Total operating expenses, which exclude cost of revenue, for the first quarter of 2019 were $55.5 million compared to $46.1 million in the first quarter of 2018. Information is provided 'as-is' and solely for info On the flip side, Q2 is usually stronger than Q1. Katherine Stueland -- Chief Commercial Officer. The impact of hereditary breast and ovarian cancer and awareness of hereditary cancer has been enormous and has now spread into pancreatic, prostate, colon. Earnings Invitae (NYSE:NVTA) Earnings Information. Invitae (NVTA) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended March 2020. And Puneet, this is Lee. We have more than enough capital to withstand a variety of downside COVID scenarios and emerge out of the coming quarters even stronger for it. I will turn the call back over to the presenters for closing remarks. Please go ahead. This week, we will be launching a marketing campaign educating consumers about this capability and just how easy it is to access genetic information for healthy mom and baby from the comfort of their own home. After the speakers' presentation, there will be a question-and-answer session. Yes, hi Sean, thanks. May. It's about the same. The dial-in numbers for the conference call are (866) 393-4306 for domestic callers and (734) 385-2616 for international callers, and the reservation number for both is 3435689. While early, and really only happening on a regional level, we view this as evidence supporting our scenario outlook of the COVID recovery period and more importantly the essential nature of genetics in mainstream medicine. We have -- as we mentioned, we have invested in that a little more seriously in recent months. We've let some people go. Last one from me. However, the more of that we move to our online stack, I think as Lee pointed out, the more of that, that goes online, we do get better opex leverage, better customer service leverage, sales, sales support, account follow-up, and our billing is cleaner, which translates to better billing performance with the payers, which, of course, as -- 70% of our business -- a little less than 70% of our business is a good thing. Invitae will release figures for the most recent quarter on May 5. Because there's different medications for these different applications. So the carrier testing in that channel has been really the focus. But I really don't have any idea how to even with a wide band, the possibilities model Q2 because we have those facts that you shared. A limitation of using this non-GAAP measure is that cash burn does not represent the total change in cash, cash equivalents, and restricted cash for the period because it excludes cash provided by or used for other operating, investing or financing activities. My name is Gabriel and I will be your conference operator today. Thank you, Shelly. Again, we view them really much more as capabilities integrating the platforms. Our cost of revenue per sample was $245 this quarter, 10% increase from the first quarter of 2019. And that is growing. Yes. Your line is open. Invitae Corp. analyst estimates, including NVTA earnings per share estimates and analyst recommendations. The vast majority of those practices don't have a counselor there at all. The unmet need is immense. The second thing is, you said volume was down 50% at the end of March. Thank you, operator, and good afternoon, everyone. and in G&A to help us to scale the business. We refer you to our 10-Q for the year ended December 31, 2019, and particularly to the section titled Risk Factors for additional information on factors that could cause actual results to differ materially from our current expectations. Your final cost may Because of these limitations, cash burn should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. They continue to allow us to take more share and reduce costs to have a kind of definitive and lasting cost advantage for an ever-increasing menu of genetic information. So we're calling it early -- too early to really call anything. ... Earnings ESP: Invitae has an Earnings ESP of 0.00%. Do the numbers hold clues to what lies ahead for the stock? 11/09/20 : Q3 2020 Earnings Release (Projected) 02/15/21 : FY 2020 Earnings Release (Projected) 05/10/21 : Q1 2021 Earnings Release (Projected) 08/10/21 Among Invitae's 13 abstracts at the American College of Medical Genetics and Genomics annual virtual meeting just last week, we presented research from the Invitae Detect Prostate Cancer program. That would be one of them. So I think, as I highlighted, we had been on investment mode and that was a lot of additional R&D heads and others to do some of the things that Sean talked about as well as some in the sales force, etc. Are you seeing similar general magnitude of decline and recovery or there are different trends we should consider when modeling out that portion of revenue? That's helpful. We don't expect the impact of any change or reclassification to be material. Invitae (NYSE: NVTA) is scheduled to announce Q1 earnings results on Tuesday, May 5th, after market close. Cumulative Growth of a $10,000 Investment in Stock Advisor, Invitae Corp (NVTA) Q1 2020 Earnings Call Transcript @themotleyfool #stocks $NVTA, Invitae Nabs Bristol Myers Squibb, J&J, Novartis, and Roche for Acute Myeloid Leukemia Project, Invitae (NVTA) Q3 2020 Earnings Call Transcript, Copyright, Trademark and Patent Information. Patients feel like they -- it's like we've gone back in time to when doctors made house calls. Invitae Corp Q1 2019 Earnings Call May. Invitae (NVTA) delivered earnings and revenue surprises of 4.76% and 3.45%, respectively, for the quarter ended March 2020. If we can get some savings from that, that would be great, but that is not an area of focus for us in terms of cash reduction and cost reduction. And I think that's kind of that silhouette that you identified is definitely something that we're still considering because we just think it's advantageous on all fronts. So it is having a major impact not just around the genetic counseling world, but it's extending way beyond what we generally think of as being the world of genetic counseling. I think that would be shortsighted. And still, nobody is heading into the clinic. I will now turn the call over to Bob Nussbaum to highlight some of our recent data. I think it's encouraging now that cancer centers are starting to open again regionally. And can you tell us a little bit about -- do you have -- is there any sort of margin advantage to having the home collection kits versus the standard collection? Invitae Corp (NYSE:NVTA)Q1 2020 Earnings CallMay 5, 2020, 4:30 p.m. I will now turn the call back over to Sean. I think what's -- there's a couple of things driving this. (in thousands) Management believes cash burn is a liquidity measure that provides useful information to management and investors about the amount of cash consumed by the operations of the business. So across the board, we cut back. We've invested in the ability to take a lot of their leg work on a patient-by-patient basis off of their shoulders. Gia has definitely accelerated that, but it's hard to say kind of if the majority of our orders are through our online portal, how much of that now is caught -- uplift from Gia versus -- it's difficult to say, but I would say kind of like we can definitely see even the very early days, it is having a positive impact on the ability to drive more volume, how clinicians get greater throughput through their clinics, eliminate a lot of the activities that otherwise would take time in person. Search. And then the third part is, it sounds like you saw consistent improvement week-to-week since the end of March. Again, it's a new year. We'll be able to see more volume coming from those areas as well. So I think the -- as we mentioned, we do see some -- over the last few weeks some recovery in daily average volumes. With this disruption ongoing, a number of cost reduction efforts that you're doing across the organization, how are you thinking about sort of emerging from this and how are you looking at the broader landscape of the peer group germline testing companies? We're certain our aggressive investment in ways to access the platform position us better than anyone to support clinicians and patients using the clinic-from-afar model. And if I could ask last one on Gia and telehealth expectations, can you quantify sort of how much of the business currently is coming from telehealth versus traditional call-ins and other methods from genetic counselors? Invitae Corporation NVTA is scheduled to report first-quarter 2020 results on May 5, after market close.. Its earnings missed estimates in each of the trailing four quarters, the average miss being 12.1%. Invitae Corporation (NYSE: NVTA), the leader in advanced medical genetics, today announced financial and operating results for the first quarter ended March 31, 2019. Invitae (NVTA) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended March 2020. Management accounts for this limitation by providing information about its operating, investing and financing activities in the statements of cash flows in its consolidated financial statements in its most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K and by presenting net cash provided by (used in) operating, investing and financing activities as well as the net increase in cash, cash equivalents and restricted cash in its reconciliation of cash burn. Thank you. But right now, we're just being really conscious, kind of, as Shelly pointed out, really calibrating the [Technical Issues] the top-line. The detail on that is where it gets interesting that kind of there were clearly some accounts acute -- large cancer care centers, acute cancer care centers, late stage that did not get impacted at all. More importantly, we don't see any structural systematic changes in the demand for genetic information and are getting a general sense that perhaps when all is said and done, the importance of diagnostic information may actually appreciate faster. In the first quarter alone, we added 12 new biopharma partnerships, bringing the total number partners to more than 90. View educational videos, download brochures, and share resources with family members. Okay. Invitae's goal is to aggregate the world's genetic tests into a single service with higher quality, faster turnaround time, and lower prices. In the near term, gross profit growth is a reasonable substitute indicator. So the DTC test, not just in cardiomyopathy but also in familial hypercholesterolemia and a variety of other areas, are just really grossly insensitive and are not really doing the people who are taking those tests a medical or clinical service. So that's been in development for some time. “To that end, we have capital totaling nearly $300 million, which we will invest in advancing the development of our total cancer care offering, accelerating the development and commercialization of our new direct channel for patients, and continuing to invest in further engineering capabilities to reduce costs, add content and enhance the quality of our offering overall.”, Invitae’s Corporate and Scientific Highlights. Get prepared with the key expectations. How do you think Invitae emerges out of that because traditionally you invested into menu expansion and reducing the costs, and obviously the lever you can pull here is reducing the costs more aggressively? Okay, understood. Earnings ESP: Invitae has an Earnings ESP of 0.00%. And this is where the regional aspect of this really started to become apparent early on. And the recognition that your patient is a member of a family and that there's important information, not only finding other people in the family who might be at risk but also being able to tell other people in the family that they're not at risk for a problem, such as ARVC or hypertrophic cardiomyopathy. Get answers to frequently asked questions about the genetic testing process, results, and more. Invitae has been investing for sometime on this front and is uniquely positioned to help clinicians deliver care to their patients through this pandemic. There's a growing number of genetic counselors who are focused on cardiology. Is it the stay-at-home orders? (628) 213-3369, ✔ Invitae Please go ahead. “Invitae is rapidly becoming the preferred provider of genetic information for clinicians and biopharma partners and increasingly the partner of choice for third party commercial payers seeking to improve patient outcomes and lower healthcare costs. Okay. Gia is being helpful across all three of those customer segments. So that's been the main focus, in addition to the deployment of Gia in early April. These forward-looking statements speak only as the date hereof. Please go ahead. Perfect. Notable SEC filings of Invitae Corp. All filings Last yearly filing Filter. The medical research company reported ($0.78) earnings per … So my first question is on Invitae has driven market share growth and captured market share over time. Get helpful information to guide important health decisions before, during and after pregnancy. 7, 2019, 4:30 p.m. We continue to invest in our business and operating expenses for the first quarter were $101.9 million. So those are the financials that we can attach to those three acquisitions. Billable volume was approximately 87,000 in the first quarter of 2019, Generated revenue of $40.6 million in the first quarter of 2019, representing a 47% increase over the first quarter of 2018 revenue of $27.7 million, Reduced the average cost per sample to $226 in the first quarter of 2019, representing a 19% reduction from a $279 average cost per sample in the first quarter of 2018, Achieved gross profit of $19.3 million in the first quarter of 2019 which is double the $9.6 million gross profit in the first quarter of 2018. Or is there something else that differentiates the different regions? Thank you, Sean. Markets Insider Automation. When you use a genotyping platform to pick a few common variants that are found in a couple of the genes, essentially, 96% of the time, patients that we diagnose at Invitae as having a pathogenic or likely pathogenic mutation in a cardiomyopathy gene, 96% of them would have been missed if they had simply taken the DTC test. I do think it's worth noting that the trajectory we were on for the first 10 weeks of the year would have had us well on the path to exceed around 850,000 samples for the year and handily beat our revenue expectations. So we have much lower error rates when our customers order via the portal than when they do via paper recs. © 2016 Invitae Corporation. These forward-looking statements speak only as of the date hereof, and Invitae Corporation disclaims any obligation to update these forward-looking statements. I believe that's what you said. There are no further questions at this time. January 20, 2021 Invitae Announces Proposed Public Offering of Common Stock READ MORE NYSE: NVTA 54.76 - 2.17 - 3.81% Volume: 577,903 20 minute delay January 21, 2021 IR HOME And then, I'll let Katherine talk about specifically sales force. So I guess the question is, is it too early to say that this is working given what's going on or are there some signs that even in the midst of the pandemic, you're making progress? Jeffrey Cohen -- Ladenburg Thalmann -- Analyst. And Jungla, while we can say anecdotally some key deals we've won as a result of having the capabilities that Jungla team got, again, it's difficult to say among the broader feature sets how to allocate revenue because of Jungla to that. The amount shown above is an estimate of your out-of-pocket cost based upon the Achieved gross profit of $19.3 million in the first quarter of 2019 which is double the $9.6 million gross profit in the first quarter of 2018 Total operating expenses, which exclude cost of revenue, for the first quarter of 2019 were $55.5 million compared to $46.1 million in the first quarter of 2018. Invitae Corp Q1 2020 Earnings Call Transcript fool. On track to deliver more than 500,000 test samples and more than $220 million in revenue in 2019 Yes. (unaudited), Prepaid expenses and other current assets, Operating lease obligations, net of current portion, Finance lease obligations, net of current portion, Accumulated other comprehensive income (loss), Total liabilities and stockholders’ equity, INVITAE CORPORATION And so our ability to support counseling and testing from home, I think, is going to be an ongoing benefit and a plus, even after the stay-at-home business starts to go away. Your line is open. Cash burn excludes (1) changes in marketable securities other than investments made in privately held companies, (2) cash received from equity financings, including proceeds from a public offering of common stock in March 2019, (3) cash received from loan proceeds, and (4) cash received from exercises of warrants. Part of that is driven by the fact that there has been less precision medicine available in cardiology, but that is now changing. Good afternoon. Invitae's (NVTA) genetic testing business is expected to have gained from expansion of biopharma partnerships in Q1. With that, I will now turn the call over to the operator for Q&A. As of March 31, 2019, cash, cash equivalents, restricted cash, and marketable securities totaled $287.1 million. Moving to our cash position, at March 31, 2020, cash, cash equivalents, restricted cash and marketable securities totaled $301 million. So more to come on that as we launch that campaign. And slightly, we do mean slight. The first quarter has traditionally been our lowest and we believe the record volume this quarter despite the last two weeks being affected by the pandemic along with early signs of recovery are indicators of continued future growth potential. Thank you, Laura, and thank you all again for joining us on the call. We have invested for some period of time now with our patient portal, our clinician portal and have always been adding features that make it easier and easier and easier to do that, not with a rep in the clinic walking the clinician through it or pulling charts or filling out information and having to do it in the clinic. On the reimbursement side, I think Gia and tools like Gia that we have been working on help in a number of ways. That's helpful. Among Invitae's data at the World Congress of Cardiology virtual meeting, we presented a study showing that 96% of individuals genetically positive for a cardiomyopathy would be falsely reassured by a negative result provided by limited genotyping testing strategies commonly available in direct-to-consumer services. Other disease areas did get hit more with some kind of acute care obviously still continuing. The increase in cost of revenue per sample was driven by the higher incurred costs of newer content offerings and mix changes, offset by investment in cost reductions and the growing impact of scale on our cost structure. And so kind of as Bob has laid out that picture, if you think about it, even though cardiovascular testing is a really nice and growing segment of our business, it's basically not even started yet. Laura D'Angelo -- Head of Investor Relations and Communications. In the first quarter, over 68% of our revenue came from third-party payers and just over 30% from both institutions, including pharma partners and patients. ET. Got it. InVitae Corp (NYSE:NVTA) – Research analysts at SVB Leerink decreased their Q1 2020 earnings per share estimates for shares of InVitae in a research report … And although you can't see that we've won a particular client or another, maybe Bob can talk a little bit about how that is working and how that's received in the market. Speaking of integration, we actually have been able to integrate the Jungla technology to reissue reports for some of those that we had historically and now be able to call some of those [Technical Issues] as well as use that technology as we move forward. ... Q1 2021 EPS Estimate Trends. And on the investment front, we've really been focusing on COGS improvements, product improvements that allow us to kind of take immediate share, like where we see immediate share opportunity -- share capture opportunity, we're focusing on those product improvements. We have had telehealth options in place for some time now and our past investments in acquisitions and our customer workflows have enabled a transition to telemedicine that has been rather seamless. Earnings Preview: Invitae (NVTA) Q1 Earnings Expected to Decline For the first quarter of 2019, Invitae reported a net loss of $37.7 million, or a $0.47 loss per share, compared to a net loss of $36.1 million in the first quarter of 2018, or a $0.66 net loss per share. We provide a reconciliation on this slide to show the adjustments to get from the cash flows in our financial statements to the non-GAAP numbers investors are accustomed to us presenting. ✗  NOT InVitae. This non-GAAP financial measure is not based on any standardized methodology prescribed by GAAP and is not necessarily comparable to similarly-titled measures presented by other companies. Consolidated Statements of Cash Flows vary based upon your health plan design, deductible, co-insurance, and out-of-pocket limits. Earnings Preview: Invitae (NVTA) Q1 Earnings Expected to Decline Yahoo 04/28 12:33 ET. Throughout the remainder of the discussion of the quarterly results, we will refer to non-GAAP numbers, which we believe are more relevant depiction of the business dynamics and the decisions we are making going forward. For more information, visit the company's website at. Invitae Corp (NVTA) Q1 2020 Earnings Call Transcript Yahoo 05/06 12:31 ET. The recovery, again, this is just a few weeks and it's looking at daily average volume, which is pretty stochastic, and it's the same kind of thing where depending on the client and almost really down to the zip code now, and certainly globally, country-by-country, it's still a bit back and forth. What we are seeing in the near term is that now more than ever, the way people access healthcare is changing. And we have much less missing information obviously when people use the portal. Invitae Corp Q1 2020 Earnings Call May 5, 2020, 4:30 p.m. Can you talk about specific trends in growth in tests there? The extent of which and the pace of which and the path -- the exact path to get there is still pretty -- it's pretty uncertain. Price to Earnings Ratio vs. the Market The P/E ratio of Invitae is -13.66, which means that its earnings are negative and its P/E ratio cannot be compared to companies with positive earnings. Invitae Corporation (NYSE:NVTA) Q1 2019 Earnings Conference Call - Final Transcript Good afternoon. An earnings report is usually issued quarterly (Q1, Q2, Q3 & Q4) by public companies to report their performance. Additionally, international volume was strong, now running at 11% of our billable volume. Recall that we experienced seasonality in our volumes. Read Zacks Investment Research's latest article on Investing.com Thank you for taking my questions. We've got new customer types. But GCs actually because of the pandemic have been really interested in figuring out how to work with Gia in order to ensure that moving forward, they can be as efficient as possible. Before we begin, I'd like to remind you that various remarks that we make on this call that are not historical, including those about our future financial and operating results, our plans and prospects, the focus of our business strategy, our plans to integrate and manage businesses we acquire, market opportunities, future products, services, our product pipeline and the timing thereof, demand for and reimbursement of our services, our investment in our infrastructure and operations, and finally the outcome of ongoing conversations with our auditors regarding the accounting associated with acquisitions. It's getting harder for us to kind of look to pass with all the new product areas and the new customer types. Q1 2017 Invitae Corp Earnings Call 05/08/2017 04:30 PM (EDT) NVTA. We're likely to get that information and we're likely to have the right information. Invitae Corporation NVTA is scheduled to report third-quarter 2020 results on Nov 5, after market close. And it's clear when we look account by account, and I think that's why it's also -- I think, as we're all looking at it, what we would advise people is pegging volume or revenue recovery to stay-at-home orders being lifted is what we do know in the weeks -- the last three or four weeks, that it's not the exact equation. Invitae Corporation (NYSE: NVTA) today announced that it has commenced an underwritten public offering of $400.0 million of shares of its common stock, before deducting underwriting discounts and commissions and other offering expenses. I guess can you just comment about your relative appetite for business development? Fair enough. Yes, I think there is a little -- unfortunately not a lot more, but I think a little bit more. 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. Those two efforts really are what's driving the continuity of care during this time and what we think is going to help us throughout the future of this pandemic, ensure that people still have access to genetic testing. Doug Schenkel -- Cowen & Company -- Analyst. A replay of the webcast will be available shortly after the conclusion of the call and will be archived on the company's website. 7, 2019, 4:30 p.m. That is changing. And Gia was able to identify a quarter of those healthy individuals should have genetic testing. When we say down 50%, we mean from the prior week's daily average volume. So we're pretty pleased with how it's going. But -- so that's generally it. These risks and uncertainties include, but are not limited to: the actual results for the quarter ended March 31, 2019; the company’s ability to continue to grow its business; the company’s history of losses; the company’s ability to compete; the company’s failure to manage growth effectively; the company’s need to scale its infrastructure in advance of demand for its tests and to increase demand for its tests; the risk that the company may not obtain or maintain sufficient levels of reimbursement for its tests; the company’s failure to successfully integrate or fully realize the anticipated benefits of acquired businesses; the company’s ability to use rapidly changing genetic data to interpret test results accurately and consistently; security breaches, loss of data and other disruptions; laws and regulations applicable to the company’s business; and the other risks set forth in the company’s Annual Report on Form 10-K for the year ended December 31, 2018. 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