Invitae

Invitae reported $25.4 million in fourth quarter revenues compared to $9.2 million in Q4 2016, beating the consensus Wall Street estimate.

The Index outperformed the Dow Jones, the Nasdaq, and the Nasdaq Biotechnology Index, and reversed the 3 percent loss it saw in December.

At the Precision Medicine World Conference, Invitae executives noted that early experience in the genetic screening pilot found more people received positive results than previously expected.

Among the firms reporting, BGI talked about plans to cut down the time and cost of its WGS service, and Invitae's CEO made a surprising proclamation about genetic testing.

Invitae is expecting to net revenues of $59 million in 2017 via its base business, and $67 million in total revenues including acquired companies. 

The company will now offer free genetic testing to patients at risk for acute hepatic porphyrias, a class of diseases for which it is developing a treatment.

There were fewer mergers and acquisitions in the omics space in 2017, breaking a two-year streak of growth — however, the deals themselves stayed fairly large.

Invitae issued approximately $21.2 million in shares of its own common stock to former CombiMatrix shareholders. 

The genetic testing firm posted revenues of $18.1 million for the quarter, compared with $6.3 million for the year-ago period.

The company estimates that the quality control issue resulted in between two and 15 patients getting a false negative result. 

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