Skip to main content
Premium Trial:

Request an Annual Quote

Invitae Reports Sharp Jump in Q4 Revenues

NEW YORK (GenomeWeb) – Invitae reported on Tuesday after the close of the market a nearly 10-fold year-over-year increase in its revenues for the fourth quarter. 

The San Francisco-based cancer genetics testing firm said that it recorded $875,000 in revenues for the three months ended Dec. 31, 2014, compared to $88,000 in the year-ago quarter. More than 1,800 billable reports were delivered during the recently completed quarter, Invitae, which went public last month, said.

Its net loss for the quarter was $15.5 million, or $16.75 per share, compared to a net loss of $8.1 million, or $11.18 per share, in Q4 2013. 

Its R&D spending rose 20 percent year over year to $6.5 million from $5.4 million, while its SG&A costs increased to $7.4 million from $2.6 million.

For full-year 2014, Invitae reported revenues of $1.6 million compared to $148,000 in 2013 and said that it delivered more than 3,600 billable reports in 2014. 

Its net loss 2014 came in at $47.7 million, or $56.34 per share. In 2013, Invitae had a net loss of $25 million, or $36.13 per share.  

Its R&D costs of $22.1 million in 2014 were a 38 percent increase from $16 million in 2013. Its SG&A spending rose to $21.4 million in 2014 from $8.2 million in 2013. 

The company finished 2014 with $107 million in cash and cash equivalents. 

Invitae's highlights for 2014 included attaining coverage eligibility from Blue Shield of California and SelectHealth, as well as from the Centers for Medicare and Medicaid Services. The company also received accreditation from theCollegeofAmerican Pathologists.

For 2015, Invitae expects to deliver 14,000 to 17,000 billable tests to its customers. It said that test volumes are anticipated to grow in the second half of the year as the company grows its test menu while also adding more content to its tests. By the end of 2015 it expects its content will grow to more than 500 genes, it said.

It added that it plans to reduce its average cost of goods during the year, while streamlining its billing and reimbursement efforts and increasing its managed care sales force. 

Invitae CEO Randy Scott said in a statement that the company believes it can "accelerate the adoption of comprehensive genetic information into mainstream medical practice and realize our long-term mission to make genetic testing more affordable and accessible for billions of people around the world."