Depends on the school. But more than likely, yes, that means they passed over you. That does not mean they will not come back at a later time to review your application again (post-Dec vs. pre-Dec). Penn says they do rolling and the dates of completion for those who received invites support that. On the other hand, NYU seems to be the opposite.
I'm no expert, and I don't sit on a committee, but that is just my take on the whole rolling admissions process.