On January 11, 2021 Invitae Corporation (NYSE: NVTA), a leading medical genetics company, reported preliminary unaudited full-year 2020 results, reporting strong growth in volume and revenue, signaling continued momentum into 2021 (Press release, Invitae, JAN 11, 2021, View Source [SID1234573781]).

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Invitae’s (NVTA) mission is to bring comprehensive genetic information into mainstream medical practice to improve the quality of healthcare for billions of people. www.invitae.com (PRNewsFoto/Invitae Corporation)

"We are very pleased by the acceleration of our business in 2020, particularly in light of the impact of the COVID-19 pandemic on the healthcare system throughout the year," said Sean George, Ph.D., co-founder and chief executive officer of Invitae. "Our results underscore the strength of our customer relationships, our continued ability to execute and the benefits of the investments we’ve made in expanding our menu, services and platform. The growth in testing during this time of unrelenting stress on the healthcare system further demonstrates the expanding value genetic information is providing patients as they and their physicians face health challenges and decisions."

Preliminary, unaudited financial results and other metrics for 2020

Generated revenue of more than $278 million in 2020, an approximate 28% increase from $217 million in 2019
Reported billable volume of more than 655,000 in 2020, an approximate 40% increase from billable volume of 469,000 in 2019
Announced year-end 2020 cash, cash equivalents, restricted cash and marketable securities of more than $360 million as of December 31, 2020
Outlook for 2021
Looking ahead to 2021 and factoring in the continued impact associated with the COVID-19 pandemic, Invitae reiterates its stated outlook for revenue growth targets of 50% – 60% annual growth over the next few years consistent with its view at the time of the announcement of the ArcherDX acquisition. Invitae anticipates generating revenue in excess of $450 million in 2021.

"We are confident we will continue growing rapidly in 2021, even as we navigate the continued pressure the pandemic is placing on clinicians," said Dr. George. "Our momentum coming out of 2020 and the underlying strength and breadth of our platform enable us to recognize and overcome these challenges while continuing to drive the acceleration of the adoption of genetics in mainstream medicine as the new standard of care."

Invitae has not completed preparation of its financial statements for the fourth quarter or full year 2020. The preliminary, unaudited results presented in this press release for the year ended December 31, 2020 are based on current expectations and are subject to adjustment. Actual results may differ materially from those disclosed in this press release. Invitae will report its full financial results and other metrics during its fourth quarter and year-end 2020 conference call in February.

Invitae’s Presentation at 39th Annual J.P. Morgan Healthcare Conference
Invitae will present at the 39th Annual J.P. Morgan Healthcare Conference on Tuesday, January 12, 2021 at 10:50 a.m. Eastern/7:50 a.m. Pacific. Following the company presentation, management will participate in a breakout session at 11:10 a.m. Eastern/8:10 a.m. Pacific. The 2021 J.P. Morgan Healthcare Conference is being held virtually via webinar. A live webcast of both the presentation and the breakout session may be accessed at the following direct link or by visiting the investors section of the company’s website at ir.invitae.com. Public listeners can access an audio and slide recording of the session, which will be available shortly after the conclusion of the presentation and breakout session on the investors section of the company’s website at ir.invitae.com.