-- Record revenue of $245.1 million in Fiscal
2023; Increase of 20% over $203.6 million in Fiscal 2022 --
-- Orders increased to $264 million in Fiscal
2023; Increase of 17% over $226.4 million in Fiscal 2022 --
— Expect revenue in the range of $285 million
to $290 million for full year Fiscal 2024 --
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 fourth quarter and full year fiscal
2023 ended September 30, 2023.
“Fiscal 2023 was a defining year for Twist as we grew our
revenue 20% year over year with strength in NGS and synbio in
particular,” said Emily M. Leproust, Ph.D., CEO and co-founder of
Twist Bioscience. “We took decisive action to align our cost
structure with our accelerated path to profitability and
implemented our strategy for key products to set the stage for near
and long-term success.”
Dr. Leproust continued, “Moving into fiscal 2024, we expect the
momentum behind our SynBio product group will be bolstered by
Express Genes with NGS revenue increasing as customers continue to
advance development and commercial plans. This fiscal year, we will
be focused on the path to increasing gross margin over time and
driving toward profitability for the business. In parallel,
resulting from the work over the last six months, we are cautiously
optimistic that the Biopharma Solutions trajectory has turned
positive and that we are positioned to scale the business.”
FISCAL 2023 FINANCIAL RESULTS
- Orders: Total orders received for fiscal 2023 grew to
$264 million compared to $226.4 million for fiscal 2022.
- Revenue: Total revenues for fiscal 2023 grew to $245.1
million compared to $203.6 million for fiscal 2022.
- Cost of Revenues: Cost of revenues for fiscal 2023 grew
to $155.4 million compared to $119.3 million for fiscal 2022.
- Research and Development Expenses: Research and
development expenses for fiscal 2023 decreased to $106.9 million
compared to $120.3 million for fiscal 2022.
- Selling, General and Administrative Expenses: Selling,
general and administrative expenses for fiscal 2023 decreased to
$189.7 million compared to $212.9 million for fiscal 2022.
- Net Loss: Net loss attributable to common stockholders
for fiscal 2023 decreased to $204.6 million, or $3.60 per share,
compared to $217.9 million, or $4.04 per share, for fiscal
2022.
- Cash Position: As of September 30, 2023, the company had
$336.4 million in cash, cash equivalents and investments.
FISCAL 2023 FOURTH QUARTER FINANCIAL RESULTS
- Orders: Total orders received for the fourth quarter of
fiscal 2023 grew to $71.1 million compared to $62.1 million for the
same period of fiscal 2022.
- Revenue: Total revenues for the fourth quarter of fiscal
2023 grew to $66.9 million compared to $57.3 million for the same
period of fiscal 2022.
- Cost of Revenues: Cost of revenues for the fourth
quarter of fiscal 2023 increased to $42.4 million compared to $31.6
million for the same period of fiscal 2022.
- Research and Development Expenses: Research and
development expenses for the fourth quarter of fiscal 2023
decreased to $23.7 million compared to $29.6 million for the same
period of fiscal 2022.
- Selling, General and Administrative Expenses: Selling,
general and administrative expenses for the fourth quarter of
fiscal 2023 decreased to $47.4 million compared to $54.2 million
for the same period of fiscal 2022.
- Net Loss: Net loss attributable to common stockholders
for the fourth quarter of fiscal 2023 decreased to $46.2 million,
or $0.81 per share, compared to $51.1 million, or $0.91 per share,
for the same period of fiscal 2022.
Recent Highlights:
- Grew customer base to approximately 3,450 customers in fiscal
2023, versus approximately 3,300 in fiscal 2022.
- Increased genes shipped to approximately 634,000 during fiscal
2023, compared with approximately 558,000 in fiscal 2022.
- Strengthened executive team with the appointment of Mark Buck
as senior vice president, operations.
- Released 2023 ESG report and quantified the carbon footprint of
manufacturing a single gene. The carbon footprint of the Twist DNA
synthesis method to manufacture one gene is the equivalent of
emissions from driving a car 0.092 miles (0.15 kilometers) while
the carbon footprint of the 96 well plate-based methods of making
one gene is the equivalent of driving a car 59 miles (95
kilometers).1
- Launched Twist Express Genes (formerly known as Fast Genes)
with a rapid turnaround time of five to seven business days.
- Launched Twist Full Length Unique Dual Index Adapters (UDIs) to
enable PCR-free whole genome sequencing (WGS) and multiplexing at
scale.
- Signed new antibody discovery and licensing option agreement
with Bayer worth up to $188 million in clinical and commercial
milestone payments plus royalties.
- Entered into an agreement with Ono Pharma to discover and
develop novel antibodies for the treatment of autoimmune
diseases.
- Announced a multi-program collaboration with IMIDomics whereby
Twist will utilize its antigen development capabilities and Library
of Libraries to conduct antibody discovery activities against
targets identified by IMIDomics.
Fiscal 2024 Financial Guidance
The following statements are based on Twist’s current
expectations for 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 expects:
- Total revenue is expected to be in the range of $285 million to
$290 million, growth of 16 to 18 percent, including:
- SynBio revenue of $113 to $116 million, growth of 16 to 18
percent
- NGS revenue of $147 to $149 million, growth of 19 to 20
percent
- Biopharma revenue of approximately $25 million, growth of 8
percent
- Gross margin is projected to be approximately 39% to 40%
- Operating expenses of approximately $294 to $298 million
including:
- R&D expense of $100 to $102 million
- SG&A expense of $194 to $196 million
- Loss from operations before taxes of approximately $180 to 188
million, a decrease of 15 to 18 percent, which includes:
- Stock based compensation of approximately $58 to 60
million
- Depreciation and amortization of approximately $40 million
- DNA data storage spend of approximately $37 to $39 million
- Capital expenditure of approximately $20 million
- Ending cash at September 30, 2024 of approximately $245
million
For the first quarter, Twist expects:
- Total revenue of $67 to $68 million
- SynBio revenue of approximately $27 million
- NGS revenue of $36 to $37 million
- Biopharma revenue of approximately $4 million
- Gross margin of 38 to 39%
- Operating expenses of approximately $73 million
- Loss from operations of $47 to $48 million
For the fourth quarter of fiscal 2024, Twist expects:
- Total revenue of approximately $78 million
- Loss from operations of $38 to $40 million, excluding any
one-time adjustments
- Stock based compensation expense of approximately $15
million
- Depreciation expense of approximately $10 million
- DNA data storage spend of approximately $8 million
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.
1
Calculated using the EPA Greenhouse Gas
Equivalencies Calculator
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.
Follow us on Twitter | Facebook | LinkedIn | YouTube
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 “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 caused by COVID-19 or otherwise; 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
Quarterly Report on Form 10-Q filed with the Securities and
Exchange Commission on August 7, 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 September
30,
Twelve months ended September
30,
(In thousands, except per share
data)
2023
2022
2023
2022
Revenues
$
66,946
$
57,306
$
245,109
$
203,565
Operating expenses:
Cost of revenues
$
42,424
$
31,586
$
155,380
$
119,330
Research and development
23,745
29,606
106,894
120,307
Selling, general and administrative
47,391
54,159
189,738
212,949
Restructuring and other costs
3,497
—
16,169
—
Change in fair value of contingent
considerations and holdbacks
—
(1,174
)
(5,913
)
(14,245
)
Total operating expenses
$
117,057
$
114,177
$
462,268
$
438,341
Loss from operations
$
(50,111
)
$
(56,871
)
$
(217,159
)
$
(234,776
)
Interest income
3,893
1,928
14,365
3,062
Interest expense
(1
)
(26
)
(5
)
(80
)
Gain on deconsolidation of subsidiary
—
4,607
—
4,607
Other income (expense), net
(245
)
(461
)
(667
)
(1,087
)
(Provision for) benefit from income
taxes
221
(292
)
(1,152
)
10,411
Net loss attributable to common
stockholders
$
(46,243
)
$
(51,115
)
$
(204,618
)
$
(217,863
)
Net loss per share attributable to common
stockholders—basic and diluted
$
(0.81
)
$
(0.91
)
$
(3.60
)
$
(4.04
)
Weighted average shares used in computing
net loss per share attributable to common stockholders— basic and
diluted
57,279
56,267
56,885
53,885
Twist Bioscience Corporation
Condensed Consolidated Balance Sheets (Unaudited) (in
thousands)
(In thousands)
September 30,
2023
September 30,
2022
Assets
Current assets:
Cash and cash equivalents
$
286,470
$
378,687
Short-term investments
49,943
126,281
Accounts receivable, net
44,064
40,294
Inventories
32,063
39,307
Prepaid expenses and other current
assets
11,716
11,914
Total current assets
$
424,256
$
596,483
Property and equipment, net
131,830
139,441
Operating lease right-of-use assets
71,531
74,948
Other non-current assets
148,786
150,506
Total assets
$
776,403
$
961,378
Liabilities and stockholders’
equity
Current liabilities:
Accounts payable
$
14,052
$
20,092
Accrued expenses
10,754
10,169
Accrued compensation
25,818
27,023
Current portion of operating lease
liability
14,896
13,642
Other current liabilities
7,803
19,737
Total current liabilities
$
73,323
$
90,663
Operating lease liability, net of current
portion
79,173
81,270
Other non-current liabilities
475
60
Total liabilities
$
152,971
$
171,993
Total stockholders’ equity
$
623,432
$
789,385
Total liabilities and stockholders’
equity
$
776,403
$
961,378
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231117176114/en/
For Investors: Angela Bitting SVP, Corporate Affairs
925-202-6211 abitting@twistbioscience.com
For Media: Amanda Houlihan Communications Generalist
774-265-5334 ahoulihan@twistbioscience.com
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