Invitae Investor Overview - August 2016

1. © 2016 Invitae Corporation. All Rights Reserved. 1
INVITAE:
Bringing genetic information into
mainstream medical practice
INVESTOR PRESENTATION
AUGUST 2016

2. © 2016 Invitae Corporation. All Rights Reserved. 2
Safe Harbor Statement
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating
to the company’s expectations regarding its plans for 2016, including revenue levels, the cost of goods sold, the number of billable tests delivered, the number
of genes in its test menu, and the nature and extent of future reimbursement coverage; the company’s expectations regarding continued growth in 2016;
potential market opportunities; the timing of any new testing service releases and the benefits and attributes of any such services; and the company’s plans for
long-term growth. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, and reported results
should not be considered as an indication of future performance. These risks and uncertainties include, but are not limited to: the company’s history of losses;
the company’s need to scale its infrastructure in advance of demand for its tests and to increase demand for its tests; the company’s ability to develop and
commercialize new tests and expand into new markets; the risk that the company may not obtain or maintain sufficient levels of reimbursement for its tests;
risks associated with the company’s ability to use rapidly changing genetic data to interpret test results accurately and consistently; the company’s ability to
compete; laws and regulations applicable to the company’s business, including potential regulation by the Food and Drug Administration; and the other risks
set forth in the company’s filings with the Securities and Exchange Commission, including the risks set forth in the company’s Quarterly Report on Form 10-Q
for the quarter ended June 30, 2016. These forward-looking statements speak only as of the date hereof, and Invitae Corporation disclaims any obligation to
update these forward-looking statements.
NOTE: Invitae and the Invitae logo are trademarks of Invitae Corporation. All other trademarks and service marks are the property of their respective owners.

3. © 2016 Invitae Corporation. All Rights Reserved. 3
Invitae
Bringing genetics into mainstream
medicine to help billions of people
Everyone has a unique
genome that has a significant
impact on their health
There are over 4,000 medically
important genetic tests today –
most of which are over-priced
and under-utilized
High quality, low priced
genetic testing will dramatically
increase the total market to
everyone with access to
healthcare

4. © 2016 Invitae Corporation. All Rights Reserved. 4
~2-5%
1 in 20 to 1 in 50 healthy people
has a gene mutation that puts
them at risk for a medically
actionable condition
~0.5-5%
1 in 20 to 1 in 200 people
carry the Factor V Leiden
variant that may increase
risk for blood clotting
~5-10%
1 in 20 to 1 in 10 of all
cancers are likely to
have a hereditary basis
Genetic conditions affect everyone
“Rare” genetic conditions are actually common in the aggregate
1 in 250 people has a
gene mutation that may
lead to early onset
cardiovascular disease
0.4%
~2%
1 in 50 new births result in a
complication involving a
genetic condition
0.3%
1 in 300 will have an
epileptic seizure during
their lifetime
~100%
Everyone is carrying mutations
that can cause severe illness in
a child if the child’s other parent
provides a mutation in the
same gene
~100%
Virtually everyone is carrying
mutations affecting drug response
Everyone carries mutations in their genome that cause disease, affect drug response
or recessive genetic conditions that may affect their families

5. © 2016 Invitae Corporation. All Rights Reserved. 5
Unknown
Limited
Low
Complexity of Diagnosis
High
NumberofGenesInvolved
Exomes/Genomes
Large gene panels
Small gene panels
Single Gene
Testing
Variant
testing
Sickle-cell anemia
High risk
breast cancer
Hypertrophic
cardiomyopathy
Diagnostic Odyssey
BRCA1
Historically, genetic testing was limited by cost

6. © 2016 Invitae Corporation. All Rights Reserved. 6
Exomes/Genomes
Large gene panels
Small gene panels
Single Gene
Testing
Variant
testing
Increasing number of genes
Cost
Cost of the first gene
Cost of increasing genes
Invitae’s business model innovation
- Technology is improving
quality and creating
economy of scale
- Invitae offers one price per
indication regardless of the
number of genes
- Transforming a clinical
laboratory report generation
industry into a genetic
information management
industry

7. © 2016 Invitae Corporation. All Rights Reserved. 7
- Make genetic testing more
accessible than ever before
- Consolidate and expand the
market for genetic tests and
related services
- Create new markets for
content (i.e. Preventive and
Family Health)
- Share genetic information
on a global scale to
advance healthcare and
clinical outcomes
- Monetize our network of
patients, providers and
payers for permission-
based sharing of genetic
information
- Build infrastructure to
manage genetic
information for
customers
- Genome management
creates value over the
lifetime of a customer
A platform built for long term growth
Genetic
Testing
Genome
Management
Genome
Network

8. © 2016 Invitae Corporation. All Rights Reserved. 8
200 500
1,100
1,800 2,200
4,500
5,100
7,000
9,700
12,100
Billable tests
Revenue ($k)
$118 $301 $310
$876 $1,200
$1,800
$2,200
$3,200
$4,000
$5,600
! Expenses are incurred
for tests in the period
in which the test is
conducted
! Balance sheet cash, cash
equivalents, and
marketable securities
of $90.2M as of
June 30, 2016
Strong volume growth, with revenue following
(billable test numbers and revenues
are approximate)

9. © 2016 Invitae Corporation. All Rights Reserved. 9
Q2 2016 Update
! COGS improvement " drives content expansion " drives volume growth " drives reimbursement
– Invitae now has one of the lowest cost –highest content platforms in the industry
– ~ million dollar improvement in gross margin and the bottom line over Q1
– Over 25% quarter over quarter growth
! The payer dynamic has changed
– Two national payers now on board: Medicare and Aetna with more to come
! The medical opportunity is expanding as genetics becomes less expensive
– Unlimited market growth opportunity for the foreseeable future
! “Leapfrogging” to whole exome sequencing
– Over three thousand clinically relevant genes with deep coverage + all 20,000 genes for screening rare
undiagnosed conditions
! Biopharma and advocacy are showing increasing interest in patient access across oncology,
cardiology, and rare disease
– Three partnerships inked in the first half of the year
– The network effects are just beginning
! The health and wellness markets are in their infancy
– Genome management is still a ways off but approaching rapidly with the application of our adult prevention panel

10. © 2016 Invitae Corporation. All Rights Reserved. 10
Executing on four key early metrics
Content on assays
Volume by Billable Reports
COGS per sample
2014
>200
genes
2016
>1000
genes
2015
>600
genes
Q2:16
$5.6M
Q1:15
$1.2M
Q2:15
$1.8M
Q4:15
$3.2M
Q3:15
$2.2M
Q1:15
$1,250
Q3:15
$750
Q4:15
$700
Q2:16
$500
Q2:15
$850
Q1:15
2200
Q2:15
4500
Q4:15
9700
Q2:16
12,100
Q3:15
5100
Q1:16
7000
$4.0M
Q1:16
$600
Q1:16

11. © 2016 Invitae Corporation. All Rights Reserved. 11
Now with national major payer contracts, including more
regional plans
Content on assays
Volume by Billable Reports
COGS per sample
2014
>200
genes
2016
>1000
genes
2015
>600
genes
Q1:15
$1,250
Q3:15
$750
Q4:15
$700
Q2:16
$500
Q2:15
$850
Q1:15
2200
Q2:15
4500
Q4:15
9700
Q2:16
12,100
Q3:15
5100
Q1:16
7000
$600
Q1:16
! Aetna
! Medicare
! >100 Institutional
contracts
! BCBS in 5 states
! BCBS Federal
Employee Program
! Tufts Health Plan
! OSU Health Plan
! SelectHealth
! Others

12. © 2016 Invitae Corporation. All Rights Reserved. 12
Covered lives by quarter: now at 95 million
Q1:14
0.0M
Q2:14
0.0M
Q3:14
0.1M
Q4:14
4.5M
Q1:15
4.5M
Q2:15
4.5M
Q3:15
5.5M
Q4:15
5.5M
Q1:16
95M
Q2:16
0
5.5M
100 million
50 million

13. © 2016 Invitae Corporation. All Rights Reserved. 13
Improving our gross margins
Grossmarginperbillablereport
($100)
($300)
$0
-$465
-$82
-$342 -$335
-$209
Q3 2015 Q4 2015 Q1 2016 Q2 2016Q2 2015
($500)
NOTE: Estimated numbers may have been used. Actual totals might vary slightly.

14. © 2016 Invitae Corporation. All Rights Reserved. 14
Q3 2015 Q4 2015 Q1 2016 Q2 2016Q2 2015Q1 2015
Operating efficiency:
growing volume while holding costs steady%Revenue
100
300
500
0
700
NOTE: Estimated numbers may have been used. Actual totals might vary slightly.
$0.0
$2.0
$6.0
$4.0
Revenue($M)
R&D Commercial G&A Revenue
$5.6M

15. © 2016 Invitae Corporation. All Rights Reserved. 15
Accelerating menu releases
Driving down COGS
Measuring our success in 2016: leapfrogging 3,000 genes
and accelerating a medical exome of 20,000 genes
Medicare and
top major private insurers
in network >200
genes
>600
genes
>20,000
genes
Q4:2016
< $5002014
$1,500
Q3:2015
$750
Billable reports delivered
3.6K
reports
19K
reports
50K-70K
reports

16. © 2016 Invitae Corporation. All Rights Reserved. 16
0.3%
~0.5-5%
~2-5%
Evaluating risk for medically
actionable disorders in
healthy adults
~5-10%
Genetic conditions affect everyone
0.4%
~2%
~100%
Testing genes for recessive
variants in individuals
interested in pre-conception
and family risk assessment
~100%
Testing specific genetic variants
linked to drug efficacy
Expanding the diagnostic testing menu moving into 2017
✓
✓
✓
✓
✓
✓
✓
✓

17. © 2016 Invitae Corporation. All Rights Reserved. 17
Early market testing in health and wellness
Simple facts about the size of our healthcare economy where preventive genetics could help
1 billion
Doctor visits
per year
50 million
Surgeries
per year
1.6 million
New cancers
per year
Heart attacks
per year1.5 million
4 million
Births
per year
3 million
New disabling
neurological
disorders per year
1 million
First time parents
per year
4 billion
Prescriptions written
per year

18. © 2016 Invitae Corporation. All Rights Reserved. 18
Expand
content
Improve
customer
experience
Drive
Volume
Attract
Partners
Growth
Lower
costs
Lower
prices
Beginning to attract partners to our network

19. © 2016 Invitae Corporation. All Rights Reserved. 19
Patients own and control their own genetic information
STORE Simply store your genetic information
LEARN Understand more about your genome
SHARE Family members, physician, networks, no-one
PARTICIPATE Research, development, clinical trials, marketing
DONATE Medical research, genomic philanthropy
MEDICAL CONDITION
MEDICATIONS
HAVING KIDS
INJURIES OR SURGERIES
HEALTH ISSUES
AGING GRACEFULLY
NEONATAL
Genome Management
Clinical diagnostics
PGx screening
Carrier testing
Bleeding disorder screening
Focused clinical trials
Preventative health
Newborn screening
Building a customer for life
Genomics-informed medicine over the course of a patient’s lifetime