What happened

Invitae (NVTA 50.00%) stock was absolutely crushing it on Wednesday, with its shares skyrocketing 19.4% higher as of 11:11 a.m. ET. The huge gain came after the medical genetics company announced its third-quarter results following the market close on Tuesday.

The company reported Q3 revenue of $133.5 million, up 16.7% year over year. Invitae posted a net loss of $301.2 million, or $1.27 per share, based on generally accepted accounting principles (GAAP). Its non-GAAP net loss was $100.8 million, or $0.42 per share. This result was better than the consensus estimate of analysts surveyed by Refinitiv of an adjusted loss of $0.63 per share.

So what

One quarterly earnings beat isn't enough to fully turn things around for Invitae. The genetic testing stock is still down more than 80% year to date, even with today's impressive gain.

However, it does appear that Invitae is headed in the right direction. Investors were probably especially pleased that the company is reducing its cash burn. Invitae lowered its full-year 2022 cash burn guidance to a range of $585 million to $625 million. Its previous forecast was for cash burn of $600 million to $650 million. In addition, the company said that it's on track to achieve the goal of reducing cash burn by around $326 million by 2023.

Now what

Invitae anticipates that its Q4 revenue will be lower than its Q3 total. However, that's not surprising, since it will be the company's first full quarter of operations following its corporate realignment in mid-July.