NVTA Overview for Investors April 2016

© 2016 Invitae Corporation. All Rights Reserved. 1
INVITAE:
Bringing genetic information into
mainstream medical practice
O VERVI EW FO R I NVESTO RS
APRI L 2016

Safe Harbor Statement
This presentationcontains forward-looking statements within the meaning of thePrivate Securities LitigationReform Act of
1995, including statements relating to thecompany’s expectations regarding its plans for 2016, including revenuelevels, the
cost of goods sold, the number of billable tests delivered, the number of genes in its test menu, and thenature andextent of
future reimbursement coverage; the company’s expectations regardingcontinued growth in 2016; and thetiming of any new
testing service releases and the benefits and attributes of any such services. Forward-looking statements are subject to risks
and uncertainties that couldcause actual results to differ materially, andreportedresults shouldnot 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 advanceof demand for its tests and to increasedemandfor its tests; the
company’s ability to develop and commercialize new tests andexpand intonew 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 datato interprettest results accurately and consistently; the company’s ability to compete; laws and
regulations applicable to the company’s business, including potential regulationby the Food and Drug Administration; andthe
other risks set forth in the company’s filings with the Securities and Exchange Commission, includingthe risks set forth in the
company’s Annual Report on Form 10-K for the year ended December 31, 2015. These forward-looking statements speak only
as of the date hereof, and Invitae Corporation disclaims any obligation to update these forward-lookingstatements.
NOTE: Invitae and the Invitaelogo are trademarks of Invitae Corporation. All other trademarks andservice marks are the
property of their respective owners.

Genetic information has the
global opportunity to affect
billions of people

Invitae’s story:
Bringing a new era
of genome-centric healthcare
to 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

~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 affectingdrug response
Everyone carries mutations in their genome that cause disease, affect drug response
or recessive genetic conditions that may affect their families

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

Exomes/Genomes
Large gene panels
Small gene panels
Single Gene
Testing
Variant
testing
Invitae offers one
price per indication
regardless of the
number of genes
Increasing number of genes
Cost
Cost of the first gene
Cost of increasing genes
Technology is improving
quality and creating
economy of scale
Invitae is changing the cost structure of the industry

Genetic testing is a multi-billion dollar industry today
§ 55,208 different genetic assays currently available
across 4,489 disorders and 5,328 genes
(GeneTests.org, January 7, 2016)
§ Over 673 laboratories and 1,068 clinics
(GeneTests.org, January 7, 2016)
§ Quality and content is variable
§ Prices can reach into the thousands of dollars and
even tens of thousands for complex tests
§ Turn around times can often be months or more
Invitae provides a new world of high
quality, low cost genetic testing
High Cost
Variable
Quality
§ Comprehensive content across all disease areas
§ High quality peer-reviewed science
§ One-stop online ordering for any and every high
quality genetic test
§ Fast turn around times
§ Open and transparent pricing below $1,000
for patients and contracted payers with
full reimbursement support
…but it’s highly fragmented, inefficient,
and prohibitively expensive

Invitae is well positionedfor growth in 2016 and 2017
Bring comprehensive genetic
information into mainstream
medical practice to improve
the quality of healthcare for
billions of people
Our Mission Our Goal
Aggregate all the world’s
genetic tests into a single
platform to make genetics
affordable and accessible
for everyone
Adult symptomatic Pediatric genetics Health & wellness
2015 2016 2017

Only genetic testing laboratoryto aggregate the world’s
genetic tests into a high quality, affordableoffering
§ Recently expanded beyond cancer and cardiology with metabolic
disorders/newborn screening, neurology, and pediatric/rare diseases
§ Now has more than 1,000 genes in production for less than $1,000 –
achieved milestone a year early through R&D acceleration

Invitae has demonstrated the quality of our service
A Systematic Comparison of Traditional and
Multigene Panel Testing for Hereditary Breast and
Ovarian Cancer Genes in More Than 1000 Patients
Stephen E. Lincoln,* Yuya Kobayashi,* Michael J. Anderson,* Shan Yang,* Andrea J. Desmond,y
Meredith A. Mills,z
Geoffrey B. Nilsen,* Kevin B. Jacobs,* Federico A. Monzon,* Allison W.Q35 Kurian,z
James M. Ford,z
and Leif W. Ellisenyx
Q2 From the Invitae,* San Francisco, California; the Massachusetts General Hospital Cancer Center,y
Boston, Massachusetts; the Stanford University School of
Medicine,z
Stanford, California; and the Harvard Medical School,x
Boston, Massachusetts
Accepted for publication
April 28, 2015.
Address correspondence to
Stephen E. Lincoln, Invitae,
458Q5 Brannan St, San Francisco,
CA 94107. E-mail: steve.
lincoln@invitae.com.
Gene panels for hereditary breast and ovarian cancer risk assessment are gaining acceptance, even
though the clinical utility of these panels is not yet fully defined. Technical questions remain,
however, about the performance and clinical interpretation of gene panels in comparison with
traditional tests. We tested 1105 individuals using a 29-gene next-generation sequencing panel and
observed 100% analytical concordance with traditional and reference data on >750 comparable
variants. These 750 variants included technically challenging classes of sequence and copy number
variation that together represent a significant fraction (13.4%) of the pathogenic variants
observed. For BRCA1 and BRCA2, we also compared variant interpretations in traditional reports to
those produced using only non-proprietary resources and following criteria based on recent (2015)
guidelines. We observed 99.8% net report concordance, albeit with a slightly higher variant of
uncertain significance rate. In 4.5% of BRCA-negative cases, we uncovered pathogenic variants in
other genes, which appear clinically relevant. Previously unseen variants requiring interpretation
accumulated rapidly, even after 1000 individuals had been tested. We conclude that next-
generation sequencing panel testing can provide results highly comparable to traditional testing
and can uncover potentially actionable findings that may be otherwise missed. Challenges remain
for the broad adoption of panel tests, some of which will be addressed by the accumulation of large
public databases of annotated clinical variants. (J Mol Diagn 2015, -: 1e12; http://dx.doi.org/
10.1016/j.jmoldx.2015.04.009)
MultigeneQ6 panel testing has proved useful as a diagnostic tool
for disorders where similar phenotypes can be influenced by
multiple genes.1
Recent advances in next-generation DNA
sequencing technology (NGS) have enabled these clinical tests
and made them increasingly inexpensive to perform.2,3
For
hereditary cancer syndromes, studies have shown that NGS-
based panel tests can uncover potentially actionable findings
that may be missed by traditional testing paradigms.4e12
Vali-
dation studies of clinical NGS assays for hereditary cancer
genes have correspondingly been published,4,7,11,13,14
and
certain guidelines exist for their clinical implementation.15e18
Patient management experience using these hereditary cancer
panels is growing,4,19,20
although the clinical utility of these
Supported by The Friends Fighting Breast Cancer Q3, the Tracey Davis
Memorial Fund, and the Q4Breast Cancer Research Foundation.
Disclosures: The funding organizations had no role in the design,
conduct, or reporting of this study. Invitae provided the 29-gene panel test
results used in this study. This study was an academic collaboration and not
a sponsored research project: no other funding or compensation was pro-
vided by Invitae. S.E.L., Y.K., M.J.A., S.Y., G.B.N., and F.A.M. are em-
ployees of Invitae and own stock and/or stock options. J.M.F. is a paid
member of Invitae’s advisory board. Separately from this study, J.M.F. and
A.W.K. receive research funding from Myriad Genetics. L.W.E. is a
consultant to Bioreference/GeneDx Laboratories. S.E.L. owns stock in
Illumina, whose instruments were used in this study.
This paper conforms to the STARD guidelines (http://www.stard-
statement.org) for reporting of diagnostic cohort studies.
Current address of K.B.J., 23andMe, Inc., Mountain View, CA.
Copyright ª 2015 American Society for Investigative Pathology
and the Association for Molecular Pathology.
Published by Elsevier Inc. All rights reserved.
http://dx.doi.org/10.1016/j.jmoldx.2015.04.009
jmd.amjpathol.org
The Journal of Molecular Diagnostics, Vol. -, No. -, - 2015
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FLA 5.2.0 DTD Š JMDI426_proof Š 22 July 2015 Š 1:34 am Š EO: JMD14_0252
~1,000 patient study head-to-head with Myriad
Analytical validity for BRCA testing
Analytical Concordance – 100%
Clinical validity for BRCA testing
Clinical Concordance – 99.8%
Demonstrated clinical utility beyond
BRCA for hereditary cancer panels
based on NCCN guidelines
>1,000 patient study demonstrating clinical utility

Invitae offers high quality at lower prices
Cost of out-of-network
denials and appeals
Patient pay
$475
Contracted Price
$950*
List Price
$1,500
*Contracted price is as low as $950 per indication depending on administrative criteria
§ One price per indication regardless the number of genes
§ Re-requisition at no additional charge within 90 days in original indication
§ Patient pay alternative for those who do not meet insurance criteria
Depends on
administrative criteria
Upfront payment

21st century approach to medical genetics
§ One laboratory process
§ One-stop online ordering
§ One low price per indication
Hereditary Cancer Syndromes
World-class
Talent
Great
Technology
Great
Automation
Peer-reviewed
Science
Economy of Scale
Hereditary Neurological Conditions
Hereditary Cardiac Conditions

Foundational year: demonstrated scalabilityand growth
201520142013
>19,000 billablereports
>3,600 billable reports
229 billable reports
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4Q1 Q2 Q3 Q4
Lessons learned from 2015
§ Content, quality and affordability drive volume
§ Small, targeted sales force effective in reaching
genetics providers
Increased
content and
decreased
prices
Tripled
our
content
Sales reps: 1 2 3 6 10 14 16 210

Measuring our success in 2015
Reducing COGS
enables us to release
more content
More content (genes)
enables us to drive
more volume
More volume enables
us to accelerate
reimbursement
Reimbursement enables
us to reinvest in
reducing COGS

2015 COGS per sample
>200
genes
>600
genes
2015 Content on assays2015 Revenue
Q1
$1.2M
Q2
$1.6M
Q3
$2.2M
2015 Volume by Billable Reports
Q1
2,200
Q2
4,100
Q4
7,000
Q3
5,500
Q4
$3.2M
Q1
$1,250
Q2
$850
Q3
$750
Q4
$700

2015 COGS per sample
>200
genes
>600
genes
2015 Content on assays
2015 Volume by Billable Reports
Q1
2,200
Q2
4,100
Q4
7,000
Q3
5,500
Q1
$1,250
Q2
$850
Q3
$750
Q4
$700
2015 Reimbursement Contracts
§ 41 Institutional contracts
§ Blue Shield of CA
§ BCBS Association
§ Tufts Health Plan
§ OSU Health Plan
§ SelectHealth
§ Others

COGS
Content
Volume
Reimbursement

Accelerating menu releases
Driving down COGS
Medicare and
top major private insurers
in network
>200
genes
>600
genes
>3,000
genes
Q4:2016
< $
500Q4:2014
$1,500
Q4:2015
$700
Billable reports delivered
3.6K
reports
19K
reports
50K-70K
reports
2016
2015
2014
20152013
2016

~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
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 affectingdrug response
✓
✓
✓
✓
✓

0.3%
~0.5-5%
~2-5%
Evaluating risk for medically
actionable disorders in
healthy adults
~5-10%
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 menu by the end of 2016
✓
✓
✓
✓
✓
✓
✓
✓

Genetic
Testing
Make genetic
testing more
affordable and
more accessible
than ever before
Genome
Management
Build a genome
management
infrastructure
Genome
Network
Share genetic
information on a
global scale to
advance healthcare
and clinical
outcomes
High volume market
for genetic testing
with focus on quality
and price
Genomics will create
value over the lifetime
of a customer
Monetizing networks
for permission-based
sharing of genetic
information
The three phases of our business model

Invitae is piloting health and wellness in 2016
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

Invitae will pilot its adult prevention panel in H1 2016
Genetic
Testing
Invitae will draw from
the most common,
actionable genetic
content on its menu
to create a world-class,
medically relevant
adult panel for
health and wellness
Testing genes for recessive
variants in individuals
interested in pre-conception
and family risk assessment
Testing specific genetic
variants linked to drug
efficacy
Evaluating risk for medically
actionable disorders in
healthy adults
H1 2016
H2 2016
H2 2016
Expanded test menu fuels 2016 Genome Management
and Genome Network milestones

Genetic
Testing
Genome
Management
Utilize our expanded
content to launch our
first health and
wellness program,
the adult prevention
panel
Genome
Network
Launch participatory
research study
networks:
§ Adult prevention
research network
§ Oncology research
network
§ Cardiology research
network
Expanded test menu fuels 2016 Genome Management
and Genome Network milestones

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
Invitae’s vision: building a customer for life
Genomics-informed medicine over the course of a patient’s lifetime

Billable tests
2014-2015 revenue ($k)
$118 $301 $310
$876
$1,200
$1,800
$2,200
$3,200
Q1:2014 Q2:2014 Q3:2014 Q4:2014 Q1:2015 Q2:2015 Q3:2015 Q4:2015
200 500 1,100 1,800 2,200
4,400 5,100
7,000
Q1:2014 Q2:2014 Q3:2014 Q4:2014 Q1:2015 Q2:2015 Q3:2015 Q4:2015
§ Expenses are incurred
for tests in the period
in which the test is
conducted
§ Balance sheet cash
and cash equivalents
of $131.8M as of
December 31,2015
§ Note: billable test
numbers and revenues
are approximate
Financial summary

Expand
content
Improve
customer
experience
Drive
Volume
Attract
Partners
Growth
Lower
costs
Lower
prices
Invitae’s flywheel for future growth

NVTA Overview for Investors April 2016

NVTA Overview for Investors April 2016

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NVTA Overview for Investors April 2016