Invitae Corporation (NYSE:NVTA) shares are trading lower this Wednesday after the company reported fourth-quarter financial results and provided guidance for full-year 2023. The company also announced that it has signed exchange and financing agreements with a fund managed by Deerfield Management Company and other investors.
The Details: Invitae announced it expects 2023 revenue to be over $500 million. The average analyst estimate is $516.1 million. The company expects a gross margin in the range of 48%-50% and cash burn in the range of $250-$275 million in 2023.
Additionally, Invitae reported quarterly earnings (losses) of $(0.34) per share compared to the consensus analyst estimate of $(0.53) per share, representing an earnings surprise of 58.02%. The company announced quarterly sales of $122.45 million compared to the analyst consensus estimate of $121.28 million.
Invitae reported yearly earnings of $(2.20) per share compared to $(3.10) last year. The company reported yearly sales of $516.3 million compared to $460.4 million last year.
“2022 was a transformative year for Invitae as we shifted our focus to drive more profitable growth, and we are pleased that the major initiatives under our strategic realignment are now largely completed,” said Ken Knight, president, and CEO of Invitae.
Invitae is a leading medical genetics company trusted by millions of patients and their providers to deliver timely genetic information using digital technology. We aim to provide accurate and actionable answers to strengthen medical decision-making for individuals and their families.
According to data from Benzinga Pro, Invitae Corporation shares were down 21.4%, trading at $1.69 at the time of publication. The stock has a 52-week high of $11.40 and a 52-week low of $1.67.
