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Invitae Expects 2017 Revenues to More than Double

NEW YORK (GenomeWeb) – Invitae said today that it expects to report revenues of $59 million in 2017, which represents more than double year-over-year growth and is within its projected guidance.

In reporting preliminary financial results this week, Invitae estimated a 136 percent growth in 2017 revenues compared to $25 million in 2016. The company had issued year-end revenue guidance of between $55 million and $65 million.

Last year, Invitae acquired Good Start Genetics and CombiMatrix. These businesses will likely increase total 2017 revenues to $67 million, Invitae said. 

"The strength of our adult inherited genetics business and our newly acquired reproductive and family health genetics business positions us to launch an integrated platform in 2018 that supports the use of genetic information throughout mainstream medical care and across all stages of life," Invitae CEO Sean George said in a statement.

In its base business, the company estimated it had accessioned more than 134,000 samples, a 127 percent increase compared to 59,000 samples accessioned in 2016, and exceeding its projected range of 120,000 to 130,000 samples accessioned. Including the acquired businesses, Invitae expects to push the number of samples accessioned in 2017 to around 150,000.

This year, Invitae anticipates it will accession at least 250,000 samples and generate at least $120 million in revenues between its base business and acquired companies.

The company will present final Q4 and full-year 2017 financial results in February. 

Invitae's shares were down nearly 9 percent to $9.19 in midday trading on the New York Stock Exchange.

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