Welcome to our dedicated page for Invitae Corporation news (Ticker: NVTA), a resource for investors and traders seeking the latest updates and insights on Invitae Corporation stock.
Invitae Corporation (OTC: NVTA) is a prominent medical genetics company based in San Francisco. The firm is on a mission to integrate genetic information into everyday medical practice to enhance healthcare quality for billions worldwide. Invitae specializes in genetic diagnostics for hereditary disorders, enabling clinicians and patients to access comprehensive genetic testing services with higher quality, faster turnaround times, and lower costs compared to traditional single-gene tests. The company offers curated panels and customizable tests, making genetic information more accessible and actionable.
Invitae has pioneered significant advancements in the field, including the recent partnership with BridgeBio Pharma to bolster genetics-based drug discovery for rare diseases. This collaboration aims to uncover new therapeutic targets and deepen insights into genetic modifiers, using Invitae's extensive genetic dataset generated from over 4 million patients.
However, Invitae has faced financial challenges, leading to a voluntary Chapter 11 bankruptcy filing in early 2024. Despite these hurdles, the company remains committed to its vision, continuing operations and focusing on its strategic initiatives to improve healthcare delivery.
Among its innovative projects, Invitae recently launched Clinical Variant Modeling, an AI-driven approach to enhance the clinical interpretation of genetic tests, especially for hereditary cancers like Lynch syndrome. This initiative is expected to reduce the uncertainty in genetic test results, providing more definitive answers and improving patient outcomes.
The company's dedication to leveraging advanced technology and extensive datasets underscores its potential to transform genetic testing and healthcare delivery on a global scale. For more updates and detailed information, visit Invitae's website.
Invitae (NYSE: NVTA) announced seven studies, including one oral presentation and six posters, to be presented at the 2023 American Clinical Genetics Meeting in Salt Lake City from March 14-18. The research emphasizes the necessity for universal genetic testing, especially for underrepresented racial and ethnic groups. Studies reveal disparities in genetic testing data and the potential benefits of increased representation in precision medicine. Notable presentations include the impact of genetic testing on clinical decisions for prostate cancer patients. Invitae aims to enhance inclusivity in genetic research to improve health outcomes.
Invitae (NYSE: NVTA) announced that its Personalized Cancer Monitoring (PCM™) assay has received its first commercial coverage from Blue Shield of California for all solid tumors. Effective from March 1, 2023, the policy deems the test medically necessary for cancer patients (stage I-IV) post-surgery. The PCM assay detects circulating tumor DNA (ctDNA) in blood, aiding in risk assessment and monitoring for cancer recurrence. M.D. Robert Nussbaum emphasized this coverage as a significant advancement for patient care, with ongoing efforts to expand clinical evidence and reimbursement pathways.
Invitae (NYSE: NVTA), a prominent medical genetics company, announced that Ken Knight, its president and CEO, will participate in a fireside chat at the TD Cowen 43rd Annual Health Care Conference on March 6, 2023, at 1:30 p.m. Eastern.
A live audio webcast will be available on the investor section of the company's website, with a replay accessible shortly after the event. Invitae's mission is to integrate comprehensive genetic information into modern healthcare, improving medical decision-making for individuals globally.
Invitae (NYSE: NVTA) announced a transaction led by Deerfield Management to address approximately
Invitae (NYSE: NVTA) reported a 12.1% increase in annual revenue, reaching $516.3 million for 2022, though Q4 revenue fell to $122.5 million from $126.1 million year-over-year. The company completed major strategic initiatives and repaid its 2024 term loan, improving its balance sheet. Cash burn was reduced by over 45%, totaling $509.6 million in 2022, and is projected to be between $250-275 million in 2023. Invitae anticipates low double-digit revenue growth for 2023 and a non-GAAP gross margin of 48-50%. Cash, cash equivalents, and investments stood at $557.1 million at year-end 2022.
Invitae (NYSE: NVTA) announced it will report its fourth quarter and full year 2022 financial results on February 28, 2023. The company will host a conference call and webcast at 4:30 p.m. Eastern that day to discuss its financial performance and recent highlights. Investors can register for the call and access further details through the company's website. Invitae focuses on integrating comprehensive genetic information into mainstream healthcare, aiming to enhance the quality and accessibility of genetic testing for patients.
Invitae (NYSE: NVTA) has appointed William H. Osborne to its board of directors and audit committee, effective January 26, 2023. Osborne brings extensive leadership experience from aerospace and transportation sectors, including key roles at Boeing and Navistar. His operational expertise is expected to enhance Invitae's mission to make medical genetics affordable and accessible. CEO Ken Knight emphasized Osborne's potential to drive innovation and streamline processes within the company. Invitae aims to leverage this new perspective to improve healthcare outcomes for millions, aligning with its goal of integrating genetic information into mainstream medicine.
Invitae (NYSE: NVTA) reported preliminary, unaudited revenue for 2022, totaling approximately $516 million, marking a 12% year-over-year growth from $460 million in 2021. The fourth quarter revenue was about $122 million, a drop from $126 million in the previous year. As of December 31, 2022, the company had over $555 million in cash and equivalents, with a declining cash burn trend noted. Active healthcare accounts increased by 8% and commercial partnerships by 29%. The company will present at the J.P. Morgan Healthcare Conference on January 11.
Invitae (NYSE: NVTA), a leader in medical genetics, will have CEO Ken Knight present at the 41st Annual J.P. Morgan Healthcare Conference on January 11, 2023, at 12:00 p.m. Eastern. The presentation will be accessible through the company's investor section at ir.invitae.com. Invitae aims to provide comprehensive genetic information to improve healthcare, trusted by millions for personalized insights. A replay of the presentation will be available post-event.
Integrated DNA Technologies (IDT) has acquired Invitae's Archer® Next Generation Sequencing (NGS) research assays for approximately $48 million. This strategic purchase aims to enhance IDT’s oncology research capabilities, allowing labs to identify biomarkers and boost cancer research. The acquisition includes a license to Invitae’s AMP™ technology, and the NGS assays are expected to integrate smoothly with IDT's existing xGen™ offerings, which have experienced significant growth since 2019. The deal also adds over 100 new associates globally to IDT’s workforce.
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