Core Insights - Convatec is a leading provider of devices for managing chronic conditions, ranking as the No. 1 provider of disposable infusion sets globally and the top seller of urinary continence products and services in the U.S. [3] - The company generated revenues of $2.3 billion last year and is on track for increased sales in 2025, with infusion care leading growth [4] - Convatec plans to invest over $1 billion in R&D facilities in the U.S. and U.K. over the next decade, with significant expansions in Boston and Manchester [9] Company Performance - Convatec's revenues reached $2.3 billion last year, with North America accounting for 56% of sales in the first half of the year [4] - The company is experiencing growth in sales, particularly in infusion care, which is expected to lead overall business growth in 2025 [4] R&D Investments - Convatec is expanding its R&D facility in Boston, with completion expected by the end of 2025, aiming to enhance lab, testing, and collaboration spaces [6] - The company is relocating its R&D from Deeside, North Wales, to a new facility in Manchester, scheduled to open in 2027, as part of a $650 million investment in the U.K. [7][9] - The Boston expansion will increase capacity by 50%, while the Manchester facility will employ around 200 people, primarily transferring from Deeside [8][9]

Company Overview - Citizen Health has raised $30 million in Series A funding, bringing total funding to $44 million since its launch in December 2023 [1] - The company is co-founded by Farid Vij and Nasha Fitter, who have extensive experience in AI, healthcare, and patient advocacy [2][5] - Citizen Health aims to empower patients with rare and complex conditions by providing a platform that combines AI, community, and longitudinal health data [2][10] Product and Innovation - The platform is designed to help patients interpret medical records, track symptoms, manage appointments, and connect to the next steps in their health journey [2][3] - Citizen Health plans to launch the first version of its AI Advocate in Q3, targeting select communities [8] - The company has built over 60 engaged communities across 123 rare and complex conditions and partnered with over 70 patient advocacy groups [8] Market Context - Rare diseases affect over 400 million people globally, with 95% lacking approved treatments, highlighting the urgency of Citizen Health's mission [7] - The platform addresses challenges posed by shifting NIH funding and regulatory uncertainty, aligning with recent FDA calls for innovation in rare disease [7] - As genetic testing becomes more accessible, Citizen Health's platform offers critical solutions for new disease groups seeking connection and data-driven progress [7] Partnerships and Trust - Citizen Health collaborates with over 10 pharmaceutical partners and has data accepted by the FDA for regulatory submission [8] - 98.3% of patients on the platform share data for research, indicating a high level of trust in the platform [8] - Investors like 8VC and Headline recognize the potential of Citizen Health in redefining the care model for patients with complex diseases [4][6]

以下文章来源于硅兔君 ，作者Amelie 硅兔君 . 50万创投人关注的硅谷科技风向标 退场大戏上演。 作者 | Amelie 来源 | 硅兔君 （ID：gh_1faae33d0655） 2024倒下的那些科技巨人 新年伊始，这个冬季的裁员潮还在继续。 根据独立裁员追踪机构Layoffs.f y i 的数据，继前两年大幅裁员后，2024年美国457家科技 公司裁员超过13万。特斯拉、亚马逊、谷歌、TikTok、Snap和微软等公司在 2024 年头几 个月进行了大规模裁员；规模较小的初创公司也经历了相当数量的裁员，有些甚至完全关闭了 业务。 同时，2024年美国申请破产的各大小公司接近700家，创近十四年内破产数量新高。 "失败乃成功之母"这句话，我们也许从小到大听过无数遍，但直面真正失败的时候，有多少人 能从中看到通往成功的那些隐喻？尤其是对于任何想要进入商业世界的人来说，了解创业失败 背后的数字和原因甚至比摸索赚钱商机更为重要。虽然有数据显示，90% 的初创公司都失败 了，但这并不意味着你将成为该统计数据的一部分。 2024年，北美的科技创业舞台上，一场接连不断的退场大戏正在上演，科技创业生态系统再 次经 ...

Core Insights - Labcorp has completed the acquisition of select assets from Invitae, enhancing its leadership in genetic testing solutions for oncology and select rare diseases [1][2] - The collaboration aims to leverage genetic insights to transform medicine, deliver personalized care, and improve health outcomes [2] Company Overview - Labcorp is a global leader in laboratory services, providing insights and advancing science to improve health through diagnostics and drug development capabilities [4] - The company employs over 67,000 individuals and serves clients in approximately 100 countries, supporting 84% of new drugs approved by the FDA in 2023 and conducting over 600 million tests globally [4] Acquisition Details - The acquisition will expand Labcorp's specialty testing capabilities and enhance its ability to utilize genetic data for improving clinical trials and treatment regimens [2] - By integrating Invitae's technology with Labcorp's capabilities, the company aims to provide a comprehensive set of insights for patients, covering testing, diagnosis, and treatment [2]

Core Insights - Labcorp reported strong revenue and earnings growth in Q2 2024, with revenue of $3.22 billion, up 6.2% from $3.03 billion in Q2 2023, and diluted EPS of $2.43 compared to $1.74 in the prior year [1][5][8] - The company updated its full-year 2024 guidance, projecting revenue growth of 6.4% to 7.5%, adjusted EPS of $14.30 to $14.90, and free cash flow of $0.85 billion to $1.00 billion [1][22] - Labcorp is expanding its leadership in key therapeutic areas and enhancing its service offerings through acquisitions and innovative solutions [2][3] Financial Performance - Q2 2024 revenue was $3.22 billion, a 6.2% increase from $3.03 billion in Q2 2023, driven by organic revenue growth of 3.8% and acquisitions contributing 2.5% [5][11] - Operating income for Q2 2024 was $294.8 million, or 9.2% of revenue, compared to $266.3 million, or 8.8% in Q2 2023 [6][8] - Free cash flow for Q2 2024 was $432.9 million, significantly up from $58.2 million in Q2 2023 [9] Segment Performance - Diagnostics Laboratories segment revenue was $2.52 billion, a 7.9% increase from $2.34 billion in Q2 2023, with organic growth of 4.7% [16][18] - Biopharma Laboratory Services segment revenue was $707.0 million, a 1.1% increase from $699.0 million in Q2 2023, with organic growth of 1.2% [19][20] Strategic Initiatives - Labcorp received approval for the acquisition of select assets from Invitae, enhancing its capabilities in genetic insights for personalized care [2] - The company launched Labcorp Global Trial Connect, aimed at accelerating clinical trials through central laboratory solutions [3] - New tests were introduced, including a first trimester preeclampsia screening test, reinforcing Labcorp's position in innovative testing solutions [3] Shareholder Returns - The company announced a quarterly cash dividend of $0.72 per share, payable on September 13, 2024, and increased its share repurchase authorization by $1.0 billion to a total of $1.4 billion [4][10]

[Estimated Unaudited Financial Results Announcement & Disclaimer](index=1&type=section&id=Estimated%20Unaudited%20Financial%20Results%20Announcement%20%26%20Disclaimer) [Announcement Overview](index=1&type=section&id=Announcement%20Overview) Invitae announced its estimated unaudited financial results for the fourth quarter and full year ended December 31, 2023, covering key metrics such as revenue, gross profit, and cash burn - Invitae announced **estimated unaudited financial results** for Q4 and full year 2023, covering revenue, gross profit, and cash burn[1](index=1&type=chunk)[2](index=2&type=chunk)[3](index=3&type=chunk) [Disclaimer on Unaudited Nature](index=1&type=section&id=Disclaimer%20on%20Unaudited%20Nature) The company explicitly states that the presented financial results are estimated and unaudited, subject to adjustment, and have not been reviewed or audited by their independent registered public accounting firm - The reported financial results are **estimated and unaudited**, subject to adjustment, and have not been reviewed or audited by the independent registered public accounting firm[4](index=4&type=chunk) - Undue reliance should not be placed on these estimates, as potential adjustments during the finalization of financial statements could be **material**[6](index=6&type=chunk) [Financial Performance Highlights](index=1&type=section&id=Financial%20Performance%20Highlights) [Fourth Quarter 2023 Financial Highlights](index=1&type=section&id=Fourth%20Quarter%202023%20Financial%20Highlights) In Q4 2023, Invitae reported revenue of $127.8 million, an increase of approximately 4% year-over-year, or 14% on a pro forma basis excluding discontinued businesses Fourth Quarter 2023 Key Financial Metrics (Unaudited) | Metric | Q4 2023 (Millions USD) | Q4 2022 (Millions USD) | YoY Change | Pro Forma YoY Change (Excl. Discontinued) | | :--------------------- | :--------------------- | :--------------------- | :--------- | :---------------------------------------- | | Revenue | $127.8 | $122.5 | +4% | +14% | | GAAP Gross Profit | $74.1 | $29.6 | +150% | N/A | | Non-GAAP Gross Profit | $74.4 | $58.5 | +27% | N/A | | GAAP Gross Margin | 58.0% | 24.2% | +33.8 pp | N/A | | Non-GAAP Gross Margin | 58.2% | 47.8% | +10.4 pp | N/A | | Reported Cash Burn | $53.6 | N/A | N/A | N/A | - Fourth quarter 2023 revenue **increased approximately 4%** from a year ago, and approximately **14% on a pro forma basis** after adjusting for revenue of approximately $10.5 million in the prior year period related to discontinued businesses[5](index=5&type=chunk) - **GAAP gross profit** in Q4 2023 **grew approximately 150%** year-over-year, while **non-GAAP gross profit grew approximately 27%**[5](index=5&type=chunk) [Fiscal Year 2023 Financial Highlights](index=1&type=section&id=Fiscal%20Year%202023%20Financial%20Highlights) For fiscal year 2023, Invitae's revenue was $487.0 million, approximately 6% lower than the prior year due to exited businesses, but increased approximately 7% on a pro forma basis Fiscal Year 2023 Key Financial Metrics (Unaudited) | Metric | FY 2023 (Millions USD) | FY 2022 (Millions USD) | YoY Change | Pro Forma YoY Change (Excl. Discontinued) | | :---------------------------------------------------------------- | :--------------------- | :--------------------- | :--------- | :---------------------------------------- | | Revenue | $487.0 | $516.3 | -6% | +7% | | GAAP Gross Profit | $175.2 | $99.1 | +77% | N/A | | Non-GAAP Gross Profit | $254.2 | $219.7 | +16% | N/A | | GAAP Gross Margin | 36.0% | 19.2% | +16.8 pp | N/A | | Non-GAAP Gross Margin | 52.2% | 42.5% | +9.7 pp | N/A | | Reported Cash Burn | $365.0 | N/A | N/A | N/A | | Cash, Cash Equivalents, Restricted Cash and Marketable Securities (as of Dec 31) | $209.0 | $557.1 | -62.5% | N/A | - Fiscal year 2023 revenue was approximately **6% lower** than fiscal year 2022, but **increased approximately 7% on a pro forma basis** after adjusting for revenue of approximately $62.1 million in the prior year period related to discontinued businesses[5](index=5&type=chunk) - **GAAP gross profit** for FY 2023 **grew approximately 77%** year-over-year, while **non-GAAP gross profit grew approximately 16%**[5](index=5&type=chunk) [Company Information and Financial Disclosures](index=2&type=section&id=Company%20Information%20and%20Financial%20Disclosures) [About Invitae](index=2&type=section&id=About%20Invitae) Invitae is a leading medical genetics company that provides timely genetic information to patients and providers using digital technology - Invitae is a **leading medical genetics company** trusted by millions of patients and their providers to deliver timely genetic information using digital technology[7](index=7&type=chunk) - The company aims to provide **accurate and actionable answers** to strengthen medical decision-making and bring comprehensive genetic information into mainstream medicine to improve healthcare for billions of people[7](index=7&type=chunk) [Safe Harbor Statements](index=2&type=section&id=Safe%20Harbor%20Statements) This section clarifies that the press release contains forward-looking statements, including the estimated 2023 financial results, which are inherently subject to risks and uncertainties - The press release contains **forward-looking statements**, including the company's 2023 estimated unaudited financial results, which are subject to risks and uncertainties[9](index=9&type=chunk) - Actual results could **differ materially** due to factors such as the year-end close process, audit of financial statements, and risks related to a Chapter 11 reorganization plan[9](index=9&type=chunk) - Invitae Corporation **disclaims any obligation to update** these forward-looking statements[9](index=9&type=chunk) [Non-GAAP Financial Measures Explanation](index=2&type=section&id=Non-GAAP%20Financial%20Measures%20Explanation) Invitae provides non-GAAP financial measures to supplement its GAAP results, excluding certain items required by GAAP - **Non-GAAP financial measures** are provided to supplement GAAP results, excluding certain items, and are considered useful by management for evaluating ongoing operating results and trends[10](index=10&type=chunk) - These non-GAAP measures are not standardized by GAAP, may not be comparable to other companies, and should not be considered in isolation from, or as a substitute for, **GAAP financial information**[11](index=11&type=chunk) [GAAP to Non-GAAP Gross Profit Reconciliation](index=4&type=section&id=GAAP%20to%20Non-GAAP%20Gross%20Profit%20Reconciliation) This section presents a detailed reconciliation table showing the adjustments made to convert GAAP gross profit to Non-GAAP gross profit for the three months and year ended December 31, 2023 and 2022 Reconciliation of GAAP to Non-GAAP Gross Profit (in thousands, unaudited) | Metric | Q4 2023 | Q4 2022 | FY 2023 | FY 2022 | | :----------------------------------- | :------ | :------ | :------ | :------ | | Revenue | $127,847 | $122,454 | $486,976 | $516,303 | | Cost of revenue | $53,713 | $92,844 | $311,815 | $417,256 | | **Gross profit (GAAP)** | **$74,134** | **$29,610** | **$175,161** | **$99,047** | | Amortization of acquired intangible assets | — | $26,950 | $77,122 | $100,568 | | Acquisition-related stock-based compensation | $26 | $156 | $172 | $581 | | Acquisition-related post-combination expense | — | — | — | $1,053 | | Restructuring-related retention bonuses | $105 | $82 | $250 | $252 | | Inventory and prepaid write-offs | $92 | $1,712 | $1,454 | $18,179 | | **Non-GAAP gross profit** | **$74,357** | **$58,510** | **$254,159** | **$219,680** | - The reconciliation details adjustments such as **amortization of acquired intangible assets ($77.1 million in FY2023)**, acquisition-related stock-based compensation, and inventory and prepaid write-offs to derive non-GAAP gross profit[14](index=14&type=chunk) [Cash Burn Reconciliation](index=4&type=section&id=Cash%20Burn%20Reconciliation) This section provides a detailed reconciliation of net decrease/increase in cash, cash equivalents, and restricted cash to cash burn for the three months and year ended December 31, 2023 Reconciliation of Net (Decrease) Increase in Cash to Cash Burn (in thousands, unaudited) | Metric | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | | :-------------------------------------------------- | :-------- | :-------- | :-------- | :-------- | :-------- | | Net cash used in operating activities | $(34,398) | $(54,905) | $(66,895) | $(50,076) | $(206,274) | | Net cash provided by investing activities | $73,878 | $116,064 | $5,117 | $72,675 | $267,734 | | Net cash (used in) provided by financing activities | $(135,768) | $876 | $(3,381) | $(7,197) | $(145,470) | | Net (decrease) increase in cash, cash equivalents and restricted cash | $(96,288) | $62,035 | $(65,159) | $15,402 | $(84,010) | | Adjustments: | | | | | | | Net changes in investments | $(75,202) | $(117,146) | $(7,048) | $(71,917) | $(271,313) | | Loss from public offerings of common stock, net | — | — | $55 | — | $55 | | Proceeds from issuance of Series B convertible senior secured notes, net | $(22,435) | $1,763 | $8,016 | $2,929 | $(9,727) | | **Cash burn** | **$(193,925)** | **$(53,348)** | **$(64,136)** | **$(53,586)** | **$(364,995)** | - Reported cash burn for fiscal year 2023 was **$365.0 million**, which included **$143.1 million of debt repayment and prepayment fees**, and **$4.0 million from asset sales** related to YouScript[5](index=5&type=chunk) - Excluding debt-related payments and YouScript asset sales, ongoing cash burn for FY2023 would have been **$225.9 million**[5](index=5&type=chunk) [Investor and Public Relations Contacts](index=3&type=section&id=Investor%20and%20Public%20Relations%20Contacts) [Contacts](index=3&type=section&id=Contacts) Contact information for Invitae's Investor Relations and Public Relations departments is provided, including specific personnel and their respective email addresses for inquiries - Investor Relations contact: **Hoki Luk at ir@invitae.com**[12](index=12&type=chunk) - Public Relations contact: **Amy Sands Hadsock at pr@invitae.com**[12](index=12&type=chunk)

Invitae (NYSE:NVTA) stock fell as much as 78% yesterday before it was ultimately halted because undisclosed news about the firm was pending. Many investors now expect that the SoftBank (OTCMKTS:SFTBY) backed genetic testing specialist will file for bankruptcy before the end of this week.Invitae Is Reportedly Looking to Declare BankruptcyInvitae “is preparing to file for bankruptcy within weeks,” The Wall Street Journal reported late yesterday afternoon, citing unnamed sources. NVTA has hired Kirkland & Elli ...

Medical genetics firm Invitae (NYSE:NVTA) suffered a shocking fall from grace as insider reports point to an upcoming bankruptcy filing. Although the company forwarded a compelling concept — leveraging genetic testing and diagnostics to assess hereditary disease risks — the business model didn’t resonate with customers or investors. As a result, NVTA stock suffered a 75% drop in market value.According to The Wall Street Journal, Invitae’s bankruptcy filing could come within weeks, according to people famili ...

SAN FRANCISCO, Jan. 30, 2024 /PRNewswire/ -- Invitae (NYSE: NVTA), a leading medical genetics company, today announced a partnership with BridgeBio Pharma, Inc. (Nasdaq: BBIO), a commercial-stage biopharmaceutical company focused on genetic diseases and cancers, designed to advance genetics-based drug discovery for rare diseases. The goal of the collaboration is to generate new insights focused on genetic modifiers and the discovery of novel therapeutic targets for rare diseases and other unmet medical need ...

Invitae (NVTA 7.30%) has grown revenue over time, but the genetic testing specialist has failed to turn that into profit. Instead, the company burned through more and more cash, prompting it to launch a business realignment plan in 2022. The goal was (and is) to speed up the path to positive cash flow, and Invitae has made some progress.Despite efforts, Invitae shares have failed to take off and, instead, have lost more than 80% since the announcement of the new strategy. In fact, they've fallen to such a l ...