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04.05.2022 17:12:48

Why Invitae Stock Is Tumbling Today

Shares of Invitae (NYSE: NVTA) were tumbling 9.6% lower as of 10:24 a.m. ET on Wednesday. The decline came after the medical genetics company announced its first-quarter results following the market close on Tuesday.Invitae reported first-quarter revenue of $123.7 million, up 19.4% year over year. However, the result came in below the consensus estimate of $128.1 million.The company posted a net loss in the first quarter of $181.9 million, or $0.80 per share, based on generally accepted accounting principles (GAAP). Invitae's non-GAAP (adjusted) net loss totaled $177.4 million, or $0.78 per share. The average analysts' estimate projected an adjusted net loss of $0.76 per share.Continue reading
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