Invitae Corporation (NVTA) saw its loss widen to $24.97 million, or $0.77 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $22.53 million, or $0.71 a share.
Revenue during the quarter surged 186.97 percent to $6.28 million from $2.19 million in the previous year period. Gross margin for the quarter stood at negative 15.39 percent as compared to a negative 80.70 percent for the previous year period.
Operating loss for the quarter was $24.91 million, compared with an operating loss of $22.46 million in the previous year period.
"We believe Invitae has emerged from being a concept story to a company that has industry-leading market share growth rates in the genetic testing industry with a clear path to becoming cash flow positive," said Randy Scott, chairman and chief executive officer at Invitae. "With our recently announced progress in contracting with the top five major payers, we are now shifting our emphasis to driving revenue as a top priority. We will be working diligently to begin to operationalize those contracts as we move in network which should significantly improve our payment rates and drive volume growth throughout 2017 and beyond."
Working capital drops significantlyInvitae has witnessed a decline in the working capital over the last year. It stood at $61.65 million as at Sep. 30, 2016, down 56.60 percent or $80.41 million from $142.06 million on Sep. 30, 2015. Current ratio was at 5.63 as on Sep. 30, 2016, down from 17.80 on Sep. 30, 2015. At the same time, days payable outstanding went down to 40 days for the quarter from 75 for the same period last year.
Debt increases substantiallyInvitae has witnessed an increase in total debt over the last one year. It stood at $14.92 million as on Sep. 30, 2016, up 120.58 percent or $8.16 million from $6.76 million on Sep. 30, 2015. Total debt was 14.67 percent of total assets as on Sep. 30, 2016, compared with 3.85 percent on Sep. 30, 2015. Debt to equity ratio was at 0.21 as on Sep. 30, 2016, up from 0.04 as on Sep. 30, 2015. 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: editor@irisindia.net
