Why Are Invitae's Shares Plunging Today?

Invitae Corp's NVTA Q3 sales increased 66% Y/Y to $114.4 million, missing the consensus Wall Street estimate of $126.55 million.
Invitae posted an 89% increase in billable test volume. The Company reported 296,000 billed tests in Q3 compared to 157,000 such tests during the year-ago period.
The Company's average cost per billable unit was $296 in Q3 compared to the $297 a year ago. The adjusted average cost per unit was $249 in the quarter.
The Company achieved an adjusted gross margin of 35.6% compared to 39% in Q3 FY20.
Invitae's net loss totaled $198.2 million compared to $102.9 million in Q3 2020.
Adjusted EPS loss was $(0.81). On average, analysts had estimated a $(0.71) per share net loss.
Invitae ended the quarter with $921.6 million in cash and cash equivalents and $320.5 million in marketable securities.
Guidance: The Company lowered its FY21 revenue expectation to $450 million - $475 million, citing greater-than-expected seasonal impact in Q3.
After Q2, the Company had projected FY 2021 revenues of $475 million - $500 million.
Price Action: NVTA shares are down 11% at $23.37 during the market session on the last check Monday.