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Invitae Reports $ 103.6 Million in Revenue Driven by 259,000 in Billable Volume in First Quarter of 2021 ir.invitae.com/news-and-events/press-releases/press-release-details/2021/Invitae-Reports-103.6-Million-in-Revenue-Driven-by-259000-in Billable - Volume - in - First - Quarter - of - 2021 / default.aspx May 04 , 2021 Increased quarterly revenue by 61 % and volume by 72 % year - over - year - Hosting conference call and webcast today at 4:30 pm Eastern / 1 : 30pm Pacific SAN FRANCISCO , May 4 , 2021 / PRNewswire / -- Invitae Corporation ( NYSE : NVTA ) , a leading medical genetics company , today announced financial and operating results for the first quarter ended March 31 , 2021 signaling continued momentum into 2021 . " We had a very strong start to the year , experiencing record daily volumes , and we expect that momentum to continue into the coming years , " said Sean George , co - founder and chief executive officer of Invitae . " Genetic information is the foundation for personalized medicine , and we believe Invitae is uniquely positioned to deliver that information from a single platform across all stages of life , ushering personalized medicine into the mainstream to improve healthcare for all . " First Quarter 2021 Financial Results • Generated revenue of $ 103.6 million in the quarter , a 61 % increase compared to $ 64.2 million in the same period in 2020 Reported billable volume of 259,000 in the quarter , a 72 % increase compared to 151,000 in the same period in 2020 Reported average cost per billable unit of $ 290 in the quarter compared to $ 268 average cost per billable unit in the same period in 2020. Non - GAAP average cost per unit was $ 242 in the quarter • Achieved gross profit for the first quarter of 2021 of $ 28.1 million , compared to $ 23.8 million in the same period in 2020. Non - GAAP gross profit was $ 40.5 million in the first quarter ● Total operating expense , which excludes cost of revenue , for the first quarter of 2021 was $ 140.5 million compared to $ 121.6 million in the same period in 2020. Non - GAAP operating expenses , which excludes cost of revenue , for the quarter was $ 155.4 million . Net loss for the first quarter of 2021 was $ 109.5 million , or a $ 0.56 net loss per share , compared to a net loss of $ 98.5 million in the first quarter of 2020 , or a $ 0.99 net loss per share . Non - GAAP net loss for the quarter was $ 122.2 million , or a $ 0.63 non - GAAP net loss per share . At March 31 , 2021 , cash , cash equivalents , restricted cash and marketable securities totaled $ 681.9 million as compared with $ 360.7 million as of December 31 , 2020. Net increase in cash , cash equivalents and restricted cash for the quarter was $ 73.0 million . Non - GAAP cash burn was $ 112.3 million for the quarter . Cash burn for the quarter would have been $ 94.6 million excluding the cash paid for acquisitions , primarily related to the cash paid to acquire One Codex . In January , the company announced the sale of approximately 8.9 million shares of its common stock at a price of $ 51.50 per share , resulting in net proceeds , after underwriting discounts and commissions and offering expenses , of $ 434.3 million . Subsequent to the close of the first quarter , on April 1 , 2021 , the company announced that a small group of investors , led by SB Management , a subsidiary of Softbank Group Corp. , made an investment of $ 1.2 billion in convertible senior notes to support the company's future growth initiatives . Corporate and Scientific Highlights • In April , the company announced plans to open a new laboratory and production facility near Research Triangle Park in North Carolina to further expand its capacity to strengthen our operations and help us offer industry - leading turnaround times - including for customers across the Atlantic and in South America . • Made two additions to our platform : 1/13