Invitae Stock Jumps As Higher Test Volume More Than Doubles Q2 Topline, Raises FY21 Sales Outlook

Invitae Corporation NVTA, after the close of the market on Tuesday, reported its second-quarter revenues of $116.3 million, +152% Y/Y, exceeding the consensus Wall Street estimate of $108.3 million.
Revenues from testing totaled $111.5 million, a sharp increase from $45.1 million in Q2 2020. Other revenues more than quadrupled during the quarter to $4.8 million from $1.1 million in the prior year.
Invitae's strong financial performance during the quarter was driven by a 154% increase in billable test volume to 287,000 billed tests compared to 113,000 tests during the year-ago period.
The international market represented 19% of total billable test volume, Roxi Wen, Invitae's new CFO, said on a call to discuss the company's financial results.
The preliminary average cost per billable unit was $317, down from $380 a year ago. Non-GAAP average cost per unit was $261 in the quarter.
Its R&D expenses were $116.9 million, up 56%, while SG&A expenses were $114 million, a 74% increase.
Invitae's net loss came in at $(0.85) per share, down from $(0.97) in Q2 2020, but missing the analysts estimate of $(0.65).
Invitae ended the quarter with $1.11 billion in cash and cash equivalents and $422.5 million in marketable securities.
FY21 Guidance: Invitae increased its revenue outlook to $475 million - $500 million (consensus $463 million), against $450 million previously expected.
Price Action: NVTA shares are up 10.7% at $31.68 during the market session on the last check Wednesday.

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