Invitae

Invitae is a medical genetic testing company that operates in three main segments: genetic testing, genome network, and genome management. Its genetic testing services include somatic testing, liquid biopsy, and tissue profiling that support clinical decisions from inherited disease screening to precision diagnosis and treatment of cancer. The genetic testing segment provides affordable tests through its virtual platform that can be directly requested by individuals, employers, and healthcare providers across multiple clinical areas, including cardiology, neurology, pediatrics, oncology, metabolic conditions, and rare diseases in the US and internationally.

As of June 2023, Invitae had tested more than 4 million individuals and a test kit was priced between USD 250 and USD 450. Under its genome network and management services, the company manages and shares a large amount of genetic information with more than 100 biopharma partner programs, providing support services such as clinical trial testing and recruitment as well as real-world insights. Invitae received FDA market authorization for its Common Hereditary Cancers Panel in October 2023 the first of its kind to be approved for commercialization and creates a new regulatory classification.

Key partnerships and customers

The company expanded into companion diagnostics in October 2020 via its acquisition of ArcherDX, which was to give Invitae the ability to co-develop in vitro diagnostic products for therapy optimization services from a single platform. Invitae acquired three more companies in 2021: One Condex (data platform specializing in microbial genomics), Genosity (software and laboratory solutions), and Citizen (digital health data).

In March 2023, the company partnered with electronic health records company Epic, to integrate the company’s test outcomes and also collaborated with Deerfield Management company to advance drug discovery and development in rare diseases through the use of genetics.

Funding and Financials

The publicly listed company began trading on Nasdaq under the ticker symbol “NVTA” in February 2015. In April 2021, it raised USD 1.2 billion in debt financing led by SB Management, a subsidiary of SoftBank Group, to expand its genetic testing services and test menu through in-house development and acquisition.

For the year 2022, the company reported a net loss of USD 3.1 billion (due to good and in-process research and development impairment of USD 2.3 billion) while revenue rose 12% YoY to USD 516 million. For H1 2023, Invitae's non-GAAP net loss decreased by 48.8% YoY to USD 171.9 million, while revenue declined by 8.6% YoY to USD 237.9 million, reflecting the impact of exited businesses and geographies announced in 2022. In terms of its guidance for 2023, Invitae expects revenue to be more than USD 480– 500 million, which represents a low double-digit growth rate.