0001501134false00015011342023-08-082023-08-08

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
 
 CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report: August 8, 2023
(Date of earliest event reported)
invitaelogoa.jpg
Invitae Corporation
(Exact name of the registrant as specified in its charter)
Delaware001-3684727-1701898
(State or other jurisdiction of(Commission(I.R.S. employer
incorporation or organization)File Number)identification number)
1400 16th Street, San Francisco, California 94103
(Address of principal executive offices, including zip code)
(415) 374-7782
(Registrant’s telephone number, including area code)
N/A
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of exchange on which registered
Common Stock, $0.0001 par value per shareNVTANew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐


Item 2.02Results of Operations and Financial Condition.
On August 8, 2023, Invitae Corporation (the "Company") issued a press release announcing financial results for its fiscal quarter ended June 30, 2023. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01Financial Statements and Exhibits.

(d) Exhibits 
Exhibit No.
Description
Press release issued by Invitae Corporation dated August 8, 2023.
104Cover Page Interactive Data File (embedded within the Inline XBRL document).




SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: August 8, 2023
INVITAE CORPORATION
By:/s/ Christine M. Gorjanc
Name:Christine M. Gorjanc
Title:Interim Chief Financial Officer



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Invitae Reports Second Quarter 2023 Financial Results

– Reported revenue of $120.5 million, a 12% year-over-year decrease due to exited businesses and geographies; pro forma revenue up slightly year-over-year –

– GAAP gross margin was 27.4% and non-GAAP gross margin was 49.8%; continued improvement in non-GAAP gross margin for eight consecutive quarters –

– Company improves ongoing cash burn annual guidance to $220-$245 million; adjusts 2023 revenue guidance to $480-$500 million from over $500 million previously –

– Conference call and webcast today at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time –

SAN FRANCISCO – August 8, 2023 – Invitae (NYSE: NVTA), a leading medical genetics company, today announced financial and operating results for the second quarter ended June 30, 2023.

“In the second quarter, we continued our steady march toward becoming a profitable business while continuing to serve our patients and clients. We performed well in non-GAAP gross margin and cash burn trajectory as both continued to show meaningful improvements. On a pro forma basis, total revenue was up approximately 1% year-over-year. Rare disease, women’s health and our data business all posted strong double-digit revenue growth during the same period. Despite solid volume growth in our hereditary cancer tests, oncology sales were impacted by lower-than-expected insurance payments and lower fee-for-service revenue,” said Ken Knight, president and chief executive officer of Invitae.

Mr. Knight continued, “Looking ahead to the second half, our efforts are focused on expanding our hereditary cancer customer base, improving overall customer experience, expanding adoption of our product offerings and continuing our push to improve payment rates and average payment per test. We are committed to establishing durable paths for profitable growth and creating the capacity to pursue innovation and investment in our future. These tenets will inform our efforts to position us for future success.”

Second Quarter 2023 Financial Results

•Generated revenue of $120.5 million in the second quarter of 2023 versus $136.6 million in the second quarter of 2022, reflecting the impact of exited businesses and geographies announced in 2022. On a pro forma basis, or after removing approximately $17.5 million of revenue from second quarter 2022 relating to exited businesses and geographies, the second quarter 2023 revenue grew approximately 1% year-over-year on lower than expected average payments from hereditary cancer tests and weaker fee-for-service revenue.
•GAAP gross profit was $33.1 million in the quarter, compared with $26.3 million over the same period of 2022, or 25.8% year-over-year growth. Non-GAAP gross profit was $60.0 million in the quarter, compared with $54.7 million in the second quarter of 2022, representing a year-over-year growth rate of 9.7%.
•GAAP gross margin was 27.4% in the quarter, as compared with 19.2% in the second quarter of 2022. Non-GAAP gross margin was 49.8% in the quarter, as compared with 40.1% in the second quarter of 2022. This represents continued improvement for the eighth consecutive quarter.


•Cash, cash equivalents, restricted cash and marketable securities were $335.6 million as of June 30, 2023, compared to $557.1 million as of December 31, 2022.
•Net decrease in cash, cash equivalents, restricted cash and net changes in investments in the quarter was $55.1 million. Cash burn in the quarter was $53.3 million. Total patient population as of June 30, 2023 is approximately 4.1 million with over 63% available for data sharing.

Total GAAP operating expenses, which excludes cost of revenue, for the second quarter of 2023 were $259.5 million, compared to $2.5 billion in the second quarter of 2022, which included significant goodwill and IPR&D impairment charges of $2.3 billion. GAAP operating expense as a percentage of revenue was 215%, compared to 1,864% in the second quarter of 2022. Non-GAAP operating expenses were $157.7 million for the second quarter of 2023, compared to $200.1 million for the second quarter of 2022. Non-GAAP operating expense as a percentage of revenue was 131%, compared to 146% in the second quarter of 2022.

Net loss for the second quarter of 2023 was $206.5 million, or a $0.78 net loss per share, compared to net loss of $2.5 billion, or net loss per share of $10.87, for the second quarter of 2022. The second quarter 2022 net loss included the $2.3 billion goodwill charge as mentioned above. Non-GAAP net loss for the second quarter of 2023 was $78.2 million, or a non-GAAP net loss of $0.30 per share, compared to a non-GAAP net loss of $158.5 million, or an $0.68 non-GAAP net loss per share, for the second quarter of 2022.

Financial Guidance

Management is adjusting 2023 revenue guidance to $480-$500 million compared to its previous guidance of over $500 million.

The company continues to expect its non-GAAP gross margin for 2023 to be between 48%-50%.

Ongoing cash burn, which includes cash, cash equivalents, marketable securities, and restricted cash and excludes certain items, is now expected to improve to the range of $220-$245 million in 2023 from the company’s previous guidance range of $250-$275 million. In 2023, cash burn will be higher than ongoing cash burn as a result of the company’s voluntary repayment of its $135 million term loan in the first quarter of 2023.

Webcast and Conference Call Details

Management will host a conference call and webcast today at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time to discuss financial results and recent developments. To access the conference call, please register at the link below:

https://www.netroadshow.com/events/login?show=53f2c7d8&confId=53596

Upon registering, each participant will be provided with call details and access codes.

The live webcast of the call and slide deck may be accessed here or by visiting the investors section of the company's website at ir.invitae.com. A replay of the webcast will be available shortly after the conclusion of the call and will be archived on the company's website.

About Invitae

Invitae (NYSE: NVTA) 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. Invitae's genetics experts apply a rigorous approach to data and research, serving as the foundation of their mission


to bring comprehensive genetic information into mainstream medicine to improve healthcare for billions of people.

To learn more, visit invitae.com and follow for updates on Twitter, Instagram, Facebook and LinkedIn @Invitae.

Safe Harbor Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the company’s mission; the company’s beliefs regarding the potential of its business, and its business priorities and initiatives and the potential benefits thereof; the company’s future financial and operating results, and the drivers of future financial results; the company’s focus, strategy, roadmap and product pipeline; and the company’s financial guidance for 2023. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially and reported results should not be considered as an indication of future performance. These risks and uncertainties include, but are not limited to: the availability of and need for capital; the ability to service the company’s debt obligations; the ability of the company to successfully execute its strategic business realignment and achieve the intended benefits thereof on the expected timeframe or at all; unforeseen or greater than expected costs associated with the strategic business realignment; the risk that the disruption that may result from the realignment may harm the company’s business, market share or its relationship with customers or potential customers; the impact of inflation and the current economic environment on the company’s business; the company's ability to grow its business in a cost-efficient manner; the company's history of losses; the company’s ability to maintain important customer relationships; the company’s ability to compete; the company's need to scale its infrastructure in advance of demand for its tests and to increase demand for its tests; the risk that the company may not obtain or maintain sufficient levels of reimbursement for its tests; the applicability of clinical results to actual outcomes; risks associated with litigation; the company's ability to use rapidly changing genetic data to interpret test results accurately and consistently; laws and regulations applicable to the company's business; and the other risks set forth in the reports filed by the company with the SEC, including its Quarterly Report on Form 10-Q for the quarter ended March 31, 2023. These forward-looking statements speak only as of the date hereof, and Invitae Corporation disclaims any obligation to update these forward-looking statements.


Non-GAAP Financial Measures

To supplement the company's consolidated financial statements prepared in accordance with generally accepted accounting principles in the United States (GAAP), the company is providing several non-GAAP measures. These non-GAAP financial measures exclude certain items that are required by GAAP. In addition, these non-GAAP measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly-titled measures presented by other companies. Management believes these non-GAAP financial measures are useful to investors in evaluating the company’s ongoing operating results and trends. Management uses such non-GAAP information to manage the company’s business and monitor its performance.

Other companies, including companies in the same industry, may not use the same non-GAAP measures or may calculate these metrics in a different manner than management or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of these non-GAAP measures as comparative measures. Because of these limitations, the company's non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the non-GAAP reconciliations provided in the tables below and on the company’s website.

In addition, this press release includes the company’s non-GAAP gross margin and cash burn guidance, non-GAAP measures used to describe the company’s expected performance. The company has not


presented a reconciliation of these non-GAAP measures to the most comparable GAAP financial measures, because the reconciliations could not be prepared without unreasonable effort. The information necessary to prepare the reconciliations are not available on a forward-looking basis and cannot be accurately predicted. The unavailable information could have a significant impact on the calculation of the comparable GAAP financial measures.


Invitae Contacts:

Investor Relations
Hoki Luk
ir@invitae.com

Public Relations
Amy Hadsock
pr@invitae.com






INVITAE CORPORATION
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
June 30,
2023		December 31,
2022
Assets  
Current assets:  
Cash and cash equivalents$222,758 $257,489 
Marketable securities102,379 289,611 
Accounts receivable85,610 96,148 
Inventory20,814 30,386 
Prepaid expenses and other current assets19,664 19,496 
Total current assets451,225 693,130 
Property and equipment, net92,091 108,723 
Operating lease assets74,718 106,563 
Restricted cash10,508 10,030 
Intangible assets, net873,924 1,012,549 
Other assets20,573 23,121 
Total assets$1,523,039 $1,954,116 
Liabilities and stockholders’ (deficit) equity
Current liabilities:
Accounts payable$23,067 $13,984 
Accrued liabilities107,951 74,388 
Operating lease obligations16,436 14,600 
Finance lease obligations4,514 5,121 
Total current liabilities151,968 108,093 
Operating lease obligations, net of current portion139,630 134,386 
Finance lease obligations, net of current portion1,604 3,780 
Debt— 122,333 
Convertible senior notes, net1,170,611 1,470,783 
Convertible senior secured notes (at fair value)249,571 — 
Deferred tax liability6,200 8,130 
Other long-term liabilities4,241 4,775 
Total liabilities1,723,825 1,852,280 
Stockholders’ (deficit) equity:
Common stock27 25 
Accumulated other comprehensive income (loss)8,910 (80)
Additional paid-in capital5,018,112 4,931,032 
Accumulated deficit(5,227,835)(4,829,141)
Total stockholders’ (deficit) equity(200,786)101,836 
Total liabilities and stockholders’ (deficit) equity$1,523,039 $1,954,116 




INVITAE CORPORATION
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
Revenue:
Test revenue$115,943 $133,182 $228,566 $252,679 
Other revenue4,589 3,440 9,322 7,634 
Total revenue120,532 136,622 237,888 260,313 
Operating expenses:
Cost of revenue87,474 110,340 175,916 207,456 
Research and development63,824 115,146 125,802 243,382 
Selling and marketing44,732 62,749 89,242 122,893 
General and administrative69,966 50,854 115,207 102,282 
Goodwill and IPR&D impairment— 2,313,047 — 2,313,047 
Restructuring and other costs80,998 4,817 133,554 4,817 
Total operating expenses346,994 2,656,953 639,721 2,993,877 
Loss from operations(226,462)(2,520,331)(401,833)(2,733,564)
Other income (expense), net:
Loss on extinguishment of debt, net— — (10,822)— 
Debt issuance costs— — (19,859)— 
Change in fair value of convertible senior secured notes20,619 — 38,923 — 
Change in fair value of acquisition-related liabilities49 6,190 267 16,193 
Other income, net4,379 1,136 10,262 1,572 
Total other income, net25,047 7,326 18,771 17,765 
Interest expense(6,020)(14,019)(17,516)(28,004)
Net loss before taxes(207,435)(2,527,024)(400,578)(2,743,803)
Income tax benefit924 3,563 1,884 38,483 
Net loss$(206,511)$(2,523,461)$(398,694)$(2,705,320)
Net loss per share, basic and diluted$(0.78)$(10.87)$(1.55)$(11.75)
Shares used in computing net loss per share, basic and diluted263,836 232,117 256,910 230,304 








INVITAE CORPORATION

Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
 Six Months Ended June 30,
 20232022
Cash flows from operating activities:  
Net loss$(398,694)$(2,705,320)
Adjustments to reconcile net loss to net cash used in operating activities:
Goodwill and IPR&D impairment— 2,313,047 
Impairments and losses on disposals of long-lived assets, net131,195 4,817 
Depreciation and amortization68,662 64,247 
Stock-based compensation59,557 103,901 
Amortization of debt discount and issuance costs4,259 7,776 
Loss on extinguishment of debt, net10,822 — 
Debt issuance costs19,859 — 
Change in fair value of convertible senior secured notes(38,923)— 
Remeasurements of liabilities associated with business combinations(267)(16,193)
Benefit from income taxes(1,884)(38,483)
Post-combination expense for acceleration of unvested equity and deferred stock compensation1,660 3,320 
Amortization of premiums and discounts on investment securities(4,966)1,178 
Non-cash lease expense6,681 3,192 
Other824 (1,321)
Changes in operating assets and liabilities, net of businesses acquired:
Accounts receivable10,538 (16,359)
Inventory9,572 (15,557)
Prepaid expenses and other current assets(168)(2,134)
Other assets587 (2,104)
Accounts payable9,092 6,575 
Accrued expenses and other long-term liabilities22,291 7,186 
Net cash used in operating activities(89,303)(282,232)
Cash flows from investing activities:
Purchases of marketable securities(228,092)(605,454)
Proceeds from maturities of marketable securities420,440 301,933 
Purchases of property and equipment(2,741)(36,970)
Proceeds from sale of property and equipment332 — 
Other3 — 
Net cash provided by (used in) investing activities189,942 (340,491)
Cash flows from financing activities:
Proceeds from issuance of common stock, net2,170 6,234 
Proceeds from issuance of Series B convertible senior secured notes due 202830,000 — 
Payments for debt issuance costs and prepayment fees(28,014)— 
Repayment of debt(135,000)— 
Finance lease principal payments(2,576)(2,677)
Settlement of acquisition obligations(1,472)(707)
Net cash (used in) provided by financing activities(134,892)2,850 
Net decrease in cash, cash equivalents and restricted cash(34,253)(619,873)
Cash, cash equivalents and restricted cash at beginning of period267,519 933,525 
Cash, cash equivalents and restricted cash at end of period$233,266 $313,652 


INVITAE CORPORATION

Reconciliation of GAAP to Non-GAAP Cost of Revenue
(in thousands)
(unaudited)
 Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Cost of revenue$87,474 $110,340 $175,916 $207,456 
Amortization of acquired intangible assets(26,090)(27,907)(53,040)(45,907)
Acquisition-related stock-based compensation(22)(147)(102)(279)
Acquisition-related post-combination expense— (387)— (891)
Restructuring-related retention bonuses(50)— (138)— 
Inventory and prepaid write-offs(825)— (974)— 
Non-GAAP cost of revenue$60,487 $81,899 $121,662 $160,379 


Reconciliation of GAAP to Non-GAAP Gross Profit
(in thousands)
(unaudited)
 Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Revenue$120,532 $136,622 $237,888 $260,313 
Cost of revenue87,474 110,340 175,916 207,456 
Gross profit33,058 26,282 61,972 52,857 
Amortization of acquired intangible assets26,090 27,907 53,040 45,907 
Acquisition-related stock-based compensation22 147 102 279 
Acquisition-related post-combination expense— 387 — 891 
Restructuring-related retention bonuses50 — 138 — 
Inventory and prepaid write-offs825 — 974 — 
Non-GAAP gross profit$60,045 $54,723 $116,226 $99,934 


Reconciliation of GAAP to Non-GAAP Research and Development Expense
(in thousands)
(unaudited)
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
Research and development$63,824 $115,146 $125,802 $243,382 
Amortization of acquired intangible assets— (502)(90)(1,032)
Acquisition-related stock-based compensation(15,190)(23,255)(28,527)(47,024)
Acquisition-related post-combination expense(842)(2,643)(1,684)(5,224)
Restructuring-related retention bonuses(613)— (1,383)— 
Restructuring-related accelerated depreciation(32)— (216)— 
Non-GAAP research and development$47,147 $88,746 $93,902 $190,102 








INVITAE CORPORATION

Reconciliation of GAAP to Non-GAAP Selling and Marketing Expense
(in thousands)
(unaudited)
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
Selling and marketing$44,732 $62,749 $89,242 $122,893 
Amortization of acquired intangible assets(1,569)(1,622)(3,138)(3,246)
Acquisition-related stock-based compensation(201)(985)(750)(1,568)
Restructuring-related retention bonuses(230)— (460)— 
Non-GAAP selling and marketing$42,732 $60,142 $84,894 $118,079 


Reconciliation of GAAP to Non-GAAP General and Administrative Expense
(in thousands)
(unaudited)
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
General and administrative$69,966 $50,854 $115,207 $102,282 
Change in fair value of contingent consideration— 2,004 — 1,850 
Acquisition-related stock-based compensation(1,243)(1,646)(2,343)(3,218)
Restructuring-related retention bonuses(874)— (1,253)— 
Non-GAAP general and administrative$67,849 $51,212 $111,611 $100,914 


Reconciliation of Operating Expenses to Non-GAAP Operating Expenses
(in thousands)
(unaudited)
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
Research and development$63,824 $115,146 $125,802 $243,382 
Selling and marketing44,732 62,749 89,242 122,893 
General and administrative69,966 50,854 115,207 102,282 
Goodwill and IPR&D impairment— 2,313,047 — 2,313,047 
Restructuring and other costs80,998 4,817 133,554 4,817 
Operating expenses259,520 2,546,613 463,805 2,786,421 
Goodwill and IPR&D impairment— (2,313,047)— (2,313,047)
Restructuring and other costs(80,998)(4,817)(133,554)(4,817)
Change in fair value of contingent consideration— 2,004 — 1,850 
Amortization of acquired intangible assets(1,569)(2,124)(3,228)(4,278)
Acquisition-related stock-based compensation(16,634)(25,886)(31,620)(51,810)
Acquisition-related post-combination expense(842)(2,643)(1,684)(5,224)
Restructuring-related retention bonuses(1,717)— (3,096)— 
Restructuring-related accelerated depreciation(32)— (216)— 
Non-GAAP operating expenses$157,728 $200,100 $290,407 $409,095 





INVITAE CORPORATION

Reconciliation of Other Income, Net to Non-GAAP Other Income, Net
(in thousands)
(unaudited)
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
Other income, net$25,047 $7,326 $18,771 $17,765 
Change in fair value of acquisition-related liabilities(49)(6,190)(267)(16,193)
Non-GAAP other income, net$24,998 $1,136 $18,504 $1,572 



Reconciliation of Net Loss to Non-GAAP Net Loss and Non-GAAP Net Loss Per Share
(in thousands, except per share data)
(unaudited)
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
Net loss$(206,511)$(2,523,461)$(398,694)$(2,705,320)
Goodwill and IPR&D impairment— 2,313,047 — 2,313,047 
Restructuring and other costs80,998 4,817 133,554 4,817 
Change in fair value of contingent consideration— (2,004)— (1,850)
Change in fair value of acquisition-related assets and liabilities(49)(6,190)(267)(16,193)
Amortization of acquired intangible assets27,659 30,031 56,268 50,185 
Acquisition-related stock-based compensation16,656 26,033 31,722 52,089 
Acquisition-related post-combination expense842 3,030 1,684 6,115 
Restructuring-related retention bonuses1,767 — 3,234 — 
Restructuring-related accelerated depreciation32 — 216 — 
Inventory and prepaid write-offs825 — 974 — 
Acquisition-related income tax benefit(460)(3,805)(630)(38,805)
Non-GAAP net loss$(78,241)$(158,502)$(171,939)$(335,915)
Net loss per share, basic and diluted$(0.78)$(10.87)$(1.55)$(11.75)
Non-GAAP net loss per share, basic and diluted$(0.30)$(0.68)$(0.67)$(1.46)
Shares used in computing net loss per share, basic and diluted263,836 232,117 256,910 230,304 




INVITAE CORPORATION

Reconciliation of Net Decrease (Increase) in Cash, Cash Equivalents and Restricted Cash to Cash Burn
(in thousands)
(unaudited)
 Three Months EndedSix Months Ended
 March 31, 2023June 30, 2023June 30, 2023
Net cash used in operating activities$(34,398)$(54,905)$(89,303)
Net cash provided by investing activities73,878 116,064 189,942 
Net cash (used in) provided by financing activities(135,768)876 (134,892)
Net (decrease) increase in cash, cash equivalents and restricted cash(96,288)62,035 (34,253)
Adjustments:
Net changes in investments(75,202)(117,146)(192,348)
Proceeds from issuance of Series B convertible senior secured notes due 2028, net of issuance costs(22,435)1,763 (20,672)
Cash burn$(193,925)$(53,348)$(247,273)
• Cash burn for the three months ended March 31, 2023 includes $135.0 million repayment of debt, $8.1 million of prepayment fees, $3.7 million in restructuring-related cash payments, and $1.5 million of acquisition-related payments.





v3.23.2
Cover
Aug. 08, 2023
Cover [Abstract]  
Document Period End Date Aug. 08, 2023
Entity Registrant Name Invitae Corporation
Document Type 8-K
Entity Incorporation, State or Country Code DE
Entity File Number 001-36847
Entity Tax Identification Number 27-1701898
Entity Central Index Key 0001501134
Title of 12(b) Security Common Stock, $0.0001 par value per share
Trading Symbol NVTA
Security Exchange Name NYSE
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Address, Address Line One 1400 16th Street
Entity Address, City or Town San Francisco
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94103
City Area Code 415
Local Phone Number 374-7782
Entity Emerging Growth Company false
Amendment Flag false
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