Invitae Corporation (NYSE: NVTA) announced preliminary unaudited full-year 2019 results, driving strong growth in volume and revenues, signaling continued momentum going into 2020. The company accessioned more than 482,000 samples and generated approximately $216 million in revenue in 2019. The company also announced 2020 guidance of more than 725,000 samples accessioned and more than $330 million in revenue, reflecting a more than 50% annual growth in both volume and revenue. Invitae has now provided in-depth medical genetic sequencing for more than one million patients since launch, including more than 750,000 in the past two years.
"Invitae is proving that genetics is a growth story today and for the future, demonstrated by our nearly 60 percent volume growth, more than 45 percent revenue growth and yet another year of executional excellence. As we look to 2020, with new account growth continuing to soar and strong re-order rates, we are confident in our ability to drive growth and, most importantly, increase the number of patients we can help," said Sean George, co-founder and chief executive officer of Invitae. "Before Invitae began, medical genetics was considered a niche diagnostic offering, available at high prices to the sickest few. We envisioned a world where all patients would have access to in-depth genetic information to inform their healthcare. We are making that vision a reality, having now provided answers to more than one million patients."
Preliminary, unaudited financial results for 2019 and guidance for 2020
Reported 2019 volume of more than 482,000 samples accessioned, a nearly 60% increase from the 303,000 samples accessioned in 2018
Volume was driven by an expanding customer base. In 2019, Invitae added approximately 3,500 new accounts to its previous base of 4,900. In addition, the company delivered strong re-order rates of 80% across new accounts.
Generated revenue of approximately $216 million in 2019, a more than 45% increase from the $147.7 million in 2018
Announced year-end 2019 cash, cash equivalents, restricted cash and marketable securities of nearly $400 million
Increased cash, cash equivalents and restricted cash during 2019 by $39.4 million, with non-GAAP cash burn of approximately $278.3 million (approximately $153 million excluding $85.6 million of cash paid to settle obligations under the 2018 Note Purchase Agreement (which includes $1.3 million of accrued interest on the third quarter 2019 quarterly interest payment) and $41 million in acquisition-related payments).
Looking ahead to 2020, Invitae anticipates test volume of more than 725,000 samples accessioned generating more than $330 million in revenue for the year, reflecting a more than 50% annual growth rate in both volume and revenue.
Invitae has not completed preparation of its financial statements for the fourth quarter or full year 2019. The preliminary, unaudited results presented in this news release for the quarter and year ended December 31, 2019 are based on current expectations and are subject to adjustment. Actual results may differ.
Invitae will report its full financial results and other metrics during its fourth quarter and year-end 2019 conference call in February.
2019 corporate and scientific highlights
Invitae's network of biopharma partnerships continued to grow throughout the year and now includes more than 80 agreements with more than 45 companies:
Invitae's first sponsored testing partnership program, Behind the Seizure®, expanded access to testing for pediatric epilepsy to children under eight who experience an unprovoked seizure. With eight partners now supporting the program, it has been shown that participants in the program were diagnosed one to two years sooner than historic averages.1
Five Invitae Detect programs were launched in 2019, creating multi-partner programs that increase access to genetic testing in therapeutic areas where it is under-utilized. The company announced Amicus Therapeutics and Enzyvant will join as partners in the Detect Lysosomal Disorders program in January 2020.
Invitae enhanced its technologies and services and advanced medical research to deepen understanding of the use of genetics in clinical care:
Acquired three companies that are intended to further enhance Invitae's clinical variant interpretation capabilities, meaningfully reduce the cost of testing and provide superior customer workflows and patient support.
Presented and published clinical research demonstrating the frequency of actionable genetic variants in large patient populations and supporting the expansion of guidelines for patients with ovarian, breast, pancreatic, prostate and colorectal cancer.
Launched Invitae Discover, a clinical research platform that leverages biometric data available through Apple Watch to provide better understanding of the genetic causes of disease, with the first study in cardiovascular disease.
Invitae expanded access to its high-quality, in-depth medical genetic testing via insurers and health systems in the United States and internationally:
Partnered with the University of Vermont Health Network on a population health testing program to offer proactive genetic screening as part of routine clinical care for patients in Vermont.
Announced in-network status with Cigna. Invitae is now in contract with all national commercial health plans and has approximately 295 million covered lives in network.
Named one of seven labs in UnitedHealthcare's (UHC) Preferred Lab Network (PLN), based on a rigorous quality and affordability review out of a broader network of more than 300 labs.
Launched Invitae's direct channel to make it easier for consumers to receive the same high-quality, affordable medical genetic testing from Invitae that experts use and trust.
Established plans to increase international presence with local laboratory and/or fulfillment infrastructure in five countries. Invitae served customers in more than 95 ex-U.S. countries, accounting for more than 10% of 2019 volume.