Invitae (NYSE: NVTA) announced its 2022 Q2 financial results on August 9, 2022. According to the announcement, total revenue was up 17% (3 months, YoY). On the other hand, Invitae recorded asset impairment of 2,318 million USD. As a result, loss from operation and net loss were 2,520 million USD and 2,523 million USD, respectively (3 months).
By the end of 2022 Q2, the shareholders’ equity ratio had decreased to 17% due to the asset impairment.
Non-GAAP gross margin recorded 40%, up 5 pp (3 months, YoY). It was calculated by excluding parts of acquisition related costs from GAAP gross margin. In this regard, GAAP gross margin was 19%.
Net cash used in operating activities was 282 million USD (6 months). In addition, net cash used in investment activities was 340 million USD. Thus, FCF recorded a loss of 623 million USD.
On quarterly basis, cash burn in 2022 Q1 was 169 million USD. However, it was improved to 147 million USD in 2022 Q2.
Based on these information, we believe that Invitae is improving the profitability of its business while steadily reducing expenses as well as cash outflow.
Invitae Corporation (NYSE: NVTA) Stock Chart
- Watanabe & Brothers’ Investment is holding shares of Invitae Corporation.
- This report is provided solely for informational purpose and not intended for the purpose of soliciting investment in, or as a recommendation to purchase or sell any specific products.
- Any opinions or statements expressed in this report are based on the author’s personal and subjective views, and are not the official views of the organization to which the author belongs. In addition, although we have done our best efforts in making accurate assessments on the original financial statements, we cannot guarantee any complete accuracy of this report. We do not guarantee either that any future forecasts referred to in this report will certainly be realized. Investment in listed stocks, ETFs, etc. should be carried out under the responsibility of each investor, and even if the investor who read this report suffers a loss due to investment activities, Watanabe & Brothers’ Investment is not responsible for any liability.
- This report was originally prepared in English, and translated into the other languages with plugin utilizing Google Translation API. We hereby notify that the translations are provided only for the sake of reference, and any opinions or statements in this report should be interpreted in original English. We ask any investors reading this report to refer to the original financial statements issued by the company.