This document provides an overview of Invitae Corporation's Q1 2018 conference call. Some key points: - Invitae saw exceptional growth across key indicators like volume, revenue, and gross profit in Q1 2018. - Operating expenses increased at a slower rate than volume growth, demonstrating operating leverage. - The company strengthened its balance sheet, ending Q1 2018 with $60.6M in cash and investments. - Invitae expects to continue driving down costs and increasing volume, revenue, and gross margin over 2018 to reach its goal of serving over 275,000 samples for the year.

1. © 2018 Invitae Corporation. All Rights Reserved. | 1
When the question is genetics,
the answer is Invitae.
F I R S T Q U A RT E R 2 0 1 8 C O N F E R E N C E C A L L
M AY 9 , 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, including statements relating to the company’s business model,
business strategy and momentum in its business; future plans, prospects and opportunities; future
financial and business results; future test and service offerings; the integration of acquired
businesses; and the impact of changes in financial accounting standards. 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 ability to compete; the company’s failure to manage growth effectively; the company’s
need to scale its infrastructure in advance of demand for its tests and to increase demand for its
tests; the risk that the company may not obtain or maintain sufficient levels of reimbursement for
its tests; the company’s failure to successfully integrate or fully realize the anticipated benefits of
acquired businesses; the company’s ability to use rapidly changing genetic data to interpret test
results accurately and consistently; security breaches, loss of data and other disruptions; laws and
regulations applicable to the company’s business; 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 Annual Report on Form 10-K for the year ended December 31, 2017. These 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
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

5. © 2018 Invitae Corporation. All Rights Reserved. | 5
Strategy to reach billions of people
Expand
content
Improve
customer
experience
Drive
Volume
Attract
Partners
Growth
Lower
costs
Lower
prices

6. © 2018 Invitae Corporation. All Rights Reserved. | 6
Exceptional growth across key indicators
Gross profit
$9.6M
$5.0M
$3.8M
$1.0M
Q1:17 Q2:17 Q3:17 Q4:17
$8.3M
Q1:18
Accessioned volume
64,000
40,000
30,500
26,000
Q1:17 Q2:17 Q3:17 Q4:17
53,000
Q1:18
Revenue
Q1:17 Q2:17 Q3:17 Q4:17
$27.7M
$18.1M
$14.3M
$10.3M
$25.4M
Q1:18
I N V E S T M E N T I N R U N AW AY L E A D E R S H I P PAY I N G O F F

7. © 2018 Invitae Corporation. All Rights Reserved. | 7
Early value of a growing network effect
Data per personx x
§ Payers
§ Partners
§ Research
§ Therapies
§ Devices
§ Advocacy
§ Carrier screening
§ Fertility & perinatal health
§ PGS/D
§ Prenatal testing
§ Neonatal testing
§ Pediatric testing
§ Adult inherited testing
People served Connections per person
per data point

8. © 2018 Invitae Corporation. All Rights Reserved. | 8
COGS
T R E N D
Reimburse
ment
T R E N D
Gross
Profit
T R E N D
Operating
Leverage
T R E N D
Revenue
More than $130 million in 2018
T R A I L I N G I N D I C A T O R
Increasing guidance based on strong Q1
Volume
More than 275,000 samples
expected in 2018
R E A L - T I M E I N D I C A T O R
§ Strong execution on all key indicators
§ Expectation to drive down cash burn by 40-50% exiting 2018

9. © 2018 Invitae Corporation. All Rights Reserved. | 9
20th consecutive quarter of double-digit growth
§ Accessioned >64,000 samples
– 150% increase year-over-year
– 22% increase quarter-over-quarter
§ ~59,000 billable tests
– 13% increase from 52,000 in Q4 17
Accessioned volume
64,000
40,000
30,500
26,000
Q1:17 Q1:18Q2:17 Q3:17 Q4:17
53,000
Q1:18

10. © 2018 Invitae Corporation. All Rights Reserved. | 10
Revenue growth continues to outpace volume
§ $27.7M in Q1 revenue
– 169% increase year-over-year
– 9% increase quarter-over-
quarter
– Includes $0.6M in non-test
revenue
§ Revenue under former
accounting ASC 605 of $27.6M
Revenue
Q1:17 Q1:18Q2:17 Q3:17 Q4:17 Q1:18
$27.7M
$18.1M
$14.3M
$10.3M
$25.4M

11. © 2018 Invitae Corporation. All Rights Reserved. | 11
Modified retrospective approach requires we
disclose revenue under 605 and 606 in 10-Q
§ Only cash revenue under ASC 606 is from patient pay
§ No changes to how genome management license agreement revenue is recognized
§ In Q1 18 no “truing up” for revenue from overage / underage in collections above /
below expect price
– Expect will be some in future quarters
$11.1m
N/A
Extra/Lesser Amount
Received from
Collecting More/Less
than Expected Price
Revenues from
Accrued Tests
$15.9mRevenues from
Cash Pay for Tests
Non-Test Revenue
$25.8m
$0 – ‘true-ups’ (+/-) applied in future quarters
Extra/Lesser Amount
Received from
Collecting More/Less
than Expected Price
Revenues from
Accrued Tests
$1.3m
Revenues from
Cash Pay for Tests
$.6mNon-Test Revenue
$27.6m1Q18 Revenue $27.7m1Q18 Revenue
$.6m
ASC 605 ASC 606

12. © 2018 Invitae Corporation. All Rights Reserved. | 12
Impressive demonstration of effects of scale on COGS
§ Average cost per sample of $279
– 22% reduction year-over-year
– 13% reduction quarter-over-
quarter
– Reduction of over $40/sample in
one quarter
§ Encompasses all products
§ Continued focus throughout 2018,
including integration of
reproductive health technologies
COGS per sample
$360
$330
$345
$320
Q1:17 Q1:18Q2:17 Q3:17 Q4:17
$280

13. © 2018 Invitae Corporation. All Rights Reserved. | 13
Gross profit continues to climb
§ Gross profit of $9.6M in Q1 18
– Up from $1.0M in Q1 17
– Up from $8.3M in Q4 17
§ Gross margin of 35% in Q1 18
– Compared to 10% in Q1 17
§ Continued progress towards 50%
gross margin across the Invitae
platform
Gross profit
$9.6M
$5.0M
$3.8M
$1.0M
Q1:17 Q1:18Q2:17 Q3:17 Q4:17
$8.3M
Q1:18

14. © 2018 Invitae Corporation. All Rights Reserved. | 14
Leverage from operating expenses
Q1:17
64,000
samples
30,500
samples
40,000
samples
53,000
samples
OpEx
Volume
Q1:18Q2:17 Q3:17 Q4:17
$28.3M $31.9M $35.9M
$46.1M
$43.2M
26,000
samples
Operating leverage
§ Operating expenses of $46.1M in
Q1 18
– 63% increase year-over-year
compared to 149% volume growth
– 7% sequential increase compared
to 9% volume growth
§ Invested ahead to support growth
and scale
– Invested in production, sales and
R&D headcount to enable us to
scale our volume
§ Integration and operating costs
expected to continue over next
two quarters until acquisitions
fully integrated
§ Q1 18 OpEx included $7.3M in
non-cash expenses

15. © 2018 Invitae Corporation. All Rights Reserved. | 15
Strengthened balance sheet
Q1:16 Q2:16 Q4:16
0
($21.2M)
26,000
samples
$28.3M
§ Healthy balance sheet with access to capital totaling over $130.0M
– Ended Q1 18 with $60.6M in cash, cash equivalents and investments, including
restricted cash
• Includes $20.0M debt proceeds in Q1 18
– Net proceeds of $53.5M from public offering, closed in early April
– Additional $20.0M debt draw down available in Q2 18
§ $35.1 M cash burn in Q1 18
– Q1 18 cash burn excludes $20.0M of debt financing and ~$0.6M of acquisition-
related costs
§ Goal to cut cash burn by 40-50% as we exit 2018

16. © 2018 Invitae Corporation. All Rights Reserved. | 16
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
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

17. Q&A:
General discussion

18. Appendix

19. © 2018 Invitae Corporation. All Rights Reserved. | 19
Impact on 2018 revenue based on ASC 606 effective
January 1, 2018
$68.2m
Under ASC 605
(Prior to December 31, 2017)
$0.4m
Cash Revenue
from 2015 tests
$7.2m
Cash Revenue
from 2016 tests
$38.8m1Cash Revenue
from 2017 tests
$21.8m
Accrued Revenue
from 2017 tests
$11.2m
Expected Collection in 2018
from Tests Completed
Before Dec 31, 2017
2017 Revenues
(32% accrued)
Under ASC 605
• Would have come in as cash revenue
primarily in 1H2018
1 Approximately 5% comes from patient pay, which is paid in cash, predominantly for tests performed in the current year.
Under ASC 606
• No revenue booked from expected collection
for tests completed prior to Dec 31, 2017
• Collections on tests prior to Dec 31, 2017, up
to $11.2m, booked against A/R
• If collections exceed $11.2m, then booked to
retained earnings

20. © 2018 Invitae Corporation. All Rights Reserved. | 20
§ Revenue generally recognized on an accrual basis, when a
customer receives the promised service/report (except patient
pay), earlier than in past
§ Establish the consideration we expect to receive for tests in
that quarter
– Quarterly assessment of the accuracy of the initial estimate
– In quarter we know expected consideration for tests in prior
quarters is too high/low, take overage/underage against
revenue in that quarter
§ In this transition year, generally will have effect of reducing
revenue in early part of year, but increasing in back half
(one-time effect)
§ Don’t get to recognize revenue for the cash collected in 2018
on tests delivered in 2017 or before (one-time effect)
Under ASC 606, what are the quarterly implications?
$120+m Guidance
Under ASC 606 (Illustrative
Based on Guidance)*
Cash Revenue
from prior years’
tests
$0 (collections to accounts receivable)
$114.0m
Accrued Revenue from
2018 tests
$11.2m
Accounts Receivable
(as of 1/1/18)
2018 Revenues
(~95% accrued)
-/+
1
1
2
2
$6m
+$2m
$9m
$12m
-$1m
Total Revenue Q1: $6m Q2: $11m Q3: $11m
Quarterly Revenue (Illustrative Figures)
Overage for prior
quarter(s) tests
Underage for prior
quarter(s) tests
2
3
3
Cash Revenue
from 2018 tests
(only patient pay,
currently ~5%)
$6.0m
1
1
+/- Overage / Underage
(collections from prior years’ tests)
* Note: This is for illustrative purposes only and is not intended to be a reaffirmation
of guidance.