Invitae (NYSE: NVTA) announced its 2023 Q1 financial results on May 9, 2023. According to the announcement, total revenue was down 5.1% (YoY, 3 months). Operating loss was 175,371 thousands USD (3 months). In this regard, the operating loss in 2022 Q1 was 213,233 thousands USD. Thus, the amount of the operating loss in 2023 seems to be on a downward trend compared to 2022.
In addition, net loss was 192,143 thousands USD (3 months), up 5.7% year-over-year.
As of the end of 2023 Q1, Invitae recorded the current ratio of 265.2% (641.2% in 2022 Q1). Moreover, the amount of Invitae’s debt exceeded its amount of gross asset.
Net cash used in operating activities was 34,398 thousands USD, down 76.7% year-over-year (3 months). In addition, free cash flow was recorded as a cash inflow of 39,480 thousands USD. The positive free cash flow seems to be thanks to maturities of its holding marketable securities.
Gross profit was up 8.8% (YoY, 3 months), with a gross margin of 26.6% (3 months; 21.5% in 2022 Q1).
In this quarter, the amount of cost of revenue was down 8.9% and that of total operating expenses were down 13.1% (3 months, YoY). This shows Invitae’s continuous efforts for the cost reduction.
Furthermore, Invitae’s research and development expenses were down 51.7% (YoY, 3 months). However, the research and development expenses still account for 52.8% of the total revenue. Thus, it seems necessary to compress them to, for example, about 10% or less.
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