Why Invitae Was Down 17.5% in May
Shares of Invitae (NYSE: NVTA) fell 17.5% in May, according to data provided by S&P Global Market Intelligence. Investors were not impressed with the company's first-quarter earnings early in the month, especially management's inability to control costs.
The reaction may have surprised some who saw an accelerating top line as a sign of momentum in the business. Revenue came in at $103.6 million, up 61% from last year. That was higher than the 58% reported in the first quarter of 2020. Billable volume also accelerated, climbing 72% compared with 64% in the year-ago period. Unfortunately, that growth isn't proving that the company will scale to profitability, and it is coming at a steep price.
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Source Fool.com
