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
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