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EX - 99.1 2 a991pressrelease forearning.htm EX - 99.1 INVITAE Invitae Reports $ 114.4 Million in Revenue Driven by 296,000 in Billable Volume in Third Quarter of 2021 - Q3 2021 revenue increases more than 66 % on volume growth of 89 % from Q3 2020 Full - year 2021 revenue expected to grow 60-70 % , or between $ 450- $ 475 million Hosting conference call and webcast today at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time SAN FRANCISCO , November 8 , 2021 – Invitae ( NYSE : NVTA ) , a leading medical genetics company , today announced financial and operating results for the third quarter ended September 30 , 2021 . " Year - over - year growth continued at a fast pace in the third quarter as volumes remained strong across the platform , " said Sean George , Ph.D. , co - founder and CEO of Invitae . “ In particular , progress in the oncology group is reflected in current volumes and preparations for high - value , high - margin product introductions over the coming year , supported by multiple ongoing studies . We saw continued progress in our data and platform services , underscored by the integration of Medneon and the Ciitizen technology platform that bolster our ability to collect , house and deliver benefits from patient data collected on their behalf . We look forward to continued robust volume growth in the coming periods as we introduce new testing capabilities and increase access to our lifelong testing and data platform . " Third Quarter 2021 Financial Results Generated revenue of $ 114.4 million in the quarter , a more than 66 % increase compared to $ 68.7 million in the same period in 2020 . ● Reported billable volume of 296,000 in the quarter , approximately 89 % increase compared to 157,000 in the same period in 2020 . Reported average cost per billable unit of $ 296 in the quarter compared to $ 297 average cost per billable unit in the same period in 2020. Non - GAAP average cost per unit was $ 249 in the quarter . Achieved gross profit for the third quarter of 2021 of $ 26.7 million , compared to $ 22.1 million in the same period in 2020. Non - GAAP gross profit was $ 40.7 million in the third quarter . Total operating expense , which excludes cost of revenue , for the third quarter of 2021 was $ 220.0 million compared to $ 102.9 million in the same period in 2020. Non - GAAP operating expenses for the quarter was $ 201.8 million . Net loss for the third quarter of 2021 was $ 198.2 million , or a $ 0.91 net loss per share , compared to a net loss of $ 102.9 million , or a $ 0.78 net loss per share , in the third quarter of 2020. Non - GAAP net loss for the quarter was $ 175.9 million , or a $ 0.81 non - GAAP net loss per share . At September 30 , 2021 , cash , cash equivalents , restricted cash and marketable securities totaled $ 1.25 billion as compared with $ 1.54 billion as of June 30 , 2021. Net increase in cash , cash equivalents and restricted cash for the quarter was $ 186.1 million . Cash burn was $ 286.0 million for the quarter . Cash burn for the quarter would have been $ 148.1 million excluding the cash paid for acquisitions , primarily related to the cash paid to acquire Medneon and Ciitizen .