– Reported revenue of $120.5 million, a 12% year-over-year decrease due to exited businesses and geographies; pro forma revenue up slightly year-over-year –
– GAAP gross margin was 27.4% and non-GAAP gross margin was 49.8%; continued improvement in non-GAAP gross margin for eight consecutive quarters –
– Company improves ongoing cash burn annual guidance to $220-$245 million; adjusts 2023 revenue guidance to $480-$500 million from over $500 million previously –
– Conference call and webcast today at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time –
SAN FRANCISCO, Aug. 8, 2023 /PRNewswire/ -- Invitae (NYSE:NVTA), a leading medical genetics company, today announced financial and operating results for the second quarter ended June 30, 2023.
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"In the second quarter, we continued our steady march toward becoming a profitable business while continuing to serve our patients and clients. We performed well in non-GAAP gross margin and cash burn trajectory as both continued to show meaningful improvements. On a pro forma basis, total revenue was up approximately 1% year-over-year. Rare disease, women's health and our data business all posted strong double-digit revenue growth during the same period. Despite solid volume growth in our hereditary cancer tests, oncology sales were impacted by lower-than-expected insurance payments and lower fee-for-service revenue," said Ken Knight, president and chief executive officer of Invitae.
Mr. Knight continued, "Looking ahead to the second half, our efforts are focused on expanding our hereditary cancer customer base, improving overall customer experience, expanding adoption of our product offerings and continuing our push to improve payment rates and average payment per test. We are committed to establishing durable paths for profitable growth and creating the capacity to pursue innovation and investment in our future. These tenets will inform our efforts to position us for future success."
Second Quarter 2023 Financial Results
- Generated revenue of $120.5 million in the second quarter of 2023 versus $136.6 million in the second quarter of 2022, reflecting the impact of exited businesses and geographies announced in 2022. On a pro forma basis, or after removing approximately $17.5 million of revenue from second quarter 2022 relating to exited businesses and geographies, the second quarter 2023 revenue grew approximately 1% year-over-year on lower than expected average payments from hereditary cancer tests and weaker fee-for-service revenue.
- GAAP gross profit was $33.1 million in the quarter, compared with $26.3 million over the same period of 2022, or 25.8% year-over-year growth. Non-GAAP gross profit was $60.0 million in the quarter, compared with $54.7 million in the second quarter of 2022, representing a year-over-year growth rate of 9.7%.
- GAAP gross margin was 27.4% in the quarter, as compared with 19.2% in the second quarter of 2022. Non-GAAP gross margin was 49.8% in the quarter, as compared with 40.1% in the second quarter of 2022. This represents continued improvement for the eighth consecutive quarter.
- Cash, cash equivalents, restricted cash and marketable securities were $335.6 million as of June 30, 2023, compared to $557.1 million as of December 31, 2022.
- Net decrease in cash, cash equivalents, restricted cash and net changes in investments in the quarter was $55.1 million. Cash burn in the quarter was $53.3 million. Total patient population as of June 30, 2023 is approximately 4.1 million with over 63% available for data sharing.
Total GAAP operating expenses, which excludes cost of revenue, for the second quarter of 2023 were $259.5 million, compared to $2.5 billion in the second quarter of 2022, which included significant goodwill and IPR&D impairment charges of $2.3 billion. GAAP operating expense as a percentage of revenue was 215%, compared to 1,864% in the second quarter of 2022. Non-GAAP operating expenses were $157.7 million for the second quarter of 2023, compared to $200.1 million for the second quarter of 2022. Non-GAAP operating expense as a percentage of revenue was 131%, compared to 146% in the second quarter of 2022.
Net loss for the second quarter of 2023 was $206.5 million, or a $0.78 net loss per share, compared to net loss of $2.5 billion, or net loss per share of $10.87, for the second quarter of 2022. The second quarter 2022 net loss included the $2.3 billion goodwill charge as mentioned above. Non-GAAP net loss for the second quarter of 2023 was $78.2 million, or a non-GAAP net loss of $0.30 per share, compared to a non-GAAP net loss of $158.5 million, or an $0.68 non-GAAP net loss per share, for the second quarter of 2022.
Financial Guidance
Management is adjusting 2023 revenue guidance to $480-$500 million compared to its previous guidance of over $500 million.
The company continues to expect its non-GAAP gross margin for 2023 to be between 48%-50%.
Ongoing cash burn, which includes cash, cash equivalents, marketable securities, and restricted cash and excludes certain items, is now expected to improve to the range of $220-$245 million in 2023 from the company's previous guidance range of $250-$275 million. In 2023, cash burn will be higher than ongoing cash burn as a result of the company's voluntary repayment of its $135 million term loan in the first quarter of 2023.
Webcast and Conference Call Details
Management will host a conference call and webcast today at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time to discuss financial results and recent developments. To access the conference call, please register at the link below:
https://www.netroadshow.com/events/login?show=53f2c7d8&confId=53596
Upon registering, each participant will be provided with call details and access codes.
The live webcast of the call and slide deck may be accessed here or by visiting the investors section of the company's website at ir.invitae.com. A replay of the webcast will be available shortly after the conclusion of the call and will be archived on the company's website.
About Invitae
Invitae (NYSE: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 Twitter, Instagram, Facebook and LinkedIn @Invitae.
Safe Harbor Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the company's mission; the company's beliefs regarding the potential of its business, and its business priorities and initiatives and the potential benefits thereof; the company's future financial and operating results, and the drivers of future financial results; the company's focus, strategy, roadmap and product pipeline; and the company's financial guidance for 2023. 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: the availability of and need for capital; the ability to service the company's debt obligations; the ability of the company to successfully execute its strategic business realignment and achieve the intended benefits thereof on the expected timeframe or at all; unforeseen or greater than expected costs associated with the strategic business realignment; the risk that the disruption that may result from the realignment may harm the company's business, market share or its relationship with customers or potential customers; the impact of inflation and the current economic environment on the company's business; the company's ability to grow its business in a cost-efficient manner; the company's history of losses; the company's ability to maintain important customer relationships; the company's ability to compete; 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 applicability of clinical results to actual outcomes; risks associated with litigation; the company's ability to use rapidly changing genetic data to interpret test results accurately and consistently; laws and regulations applicable to the company's business; and the other risks set forth in the reports filed by the company with the SEC, including its Quarterly Report on Form 10-Q for the quarter ended March 31, 2023. 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 consolidated financial statements prepared in accordance with generally accepted accounting principles in the United States (GAAP), 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 and on the company's website.
In addition, this press release includes the company's non-GAAP gross margin and cash burn guidance, non-GAAP measures used to describe the company's expected performance. The company has not presented a reconciliation of these non-GAAP measures to the most comparable GAAP financial measures, because the reconciliations could not be prepared without unreasonable effort. The information necessary to prepare the reconciliations are not available on a forward-looking basis and cannot be accurately predicted. The unavailable information could have a significant impact on the calculation of the comparable GAAP financial measures.
Invitae Contacts:
Investor Relations
Hoki Luk
[email protected]
Public Relations
Amy Hadsock
[email protected]
INVITAE CORPORATION | |||
June 30, | December 31, | ||
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ 222,758 | $ 257,489 | |
Marketable securities | 102,379 | 289,611 | |
Accounts receivable | 85,610 | 96,148 | |
Inventory | 20,814 | 30,386 | |
Prepaid expenses and other current assets | 19,664 | 19,496 | |
Total current assets | 451,225 | 693,130 | |
Property and equipment, net | 92,091 | 108,723 | |
Operating lease assets | 74,718 | 106,563 | |
Restricted cash | 10,508 | 10,030 | |
Intangible assets, net | 873,924 | 1,012,549 | |
Other assets | 20,573 | 23,121 | |
Total assets | $ 1,523,039 | $ 1,954,116 | |
Liabilities and stockholders' (deficit) equity | |||
Current liabilities: | |||
Accounts payable | $ 23,067 | $ 13,984 | |
Accrued liabilities | 107,951 | 74,388 | |
Operating lease obligations | 16,436 | 14,600 | |
Finance lease obligations | 4,514 | 5,121 | |
Total current liabilities | 151,968 | 108,093 | |
Operating lease obligations, net of current portion | 139,630 | 134,386 | |
Finance lease obligations, net of current portion | 1,604 | 3,780 | |
Debt | — | 122,333 | |
Convertible senior notes, net | 1,170,611 | 1,470,783 | |
Convertible senior secured notes (at fair value) | 249,571 | — | |
Deferred tax liability | 6,200 | 8,130 | |
Other long-term liabilities | 4,241 | 4,775 | |
Total liabilities | 1,723,825 | 1,852,280 | |
Stockholders' (deficit) equity: | |||
Common stock | 27 | 25 | |
Accumulated other comprehensive income (loss) | 8,910 | (80) | |
Additional paid-in capital | 5,018,112 | 4,931,032 | |
Accumulated deficit | (5,227,835) | (4,829,141) | |
Total stockholders' (deficit) equity | (200,786) | 101,836 | |
Total liabilities and stockholders' (deficit) equity | $ 1,523,039 | $ 1,954,116 | |
INVITAE CORPORATION | ||||||||
Three Months Ended | Six Months Ended | |||||||
2023 | 2022 | 2023 | 2022 | |||||
Revenue: | ||||||||
Test revenue | $ 115,943 | $ 133,182 | $ 228,566 | $ 252,679 | ||||
Other revenue | 4,589 | 3,440 | 9,322 | 7,634 | ||||
Total revenue | 120,532 | 136,622 | 237,888 | 260,313 | ||||
Operating expenses: | ||||||||
Cost of revenue | 87,474 | 110,340 | 175,916 | 207,456 | ||||
Research and development | 63,824 | 115,146 | 125,802 | 243,382 | ||||
Selling and marketing | 44,732 | 62,749 | 89,242 | 122,893 | ||||
General and administrative | 69,966 | 50,854 | 115,207 | 102,282 | ||||
Goodwill and IPR&D impairment | — | 2,313,047 | — | 2,313,047 | ||||
Restructuring and other costs | 80,998 | 4,817 | 133,554 | 4,817 | ||||
Total operating expenses | 346,994 | 2,656,953 | 639,721 | 2,993,877 | ||||
Loss from operations | (226,462) | (2,520,331) | (401,833) | (2,733,564) | ||||
Other income (expense), net: | ||||||||
Loss on extinguishment of debt, net | — | — | (10,822) | — | ||||
Debt issuance costs | — | — | (19,859) | — | ||||
Change in fair value of convertible | 20,619 | — | 38,923 | — | ||||
Change in fair value of acquisition- | 49 | 6,190 | 267 | 16,193 | ||||
Other income, net | 4,379 | 1,136 | 10,262 | 1,572 | ||||
Total other income, net | 25,047 | 7,326 | 18,771 | 17,765 | ||||
Interest expense | (6,020) | (14,019) | (17,516) | (28,004) | ||||
Net loss before taxes | (207,435) | (2,527,024) | (400,578) | (2,743,803) | ||||
Income tax benefit | 924 | 3,563 | 1,884 | 38,483 | ||||
Net loss | $ (206,511) | $ (2,523,461) | $ (398,694) | $ (2,705,320) | ||||
Net loss per share, basic and diluted | $ (0.78) | $ (10.87) | $ (1.55) | $ (11.75) | ||||
Shares used in computing net loss per | 263,836 | 232,117 | 256,910 | 230,304 | ||||
INVITAE CORPORATION | |||
Six Months Ended June 30, | |||
2023 | 2022 | ||
Cash flows from operating activities: | |||
Net loss | $ (398,694) | $ (2,705,320) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Goodwill and IPR&D impairment | — | 2,313,047 | |
Impairments and losses on disposals of long-lived assets, net | 131,195 | 4,817 | |
Depreciation and amortization | 68,662 | 64,247 | |
Stock-based compensation | 59,557 | 103,901 | |
Amortization of debt discount and issuance costs | 4,259 | 7,776 | |
Loss on extinguishment of debt, net | 10,822 | — | |
Debt issuance costs | 19,859 | — | |
Change in fair value of convertible senior secured notes | (38,923) | — | |
Remeasurements of liabilities associated with business combinations | (267) | (16,193) | |
Benefit from income taxes | (1,884) | (38,483) | |
Post-combination expense for acceleration of unvested equity and | 1,660 | 3,320 | |
Amortization of premiums and discounts on investment securities | (4,966) | 1,178 | |
Non-cash lease expense | 6,681 | 3,192 | |
Other | 824 | (1,321) | |
Changes in operating assets and liabilities, net of businesses acquired: | |||
Accounts receivable | 10,538 | (16,359) | |
Inventory | 9,572 | (15,557) | |
Prepaid expenses and other current assets | (168) | (2,134) | |
Other assets | 587 | (2,104) | |
Accounts payable | 9,092 | 6,575 | |
Accrued expenses and other long-term liabilities | 22,291 | 7,186 | |
Net cash used in operating activities | (89,303) | (282,232) | |
Cash flows from investing activities: | |||
Purchases of marketable securities | (228,092) | (605,454) | |
Proceeds from maturities of marketable securities | 420,440 | 301,933 | |
Purchases of property and equipment | (2,741) | (36,970) | |
Proceeds from sale of property and equipment | 332 | — | |
Other | 3 | — | |
Net cash provided by (used in) investing activities | 189,942 | (340,491) | |
Cash flows from financing activities: | |||
Proceeds from issuance of common stock, net | 2,170 | 6,234 | |
Proceeds from issuance of Series B convertible senior secured notes due | 30,000 | — | |
Payments for debt issuance costs and prepayment fees | (28,014) | — | |
Repayment of debt | (135,000) | — | |
Finance lease principal payments | (2,576) | (2,677) | |
Settlement of acquisition obligations | (1,472) | (707) | |
Net cash (used in) provided by financing activities | (134,892) | 2,850 | |
Net decrease in cash, cash equivalents and restricted cash | (34,253) | (619,873) | |
Cash, cash equivalents and restricted cash at beginning of period | 267,519 | 933,525 | |
Cash, cash equivalents and restricted cash at end of period | $ 233,266 | $ 313,652 | |
Reconciliation of GAAP to Non-GAAP Cost of Revenue | ||||||||
Three Months Ended | Six Months Ended | |||||||
2023 | 2022 | 2023 | 2022 | |||||
Cost of revenue | $ 87,474 | $ 110,340 | $ 175,916 | $ 207,456 | ||||
Amortization of acquired intangible assets | (26,090) | (27,907) | (53,040) | (45,907) | ||||
Acquisition-related stock-based compensation | (22) | (147) | (102) | (279) | ||||
Acquisition-related post-combination expense | — | (387) | — | (891) | ||||
Restructuring-related retention bonuses | (50) | — | (138) | — | ||||
Inventory and prepaid write-offs | (825) | — | (974) | — | ||||
Non-GAAP cost of revenue | $ 60,487 | $ 81,899 | $ 121,662 | $ 160,379 | ||||
Reconciliation of GAAP to Non-GAAP Gross Profit | ||||||||
Three Months Ended | Six Months Ended | |||||||
2023 | 2022 | 2023 | 2022 | |||||
Revenue | $ 120,532 | $ 136,622 | $ 237,888 | $ 260,313 | ||||
Cost of revenue | 87,474 | 110,340 | 175,916 | 207,456 | ||||
Gross profit | 33,058 | 26,282 | 61,972 | 52,857 | ||||
Amortization of acquired intangible assets | 26,090 | 27,907 | 53,040 | 45,907 | ||||
Acquisition-related stock-based compensation | 22 | 147 | 102 | 279 | ||||
Acquisition-related post-combination expense | — | 387 | — | 891 | ||||
Restructuring-related retention bonuses | 50 | — | 138 | — | ||||
Inventory and prepaid write-offs | 825 | — | 974 | — | ||||
Non-GAAP gross profit | $ 60,045 | $ 54,723 | $ 116,226 | $ 99,934 | ||||
Reconciliation of GAAP to Non-GAAP Research and Development Expense | ||||||||
Three Months Ended | Six Months Ended | |||||||
2023 | 2022 | 2023 | 2022 | |||||
Research and development | $ 63,824 | $ 115,146 | $ 125,802 | $ 243,382 | ||||
Amortization of acquired intangible assets | — | (502) | (90) | (1,032) | ||||
Acquisition-related stock-based compensation | (15,190) | (23,255) | (28,527) | (47,024) | ||||
Acquisition-related post-combination expense | (842) | (2,643) | (1,684) | (5,224) | ||||
Restructuring-related retention bonuses | (613) | — | (1,383) | — | ||||
Restructuring-related accelerated depreciation | (32) | — | (216) | — | ||||
Non-GAAP research and development | $ 47,147 | $ 88,746 | $ 93,902 | $ 190,102 | ||||
Reconciliation of GAAP to Non-GAAP Selling and Marketing Expense | ||||||||
Three Months Ended | Six Months Ended | |||||||
2023 | 2022 | 2023 | 2022 | |||||
Selling and marketing | $ 44,732 | $ 62,749 | $ 89,242 | $ 122,893 | ||||
Amortization of acquired intangible assets | (1,569) | (1,622) | (3,138) | (3,246) | ||||
Acquisition-related stock-based compensation | (201) | (985) | (750) | (1,568) | ||||
Restructuring-related retention bonuses | (230) | — | (460) | — | ||||
Non-GAAP selling and marketing | $ 42,732 | $ 60,142 | $ 84,894 | $ 118,079 | ||||
Reconciliation of GAAP to Non-GAAP General and Administrative Expense | ||||||||
Three Months Ended | Six Months Ended | |||||||
2023 | 2022 | 2023 | 2022 | |||||
General and administrative | $ 69,966 | $ 50,854 | $ 115,207 | $ 102,282 | ||||
Change in fair value of contingent | — | 2,004 | — | 1,850 | ||||
Acquisition-related stock-based compensation | (1,243) | (1,646) | (2,343) | (3,218) | ||||
Restructuring-related retention bonuses | (874) | — | (1,253) | — | ||||
Non-GAAP general and administrative | $ 67,849 | $ 51,212 | $ 111,611 | $ 100,914 | ||||
Reconciliation of Operating Expenses to Non-GAAP Operating Expenses | ||||||||
Three Months Ended | Six Months Ended | |||||||
2023 | 2022 | 2023 | 2022 | |||||
Research and development | $ 63,824 | $ 115,146 | $ 125,802 | $ 243,382 | ||||
Selling and marketing | 44,732 | 62,749 | 89,242 | 122,893 | ||||
General and administrative | 69,966 | 50,854 | 115,207 | 102,282 | ||||
Goodwill and IPR&D impairment | — | 2,313,047 | — | 2,313,047 | ||||
Restructuring and other costs | 80,998 | 4,817 | 133,554 | 4,817 | ||||
Operating expenses | 259,520 | 2,546,613 | 463,805 | 2,786,421 | ||||
Goodwill and IPR&D impairment | — | (2,313,047) | — | (2,313,047) | ||||
Restructuring and other costs | (80,998) | (4,817) | (133,554) | (4,817) | ||||
Change in fair value of contingent | — | 2,004 | — | 1,850 | ||||
Amortization of acquired intangible assets | (1,569) | (2,124) | (3,228) | (4,278) | ||||
Acquisition-related stock-based | (16,634) | (25,886) | (31,620) | (51,810) | ||||
Acquisition-related post-combination expense | (842) | (2,643) | (1,684) | (5,224) | ||||
Restructuring-related retention bonuses | (1,717) | — | (3,096) | — | ||||
Restructuring-related accelerated | (32) | — | (216) | — | ||||
Non-GAAP operating expenses | $ 157,728 | $ 200,100 | $ 290,407 | $ 409,095 | ||||
Reconciliation of Other Income, Net to Non-GAAP Other Income, Net | ||||||||
Three Months Ended | Six Months Ended | |||||||
2023 | 2022 | 2023 | 2022 | |||||
Other income, net | $ 25,047 | $ 7,326 | $ 18,771 | $ 17,765 | ||||
Change in fair value of acquisition-related | (49) | (6,190) | (267) | (16,193) | ||||
Non-GAAP other income, net | $ 24,998 | $ 1,136 | $ 18,504 | $ 1,572 | ||||
Reconciliation of Net Loss to Non-GAAP Net Loss and Non-GAAP Net Loss Per Share | ||||||||
Three Months Ended | Six Months Ended | |||||||
2023 | 2022 | 2023 | 2022 | |||||
Net loss | $ (206,511) | $ (2,523,461) | $ (398,694) | $ (2,705,320) | ||||
Goodwill and IPR&D impairment | — | 2,313,047 | — | 2,313,047 | ||||
Restructuring and other costs | 80,998 | 4,817 | 133,554 | 4,817 | ||||
Change in fair value of contingent | — | (2,004) | — | (1,850) | ||||
Change in fair value of acquisition-related | (49) | (6,190) | (267) | (16,193) | ||||
Amortization of acquired intangible assets | 27,659 | 30,031 | 56,268 | 50,185 | ||||
Acquisition-related stock-based compensation | 16,656 | 26,033 | 31,722 | 52,089 | ||||
Acquisition-related post-combination expense | 842 | 3,030 | 1,684 | 6,115 | ||||
Restructuring-related retention bonuses | 1,767 | — | 3,234 | — | ||||
Restructuring-related accelerated depreciation | 32 | — | 216 | — | ||||
Inventory and prepaid write-offs | 825 | — | 974 | — | ||||
Acquisition-related income tax benefit | (460) | (3,805) | (630) | (38,805) | ||||
Non-GAAP net loss | $ (78,241) | $ (158,502) | $ (171,939) | $ (335,915) | ||||
Net loss per share, basic and diluted | $ (0.78) | $ (10.87) | $ (1.55) | $ (11.75) | ||||
Non-GAAP net loss per share, basic and diluted | $ (0.30) | $ (0.68) | $ (0.67) | $ (1.46) | ||||
Shares used in computing net loss per share, | 263,836 | 232,117 | 256,910 | 230,304 | ||||
Reconciliation of Net Decrease (Increase) in Cash, Cash Equivalents and Restricted Cash to Cash Burn | |||||
Three Months Ended | Six Months Ended | ||||
March 31, 2023 | June 30, 2023 | June 30, 2023 | |||
Net cash used in operating activities | $ (34,398) | $ (54,905) | $ (89,303) | ||
Net cash provided by investing activities | 73,878 | 116,064 | 189,942 | ||
Net cash (used in) provided by financing activities | (135,768) | 876 | (134,892) | ||
Net (decrease) increase in cash, cash equivalents and | (96,288) | 62,035 | (34,253) | ||
Adjustments: | |||||
Net changes in investments | (75,202) | (117,146) | (192,348) | ||
Proceeds from issuance of Series B convertible senior | (22,435) | 1,763 | (20,672) | ||
Cash burn | $ (193,925) | $ (53,348) | $ (247,273) | ||
• Cash burn for the three months ended March 31, 2023 includes $135.0 million repayment of debt, $8.1 million of | |||||
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SOURCE Invitae Corporation