Invitae Corporation (NVTA) saw its loss widen to $26.93 million, or $0.64 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $25.59 million, or $0.80 a share.
Revenue during the quarter surged 161.39 percent to $10.34 million from $3.96 million in the previous year period. Gross margin for the quarter period stood at positive 9.76 percent as compared to a negative 51.38 percent for the previous year period.
Operating loss for the quarter was $27.34 million, compared with an operating loss of $25.49 million in the previous year period.
"We are winning the race to scale in our industry," said Sean George, chief executive officer of Invitae. "By providing more affordable genetic testing, we are opening up access for patients to address a wide spectrum of health issues, from rare diseases to common cancers, fueling increased utilization of our expanding platform. Now in-network with a majority of major payers, we expect the rise in demand for Invitae’s services in the first quarter will translate into significant revenue growth throughout the remainder of the year."
Working capital declinesInvitae has witnessed a decline in the working capital over the last year. It stood at $87.68 million as at Mar. 31, 2017, down 15.80 percent or $16.46 million from $104.14 million on Mar. 31, 2016. Current ratio was at 5.45 as on Mar. 31, 2017, down from 10.85 on Mar. 31, 2016. At the same time, days payable outstanding went down to 41 days for the quarter from 47 for the same period last year.
Debt increases substantiallyInvitae has witnessed an increase in total debt over the last one year. It stood at $41.73 million as on Mar. 31, 2017, up 250.29 percent or $29.82 million from $11.91 million on Mar. 31, 2016. Total debt was 27.34 percent of total assets as on Mar. 31, 2017, compared with 8.57 percent on Mar. 31, 2016. Debt to equity ratio was at 0.51 as on Mar. 31, 2017, up from 0.10 as on Mar. 31, 2016. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
