Technology

Invitae Reports Estimated Unaudited Fourth Quarter and Full Year 2023 Financial Results

Published

2 years ago

March 6, 2024

SAN FRANCISCO, March 6, 2024 /PRNewswire/ — Invitae (OTC: NVTA), a leading medical genetics company, today announced estimated unaudited fourth quarter and full year 2023 revenue, gross profit and cash burn.

Estimated unaudited financial results for fourth quarter 2023

Fourth quarter 2023 revenue was $127.8 million, an increase of approximately 4% from a year ago. After adjusting for revenue of approximately $10.5 million in the prior year period related to the discontinued businesses, fourth quarter 2023 revenue increased approximately 14% on a pro forma basis.GAAP gross profit was $74.1 million in the fourth quarter of 2023, compared to $29.6 million a year ago, representing an approximate 150% year-over-year growth. Non-GAAP gross profit was $74.4 million in the fourth quarter of 2023, compared to $58.5 million a year ago, representing year-over-year growth of approximately 27%.Fourth quarter GAAP gross margin was 58.0% compared to 24.2% a year ago. Non-GAAP gross margin was 58.2% in the fourth quarter of 2023, compared with 47.8% in the fourth quarter of 2022.In the fourth quarter of 2023, net decrease in cash, cash equivalents, restricted cash and net changes in investments was $56.5 million. Reported cash burn in the fourth quarter of 2023 was $53.6 million and included $4.0 million from asset sales related to YouScript. Excluding the asset sales related to YouScript, ongoing cash burn would have been $57.6 million.

Estimated unaudited financial results for fiscal year 2023

Fiscal year 2023 revenue was $487.0 million, approximately 6% lower than $516.3 million in fiscal year 2022. The decline was due to the exited businesses and geographies. After adjusting for revenue of approximately $62.1 million in the prior year period related to those discontinued businesses, fiscal year 2023 revenue increased approximately 7% on a pro forma basis.GAAP gross profit was $175.2 million in 2023, compared with $99.1 million in 2022, representing approximately 77% year-over-year growth. Non-GAAP gross profit was $254.2 million in 2023, compared with $219.7 million in 2022, representing year-over-year growth of approximately 16%.GAAP gross margin was 36.0% in 2023, compared to 19.2% in 2022. Non-GAAP gross margin was 52.2% in 2023, compared to 42.5% in 2022.As of December 31, 2023, Invitae had $209.0 million of cash, cash equivalents, restricted cash and marketable securities compared to $557.1 million as of December 31, 2022. In fiscal year 2023, net decrease in cash, cash equivalents, restricted cash and net changes in investments was $355.3 million. Reported cash burn in 2023 was $365.0 million and included $143.1 million of debt repayment and prepayment fees, as well as $4.0 million from asset sales related to YouScript. Excluding the debt related payments and asset sales related to YouScript, ongoing cash burn would have been $225.9 million.

Invitae has not completed preparation of its financial statements for the fourth quarter or full year 2023. The estimated unaudited financial results presented in this press release for the fourth quarter and full year ended December 31, 2023 are based on Invitae’s current expectations and are subject to adjustment. Our independent registered public accounting firm has not audited, reviewed or performed any procedures with respect to this estimated unaudited financial data, or the accounting treatment thereof, and does not express an opinion or any other form of assurance with respect thereto. While we are currently unaware of any items that would require us to make adjustments to the financial information set forth herein, it is possible that we or our independent registered public accounting firm may identify such items as we complete our fourth quarter and full year 2023 financial statements, and any resulting changes could be material. Accordingly, undue reliance should not be placed on these estimates.

About Invitae
Invitae (OTC: NVTA) is a leading medical genetics company trusted by millions of patients and their providers to deliver timely genetic information using digital technology. We aim to provide accurate and actionable answers to strengthen medical decision-making for individuals and their families. Invitae’s genetics experts apply a rigorous approach to data and research, serving as the foundation of their mission to bring comprehensive genetic information into mainstream medicine to improve healthcare for billions of people.

To learn more, visit invitae.com and follow for updates on LinkedIn, X, Instagram, and Facebook @Invitae.

Safe Harbor Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the company’s 2023 estimated unaudited financial results, including revenue, gross profit, gross margin and cash burn. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially and reported results should not be considered as an indication of future performance. These risks and uncertainties include, but are not limited to: actual results for the fourth quarter and full year 2023; the year-end close process and audit of the company’s financial statements; risks and uncertainties regarding the company’s ability to successfully consummate and complete a plan of reorganization under Chapter 11; the company’s ability to continue operating in the ordinary course while the Chapter 11 cases are pending; potential adverse effects of the Chapter 11 cases on the company’s business, financial condition, liquidity and results of operations; and the other risks and uncertainties disclosed in the Company’s annual and quarterly periodic reports and other documents filed with the SEC. These forward-looking statements speak only as of the date hereof, and Invitae Corporation disclaims any obligation to update these forward-looking statements.

Non-GAAP Financial Measures
To supplement the company’s estimated unaudited financial results for the fourth quarter and year ended December 31, 2023 prepared in accordance with generally accepted accounting principles in the United States (GAAP) and disclosed in this press release, the company is providing several non-GAAP measures. These non-GAAP financial measures exclude certain items that are required by GAAP. In addition, these non-GAAP measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly-titled measures presented by other companies. Management believes these non-GAAP financial measures are useful to investors in evaluating the company’s ongoing operating results and trends. Management uses such non-GAAP information to manage the company’s business and monitor its performance.

Other companies, including companies in the same industry, may not use the same non-GAAP measures or may calculate these metrics in a different manner than management or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of these non-GAAP measures as comparative measures. Because of these limitations, the company’s non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the non-GAAP reconciliations provided in the tables below.

Contacts for Invitae:

Investor Relations
Hoki Luk
ir@invitae.com

Public Relations
Amy Sands Hadsock
pr@invitae.com

INVITAE CORPORATION

Reconciliation of GAAP to Non-GAAP Gross Profit

(in thousands)

(unaudited)

Three Months Ended December 31,

Year Ended December 31,

2023

2022

2023

2022

Revenue

$ 127,847

$ 122,454

$ 486,976

$ 516,303

Cost of revenue

53,713

92,844

311,815

417,256

Gross profit

74,134

29,610

175,161

99,047

Amortization of acquired intangible assets

—

26,950

77,122

100,568

Acquisition-related stock-based compensation

156

172

581

Acquisition-related post-combination expense

—

1,053

Restructuring-related retention bonuses

105

250

252

Inventory and prepaid write-offs

1,712

1,454

18,179

Non-GAAP gross profit

$ 74,357

$ 58,510

$ 254,159

$ 219,680

Reconciliation of Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash to Cash Burn

(in thousands)

(unaudited)

Three Months Ended

Year Ended

March 31, 2023

June 30, 2023

September 30,
2023

December 31,
2023

Net cash used in operating activities

$ (34,398)

$ (54,905)

$ (66,895)

$ (50,076)

$ (206,274)

Net cash provided by investing activities

73,878

116,064

5,117

72,675

267,734

Net cash (used in) provided by financing activities

(135,768)

876

(3,381)

(7,197)

(145,470)

Net (decrease) increase in cash, cash equivalents and restricted cash

(96,288)

62,035

(65,159)

15,402

(84,010)

Adjustments:

Net changes in investments

(75,202)

(117,146)

(7,048)

(71,917)

(271,313)

Loss from public offerings of common stock, net of issuance costs

—

Proceeds from issuance of Series B convertible senior secured notes due 2028, net of issuance costs

(22,435)

1,763

8,016

2,929

(9,727)

Cash burn(1)

$ (193,925)

$ (53,348)

$ (64,136)

$ (53,586)

$ (364,995)

(1) Cash burn for the three months ended March 31, 2023 includes $135.0 million repayment of debt, $8.1 million of prepayment fees, $3.7 million in restructuring-related cash payments, and $1.5 million of acquisition-related payments. Cash burn for the three months ended September 30, 2023 includes $4.1 million of acquisition-related payments. Cash burn for the three months ended December 31, 2023 includes $4.0 million of proceeds from the sale of YouScript.

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SOURCE Invitae Corporation

Technology

The Inner Circle acknowledges Colleen Reilly as a Pinnacle Professional Member Inner Circle of Excellence

Published

8 hours ago

April 24, 2026

PORT ST. JOE, Fla., April 24, 2026 /PRNewswire/ — Prominently featured in The Inner Circle, Colleen Reilly is honored as a Pinnacle Professional Member Inner Circle of Excellence for her contributions to Transforming Catering and Event Services in Northwest Florida.

Since 2015, Colleen Reilly has served as founder and CEO of Catering Connections, a company that has redefined catering in Northwest Florida’s beach communities through innovation, collaboration, and community focus. Guided by her motto “Just one call feeds them all,” Ms. Reilly established a unique model by partnering with local restaurants to showcase their specialties, fostering unity among businesses while providing clients with one-of-a-kind event experiences.

With over 15 years of industry expertise, Ms. Reilly specializes in coordinating weddings, family reunions, and corporate events, managing every detail from client consultation to menu planning and flawless execution. Her dedication to service has earned Catering Connections multiple recognitions, including the Couples Choice Award from WeddingWire from 2021 to 2025, the Best of Florida Award from 2022 to 2024, and the Lux Life Hospitality and Catering Award in 2023 and 2024.

Ms. Reilly’s career foundation includes an associate degree in paralegal studies, magna cum laude, from Volunteer State College, a reflection of her meticulous approach to detail and commitment to excellence. Beyond her business, she serves her community as a board member of the Historic St. Andrews Waterfront Partnership and as president of Friends of the Governor Stone Inc., a nonprofit dedicated to preserving maritime heritage in Panama City. Her previous civic contributions include serving five years as a guardian ad litem, advocating for children within the legal system, and volunteering as a school chaperone for international student trips.

A leader who blends innovation with service, Ms. Reilly continues to grow Catering Connections while deepening her commitment to the local community. Looking ahead, she remains dedicated to expanding her company’s impact, bringing people together, and creating meaningful experiences through food and fellowship.

Contact: Katherine Green, 516-825-5634, editorialteam@continentalwhoswho.com

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SOURCE The Inner Circle

Technology

Media Contributor Kianga Moore to Host Executive Media Roundtable On AI’s Transformational Impact in Retail

Published

8 hours ago

April 24, 2026

Leaders from AdFury.ai, Vendormint, and New Nexus Group to Explore Real-Time Decision-Making, Resilience, and Growth in a Volatile Market

NEW YORK, April 24, 2026 /PRNewswire/ — As retailers navigate ongoing economic uncertainty, supply chain volatility, and rapidly shifting consumer expectations, the upcoming convening of a high-level roundtable discussion will examine how artificial intelligence is reshaping the retail landscape in real time.

Moderated by Media Contributor Kianga Moore, to be held on Wednesday, April 29 at 11h00am (EST), the roundtable will bring together senior leaders from AdFury.ai, Vendormint and New Nexus Group to discuss how modern enterprise platforms are leveraging AI to drive agility, efficiency, and long-term resilience across the retail ecosystem.

The discussion will additionally focus on how AI is enabling retailers to respond dynamically to changing demand signals, optimize marketing investments, and strengthen interoperability across increasingly complex vendor and marketplace networks.

“Retailers today are operating in a constant state of disruption”, stated Kianga Moore. “This roundtable will explore how AI is not just a tool for efficiency, but a strategic asset for anticipating change and building more resilient, adaptive American enterprise.”

Key discussion topics will include remarks on how, for example, enterprise AI platforms are helping retailers respond instantly to fluctuations in consumer demand, pricing pressures, and external supply chain disruptions and the role of AI in enhancing interoperability across vendors, partners, and marketplaces to create more agile and resilient retail infrastructures in 2026.

Rob Gonda, Chief Technical Officer at Vendormint, stated that, “Interoperability is the backbone of modern retail. AI enables seamless communication between platforms, vendors, and marketplaces—turning fragmented systems into cohesive, responsive ecosystems that can adapt under pressure.”

Discussion topics will also include machine learning’s ability to optimize ad spend, improving personalization, and delivering measurable ROI while maintaining brand trust and regulatory compliance.

Eric Howerton, Co-Founder and Chief Growth Officer of AdFury.ai, added that,”AI is fundamentally changing how brands approach customer acquisition. By leveraging machine learning through fine-tuned, retail-specific agentic flows, we can not only optimize ad spend in real time, but we can also ensure messaging is personalized, compliant, and aligned with evolving consumer expectations.”

And indeed the roundtable will include discussions on how AI-powered predictive analytics can help businesses anticipate economic, technological, and geopolitical disruptions ahead—and plan accordingly.

Cheryl Yarbrough, Vice President of Partnerships at New Nexus Group added that, “Resilience in retail is no longer built in quarterly planning cycles-it’s built in real time. AI gives organizations the ability to identify disruptions before they cascade, pivot strategies before momentum is lost, and maintain continuity when the market moves faster than any human team can react alone.”

The roundtable will be held via Zoom TeleConference, with questions from the press and key stakeholders to follow opening remarks and a 30-minute Q&A between the moderator and the panelists.

For all media inquiries and to register to attend, please contact: Sam Amsterdam, Amsterdam Group Public Relations Inc. – Sam@AmsterdamGroup.net / +1 (202) 910-8349

Vendormint (https://vendormint.com)New Nexus Group (https://www.newnexusgroup.com)AdFury.ai (https://www.adfury.ai)

Samuel Amsterdam
Communications Counsel
Vendormint
samuelamsterdam@gmail.com

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SOURCE Vendormint

Technology

Fairway Home Mortgage Earns Prestigious USA TODAY Top Workplaces Award For 6th Consecutive Year

Published

9 hours ago

April 24, 2026

Fairway CEO Steve Jacobson Named #1 Leadership Award Winner of Companies With 2500+ Employees

MADISON, Wis., April 24, 2026 /PRNewswire/ — Fairway Home Mortgage announced that it has earned the prestigious 2026 USA TODAY Top Workplaces award. This is the sixth year in a row Fairway achieved this honor.

The award honors organizations with 150 or more employees that have created exceptional, people-first cultures. This year, more than 40,500 organizations were invited to participate. The winners are recognized for their commitment to fostering a workplace environment that values employee listening and engagement. USA TODAY showcased the winners at the National Awards Summit in Nashville. Watch the video of the event here.

“Being recognized with this award reflects Fairway’s commitment to bringing our people together face-to-face,” said Fairway’s CEO and Founder Steve Jacobson. “Companies are better when their people are around each other. People need each other and they learn from each other, and we’re very intentional about creating opportunities for in-person collaboration at Fairway.”

Jacobson demonstrated that in-person collaboration when he traveled to Knoxville this week with Fairway Senior Vice President Dan Richards to spend time with one of Fairway’s branches and their local real estate partners. “We engaged in real conversations about the market, discussed what people are seeing on the ground, and talked about how Fairway keeps showing up for clients,” said Richards. “It’s a reflection of the same hands-on approach that has defined Fairway’s culture for more than two decades.”

“To be named a Top Workplace for six consecutive years speaks to Fairway’s leadership, our mindset, and the empowerment of our staff,” said Fairway’s Chief People and Engagement Officer Julie Fry. “Our strength isn’t just what we offer employees. What sets a top workplace apart is the daily commitment to people—prioritizing connection, valuing contributions, and creating an environment where employees feel energized to serve because they feel valued first.”

The winners are determined by authentic employee feedback captured through a confidential survey conducted by Energage, the HR research and technology company behind the Top Workplaces program since 2006. The results are calculated based on employee responses to statements about Workplace Experience Themes, which are proven indicators of high performance.

“Earning a USA TODAY Top Workplaces award is a testament to an organization’s credibility and commitment to a people-first culture,” said Eric Rubino, CEO of Energage. “This award, driven by real employee feedback, is more than just a recognition — it’s proof that your employees believe in the organization and its leadership. Job seekers and customers look for this trusted badge of credibility and excellence. It signals a company that values its people, and that kind of culture resonates in today’s competitive market”

About Fairway Home Mortgage
Madison, WI- and Carrollton, TX-based Fairway Independent Mortgage Corporation (NMLS #2289) is a full-service mortgage lender licensed in all 50 states. Fairway is the #2 overall retail lender in the U.S.

About Energage
Making the world a better place to work together.™
Energage is a purpose-driven company that helps organizations turn employee feedback into useful business intelligence and credible employer recognition through Top Workplaces. Built on 20 years of culture research and the results from 30 million employees surveyed across more than 80,000 organizations, Energage delivers the most accurate competitive benchmark available. With access to a unique combination of patented analytic tools and expert guidance, Energage customers lead the competition with an engaged workforce and an opportunity to gain recognition for their people-first approach to culture. For more information or to nominate your organization, visit energage.com or topworkplaces.com.

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SOURCE Fairway Home Mortgage