INVITAE CORPORATION Reports Decrease of 11.8% in Q2 Revenue
August 13, 2023
🌥️Earnings Overview
For the quarter ending June 30 2023, INVITAE CORPORATION ($NYSE:NVTA) reported total revenue of USD 120.5 million, a drop of 11.8% compared to the previous year quarter in FY2023 Q2. Net income for the same period was USD -206.5 million, a decrease from the loss of -2523.5 million reported in the same quarter a year before.
Analysis
The GoodWhale analysis of INVITAE CORPORATION‘s wellbeing reveals them to have a low health score of 2/10 when it comes to their cashflows and debt. This score indicates that INVITAE CORPORATION is less likely to pay off debt and fund future operations. It is classified as a ‘rhino’, which is a type of company we conclude has achieved moderate revenue or earnings growth. When it comes to investing in INVITAE CORPORATION, it is strong in growth but weak in assets, dividends and profitability. This means that those looking for stability may want to look elsewhere, however those interested in business growth could find INVITAE CORPORATION an attractive option. Investors looking for short-term returns should also be aware that INVITAE CORPORATION’s low cashflow and debt scores indicate they are at risk of not being able to fund their operations or pay back their debts. More…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Invitae Corporation. More…
| Total Revenues | Net Income | Net Margin |
| 493.88 | -799.67 | -115.7% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Invitae Corporation. More…
| Operations | Investing | Financing |
| -300.03 | 355.63 | -135.98 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Invitae Corporation. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.52k | 1.72k | -0.77 |
Key Ratios Snapshot
Some of the financial key ratios for Invitae Corporation are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 28.4% | – | -154.2% |
| FCF Margin | ROE | ROA |
| -64.6% | 401.0% | -31.3% |
Peers
The company offers a wide range of tests for hereditary conditions, cancer, and other disorders. Invitae’s competitors include Shin Nippon Biomedical Laboratories Ltd, Telo Genomics Corp, and LungLife AI Inc.
– Shin Nippon Biomedical Laboratories Ltd ($TSE:2395)
Shin Nippon Biomedical Laboratories Ltd (SNBL) is a Japanese pharmaceutical company with a market cap of 111.12B as of 2022. The company’s Return on Equity (ROE) is 27.83%. SNBL is engaged in the research, development, manufacture, and sale of pharmaceuticals and medical devices. The company’s products include prescription drugs, over-the-counter drugs, and medical devices. SNBL’s products are sold in Japan and other countries.
– Telo Genomics Corp ($TSXV:TELO)
Telo Genomics is a genomic testing company that provides DNA sequencing and analysis services to customers in the healthcare, pharmaceutical, and biotechnology industries. The company has a market cap of 20.8M and a ROE of -45.21%. Telo Genomics is focused on providing its customers with genomic data that can be used to make better informed decisions about their health and the health of their patients.
– LungLife AI Inc ($LSE:LLAI)
LungLife AI Inc is a Canadian company that specializes in developing artificial intelligence (AI) solutions for the early detection and diagnosis of lung cancer. The company’s market cap is 31.6M as of 2022 and its ROE is -24.88%. LungLife AI’s AI technology is designed to improve the accuracy of lung cancer diagnosis by analyzing a patient’s CT scan and providing a report within minutes. The company’s products are currently used by over 1,000 radiologists in Canada, the United States, and Europe.
Summary
Investors should take note of Invitae Corporation‘s recent quarterly results. Total revenue for the quarter ending June 30 2023 was $120.5 million, a 11.8% decrease from the same period in the prior year. Net income also dropped significantly, from -$2523.5 million in the prior year quarter to -$206.5 million this quarter. This indicates that the company is undergoing financial struggles, and investors should proceed with caution before investing in Invitae Corporation.
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