NEW YORK (GenomeWeb) – Invitae today announced that it is expecting revenues of more than $144 million in 2018, more than double the revenue it generated in 2017.
As part of a preliminary financials report, the company said it doubled testing volume year over year to more than 302,000 samples compared to around 150,000 in 2017. The revenue projections are approximately $2 million above consensus Wall Street estimates, and testing volume exceeds the company's own prior guidance of 285,000 samples.
Invitae also said that in the fourth quarter it continued to push down the cost of goods sold to less than $250 per sample compared to $260 in the third quarter.
At the end of the year, the company had a cash balance of $130 million, and access to an additional $125 million. Invitae said it expects to exit the year with less than $19 million in quarterly cash burn.
In 2019, Invitae projected it would test more than 500,000 samples and net more than $220 million in revenue.
The firm will provide its full, audited financial results in an earnings call in February.
In Monday morning trade on the New York Stock Exchange, shares of Invitae were up 14 percent at $13.33.