Invitae (NYSE: NVTA) announced its 2022 Q4 financial results on February 28, 2023. According to the announcement, total revenue was down 2.9% (3 months, YoY). In addition, Invitae recorded operating loss and net loss of -94,895 thousand USD and -99,817 thousand USD, respectively (3 months). Please note that these losses in 2022 are significantly smaller than those in 2021. As of the end of December 2022, Invitae’s current ratio was 641.2%,. Shareholders’ equity ratio was 5.2%.
Looking at revenue growth by category, test revenue was down 2.1%. On the other hand, other revenue was down 24.1% (3 months, YoY).
Net cash used in operating activities was outflow of 492,961 thousand USD in 2022 (TTM). It was outflow 559,815 thousand USD in 2021. In addition, free cash flow has also reduced from -763,895 thousand USD in 2021 to -667,764 thousand USD in 2022.
Next, let’s look at the transition of the quarterly amounts of free cash flow. Free cash flow have been recorded as outflow by 2022 Q3. However, Invitae recorded inflow in 2022 Q4 in the amount of 39,864 thousand USD. Cash burn also tends to decrease over time.
So far, Invitae’s stock price has continued to decline so far. In order for the stock price to continue to rise, it is necessary to achieve stable positive operating cash flow or free cash flow as well as positive adjusted EBITDA. It would be necessary to carefully monitor whether the positive free cash flow in 2022 Q4 will continue in the future.
- Watanabe & Brothers’ Investment is holding shares of Invitae Corporation.
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