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Invitae 2020 Preliminary Revenues Rise 28 Percent

This article has been updated with analysts' estimates and stock price information. 

NEW YORK – Invitae on Monday said that it is expecting $278 million in revenues in 2020, a 28 percent increase from $217 million in 2019.

The company's preliminary annual revenues beat the consensus Wall Street estimate of $274.9 million.

"We are very pleased by the acceleration of our business in 2020, particularly in light of the impact of the COVID-19 pandemic on the healthcare system throughout the year," said Invitae CEO Sean George. "The growth in testing during this time of unrelenting stress on the healthcare system further demonstrates the expanding value genetic information is providing patients as they and their physicians face health challenges and decisions."

The company projected billable volume of more than 655,000 in 2020, a 40 percent increase compared to billable volume of 469,000 in 2019. Invitae estimated that at the end of 2020, it will have more $360 million in cash, cash equivalents, restricted cash, and marketable securities.

The company is still factoring in impact from the COVID-19 pandemic and reiterated that it is expecting around $450 million in revenues in 2021. Invitae is targeting between 50 percent and 60 percent annual revenue growth over the next few years. However, the consensus Wall Street estimate for this year's revenues was much more optimistic at $513.7 million.

Invitae will report its fourth quarter and 2020 full-year results in a call in February. In Monday afternoon trading on the Nasdaq, Invitae's stock price was down more than 10 percent at $45.88.

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