NEW YORK – Invitae announced on Sunday preliminary 2019 revenues of around $216 million, representing 45 percent growth over $147.7 million the prior year but falling short of the consensus Wall Street estimate of $219.9 million and short of its own annual revenue projections of $220 million.
The company said testing volume grew 60 percent year over year to more than 482,000 samples compared to 303,000 samples in 2018. The company had previously projected that it would accession more than 500,000 samples in 2019.
At the end of the year, the company had cash, cash equivalents, restricted cash, and marketable securities of nearly $400 million. Invitae said it expects to exit the year with a cash burn of $278.3 million.
Invitae estimated that in 2020 it would accession more than 725,000 samples and bring in more than $330 million in revenue, slightly above current Wall Street projections. Since the company launched in 2010, it estimated it has provided genetic sequencing to more than one million patients and has tested approximately 750,000 patients in the past two years.
The firm will provide its full, audited financial results in an earnings call in February.