and in following quarters