Invitae (NVTA) Stock

Extends Labcorp's leadership in genetic testing solutions for oncology and select rare diseases BURLINGTON, N.C. , Aug. 5, 2024 /PRNewswire/ -- Labcorp (NYSE: LH), a global leader of innovative and comprehensive laboratory services, announced today the completion of its acquisition of select assets of Invitae (OTC:NVTAQ), a leading medical genetics company.

Updates Full-Year Guidance Results from Continuing Operations for second quarter 2024 versus last year: Revenue: $3.22 billion versus $3.03 billion Diluted EPS: $2.43 versus $1.74 Adjusted EPS: $3.94 versus $3.42 Free Cash Flow: $432.9 million versus $58.2 million Updated Full-Year 2024 Guidance: Revenue range of 6.4% to 7.5%, includes Invitae impact of ~1.0% Adjusted EPS range of $14.30 to $14.90, includes Invitae dilution of ~$0.40 Free Cash Flow of $0.85 billion to $1.00 billion, includes Invitae cash usage of ~$150 million Share repurchase authorization increased by $1.0 billion to $1.4 billion Launched important new tests in specialty testing areas Introduced Labcorp Global Trial Connect, a suite of central laboratory solutions aimed to accelerate clinical trials BURLINGTON, N.C. , Aug. 1, 2024 /PRNewswire/ -- Labcorp (NYSE: LH), a global leader of innovative and comprehensive laboratory services, today announced results for the second quarter ended June 30, 2024 and updated full-year guidance.

Softbank-backed genetic test maker Invitae said on Tuesday it has filed for voluntary Chapter 11 protection in a U.S. bankruptcy court and intends to pursue a sale process.

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.

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.

Medical test maker Invitae is preparing to file for bankruptcy within weeks, the Wall Street Journal reported on Monday, according to people familiar with the matter.

Invitae has made progress in its business realignment plan, cutting cash burn by one-half from 2022 to 2023. However, the company still faces significant challenges.

Invitae (NVTA) could be a great choice for investors looking to buy stocks that have gained strong momentum recently but are still trading at reasonable prices. It is one of the several stocks that made it through our 'Fast-Paced Momentum at a Bargain' screen.

Invitae (NVTA) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #2 (Buy).