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

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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

26

156

172

581

Acquisition-related post-combination expense

1,053

Restructuring-related retention bonuses

105

82

250

252

Inventory and prepaid write-offs

92

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

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

55

55

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

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Laifen Expands U.S. Retail Footprint with Costco Launch of Best-Selling SE Hair Dryer

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Starting July 18, Costco Members Can Shop Laifen’s Award-Winning Hair Dryer in Select Warehouse Locations Across the U.S.

NEW YORK, July 18, 2026 /PRNewswire/ — Laifen, ranked the world’s No.1 high-speed hair dryer brand, today announced the launch of its best-selling SE High-Speed Hair Dryer at select Costco warehouse locations, marking the brand’s largest U.S. retail expansion to date and bringing its award-winning haircare technology to Costco members across select U.S. markets.

The launch brings Laifen’s award-winning haircare technology to Costco, making it easier for consumers to experience the brand through one of the nation’s leading membership retailers. Laifen joins Costco’s growing portfolio of premium beauty and personal care brands. The initial rollout includes select Costco warehouse locations across the United States, with a strong presence across the Western U.S., including California, the Pacific Northwest and the Southwest.

Costco’s reputation for quality and its highly selective merchandising approach make this partnership especially meaningful. The Costco launch reflects Laifen’s continued expansion beyond direct-to-consumer channels as the brand accelerates its U.S. omnichannel retail strategy. “Costco represents an important milestone in our U.S. retail strategy,” said Romeo, General Manager of International Business of Laifen. “As more consumers seek salon-quality performance at an accessible price, we’re excited to make Laifen available through one of America’s most trusted retailers.”

Engineered to deliver professional-level performance in a sleek, lightweight design, the Laifen SE is powered by the brand’s proprietary high-speed brushless motor, delivering fast drying, reduced heat damage and smoother styling. An intelligent temperature control system continuously monitors airflow to help minimize frizz while protecting hair from excessive heat.

The Costco launch represents the next phase of Laifen’s U.S. retail expansion as the brand continues to grow beyond its direct-to-consumer and online channels. By expanding into one of the nation’s most trusted retailers, Laifen aims to broaden access to its category-disrupting haircare solutions while advancing its mission to bring more thoughtful design and everyday excellence into more homes.

The Laifen SE High-Speed Hair Dryer in White will be available at select Costco locations, while Costco.com shoppers will have access to additional color options including Purple and Pink, alongside the White model.

For more information on Laifen, please visit LaifenTech.com.

About Laifen: 

Founded in 2019, Laifen is a global personal care technology brand combining high-performance engineering with modern design across hair care, oral care, and grooming categories. Ranked the world’s No. 1 high-speed hair dryer brand by Euromonitor International, Laifen first gained recognition for its self-developed 110,000 RPM high-speed brushless motor, the proprietary technology behind its award-winning hair dryers.

Building on this innovation, Laifen has expanded its portfolio to include electric toothbrushes and shavers, delivering premium technology and elevated everyday experiences to consumers worldwide. Today, Laifen products and accessories are used by over 22 million households across more than 60 countries, supported by more than 600 patents and recognized with over 50 international design and innovation awards. Driven by continuous technological breakthroughs, Laifen is committed to making cutting-edge personal care technology more accessible to consumers around the world.

View original content to download multimedia:https://www.prnewswire.com/news-releases/laifen-expands-us-retail-footprint-with-costco-launch-of-best-selling-se-hair-dryer-302828573.html

SOURCE Laifen

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Pillsbury Notice of Data Breach

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NEW YORK, July 18, 2026 /PRNewswire/ — Pillsbury Winthrop Shaw Pittman LLP (“Pillsbury”) was among many law firms targeted by sophisticated social engineering attempts in an incident last year. While the firm quickly detected and blocked the activity, an unauthorized actor was able to access some of the firm’s documents during a short window of time. Pillsbury notified any impacted clients last year and undertook a detailed process to review the accessed documents for personal information. Pillsbury then began notifying individuals whose personal information was affected. That process is now complete, and today, Pillsbury is publishing substitute notice as a final step.

For more information, please visit the substitute notice on our website at https://www.pillsburylaw.com/en/breach-notice.html

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SOURCE Pillsbury Winthrop Shaw Pittman LLP

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From Remote Racing to Embodied AI: Fibocom and Intedigo Bring 5G Bidirectional Data Transmission into Real-World Applications

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SHANGHAI, July 18, 2026 /PRNewswire/ — From July 17 to 20, Fibocom and Intedigo will jointly present a cross-regional, beyond-visual-line-of-sight (BVLOS) teleoperation demonstration at Booth H3-C408 during the World Artificial Intelligence Conference (WAIC) 2026. Visitors will be able to enter a remote driving cockpit and control a real race car located at HURA PARK in Jiading, Shanghai, steering, accelerating, and braking in real time while experiencing how 5G connectivity enables remote operation.

More than an immersive driving experience, the demonstration provides a live validation of 5G bidirectional data transmission for embodied AI teleoperation. The vehicle continuously sends live track video, vehicle status, and operating data to the remote cockpit, while control commands are transmitted back to the vehicle, creating a closed-loop teleoperation system. Stable, low-latency, and highly reliable connectivity is essential for high-dynamic maneuvers such as high-speed cornering, precision braking, and continuous lane changes.

Developed by Intedigo, the remote driving system connects a real race car with an immersive remote driving cockpit. It supports 1080p@60Hz video transmission, glass-to-glass (G2G) video latency of less than 80 ms, and control latency of less than 10 ms. The demanding racing environment magnifies differences in video continuity and control responsiveness, making communications performance directly perceptible, measurable, and verifiable.

At the joint demonstration, Fibocom’s FM160 5G module provides cellular connectivity for the system. Powered by the Qualcomm Snapdragon™ X62 5G Modem-RF System, the FM160 supports SA and NSA network architectures as well as 3GPP Release 16. On the downlink, it supports NR Carrier Aggregation (NR CA) with bandwidth of up to 120 MHz, delivering peak speeds of up to 3.5 Gbps in NSA mode and 2.5 Gbps in SA mode. On the uplink, it supports UL MIMO and delivers peak speeds of up to 900 Mbps in SA mode. These capabilities support the continuous transmission of HD video and vehicle status data, along with reliable delivery of control commands.

As embodied AI moves into factories, data centers, logistics operations, and industrial parks, robots are becoming increasingly capable of performing tasks autonomously. Yet complex environments, unexpected events, and edge cases still require Human-in-the-Loop (HITL) remote intervention to help ensure safe and reliable operation.

Daniel Liu, CEO of Intedigo, said:

“5G represents the pinnacle of human communications and the starting point of machine communications. In the past, communications connected people to people; in the future, they will connect people to robots and robots to robots. Remote racing is simply the easiest entry point for people to understand this concept. What we are truly validating is a communications system capable of supporting remote collaboration for embodied AI. HURA makes low-latency remote driving a tangible experience, while RoBOX extends this capability to robots and a broader range of intelligent terminals. Together with Fibocom, we hope to enable more machines to receive remote assistance whenever needed while remaining continuously connected and operating reliably.”

Simon Tao, VP of Wireless Solutions Business Group and General Manager of MBB BU at Fibocom, said:

“As embodied AI enters real-world industrial environments, reliable connectivity will become the foundation for telemetry feedback, remote control and operational management. Fibocom’s 5G solutions, represented by FM160, provide the cellular connectivity required for continuous on-site data transmission and reliable control command delivery. Fibocom will continue collaborating with ecosystem partners such as Intedigo to bring cellular connectivity to more robots, autonomous machines and mobile intelligent terminals, enabling embodied AI systems to stay continuously connected and respond reliably in real-world applications.”

From remote race cars to robots, unmanned equipment, and mobile intelligent terminals, 5G is evolving from connecting people to connecting machines. This joint demonstration makes the capabilities of 5G bidirectional data transmission directly perceptible, experiential, and verifiable, helping pave the way for embodied AI to scale across real-world applications.
 

About Fibocom

Fibocom, founded in 1999, is China’s first wireless communication module company listed on both the A-share and H-share markets (300638.SZ, 0638.HK). As a global leading provider of wireless communication modules and AI solutions, Fibocom leverages wireless communication and artificial intelligence as its core technologies to provide integrated hardware and software solutions that empower industry applications. These solutions accelerate the transformation from “Connect Everything” to “Intelligent Connectivity” across diverse industries.

Fibocom’s one-stop solutions encompass cellular communication, AI, automotive, and GNSS modules, as well as AI toolchains, supporting industry-side and mainstream large model integration, and providing AI Agent, global connectivity, and cloud services, driving the digital intelligence upgrades in industries such as robotics, consumer electronics, low-altitude economy, intelligent transportation, smart retail, and smart energy.

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SOURCE Fibocom Wireless Inc.

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