Invitae CEO Ken Knight takes the questions and pushes out the answers on the genetic testing company's plans.
led from key positions at Amazon, Caterpillar, General Motors — some of the largest and influential companies globally. Now he is trying to apply that experience to reshaping genetic testing company Invitae Corp.
Drastic cuts set up Invitae for these opportunities. The company, which now has less than 2,000 employees, has moved its cash burn from close to $200 million in first-quarter 2022 to less than $80 million last quarter, Knight said.My time with Amazon was filled with doing things that were bold, audacious. The mission of the company was to transform the entire customer experience. It was one of the leadership principles: thinking big.
As we think about growing the company — because this isn't about just cutting costs — the second phase of our journey is our execution phase. We're looking to take our broad and somewhat disconnected portfolio of products and connect the customer experience to actually use the leverage of our portfolio to make ordering across the portfolio easier, making the selling of our portfolio across the portfolio easier.
The third part of the difference between now and where we were before is that our innovative investments are based on our big bets. In the past we were little bit of a kind of an innovation sandbox. We were trying to do a lot of things and I'd say not able to invest in all of them appropriately.
If you put that into a repository of information, many stories creates a better database to guide treatment. The ability to learn across the ecosystem gets enhanced by the aggregation of many patients, many solutions, many outcomes.What's the cost on that?You've mentioned rare disease. Is that a continued offering for corporate partners?with Praxis — they used our rare disease patient network in an IND filing.
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