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EX - 99.1 2 a991pressreleaseforearning.htm EX - 99.1 INVITAE Invitae Reports $ 116.3 Million in Revenue Driven by 287,000 in Billable Volume in Second Quarter of 2021 - Increased quarterly revenue by 152 % year - over - year -Increases guidance of revenue between $ 475- $ 500 million in 2021 - - Hosting conference call and webcast today at 4:30 pm Eastern / 1 : 30pm Pacific - SAN FRANCISCO , August 3 , 2021 – Invitae Corporation ( NYSE : NVTA ) , a leading medical genetics company , today announced preliminary financial and operating results for the second quarter ended June 30 , 2021 and increases 2021 guide to revenue between $ 475- $ 500 million for the year . " Having now served more than 2 million patients , a major milestone for the quarter , we are seeing a clear and steady rise in the rate of adoption of genetics for personalized medicine , and we are sitting at the forefront of making the vision of genetics in mainstream medicine a reality , " said Sean George , co - founder and chief executive officer of Invitae . " Years of investment in that reality have delivered yet another strong quarter of growth , and with increased confidence in continuing momentum we are increasing our revenue guidance for the year . " Second Quarter 2021 Financial Results Generated revenue of $ 116.3 million in the quarter , a 152 % increase compared to $ 46.2 million in the same period in 2020 Reported billable volume of 287,000 in the quarter , a 154 % increase compared to 113,000 in the same period in 2020 ● Reported preliminary average cost per billable unit of $ 317 in the quarter compared to $ 380 average cost per billable unit in the same period in 2020. Non - GAAP average cost per unit was $ 261 in the quarter Achieved preliminary gross profit for the second quarter of 2021 of $ 25.2 million , compared to $ 3.2 million in the same period in 2020. Non - GAAP gross profit was $ 41.2 million in the second quarter Preliminary total operating expense , which excludes cost of revenue , for the second quarter of 2021 was $ 159.3 million compared to $ 145.3 million in the same period in 2020. Non - GAAP operating expenses , which excludes cost of revenue , for the quarter was $ 198.2 million . Preliminary net loss for the second quarter of 2021 was $ 129.0 million , or a $ 0.64 net loss per share , compared to a net loss of $ 166.4 million , or a $ 1.29 net loss per share , in the second quarter of 2020. Non - GAAP net loss for the quarter was $ 170.8 million , or a $ 0.85 non - GAAP net loss per share . Cost of revenue , operating expense and net loss and other results as indicated are preliminary and subject to change as we finalize acquisition - related adjustments related to the likelihood of achieving a milestone related to the ArcherDX acquisition which closed in October 2020. These non - cash adjustments are expected to be significant and would be expected to increase the gain and reduce the liability reported in the preliminary financial information contained herein . Any adjustments will be incorporated in Invitae's Form 10 - Q to be filed with the SEC on or before August 9 , 2021 .