INVITAE CORPORATION Reports Third Quarter Financial Results for FY2023
November 21, 2023
🌥️Earnings Overview
INVITAE CORPORATION ($NYSE:NVTA) revealed on September 30, 2023 their financial results for the third quarter of FY2023. Total revenue for the quarter was USD 121.2 million, representing a 9.2% decline from the same period in the prior year. Conversely, net income reported a loss of USD -942.1 million, compared to a loss of -301.2 million in the same quarter one year earlier.
Price History
The company’s stock opened the day at $0.7 and closed the day at the same price, rising by 0.7% from the previous closing price of $0.7. The company’s focus on expanding its direct-to-consumer genetic testing products has been credited for this strong financial performance. Moreover, the company’s investments in research and development have allowed it to create new products and services, further cementing its position as a leader in the genetic testing industry.
The company’s stock price closed at $0.7, up by 0.7% from the previous closing price of $0.7. With continued focus on research and development, as well as direct-to-consumer products, INVITAE CORPORATION is well-positioned to continue its streak of strong financial performance in the quarters to come. Live Quote…
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 |
| 481.58 | -1.44k | -97.1% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Invitae Corporation. More…
| Operations | Investing | Financing |
| -238.22 | 316.95 | -137.67 |
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 |
| 535.12 | 1.62k | -3.78 |
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 |
| 25.2% | – | -294.0% |
| FCF Margin | ROE | ROA |
| -51.5% | 137.8% | -165.4% |
Analysis
GoodWhale offers investors a unique and comprehensive financial analysis of INVITAE CORPORATION. Our Star Chart provides a health score of 2/10, indicating that the company is less likely to be able to pay off debt and fund future operations. We also classify INVITAE CORPORATION as a ‘cheetah’, a type of company that achieved high revenue or earnings growth, but is considered less stable due to lower profitability. Our analysis shows that INVITAE CORPORATION is strong in growth, but weak in asset, dividend, and profitability. This suggests that INVITAE CORPORATION is not an ideal company for investors looking for a steady income or the security of a large and well-established asset base. However, this also means that high risk investors who are looking for potential capital appreciation may be interested in INVITAE CORPORATION due to its potential for capital growth. More…
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
INVITAE CORPORATION‘s financial results for the third quarter of FY2023 demonstrate a decline in revenue year-over-year, with total revenue reported at USD 121.2 million, a decrease of 9.2% from the same period in the previous year. Net income was reported as USD -942.1 million, compared to a loss of -301.2 million in the same period of the previous year. This suggests that INVITAE CORPORATION is facing significant financial challenges, and investors should approach with caution. Further insight into the company’s financials and outlook should be sought before making any investment decisions.
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