Nvta q4 fy17 earnings deck final3

1. © 2018 Invitae Corporation. All Rights Reserved. | 1
When the question is genetics,
the answer is Invitae.
F O U RT H Q U A RT E R A N D F U L L - Y E A R 2 0 1 7
C O N F E R E N C E C A L L
F E B R U A R Y 1 2 , 2 0 1 8

2. © 2018 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. Any statement in this
presentation that is not a historical fact is a forward-looking statement,
including statements relating to the company’s business model, business
strategy and momentum in its business; future plans, prospects and
opportunities; future test and service offerings; future financial and business
results; future cash needs; and the expected benefits of acquisitions.
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 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 September 30, 2017. Forward-looking statements speak only
as of the date hereof, and Invitae Corporation disclaims any obligation to
update these forward-looking statements.

3. Bring comprehensive genetic information into mainstream
medical practice to improve the quality of healthcare for
billions of people
Genetic information is
more valuable when
shared
Driving down the cost of
genetic information will
increase its personal and
clinical utility
Healthcare professionals
are fundamental in
ordering and interpreting
genetic information
People should own and
control their own
genetic information
Core principles

4. © 2018 Invitae Corporation. All Rights Reserved. | 4
Recipe for billions
Expand
content
Improve
customer
experience
Drive
Volume
Attract
Partners
Growth
Lower
costs
Lower
prices

5. © 2018 Invitae Corporation. All Rights Reserved. | 5
Focused execution is accelerating momentum
D R I V I N G T R I P L E D I G I T V O L U M E A N D R E V E N U E G R O W T H I N
2 0 1 7
§ Launched exome sequencing
and interpretation services
§ Now test >20,000 genes
§ Content across all stages of life
Expanded product and
commercial breadth
§ Introduced Family Variant Testing
at no additional charge
§ Launched updated CancerGene
Connect Platform
Enhanced User Experience
§ >16 biopharma and health
system partners
§ >100 advocacy organizations
reaching >100,000 people
§ 4 successful acquisitions adding
complementary capabilities and
reach
Disciplined acquisitions
Commercial collaborations

6. © 2018 Invitae Corporation. All Rights Reserved. | 6
Dominant growth in diagnostics
§ Building a better product wins: more extensive menu, faster
turnaround time and lower pricing
§ Multiplying value proposition across breadth of platform
O N T R A C K T O B E C O M E L A R G E S T P R O V I D E R O F G E N E T I C
C A N C E R T E S T I N G B Y V O L U M E I N 2 0 1 8
2014 2016 2017
$25.0M
$1.6M
2015
$68.2M
$8.4M
RevenueAccessioned volume
2014 2016 2017
59,000
4,200
2015
150,000
20,800
Gross profit
($4.0M)
$18.1M
Consolidated
2014 2016 20172015
($2.8M)($8.1M)

7. © 2018 Invitae Corporation. All Rights Reserved. | 7
Reinvesting in growth continues to drive success
Rapid
Implementation
Driving
Near-Term and
Long-Term
Value
Expanded content and capabilities
ü Acquired: August and November 2017 (respectively)
ü Launched: January 2018: Integrated sales force
Patient communities & network infrastructure
ü Acquired: January 2017
ü Launched: April 2017 Invitae Patient Network, enabling
participants to contribute data, learn how others manage
similar health plans, and receive information about the
latest research and clinical trial opportunities
Enhanced user experience
ü Acquired: June 2017
ü Launched: September 2017 New version of
CancerGene Connect, at no charge, to provide a
software solution that simplifies data gathering, tracking
and analysis for all genetic counselors and their patients

8. © 2018 Invitae Corporation. All Rights Reserved. | 8
Foundation for the future
Clinical
Trials
Therapeutics
Providers
Patient
Communities
Devices
Research
A L I F E T I M E O F D ATA A C R O S S T H E S P E C T R U M O F
H E A LT H C A R E
Fertility &
perinatal
health
PGS/D
Prenatal
testing
Neonatal
testing
Pediatric
testing
Carrier
screening
Adult
inherited
testing

9. © 2018 Invitae Corporation. All Rights Reserved. | 9
Emergence of new industry
Comprehensive
genetic health
information
service to lead
new era of
healthcare
Build a
genome
management
infrastructure
Make genetic testing more affordable and more accessible
Build partnerships with industry peers to
increase utilization of genetic testing
Share genetic
information on a global
scale to diagnose more
Genome Network
Genetic Testing
Genome Management
Make acquisitions that expand
test menu content and services
to open new markets
patients correctly and bring
therapies to market faster

10. © 2018 Invitae Corporation. All Rights Reserved. | 10
Network economics build patient value
§ Offsetting cost to patients
– Comprehensive epilepsy panel testing for
pediatric patients sponsored by BioMarin
§ Bringing more patients into the network
– Makes testing available to a broad cross-section
of pediatric epilepsy patients
§ Expanding reach
– Complimentary sales and marketing effort taps
new audiences to engage more patients and
clinicians
§ Doing more with data
– Patients diagnosed sooner and treated faster
E A R LY VA L U E O F N E T W O R K A P P R O A C H

11. © 2018 Invitae Corporation. All Rights Reserved. | 11
Over 150% increase in year-over-year volume
Full Year:
§ Consolidated: ~150,000 accessioned
samples
– 154% increase year-over-year
§ Base Business: ~134,000
– ~130% increase year-over-year
Fourth Quarter:
§ Consolidated: ~53,000 accessioned
§ Base Business: ~44,000 samples
– 113% increase year-over-year
– 27% increase quarter-over-quarter
§ Good Start: 7,678 samples in Q4
§ CombiMatrix: 1,579 samples in 6 weeks
post acquisition (3,191 full quarter)
43,800
Invitae base
53,000
Consolidated
30,500
26,000
20,500
Accessioned volume
Q4:17 Q4:17Q1:17 Q2:17 Q3:17
34,400
Invitae base
40,000
Consolidated

12. © 2018 Invitae Corporation. All Rights Reserved. | 12
Over 170% increase in year-over-year revenue
Full Year:
§ $68.2M in consolidated revenue
– 172% increase year-over-year
§ Base business: $60.0M
– 140% increase year-over-year
Fourth Quarter:
§ $25.4M in consolidated Q4 revenue
– Base business: $19.4M
• Up over 110% year-over-year; 21%
sequentially
• Includes $0.8M in non-test revenue
– Good Start: $4.0M
• Excludes approximately $0.3M related
to tests accessioned prior to August
4th acquisition close
– CombiMatrix: $2.0M
• Estimated full quarter revenue of
$3.6M
Revenue
$9.2M
$10.3M
$14.3M
$19.4M
Invitae base
$25.4M
Consolidated
Q4:16 Q4:17Q1:17 Q2:17 Q3:17
$16.0M
Invitae base
$18.1M
Consolidated

13. © 2018 Invitae Corporation. All Rights Reserved. | 13
Continuing to drive down cost of goods
§ Average cost per sample on a
consolidated basis of $321, a 19%
reduction year-over-year
– Base business: $297
• Approximately 25%
improvement year-over-year
• 9% sequential improvement
§ Anticipate near-term variability due to:
– Exome volume increase
– Good Start and CombiMatrix
COGS prior to full integration
§ Targeting 50% gross margin across
the Invitae platform
COGS per sample
$400
$345
$360
$330
Consolidated
& Invitae base
Q4:16 Q4:17Q1:17 Q2:17 Q3:17
$300
Invitae base
$320
Consolidated

14. © 2018 Invitae Corporation. All Rights Reserved. | 14
Achieved full-year gross profit of $18.1 million
Full Year:
§ Consolidated gross profit of $18.1M
– Base business: $15.9M gross
profit, up from negative $2.8M in
2016
Fourth Quarter:
§ Consolidated gross profit of $8.3M
– Base business: $6.3M gross
profit, up from $1.1M in Q4 16
§ Represents gross margin of 33% of
consolidated test revenue
– Base business: 33%
– Calculation excludes other
revenue
Gross profit (loss)
($1.0M)
$0.9M
$3.1M
$0.4M
Q3:16 Q3:17Q4:16 Q1:16 Q2:17
$3.9M
Invitae base
$4.0M
Consolidated
Gross profit
$1.0M
$5.0M
Consolidated
$3.8M
Q4:16 Q4:17Q1:17 Q2:17 Q3:17
$6.3M
Invitae base
$8.3M
Consolidated
$1.1M
$4.7M
Invitae base

15. © 2018 Invitae Corporation. All Rights Reserved. | 15
Leverage from operating expenses
Full Year:
§ Consolidated operating expenses of $139.4M
§ Base business operating expenses of $126.0
Fourth Quarter:
§ Consolidated Q4 17 operating expenses of
$43.2M
– 66% increase year-over-year compared to 158%
volume growth
– 21% sequential increase compared to 33% volume
growth
§ Base business operating expenses of $34.7M
– 33% increase year-over-year compared to 113%
increase in volume
§ Q4 17 Opex included $8.6M in non-cash
expenses
– Stock comp: $4.8M
– Depreciation and amortization of equipment: $2.2M
– Amortization of intangibles from acquisitions:
~$1.0M
• Will be $1.3M when full quarter of CombiMatrix
amortization
Operating leverage
15,500
samples
Q3:16
Operating leverage
20,500
samples
53,000
samples
26,000
samples
30,500
samples
40,000
samples
OpEx
Volume
Q4:16 Q4:17Q1:17 Q2:17 Q3:17
$26.0M $28.3M $31.9M
$43.2M
$35.9M

16. © 2018 Invitae Corporation. All Rights Reserved. | 16
Balance sheet summary and non-cash items
Q1:16 Q2:16 Q4:16
0
($21.2M)
26,000
samples
$28.3M
§ Ended Q4 17 with $76.0M in cash
– Additional $20.0M debt draw down available in Q1 18
§ $30.5M cash burn in Q4 17 on consolidated basis, compared to $22.6M in Q3 17
– Adjusted cash burn was $26.7M, excluding ~$3.9M in one-time charges due to
acquisitions
• Base business burn was ~$22.7M excluding ~$4M in acquisition and integration
costs
§ Q4 17 included $13.4M in non-cash expenses
– $8.6M in non-cash operating expenses
– $4.8M reversal of tax benefit recorded in Q3
§ Integration and operating costs expected to continue over next two quarters until
acquisitions fully integrated
– Expect modest decrease in burn through H1 18 with more significant decreases in
H2 18

17. © 2018 Invitae Corporation. All Rights Reserved. | 17
Anticipating continued strong growth in 2018 and beyond
§ Accessioning at least 250,000 samples in 2018
§ Anticipate at least doubling revenue in 2018
– Clear line of sight to $120 million
– Potential upside excluded from guidance
• Reimbursement improvements via continued progress with payer contract
implementation
• Medicare Del Dup
– Incremental ~$500 on 5-10% volume (BRCA & Lynch)
• Non-test revenue: partners and patient networks
– Principally reflected in test volume
– Modest non-test revenue

18. © 2018 Invitae Corporation. All Rights Reserved. | 18
COGS
Short-term
variability
T R E N D
Reimburse
ment
Short-term
variability
T R E N D
Gross
Profit
Short-term
variability
T R E N D
Operating
Leverage
Short-term
variability
T R E N D
Revenue
Expected to double in 2018:
$120 million
T R A I L I N G I N D I C A T O R
Tracking our progress in 2018 and beyond
Volume
Anticipated continued double-digit
sequential growth
At least 250,000 samples expected
in 2018
R E A L - T I M E I N D I C A T O R
B U I L D I N G T O W A R D H I G H LY P R O F I TA B L E N E T W O R K B U S I N E S S W I T H
5 0 % G R O S S M A R G I N A C R O S S T H E P L AT F O R M
B A S E D O N I N C R E A S I N G D E M A N D A N D S C A L A B L E C O S T S T R U C T U R E

19. © 2018 Invitae Corporation. All Rights Reserved. | 19
3 S I M P L E Q U E S T I O N S T O B U I L D 1 B I G N E T W O R K
2018: Volume drives current and future value
Starting a family?
Diagnosing a disease?
Informing my health?
Fertility &
perinatal
health
PGS/D
Prenatal
testing
Neonatal
testing
Pediatric
testing
Carrier
screening
Adult
inherited
testing
Proactive

20. © 2018 Invitae Corporation. All Rights Reserved. | 20
A mutual value model to drive explosive growth
People: Across all stages of life
§ Most comprehensive, highest quality genetic
information
§ Lowest cost to access medically relevant
information
§ Connect with physicians, research, treatment,
and patient communities
Partners: Across all healthcare sectors
§ Better, more comprehensive information to
accelerate research & innovation
§ Access to larger target patient populations
§ Single source solution

21. © 2018 Invitae Corporation. All Rights Reserved. | 21
Performance Statement
VA L U I N G G E N E T I C S B E Y O N D D I A G N O S T I C S I L O
Building a genetic information network to span healthcare continuum
People served Data per person Connections per person
per data point
x x

22. © 2018 Invitae Corporation. All Rights Reserved. | 22