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This statistics highlights Invitae’s Revenue Breakdown by Region from Q1 2016 onwards, split across US, Canada, and the Rest of the world, reported on a quarterly basis.
Invitae is modifying the field of genetics from a series of one-time, one-dimensional queries to a lifelong clinical dialogue with their genes using complex analyses and information management to improve medical decisions and optimize health interference. In 2020, they charged a high volume of approximately 6,59,000 units and generated revenue of $279.6 million reflecting an approximate 41% and 29% increase over 2019 billable volume and revenue, respectively.
|Region||Q3 2020||Q2 2021||Q3 2021||Revenue Contribution in Q3 2021|
|Rest of the world||$3.31||$13.81||$13.44||12%|
The total revenue of Invitae rose from $68.73 million in Q3 2020 to $114.4 million in Q3 2021 indicating an increase of 66.4% on a year-on-year basis. Q2 2021 proved to be better in terms of total revenue generated as compared to Q3 2020, given a growth of $47.58 million in the former. A major portion of the total revenue (an average of almost 88%) is consistently contributed by the United States. The rest of the world had a combined contribution of 12% in Q3 2021.(All figures in millions except percentages)
The company marked substantial growth in the period between September 2020 and September 2021. For the months ending on September 30, 2021, and 2020, the company’s revenue was $334.3 million and $179.2 million, respectively, and it had recognized a net loss of $173.9 million and $367.8 million, respectively. On September 30, 2021, Invitae’s accumulated deficit was $1.5 billion. To meet the demands of scaling the business, the company increased its number of employees to approximately 2,900 on September 30, 2021, from approximately 1,500 on September 30, 2020.
Approximately 57% of the billable volumes generated in the first nine months of 2021 were billable to patients, biopharmaceutical partners, and other business-to-business customers which resulted in revenue generation of 66.44% on a year on year basis.
The company’s billable volumes decreased significantly in the second half of March 2020 due to COVID-19 and related limitations, priorities across the healthcare system. The daily test volumes have somewhat recovered in March 2020, although the current pandemic continues to impact Invitae’s business operations and practices.
Invitae experienced limited disturbance during the third quarter of 2021. The company reviewed and adjusted its earnings, when necessary, for COVID-19 left a larger than expected impact on its revenue generation estimates and resulted in huge credit losses. In April 2020, Invitae received $3.8 million as a part of this initiative, and in January 2021, they received an additional $2.3 million.
Invitae Corporation is in the business of delivering genetic testing services that support a lifetime of patient care – from inherited disease diagnoses to family planning, proactive health screening, personalized diagnosis, treatment, and monitoring of cancer. It was founded in 2010 by Alex Furman.
Invitae applies proprietary design, robotics, process automation, and bioinformatics software solutions to achieve efficiencies in sample processing and complex variant interpretation, hence allowing medical interpretation at scale. The company generally recognizes revenue on an accrual basis, which is when a customer obtains control of the promised goods or services, typically a test report. Their primary revenue generation is from testing services and sales of distributed precision oncology products.
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