Invitae to Lay Off Over 1,000 Workers Amid Restructuring, Leadership Transition

NEW YORK – Invitae announced on Monday after the close of the market that it is restructuring its operations, eliminating non-core operations and geographies, and focusing on business lines that deliver sustainable margins and returns needed to fuel further investment.

The firm also announced preliminary revenue of approximately $136 million for the second quarter, falling short of analyst expectations, and reduced its annual revenue guidance

We now expect revenue to increase in the low double digits compared to our 2021 full-year revenue of $460 million dollars," Invitae CFO Roxi Wen said on a conference call, adding that the company is also expecting flat growth in the second half of 2022 as compared to the first half of the year. Source: https://bit.ly/3ITZxKF