InVitae (NVTA) Tops Q1 EPS by 3c, Revenues Beat

InVitae (NYSE: NVTA) reported Q1 EPS of ($0.56), $0.03 better than the analyst estimate of ($0.59). Revenue for the quarter came in at $103.6 million versus the consensus estimate of $101.46 million.

First Quarter 2021 Financial Results

• Generated revenue of $103.6 million in the quarter, a 61% increase compared to $64.2 million in the same period in 2020
• Reported billable volume of 259,000 in the quarter, a 72% increase compared to 151,000 in the same period in 2020
• Reported average cost per billable unit of $290 in the quarter compared to $268 average cost per billable unit in the same period in 2020. Non-GAAP average cost per unit was $242 in the quarter
• Achieved gross profit for the first quarter of 2021 of $28.1 million, compared to $23.8 million in the same period in 2020. Non-GAAP gross profit was $40.5 million in the first quarter

"We had a very strong start to the year, experiencing record daily volumes, and we expect that momentum to continue into the coming years," said Sean George, co-founder and chief executive officer of Invitae. "Genetic information is the foundation for personalized medicine, and we believe Invitae is uniquely positioned to deliver that information from a single platform across all stages of life, ushering personalized medicine into the mainstream to improve healthcare for all."

For earnings history and earnings-related data on InVitae (NVTA) click here.

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