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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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Linktel Technologies Highlights Breakthrough 1.6T LPO Performance & Strong Market Pull at OCP 2026

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SAN JOSE, Calif., Oct. 18, 2026 /PRNewswire/ — At the recent 2026 OCP Global Summit, Linktel Technologies showcased its cutting-edge optical interconnect portfolios engineered specifically for next-generation AI computing networks. Among the heavy lineup, Linktel’s 1.6T Linear Pluggable Optics (LPO) solutions commanded immense industry attention, drawing heavy customer interest for their unprecedented energy efficiency, ultra-low latency, and supply-chain resilience.

Spotlight: 1.6T LPO Performance & High Customer Traction

AI data centers face immense scaling pressures, demanding higher bandwidth densities with tighter thermal and power budgets. Linktel’s 1.6T LPO solutions—highlighted by the 1.6T LPO 2DR4—delivered standout performance metrics that captured the spotlight at the summit:

Ultra-Low Power Consumption: Operates with power consumption as low as an impressive 10W, drastically mitigating data center cooling and power loads.Minimal Latency: Features a linear optics architecture that cuts down signal processing delays, making it a critical asset for high-performance AI scale-out fabrics.Enhanced Supply-Chain Resilience: Eliminating the optical DSP mitigates component choke points, ensuring robust scalability for mass deployments.Proven Interoperability: Following its breakthrough performance and multi-switch platform interoperability at the early September 2026 1.6T LPO-MSA Plugfest, Linktel has laid a solid foundation for the 200G-per-wavelength ecosystem.

Surging Market Interest

Throughout OCP 2026, Linktel’s live demonstrations of its 1.6T LPO, LRO, and FRO modules drew crowds of data center architects and industry partners. With volume production already in place, Linktel is fully equipped to meet the exploding market demand for energy-efficient, high-density 1.6T connectivity.

Overview of Other Innovations at OCP 2026

In addition to the heavily requested 1.6T LPO lineup, Linktel showcased two other major high-speed architectural pillars:

12.8T Liquid-Cooled XPO:Featured a live thermal demonstration integrating advanced liquid cooling to guarantee stable operations in high-density AI nodes.As a founding member of the XPO MSA, Linktel is actively scaling XPO series with FRO, LRO, and LPO variants for comprehensive scale-up, scale-out, and scale-across frameworks.6.4T/7.2T NPO Modules:Displayed with covers removed to reveal internal architectural designs supporting both ELS and ILS configurations.Combines compact high density with low power and low latency, backed by an established 6.4T/7.2T NPO roadmap.DMD Technology & Executive Presentation:Linktel Engineer Director Dr. Grace Zhang hosted a heavily attended Executive Session titled “Dispersion Managed Transceiver for Next-Gen AI Fabrics,” detailing cost-effective 800G (20km) and 1.6T (10km) solutions for OCS SuperPOD architectures, as well as the feasibility of 400G per lambda (3km).With its DMD product line already in volume production, Linktel actively calls upon ecosystem partners to join forces in collaborative development. To drive ecosystem maturity, Linktel is open to sharing its U.S.-filed patents, paving the way for industry-wide adoption and advancements in next-gen AI fabrics.

About Linktel Technologies

Linktel Technologies is a global leader in optical transceiver development and manufacturing, supplying high-speed optical I/O connectivity—including pluggable transceivers, optical engines, and ODM/JDM services.

For more information, visit www.linktel.com or follow Linktel Technologies on LinkedIn.

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SOURCE Linktel Technologies

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Advanced Manufacturing in Focus: Smart Life and Robotics Take the Spotlight at 140th Canton Fair

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GUANGZHOU, China, Oct. 18, 2026 /CNW/ — Phase 1 of the 140th Canton Fair, themed “Advanced Manufacturing,” opened on October 15 and will run through October 19. As one of the event’s most closely watched sections, the Consumer Electronics and Information Products zone once again serves as a showcase for the latest achievements in China’s manufacturing and technology industries.

Smart Life Solutions Address an Aging and Globalized Market

A highlight of this section is the focus on smart living, which brings together smart solutions designed to support healthier, safer, and more independent lifestyles.

For example, wearable devices and continuous glucose monitoring systems enable convenient tracking of key health indicators such as heart rate and blood glucose levels. Meanwhile, wearable exoskeletons and other AI-powered devices support mobility training and functional recovery. For home and elderly care, companion robots, electric nursing beds and home-use hyperbaric oxygen chambers, offer a combination of daily care, wellness support and lifestyle assistance. All these solutions highlight a growing shift toward technology-enabled living, where health management, personal care, and independent living are becoming more accessible and connected.

Service Robots Demonstrate Expanding Real-World Applications

The Service Robot Zone remains one of the fair’s most popular attractions in this edition.

Among the crowd favorites is a humanoid robot standing roughly 70–80 centimeters tall. With its expressive movements and playful appearance, the robot draws constant attention as it dances, approaches visitors and occasionally performs flips to the delight of onlookers. Behind the product is a company that has overcome key challenges in compact joint modules and modular humanoid robot development. Its independently developed high-power-density joints deliver remarkable agility and explosive movement, while modular architecture provides flexibility for a wide range of future applications.

More broadly, the Service Robot Zone features exhibits spanning a wide range of application areas, including embodied intelligence, specialized operations, urban services, and smart living. Full-size humanoid robots, dexterous hands with multimodal sensing capabilities and wheeled robots highlight the latest advances in artificial intelligence, perception technologies and motion control. For demanding industrial and emergency environments, exhibitors are presenting robotic inspection systems, live-line maintenance robots and underwater propulsion robots designed to improve safety and operational efficiency.

The commercial services sector is also well represented through reception robots, façade-cleaning robots and fully automated coffee kiosks, while everyday life applications include wearable exoskeletons, robotic lawn mowers and educational robots for home use. Together, these exhibits demonstrate how China’s robotics industry is accelerating its transition from technological innovation to large-scale commercialization.

As the 140th Canton Fair gets underway, the showcased innovations highlight China’s growing strength in advanced manufacturing, turning cutting-edge technologies into practical, market-ready solutions for global customers.

For more convenient attendance, please click here for pre-registration:
https://buyer.cantonfair.org.cn/register/buyer/email?source_type=16

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SOURCE Canton Fair

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October 2026 Global Sources Hong Kong Shows Phase II Opens Today

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Asia’s first dedicated B2B Pre-Owned Mobile Devices focus pavilion 
Tencent Brings AI Ecosystem Products to the Show

HONG KONG, Oct. 18, 2026 /PRNewswire/ — Phase II of the October 2026 Global Sources Hong Kong Shows opened today at AsiaWorld-Expo, running from October 18 to 21. The four-day event focuses on four core tracks — mobile electronics, smart home security and appliances, lifestyle electronics, and sports and outdoor — bringing together more than 2,100 quality Asian suppliers across more than 4,000 booths, showcasing approximately 160,000 new products including mobile devices, smart wearables, AR/VR, smart home, energy storage and charging, personal health care, pet products, and sports and outdoor equipment.

John Kao, Vice President of Hong Kong Shows & Overseas Shows at Global Sources, said: “Hong Kong possesses a regulatory framework aligned with international standards, efficient intellectual property protection, and proximity to the Greater Bay Area’s manufacturing heartland — enabling it to meet buyers’ dual demands for compliance and efficiency. Buyers no longer need to travel to multiple locations: right here in Hong Kong, they can assess Asian manufacturing supply, complete compliance reviews, and place orders — all in a single visit. The trust established between buyers and sellers on site is often difficult to achieve through months of email exchanges. We aim to continuously strengthen Hong Kong’s role as an international trade hub, enabling genuinely capable suppliers and serious buyers to connect efficiently on this platform.”

Asia’s First B2B Phone Trade Focus Pavilion Officially Debuts

Hong Kong has long been an important transit hub for the global second-hand phone trade. According to IDC data, global used smartphone shipments reached 225.7 million units in 2024 and are projected to maintain a compound annual growth rate of 4.9% through 2029. While the market continues to expand, compliant distribution capability remains the key threshold for entering this space.

For the first time, the show has partnered with the Hong Kong International Communications Electronic Chamber (HKICEC) to unveil the “HKICEC Global Mobile Exchange Pavilion,” Asia’s first dedicated B2B pavilion for Pre-Owned Mobile Devices. The pavilion brings together nearly 60 leading companies from Chinese Mainland, Hong Kong SAR, India, Japan, the United Arab Emirates, the United States, the United Kingdom, and beyond — including Zhuan Zhuan, ATRenew, US Mobile Phones Inc., Belong Inc., and ecoATM LLC — exhibits and services span new mobile devices, professionally tested and data-sanitized refurbished smart devices compliant with EU WEEE standards, intelligent testing technologies, recycling solutions, and compliant export services. The pavilion offers buyers from Europe, North America, and Southeast Asia a trusted and comprehensive sourcing platform, creating a green trade corridor that connects Chinese Mainland’s manufacturing strengths, Hong Kong SAR’s international platform, and global markets.

Tencent AI Makes Show Debut; AI Mass Production Enters the Delivery Phase

The product selection logic for AI products has undergone a marked shift in the second half of the year. The focus has moved entirely from “What new AI products are available?” to deployment capability and delivery efficiency — no longer chasing feature gimmicks alone, buyers place greater emphasis on whether products can effectively address real needs and ship reliably on schedule. Suppliers’ overall fulfillment capability has surpassed mere product highlights to become the primary assessment criterion in sourcing decisions. The Phase II “AI+ Theme Zone” features over 1,200 booths spanning seven segments: AI terminal devices, AI wearables, AI glasses, AI toys, AI pet products, AI personal health devices, and AI-integrated products, showcasing suppliers’ proven ability to move from concept to mass production. The zone also extends to lifestyle electronics including wearable electronics, smart pet products, personal care and beauty tech, sports, outdoor and fitness tech, gifts, and smart living, covering a wide range of real-world application scenarios.

Tencent joins forces with its ecosystem partners to exhibit under the theme “AI-Empowered Business Growth,” showcasing Tencent’s AI office assistant WorkBuddy alongside enterprise-grade AI solutions from ecosystem partners, including the AI-powered business growth tool Buda.im and Busabase. Running concurrently with the fair, the “AI Agent Summit” brings together over 100 industry, investment and technology leaders to explore how AI Agents are moving beyond demos into real-world deployment and revenue generation, with in-depth discussions on commercialisation pathways, industry standardisation and emerging opportunities across the AI Agent ecosystem. In addition, the show has partnered with the Taiwan Electrical and Electronic Manufacturers’ Association (TEEMA) to launch a Taiwan AI Supply Chain Theme Pavilion, showcasing the region’s established industrial cluster strengths in AI modules, components, and contract manufacturing.

Vietnamese Manufacturing and Mobile Accessories Take Center Stage; Diverse Sourcing Zones Debut

Phase II features a dedicated “Vietnam Sourcing Fair” zone, bringing together approximately 50 Vietnamese manufacturers with mature export capabilities, covering three product categories: fashion products and apparel, home and kitchenware, and gifts and packaging. For buyers seeking to diversify sourcing risks, the zone enables them to simultaneously access China’s main supply chain and Vietnam’s emerging production capacity at the same show, and negotiate directly face-to-face with Vietnamese factories.

With new-generation flagship smartphones from major brands hitting the market, demand for compatible mobile accessories is ramping up. The show floor features over 2,000 mobile-accessory booths showcasing new offerings including phone cases, charging gear, stands, and data cables, providing global buyers with an extensive range of options. The event also hosts the “Global Buyer’s Top Picks” creative phone-case contest to identify case designs with strong market potential.

The concurrent Hong Kong Security Tech Show, supported by the China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME), showcases products and solutions spanning security surveillance, smart access control, and cybersecurity.

Best of Innovation Awards Recognize Outstanding Products; Global New Product Launches Converge in Hong Kong

The Phase II Best of Innovation Awards focus on products across mobile electronics, smart home, security and appliances, lifestyle electronics, and sports and outdoor categories, with judging criteria emphasizing practicality, cost-effectiveness, technological maturity, and market relevance — identifying innovative products with genuine commercial deployment potential. Phase II also introduces a dedicated “AI Innovation Award” to recognize exhibits with outstanding applications of AI technology. The awards program continues its partnership with the internationally renowned European Product Design Award (EPDA)™ to present the “Best Product Design Award,” honoring products that combine innovative thinking with exceptional design. The show also serves as the preferred launch platform for multiple exhibitors’ annual new products, featuring heavyweight global and Asia premieres that further consolidate Hong Kong’s position as the world’s premier stage for consumer electronics product debuts.

About Global Sources

Global Sources is an internationally recognized multi-channel trade platform, connecting Asia with the world for 55 years. The company has been dedicated to facilitating global trade by connecting verified suppliers with qualified buyers worldwide. To date, it has successfully served more than 14 million registered buyers and users globally, providing efficient and convenient trade solutions.

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