Invitae down 11% after hours despite quarterly beats

• Despite posting Q1 2023 financial results that beat on the top and bottom lines, Invitae (NYSE:NVTA) is down 11% in after-hours trading.
• The medical genetics company also reiterated its prior 2023 financial guidance, including that revenue should be over $500M. Consensus is $504.47M.
• Invitae (NVTA) also noted that its 2023 cash burn will be higher than ongoing cash burn as a result of the company's voluntary repayment of its $135 million term loan in Q1. Cash burn this year is expected $250M-275M.
• In the quarter, the company saw its net loss widen ~6% to ~$193.1M (-$0.77 per share basic and diluted vs. -$0.80).

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