When the question is genetics, the answer is Invitae. · When the question is genetics, the answer is Invitae. FOURTH QUARTER AND FULL-YEAR 2017 CONFERENCE CALL FEBRUARY 12, 2018

© 2018 Invitae Corporation. All Rights Reserved. | 1

When the question is genetics, the answer is Invitae.F O U R T H Q U A R T 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 LF E B R U A R Y 1 2 , 2 0 1 8


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.

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


Recipe for billions

Expand content

Improve customer

experience

Drive Volume

Attract Partners

Growth

Lowercosts

Lower prices


Focused execution is accelerating momentumD 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


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)

$18.1MConsolidated

2014 2016 20172015

($2.8M)($8.1M)


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 2017ü 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 experienceü Acquired: June 2017ü 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


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

Carrierscreening

Adultinherited testing


Emergence of new industry

Comprehensive genetic healthinformation 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


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


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


– 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)

43,800Invitae base

53,000Consolidated

30,500

26,000

20,500

Accessioned volume

Q4:17 Q4:17Q1:17 Q2:17 Q3:17

34,400Invitae base

40,000Consolidated


Over 170% increase in year-over-year revenue

Full Year:

§ $68.2M in consolidated revenue


§ Base business: $60.0M


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

$19.4MInvitae base

$25.4MConsolidated

Q4:16 Q4:17Q1:17 Q2:17 Q3:17

$16.0MInvitae base

$18.1MConsolidated


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

$330Consolidated& Invitae base

Q4:16 Q4:17Q1:17 Q2:17 Q3:17

$300Invitae base

$320Consolidated


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

$3.9MInvitae base

$4.0MConsolidated

Gross profit

$1.0M

$5.0MConsolidated

$3.8M

Q4:16 Q4:17Q1:17 Q2:17 Q3:17

$6.3MInvitae base

$8.3MConsolidated

$1.1M

$4.7MInvitae base


Leverage from operating expenses

Full Year:§ Consolidated operating expenses of $139.4M§ Base business operating expenses of $126.0Fourth 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

15,500samples

Q3:16

Operating leverage

20,500samples

53,000samples

26,000samples

30,500samples

40,000samples

OpEx

Volume

Q4:16 Q4:17Q1:17 Q2:17 Q3:17

$26.0M $28.3M $31.9M$43.2M$35.9M


Balance sheet summary and non-cash items

Q1:16 Q2:16 Q4:16

0

($21.2M)

26,000samples

$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


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


COGS

Short-termvariability

T R E N D

Reimbursement


T R E N D

GrossProfit


T R E N D

OperatingLeverage


T R E N D

RevenueExpected 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

VolumeAnticipated 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 A T 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


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

Carrierscreening

Adultinherited testing

Proactive


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


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


When the question is genetics, the answer is Invitae. · When the question is genetics, the answer is Invitae. FOURTH QUARTER AND FULL-YEAR 2017 CONFERENCE CALL FEBRUARY 12, 2018

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