Invitae Corporation Inc. (NASDAQ: NVTA) stock gains by 12.35% in the current market trading session. Invitae Corporation is a prominent medical genetics business whose aim is to integrate complete genetic information into mainstream medicine so that billions of people can benefit from better healthcare. Invitae’s mission is to bring together all of the world’s genetic testing into a single service with greater quality, faster turnaround, and cheaper costs.
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NVTA stock, Financial Results
Invitae Corporation announced its second quarter 2021 financial highlights. Given below is the summary:
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- In the first quarter of 2020, sales was $116.3 million, up 152 percent from $46.2 million in the same time the previous year.
- In the third quarter, the company reported a billable volume of 287,000, up from 113,000 in the same time in 2020.
- In the first quarter NVTA generated a preliminary average cost per billable unit of $317, relative to $380 in the same time in 2020. The quarter’s non-GAAP average cost per unit was $261.
- Preliminary net profit of $25.2 million in Q2 of 2021, relative to $3.2 million in the same period in 2020. In the second quarter, non-GAAP gross profit was $41.2 million.
- Cash, cash equivalents, restricted cash, and marketable securities amounted to $1.54 billion on June 30, 2021, up from $681.9 million on March 31, 2021. For the quarter, the total increase in cash, cash equivalents, and limited cash was $913.5 million.
- For the quarter, cash burn was $256.8 million. Without the cash spent for acquisitions, the cash burn for the quarter would have been $136.7 million, largely linked to the cash paid to purchase Genosity.
Sean George, co-founder and CEO of Invitae stated,
They are seeing a clear and consistent increase in the rate of acceptance of genetics for customized care, and they are at the vanguard of bringing the goal of genetics in mainstream medicine a reality, having now treated more than 2 million people, a key milestone for the quarter. Years of investing in that reality have resulted in yet another solid quarter of growth, and they’re raising their revenue estimate for the year as a result of their greater confidence in continued momentum.