– Record revenue of $71.5M in 1QFY24, an
increase of 32% over $54.2M in 1QFY23 –
– Orders increased to $77.5M in 1QFY24, an
increase of 19% over 1QFY23 –
— Increased FY 2024 revenue guidance to $288M
to $293M; Increased FY 2024 gross margin guidance to 40% to 41%
–
Twist Bioscience Corporation (NASDAQ: TWST), a company enabling
customers to succeed through its offering of high-quality synthetic
DNA using its silicon platform, today reported financial results
and business highlights for the first quarter of fiscal 2024 ended
December 31, 2023.
"We're starting fiscal 2024 off strong with record revenue of
$71.5 million for the first fiscal quarter, coming in above our
projection, with a gross margin of 40.5%," said Emily M. Leproust,
Ph.D., CEO and co-founder of Twist Bioscience. "In SynBio, after a
limited launch of Express Genes in November, we expanded the
offering to include midi and Maxi preps at Express speed and over
time, we expect this offering will allow us to both expand our
share of market and convert the Maker's Market of researchers who
make their own genes into DNA buyers."
Dr. Leproust continued, "NGS had a strong quarter, with our top
ten customers accounting for 44% of NGS revenue. As we move through
the year, we plan to introduce new products and differentiated
solutions to our customers and remain laser focused on revenue
growth, margin expansion and financial discipline as we progress on
our path to profitability."
FISCAL 2024 FIRST QUARTER FINANCIAL RESULTS
- Orders: Total orders received for the first quarter of
fiscal 2024 increased to $77.5 million compared to $64.7 million
for the same period of fiscal 2023.
- Revenue: Total revenues for the first quarter of fiscal
2024 increased to $71.5 million compared to $54.2 million for the
same period of fiscal 2023.
- Synbio revenue increased to $26.8 million for the first quarter
of fiscal 2024 compared to $21.7 million for the same period of
fiscal 2023.
- Synthetic genes revenue increased to $19.7 million for the
first quarter of fiscal 2024 compared to $16.2 million for the same
period of fiscal 2023.
- Oligo Pools revenue increased to $4.2 million for the first
quarter of fiscal 2024 compared to $3.7 million for the same period
of fiscal 2023.
- DNA libraries revenue increased to $2.9 million for the first
quarter of fiscal 2024 compared to $1.8 million for the same period
of fiscal 2023.
- NGS revenue increased to $39.4 million for the first quarter of
fiscal 2024 compared to $24.4 million for the same period of fiscal
2023.
- Biopharma revenue was $5.2 million for the first quarter of
fiscal 2024 compared to $8.2 million in the same period of fiscal
2023.
- Cost of Revenues: Cost of revenues for the first quarter
of fiscal 2024 was $42.5 million compared to $29.4 million for the
same period of fiscal 2023.
- Research and Development Expenses: Research and
development expenses for the first quarter of fiscal 2024 were
$23.1 million compared to $31.2 million for the same period of
fiscal 2023.
- Selling, General and Administrative Expenses: Selling,
general and administrative expenses for the first quarter of fiscal
2024 were $52.8 million compared to $42.3 million for the same
period of fiscal 2023.
- Net Loss: Net loss attributable to common stockholders
for the first quarter of fiscal 2024 was $43.0 million, or $0.75
per share, compared to $41.8 million, or $0.74 per share, for the
same period of fiscal 2023.
- Cash Position: As of December 31, 2023, the company had
$311.1 million in cash, cash equivalents and short-term
investments.
Recent Highlights:
- Shipped products to 2,140 customers in the first quarter of
fiscal 2024, compared to approximately 2,060 customers in the first
quarter of fiscal 2023.
- Shipped approximately 171,000 genes during the first quarter of
fiscal 2024, compared with approximately 134,000 genes during the
first quarter of fiscal 2023.
- On January 24, 2024, expanded Express Genes rapid gene
synthesis service to all prep scales.
- Appointed Adam Laponis as chief financial officer.
Updated Fiscal 2024 Financial Guidance
The following statements are based on Twist’s current
expectations for fiscal 2024, including the second quarter of
fiscal 2024. The following statements are forward-looking, and
actual results could differ materially depending on market
conditions and the factors set forth under “Forward-Looking
Statements” below.
For the full fiscal year 2024, Twist provided the following
updated financial guidance:
- Total revenue is expected to be in the range of $288 million to
$293 million, growth of 18 to 20 percent, and includes the
following:
- SynBio revenue is expected to be in the range of $114 million
to $117 million compared to the previous estimate of $113 million
to $116 million, indicating year over year growth of 16 to 19
percent
- NGS revenue is expected to be in the range of $150 million to
$152 million compared to the previous estimate of $147 million to
$149 million, indicating year over year growth of 21 to 23
percent
- Biopharma revenue is expected to be approximately $24 million
compared to the previous estimate of approximately $25 million,
indicating year over year growth of approximately 3 percent
- Gross margin is expected to be approximately 40% to 41% for
fiscal 2024, an increase across the range
- Loss from operations before taxes of approximately $189 million
to $194 million, an increase from $180 million to $188 million
provided previously
- Capital expenditure of $15 million, a decrease of $5 million
from prior guidance
- Ending cash, cash equivalents and short-term investments at
September 30, 2024 of approximately $245 million, unchanged from
previous guidance
For the second quarter of fiscal year 2024, Twist provided the
following financial guidance:
- Total revenue of approximately $70 million to $71 million
- SynBio revenue of approximately $28.5 million
- NGS revenue of approximately $37 million to $38 million
- Biopharma revenue of approximately $4.5 million
- Gross margin of 39%
Conference Call Information
The company plans to hold a conference call and live audio
webcast for analysts and investors at 8:00 a.m. Eastern Time today
to discuss its financial results and provide an update on the
company’s business. The conference call will be webcast live
through the Investor Relations section under the “Company” tab at
www.twistbioscience.com. Those parties interested in participating
via telephone must register on the Company’s Investor Relations
website or by clicking here. Upon registration, all telephone
participants will receive the dial-in number along with a unique
PIN number that can be used to access the call. To avoid delays, we
encourage participants to dial into the conference call fifteen
minutes ahead of the scheduled start time. The webcast replay will
be available for two weeks.
About Twist Bioscience
Twist Bioscience is a leading and rapidly growing synthetic
biology and genomics company that has developed a disruptive DNA
synthesis platform to industrialize the engineering of biology. The
core of the platform is a proprietary technology that pioneers a
new method of manufacturing synthetic DNA by “writing” DNA on a
silicon chip. Twist is leveraging its unique technology to
manufacture a broad range of synthetic DNA-based products,
including synthetic genes, tools for next-generation sequencing
(NGS) preparation, and antibody libraries for drug discovery and
development. Twist is also pursuing longer-term opportunities in
digital data storage in DNA and biologics drug discovery. Twist
makes products for use across many industries including healthcare,
industrial chemicals, agriculture and academic research.
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Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements. All
statements other than statements of historical facts contained
herein are forward-looking statements reflecting the current
beliefs and expectations of management made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995, including, but not limited to, projections under the
heading “Updated Fiscal 2024 Financial Guidance” statements
regarding future growth and expansion, timing of the development of
data storage solutions, revenue growth, estimated annual revenues,
ability and timing to achieve profitability and ability to increase
gross margins and Twist Bioscience’s other expectations regarding
its future operations plans and financial performance, introduction
of new products, and newly announced partnerships. Forward-looking
statements involve known and unknown risks, uncertainties, and
other important factors that may cause Twist Bioscience’s actual
results, performance, or achievements to be materially different
from any future results, performance, or achievements expressed or
implied by the forward-looking statements. Such risks and
uncertainties include, among others, the ability to achieve the
expected benefits of Twist Bioscience’s restructuring activities
and reduced investments in DNA data storage; the ability to attract
new customers and retain and grow sales from existing customers;
the ability of Twist Bioscience to achieve sufficient revenue to
achieve or maintain positive cash flow from operations or
profitability in any given period; risks and uncertainties of
rapidly changing technologies and extensive competition in
synthetic biology that could make the products Twist Bioscience is
developing obsolete or non-competitive; uncertainties of the
retention of significant customers; the ability of Twist Bioscience
to successfully integrate acquired companies and to achieve
expected benefits from acquisitions; supply chain and other
disruptions; risks of third party claims alleging infringement of
patents and proprietary rights or seeking to invalidate Twist
Bioscience’s patents or proprietary rights; and the risk that Twist
Bioscience’s proprietary rights may be insufficient to protect its
technologies. For a description of the risks and uncertainties that
could cause actual results to differ from those expressed in these
forward-looking statements, as well as risks relating to Twist
Bioscience’s business in general, see Twist Bioscience’s risk
factors set forth in Twist Bioscience’s Annual Report on Form 10-K
filed with the Securities and Exchange Commission on November 21,
2023 and subsequent filings with the SEC. Any forward-looking
statements contained in this press release speak only as of the
date hereof, and Twist Bioscience specifically disclaims any
obligation to update any forward-looking statement, whether as a
result of new information, future events or otherwise.
Twist Bioscience
Corporation
Condensed Consolidated
Statements of Operations
(Unaudited)
(in thousands)
Three months ended
December 31,
(In thousands, except per share
data)
2023
2022
Revenues
$
71,498
$
54,243
Operating expenses:
Cost of revenues
$
42,536
$
29,442
Research and development
23,099
31,242
Selling, general and administrative
52,840
42,324
Change in fair value of contingent
considerations and holdbacks
—
(4,135
)
Total operating expenses
$
118,475
$
98,873
Loss from operations
$
(46,977
)
$
(44,630
)
Interest income
4,120
3,040
Interest expense
—
(1
)
Other income (expense), net
(31
)
(157
)
Income tax (provision) / benefit
(120
)
(76
)
Net loss attributable to common
stockholders
$
(43,008
)
$
(41,824
)
Net loss per share attributable to common
stockholders—basic and diluted
$
(0.75
)
$
(0.74
)
Weighted average shares used in computing
net loss per share attributable to common stockholders—basic and
diluted
57,497
56,444
Twist Bioscience
Corporation
Condensed Consolidated Balance
Sheets
(Unaudited)
(in thousands)
(In thousands)
December 31,
2023
September 30,
2023
Assets
Current assets:
Cash and cash equivalents
$
266,269
$
286,470
Short-term investments
44,875
49,943
Accounts receivable, net
35,354
44,064
Inventories
30,863
32,063
Prepaid expenses and other current
assets
12,870
11,716
Total current assets
$
390,231
$
424,256
Property and equipment, net
126,225
131,830
Operating lease right-of-use assets
69,093
71,531
Other non-current assets
147,266
148,786
Total assets
$
732,815
$
776,403
Liabilities and stockholders’
equity
Current liabilities:
Accounts payable
$
9,256
$
14,052
Accrued expenses
13,959
10,754
Accrued compensation
20,787
25,818
Current portion of operating lease
liability
14,808
14,896
Other current liabilities
6,418
7,803
Total current liabilities
$
65,228
$
73,323
Operating lease liability, net of current
portion
77,070
79,173
Other non-current liabilities
475
475
Total liabilities
$
142,773
$
152,971
Total stockholders’ equity
$
590,042
$
623,432
Total liabilities and stockholders’
equity
$
732,815
$
776,403
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240202308812/en/
For Investors: Angela Bitting SVP, Corporate Affairs
925-202-6211 abitting@twistbioscience.com
For Media: Amanda Houlihan Communications Manager
774-265-5334 ahoulihan@twistbioscience.com
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