Invitae Corporation (NVTA) saw its loss widen to $24.85 million, or $0.69 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $24.36 million, or $0.76 a share.
Revenue during the quarter surged 192.19 percent to $9.24 million from $3.16 million in the previous year period. Gross margin for the quarter period stood at positive 11.51 percent as compared to a negative 74.19 percent for the previous year period.
Operating loss for the quarter was $24.95 million, compared with an operating loss of $24.29 million in the previous year period.
“Invitae is no longer a concept story ��" but a company with what we believe is the fastest growing market share in the genetic testing industry. With the progress we made with payers in 2016, the last question marks on our business model have been removed, and we are on track to generate positive cash flow by end of 2018,” said Sean George, chief executive officer of Invitae. “Our value proposition to our customers, patients, providers, and payers is working, and now with the AltaVoice acquisition accelerating our Genome Network, we can get the right diagnosis for more patients, connecting them faster with our biopharma partners, and speeding up the time to market for potential therapies.”
Invitae forecasts revenue to be in the range of $55 million to $65 million for fiscal year 2017.
Working capital drops significantly
Invitae Corporation has witnessed a decline in the working capital over the last year. It stood at $87.05 million as at Dec. 31, 2016, down 27.72 percent or $33.39 million from $120.43 million on Dec. 31, 2015. Current ratio was at 6.90 as on Dec. 31, 2016, down from 12.07 on Dec. 31, 2015.
Debt increases substantially
Invitae Corporation has witnessed an increase in total debt over the last one year. It stood at $13.68 million as on Dec. 31, 2016, up 34.04 percent or $3.47 million from $10.20 million on Dec. 31, 2015. Total debt was 10.47 percent of total assets as on Dec. 31, 2016, compared with 6.51 percent on Dec. 31, 2015. Debt to equity ratio was at 0.14 as on Dec. 31, 2016, up from 0.07 as on Dec. 31, 2015.
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