Mr. Market is please with NVTA’s Q2 earnings report, sending shares up over 16% in AH. While I did not have an opportunity to listen to the conference call, it seems that the company continues to make terrific progress in key areas of its business strategy. Here are a few top line results from the press release:
Second Quarter 2019 Financial Results
*Accessioned more than 111,000 samples in the second quarter of 2019, representing a 52% increase over the more than 73,000 samples in the second quarter of 2018. Billable volume was nearly 111,000 in the second quarter of 2019
*Generated revenue of $53.5 million in the second quarter of 2019, representing a 43% increase over the second quarter of 2018 revenue of $37.3 million
*Reported the average cost per sample at $252 in the second quarter of 2019, representing a 10% reduction from a $279 average cost per sample in the second quarter of 2018
*Achieved gross profit of $25.5 million in the second quarter of 2019 compared to $16.9 million in gross profit in the second quarter of 2018.
The CEO is confident that Invitae will meet its 2019 guidance:
“We have now delivered our 25th quarter of impressive growth in both revenue and volume, while continuing to invest in new technologies that further our position as a leader in the rapidly evolving genetics industry,” said Sean George, co-founder and chief executive officer of Invitae. “We are beginning to stand out to our customers as the company that offers the most comprehensive menu of high-quality, affordable genetic testing to everyone who can benefit, enabling us to bring genetics more broadly into mainstream medicine. With the success we’ve had in the first half of the year, we are confident in our ability to achieve our 2019 guidance.”
Once I can get my hands on the CC transcript, I’ll read it over and report back anything else of interest.