U B S G L O B A L H E A LT H C A R E C O N F E R E N C E 2 0 1 7
INVITAE:
Genetics from downstreamto mainstream
© Invitae Corporation. All Rights Reserved. | 2
Safe harbor statement
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements relating to the company's expectations regarding full-year 2017
revenue; the company’s belief that it is winning the race to scale in its industry and opening up access for patients
to address a wide spectrum of health issues, which is leading to increased utilization of its expanding platform;
that being in-network with a majority of major payers and the rise in demand for its services in the first quarter will
lead to significant revenue grow throughout the remainder of 2017; that additional payer contracts will be
executed during the remainder of 2017; that exome testing can help clinicians make or confirm a diagnosis and
develop an appropriate medical management plan; and that research continues to point to the broader utility of
genetic information and precision of the company’s services. 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 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 company's ability to develop and commercialize new tests and expand into new markets; the risk that the
company may not obtain or maintain sufficient levels of reimbursement for its tests; the company's inability to
raise additional capital on acceptable terms; risks associated with the company's ability to use rapidly changing
genetic data to interpret test results accurately, consistently, and quickly; risks associated with the company's
limited experience with respect to acquisitions; 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 filings with the
Securities and Exchange Commission, including the risks set forth in the company's Annual Report on Form 10-K
for the year ended December 31, 2016. These forward-looking statements speak only as of the date hereof, and
Invitae Corporation disclaims any obligation to update these forward-looking statements.
NOTE: Invitae and the Invitae logo are trademarks of Invitae Corporation. All other trademarks and service marks
are the property of their respective owners.
© Invitae Corporation. All Rights Reserved. | 3
Invitae is a dynamic, rapidly growing
company that is unlocking the power of
genetics to change healthcare for the better
© Invitae Corporation. All Rights Reserved. | 4
Genetics: real progress is catching up with the exuberance
© Invitae Corporation. All Rights Reserved. | 5
It’s a huge opportunity, everyone with a genome
▪ Everyone has a unique genome that has
a significant impact on their health
▪ There are over 4,000 medically important
genetic tests today – most of which are
over-priced and under-utilized
▪ High quality, low priced
genetic testing will dramatically increase
the total market to everyone with access
to healthcare
B R I N G I N G G E N E T I C S I N T O M A I N S T R E A M M E D I C I N E T O
H E L P B I L L I O N S O F P E O P L E
© Invitae Corporation. All Rights Reserved. | 6
- Consolidate and expand the
market for genetic tests and
related services
- Accurately diagnose more
patients and connect them
to therapies earlier
- Manage genetic
information for
customers throughout
their lifetime
A genetic information platform built for long term growth
Genetic
Testing
Genome
Management
Genome
Network
© Invitae Corporation. All Rights Reserved. | 7
Strong Start to 2017
▪ Well positioned to achieve 2017 goals of 110,000-
120,000 samples accessioned and full-year revenue of
between $55M and $65M
– Robust sample volume growth
– Continued improvement in COGS
– Steady progress with payers
▪ On-track to be cash-flow positive by the end of 2018
© Invitae Corporation. All Rights Reserved. | 8
Accessioned volume
Q1:16
10,000
Q1:17
26,000
Q4:16
20,500
14th consecutive quarter of double digit sequential growth
▪ Accessioned over 26K samples
▪ Strong year-over-year growth
▪ Expanded sales force now in the field
▪ Projecting 110–120K samples
accessioned total in 2017
Q3:16
15,500
Q2:16
12,500
© Invitae Corporation. All Rights Reserved. | 9
COGS per sample
Our cost structure sets us apart
▪ Average cost per sample of ~$360
▪ More than 40% improvement year-
over-year
▪ 10% improvement quarter-over-
quarter
▪ Expect to continue lowering COGS
throughout 2017
Q1:16
$600
Q2:16
Q1:17
$360
Q3:16
$450
$500
Q4:16
$400
© Invitae Corporation. All Rights Reserved. | 10
A growing business increasing in value
▪ Q1 billable report value of $27.6M
Q1:16
$11.8M
Q1:17
$27.6M
Q2:16
$11.7MQ3:16
Value of billable reports
$16.6M
Q4:16
$22.6M
© Invitae Corporation. All Rights Reserved. | 11
Lives Contracted
Q1:16
6M
Q1:17
187M
Q2:16
95M
Q3:16
160M
Continued progress with payers, increasing access
▪ 187 million lives contracted
▪ Operationalizing contracts with
major payers
▪ Contracting with state Medicaid programs
▪ Secured coverage for newly launched
boosted exome
Q4:16
175M
© Invitae Corporation. All Rights Reserved. | 12
Continued double digit sequential revenue growth
▪ $10.3M in Q1 revenue
▪ More than 150% year-over-year
growth
▪ Nearly 12% sequential growth
▪ Expect 2017 revenue from $55–65M
Revenue
Q1:16
$4.0M
Q1:17
$10.3M
Q2:16
$5.6M
Q3:16
$6.3M
Q4:16
$9.2M
© Invitae Corporation. All Rights Reserved. | 13
Gross margin positive
Best-in-class cost infrastructure sustains gross margin positivity
▪ $15 average gross margin per report
during high volume quarter
Q1:16
($209)
Q2:16
($74)
Q3:16
($64)Q1:17
$15
Q4:16
$47
© Invitae Corporation. All Rights Reserved. | 14
Maintaining leverage from operating expenses
▪ Q1 operating expenses of $28.3M
▪ $5.6M in non-cash expenses
Q1:16
$23.5M
Q2:16
$23.9M
Q3:16
$23.9M
Volume
Q1:17
$28.3M
10,000samples
26,000samples
12,500samples
15,500samples
20,500samples
Q4:16
$26.0M
OpEx
© Invitae Corporation. All Rights Reserved. | 15
Funded to cash flow positive in 2018
▪ Ended Q1 with $101.5M in cash
– Completed $40M debt financing
• Extinguished $12.1M in previously
outstanding debt
– Additional $20M available in 2018
▪ $22.0M cash used in operating activities
in Q1 as compared to $24.0M in Q1 2016
▪ Cash flow positive by the end of 2018
Q1:16 Q2:16 Q3:16
Cash
Q4:16
0Cash
($23.1M)
($18.5M) ($18.8M)
($21.2M)
Q1:16 Q2:16 Q3:16 Q1:17Q4:16
0
($24.0)
($18.4M)($16.9)
($22.0M)
($17.0M)
10,000samples
26,000samples
$23.5M
$28.3M
Volume
OpEx
Cash
© Invitae Corporation. All Rights Reserved. | 16
- Consolidate and expand the
market for genetic tests and
related services
- Accurately diagnose more
patients and connect them
to therapies earlier
- Manage genetic
information for
customers throughout
their lifetime
A platform built for long term growth
Genetic
Testing
Genome
Management
Genome
Network
▪ Upload
Medical Records
▪ Import
Clinical Data
▪ Disease
Education
▪ Learn from
Other Patients
▪ Take Surveys
▪ Get Reminders
▪ Adhere to
Protocols
▪ Get Screened
for Clinical Trials
▪ A patient-centered data platform optimizing the search for better treatments
▪ Permission-based network to collect, curate and share patient and clinician reported
health data
▪ Identify large populations with demand for genetic information to aid in treatment and
biopharma discovery
– Clinical trial screening, sponsored testing programs, physician/patient identification
and outreach
– Hereditary disease treatment research
Genome Network: insights to drive care and innovation
© Invitae Corporation. All Rights Reserved. | 18
Diagnosing more patients correctly, bringing therapies to
market faster
R E P R E S E N TAT I V E H E R E D I TA R Y D I S E A S E C O M PA N I E S
▪ Clinical trial screening
▪ Sponsored testing programs
▪ Physician/patient identification and
outreach
▪ Hereditary disease treatment
research
© Invitae Corporation. All Rights Reserved. | 19
Continued aggregation of the world’s genetic tests into a single, high quality, affordable platform
20152016
2017
>20,000genes
2014
>200genes
>600genes
>1,000genes
Estimates.
Content available
▪ Expanded to more than 1,100 genes in
production and leap-frogged our 3,000
gene target to prepare 20,000 gene
exome
© Invitae Corporation. All Rights Reserved. | 20
Exome lays the groundwork for genome management
The same comprehensive quality, speed
and pricing clients have come to expect
from Invitae
Moving the market away
from figuring out
what question to ask –
to asking a question
and getting the answer
© Invitae Corporation. All Rights Reserved. | 21
Genome Management services on behalf
of the individual, partnering with
▪ Provider networks
▪ Payers and governments
▪ Family members
▪ Advocacy organizations
▪ Testing and monitoring partners
▪ Biopharmaceutical developers
▪ Other…
MEDICAL CONDITION
MEDICATIONS
HAVING KIDS
INJURIES OR
SURGERIES
HEALTH ISSUES
AGING GRACEFULLY
NEONATAL
Clinical diagnostics
PGx screening
Carrier testing
Bleeding disorders
Focused clinical trials
Proactive health
Newborn screening
Genetics will inform medicine over the course of a
patient’s lifetime
© Invitae Corporation. All Rights Reserved. | 22
Expand
content
Improve
customer
experience
Drive
Volume
Attract
PartnersGrowth
Lower
costs
Lower
prices
Simple model disrupting an industry
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