Twist Bioscience Corporation (NASDAQ: TWST), known for its high-quality synthetic DNA via its silicon platform, has reported its financial results and business highlights for the third quarter of fiscal 2024, ending June 30, 2024.
Financial Performance
- Revenue: Twist Bioscience achieved $81.5 million in revenue for the third quarter, surpassing its guidance and up from $63.7 million in the same period last year.
- Orders: Total orders increased to $85.3 million from $63.8 million year-over-year.
- Gross Margin: The gross margin improved to 43.3%, up from 34.4% in the previous year.
- Cost of Revenues: Costs rose to $46.2 million from $41.8 million.
- R&D Expenses: Research and development expenses were $22.5 million, down from $24.5 million.
- SG&A Expenses: Selling, general, and administrative expenses increased to $56.8 million from $46.1 million.
- Net Loss: The net loss attributable to common stockholders was $85.6 million, or $1.47 per share, compared to $57.4 million, or $1.01 per share, the previous year. Excluding a $45.0 million impairment, the adjusted net loss was $40.6 million.
- Adjusted EBITDA: Adjusted EBITDA was $(22.0) million, improved from $(29.6) million in the prior year.
- Cash Position: As of June 30, 2024, cash, cash equivalents, and short-term investments totaled $289.4 million, down from $293 million as of March 31, 2024.
Business Highlights
- Customer Base: The company shipped products to approximately 2,300 customers, up from 2,200 in the third quarter of fiscal 2023.
- Gene Shipments: Approximately 212,000 genes were shipped, compared to 171,000 genes in the same period last year.
- Product Launches: Introduced Twist Multiplexed Gene Fragments and Cloned Oligo Pools, and expanded the antibody portfolio with Twist Express Antibodies and CHO.
- Clinical and Research Developments: First patient dosed in Pure Biologics’ Phase 0 study of PBA-0405; published data on TB206-001, a novel cancer immunotherapy; launched a synthetic RNA control for H5N1; and joined the U.S. AI Safety Consortium.
Emily M. Leproust, Ph.D., CEO and co-founder, highlighted the company’s progress, noting strong performance in NGS and SynBio product lines and a disciplined approach towards profitability. Twist aims to achieve an adjusted EBITDA loss of $20 million in the fiscal fourth quarter and targets a gross margin over 50% by the end of fiscal 2025.
