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Reuters
2022.07.18 20:24
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Invitae Announces Strategic Business Realignment

July 18 (Reuters) - Invitae Corp:

July 18 (Reuters) - Invitae Corp (NVTA.N) :

  • INVITAE ANNOUNCES STRATEGIC BUSINESS REALIGNMENT TO ACCELERATE ITS PATH TO POSITIVE CASH FLOW AND REALIZE FULL POTENTIAL OF INDUSTRY-LEADING GENETICS TESTING PLATFORM

  • INVITAE CORP - EXITING NON-CORE BUSINESSES AND GEOGRAPHIES TO PRIORITIZE HIGHER-MARGIN BUSINESS INITIATIVES

  • INVITAE CORP - EXPECTS TO DELIVER APPROXIMATELY $326 MILLION IN NON-GAAP ANNUALIZED COST SAVINGS IN 2023

  • INVITAE CORP - PROVIDES PRELIMINARY REVENUE AND GROSS MARGIN RANGES FOR Q2 OF 2022; AMENDS FULL-YEAR 2022 FINANCIAL GUIDANCE

  • INVITAE CORP - ON A PRELIMINARY BASIS, REVENUE FOR QUARTER ENDED JUNE 30, 2022 IS APPROXIMATELY $136 MILLION

  • INVITAE CORP - CASH, CASH EQUIVALENTS, RESTRICTED CASH AND MARKETABLE SECURITIES TOTALED AROUND $737 MILLION ON JUNE 30, 2022

  • INVITAE CORP - Q2 2022 CASH BURN IS ESTIMATED TO BE APPROXIMATELY $150 MILLION

  • INVITAE CORP - AT A HIGH LEVEL, INVITAE WILL ELIMINATE NON-CORE OPERATIONS

  • INVITAE CORP - PLANS TO CONTINUE EXPANSION AND INTEGRATION OF KEY DIGITAL HEALTH-BASED TECHNOLOGIES AND SERVICES

  • INVITAE CORP - PLANS WORKFORCE REDUCTIONS ALIGNED WITH ITS NEWLY-STREAMLINED OPERATIONS

  • INVITAE CORP - REVENUE IN NEAR TERM IS ANTICIPATED TO BE FLAT IN SECOND HALF OF 2022 OVER FIRST HALF, REPRESENTING LOW DOUBLE-DIGIT GROWTH RATE FOR 2022

  • INVITAE CORP - IS ALSO TAKING IMMEDIATE STEPS TO CONSOLIDATE UNDERUTILIZED OFFICE AND LABORATORY SPACE

  • INVITAE CORP - EXPECT 2023 TO BE AN ADJUSTMENT YEAR AND FOR LONGER TERM REVENUE GROWTH RATES TO RETURN TO BETWEEN 15% AND 25% BEYOND 2023

  • INVITAE CORP - MAINTAINING ITS PREVIOUS 2022 CASH BURN GUIDANCE OF $600-650 MILLION

  • INVITAE CORP - NON-CASH RELATED CHARGES ARE EXPECTED TO BE RECORDED IN Q3 OF 2022 AND IN FOLLOWING QUARTERS

  • INVITAE CORP - ANTICIPATES ITS CASH BURN TO BE IN RANGE OF $225-275 MILLION IN 2023, OR A $325-425 MILLION REDUCTION FROM EXPECTED 2022 CASH BURN

  • INVITAE-WILL SHIFT TO SERVING LESS THAN DOZEN INTERNATIONAL GEOGRAPHIES WHERE TESTING SHOWS POTENTIAL TO REACH POSITIVE CASH FLOW IN SHORTER DURATION

  • INVITAE CORP - PLANS TO CONDUCT ORDERLY EXIT FROM TERRITORIES AND COUNTRIES IN WHICH BUSINESS IS MORE NASCENT

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