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.
- 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.