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Why Invitae Stock Is Tumbling Today

TheMotleyFool

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Why Invitae Stock Is Tumbling TodayPhoto, wide shot, wide-angle lens, Medical device manufacturer, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Michael Light: https://img.theapi.app/temp/3a7f6312-1eee-4702-9005-93cc1e62f970.png

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.

Source Fool.com

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