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Invitae Q4 Revenues Increase 26 Percent

NEW YORK – Invitae reported on Thursday that its fourth quarter 2021 revenues increased 26 percent from the prior year.

For the three months ended Dec. 31, 2021, Invitae reported $126.1 million in revenues compared to $100.4 million in Q4 2020, just shy of the consensus Wall Street estimate of $126.7 million. Invitae reported testing revenue of $121.6 million for the quarter, as well as $4.5 million in other revenue.

Invitae billed for 327,000 tests in Q4 2021. Billable test volume includes individual test reports and units, or reactions, which the firm defines as a set of reagents customized to perform an NGS test. The company recently stopped reporting accessioned samples.

Invitae's net loss for the quarter was $205.1 million, or $.90 per share, compared to a net loss of $234.3 million, or $1.30 per share, in Q4 2020. On an adjusted basis, the company reported a loss per share of $.81, higher than analysts' average estimate of a loss per share of $.73.

Its R&D spending in Q4 was $131.8 million, up 83 percent from $72.2 million in the year-ago period. Meanwhile, its SG&A costs fell 53 percent year over year to $112.6 million from $241.2 million.

For full-year 2021, Invitae's revenues increased 65 percent to $460.5 million compared to $279.6 million in 2020 but came in below analysts' consensus estimate of $461.7 million. During the year, its testing revenue was $444.1 million and other revenues amounted to $16.4 million.

The firm billed for 1.17 million tests in 2021, marking a 77 percent increase year over year.

"2021 was another year of industry leading growth and the addition of almost 1 million patients onto the Invitae platform, providing further evidence that the Invitae vision and one-of-a-kind testing, digital health, and data network are ushering in the era of genomic health management," Invitae cofounder and CEO Sean George said in a statement.

Invitae's net loss for full-year 2021 was $379.0 million, or $1.80 per share, compared to a net loss of $602.2 million, or $4.47 per share, in 2020. Non-GAAP loss per share was $3.10, higher than analysts' average estimate for a loss of $2.99 per share.

The firm reported R&D costs of $416.1 million in 2021, a 73 percent increase from $240.6 million in 2020. SG&A spending increased 8 percent to $474.0 million in 2021 from $438.3 million in 2020.

As of Dec. 31, Invitae had $923.3 million in cash and cash equivalents, $10.3 million in restricted cash, and $122.1 million in marketable securities.

Looking to 2022, George said he expects Invitae to maintain its industry-leading position in the hereditary cancer testing space and enter new markets in precision oncology. Earlier this month, the company announced it is launching its FusionPlex Dx and LiquidPlex Dx genomic profiling panels in Europe after garnering CE-IVD marking.

To meet increasing demand for precision oncology products, the company this year will launch a tumor-informed Personalized Cancer Monitoring test and a whole-exome sequencing-based therapy selection test. George said Invitae is on track to launch PCM in the first half of 2022, and the WES therapy selection test in the second half of the year. "All of this will contribute to the oncology group's growth," he noted.

With regard to PCM, George explained that through the ArcherDx acquisition it has access to technology that enables detection of many variants at a lower cost. While there are high levels of reimbursement currently for minimal residual disease testing in certain indications, he predicted that oncologists' adoption of such testing will likely outpace insurers' willingness to cover them. "People battling cancer are going to demand [cancer monitoring] far ahead of reimbursement guidelines broadly," George said. "This is where the cost basis is going to be really important as we test price out."

In 2022, the company is expecting revenues to grow 40 percent year over year to $640 million.