Executive Summary

Q4 2023 revenue was $127.8M, up 4% YoY and 6% QoQ; on a pro forma basis (excluding discontinued businesses), YoY growth was approximately 14% and non-GAAP gross margin expanded to 58.2% from 47.8% in Q4 2022 .
GAAP gross profit jumped to $74.1M and GAAP gross margin to 58.0% from $29.6M and 24.2% a year ago, reflecting improved mix and cost structure; non-GAAP gross profit rose to $74.4M (27% YoY) .
Reported cash burn was $53.6M; excluding $4.0M from YouScript asset sale, ongoing cash burn would have been $57.6M. FY23 ended with $209.0M in cash and investments, down from $557.1M at YE22 .
Street consensus (S&P Global) for Q4 2023 was unavailable; beat/miss vs estimates cannot be assessed. Results were furnished as “estimated unaudited” amid Chapter 11-related uncertainties and NYSE delisting in early March 2024, which are key stock-reaction catalysts .

What Went Well and What Went Wrong

Non-GAAP gross margin continued its multi-quarter expansion to 58.2% in Q4 (from 52.4% in Q3 and 47.8% in Q4 2022), driven by operational improvements and mix; GAAP gross margin improved to 58.0% vs 24.2% a year ago .
Segment performance was broad-based with Oncology at $62M, Women’s Health $28M, Rare Dx $28M, and Data/Patient Network $10M in Q4, supporting total revenue growth and margin leverage .
Management had previously highlighted operational execution and market expansion initiatives (e.g., hereditary cancer testing volume growth) that underpin improving metrics: “remains on track to meet or beat annual guidance… achieved a number of clinical milestones” (Ken Knight, Q3 PR) .

Liquidity pressure persisted: FY23 net decrease in cash and investments was $355.3M with reported FY23 cash burn of $365.0M; balance sheet ended FY23 at $209.0M cash and investments (vs $557.1M in FY22) .
Ongoing cash burn in Q4, excluding the YouScript asset sale proceeds, was $57.6M, underscoring continued cash consumption despite improved margins .
Strategic and capital structure risks elevated: filings reference Chapter 11 plan of reorganization and NYSE delisting (effective March 2, 2024), increasing uncertainty around operations and investor confidence .

Metric	Q4 2022	Q3 2023	Q4 2023
Revenue ($USD Millions)	$122.454	$121.241	$127.847
GAAP Gross Profit ($USD Millions)	$29.610	$39.055	$74.134
GAAP Gross Margin (%)	24.2%	32.2%	58.0%
Non-GAAP Gross Profit ($USD Millions)	$58.510	$63.576	$74.357
Non-GAAP Gross Margin (%)	47.8%	52.4%	58.2%

Metric	Q4 2022	Q3 2023	Q4 2023
GAAP EPS ($)	$(0.41)	$(3.42)	Not disclosed in Q4 release
Non-GAAP EPS ($)	$(0.34)	$(0.10)	Not disclosed in Q4 release

Segment Revenue ($USD Millions)	Q4 2022	Q3 2023	Q4 2023
Oncology	$76	~$27	$62
Women’s Health	$20	~$23	$28
Rare Dx	$16	~$23	$28
Data/Patient Network	$11	~$9	$10
Total Revenue	$122	~$121	$127.8

Note: Segment values are estimated unaudited; totals may not sum due to rounding .

KPI	Q4 2022	Q3 2023	Q4 2023
Non-GAAP Gross Margin (%)	47.8%	52.4%	58.2%
Reported Cash Burn ($USD Millions)	N/A	$64.136	$53.586
Ongoing Cash Burn excl. one-time items ($USD Millions)	N/A	N/A	$57.6
Cash & Investments Balance ($USD Millions)	$557.1 (YE22)	$264.7 (9/30/23)	$209.0 (YE23)

Metric	Period	Previous Guidance	Current Guidance/Actual	Change
Revenue ($USD Millions)	FY 2023	$480–$500	Actual estimated $487.0	Maintained (in-range)
Non-GAAP Gross Margin (%)	FY 2023	48–50	Actual 52.2	Raised vs guidance (actual above)
Ongoing Cash Burn ($USD Millions)	FY 2023	$220–$245	Actual $225.9 (excl. debt repayment and YouScript sale)	In-range
2024 Outlook	FY 2024	Not provided	Not provided amid Chapter 11 process	N/A

Note: A Q4 2023 earnings call transcript was not available; the company furnished an estimated unaudited press release and presentation .

Topic	Previous Mentions (Q2 2023)	Previous Mentions (Q3 2023)	Current Period (Q4 2023)	Trend
Margin Expansion	Non-GAAP GM 49.8%; “steady march toward becoming a profitable business” (Ken Knight)	Non-GAAP GM 52.4%; 9th consecutive quarter of improvement	Non-GAAP GM 58.2%; GAAP GM 58.0%	Improving
Revenue Mix and Payment Rates	Oncology impacted by lower insurance payments and lower fee-for-service; rare disease/women’s/data strong	Hereditary cancer testing volume grew double digits YoY; pro forma revenue +4%	Broad-based segment contributions with Oncology $62M, WH $28M, Rare $28M, Data $10M	Stable to improving mix
Liquidity and Cash Burn	Ongoing cash burn guidance improved to $220–$245M	Cash burn $64.1M; special committee formed to improve capital structure	Q4 cash burn $53.6M; ongoing $57.6M; YE cash $209.0M	Improving burn, but lower cash
Regulatory/Legal	—	Board special committee; exploring capital structure options	Chapter 11 plan of reorg reference; NYSE delisted, trading OTC Pink	Elevated risk
Product/Clinical Execution	Emphasis on portfolio and adoption; operational improvements	Clinical milestones to expand market	Not detailed in Q4 press release; segment performance suggests continued execution	Ongoing

“In the second quarter, we continued our steady march toward becoming a profitable business… We performed well in non-GAAP gross margin and cash burn trajectory as both continued to show meaningful improvements.” — Ken Knight, CEO (Q2 PR) .
“The Company executed well on key operating and financial metrics in the third quarter, and remains on track to meet or beat annual guidance… achieved a number of clinical milestones that should strengthen the health of our business.” — Ken Knight, CEO (Q3 PR) .
Q4 materials emphasized the estimated unaudited nature of results and highlighted non-GAAP gross margin and cash burn reconciliations (no prepared remarks quoted) .

A Q4 2023 earnings call transcript could not be located; the company furnished results via 8‑K press release and presentation only .
No new Q&A clarifications or tone updates available for Q4.

We attempted to retrieve S&P Global consensus for Q4 2023 (Revenue, EPS); mapping for NVTA was unavailable, so consensus could not be fetched. As a result, we cannot assess beat/miss versus Street for Q4 2023.
Values retrieved from S&P Global were unavailable due to missing mapping; results comparison to estimates is not possible at this time.

Margin inflection is tangible: GAAP GM 58.0% and non-GAAP GM 58.2% in Q4 reflect sustained operational leverage; this supports medium-term thesis if the core operations remain intact post-restructuring .
Revenue trajectory improved on a pro forma basis (+~14% YoY) with balanced segment contributions; Oncology recovered to $62M in Q4 and Women’s/Rare Dx each at $28M, indicating breadth beyond hereditary cancer .
Liquidity remains the gating factor: FY23 cash burn $365.0M and YE cash/investments $209.0M require close monitoring of restructuring outcomes and capital solutions in Chapter 11 .
Absence of 2024 guidance and NYSE delisting (now OTC Pink) increase uncertainty and trading volatility; catalysts include restructuring developments, financing progress, and any footprint optimization .
Near term: trade the restructuring headlines and margin sustainability; medium term: reassess after Plan of Reorganization clarity and any portfolio refocus, with non-GAAP margin trajectory as a key signal .