Twist Bioscience Reports Fiscal Fourth Quarter and Full Year Fiscal 2022 Financial Results
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 2022 ended September 30, 2022
SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--Nov 18, 2022--
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 2022 ended September 30, 2022.
"In fiscal 2022, we reported quarter after quarter of record revenue in a climate of macroeconomic and geopolitical uncertainty, while also laying the foundation for growth in 2023 and beyond," said Emily M. Leproust, Ph.D., CEO and co-founder of Twist Bioscience. "We continued the ramp up of the Factory of the Future, developed NGS applications across sequencing platforms and entered into antibody discovery and optimization partnerships."
Dr. Leproust continued, "We're now in a position to execute on the next phase of our growth in 2023. The Factory of the Future is on track to ship products in January 2023 and we plan to launch our first DNA data storage solution as an early access offering in late calendar 2023. In NGS, we expect to gain market share and expand in areas that require deep sequencing such as MRD and liquid biopsy. In addition, we're integrating Twist Boston with our Biopharma offerings to provide customers with a portfolio of services across discovery methods."
FISCAL 2022 FINANCIAL RESULTS
FISCAL 2022 FOURTH QUARTER FINANCIAL RESULTS
Recent Highlights:
SynBio and NGS
BioPharma and DNA Data Storage
Corporate
Fiscal 2023 Financial Guidance
The following statements are based on Twist’s current expectations for fiscal 2023 and 2024, including the first quarter of fiscal 2023. 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 2023, Twist provided the following financial guidance:
For the first quarter of fiscal year 2023, Twist provided the following financial guidance:
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 provided the following financial guidance:
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.
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, financial guidance for fiscal 2023 and 2024 and the first quarter of fiscal 2023, statements regarding future growth, expansion, market share gains, plans to achieve adjusted EBITDA break-even point for Twist Bioscience's core business and biopharma and Twist Bioscience’s other expectations regarding its future operations plans and financial performance, expected commencement of product shipment from the “Factory of the Future” in January 2023; timing of the early access launch of Twist Bioscience’s first DNA data storage solution, 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 risks and uncertainties relating to COVID-19; the ability to attract new customers and retain and grow sales from existing customers; 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, including Abveris, and to achieve expected benefits from acquisitions; supply chain and other disruptions caused by the COVID-19 pandemic 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 8, 2022 and subsequent filings with the SEC. Additional risk factors may be described in the “Risk Factors” section of Twist’s Annual Report on Form 10-K to be filed with the SEC on or about November 22, 2022. 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)
2022
2021
2022
2021
Revenues
$
57,306
$
37,951
$
203,565
$
132,333
Operating expenses:
Cost of revenues
$
31,586
$
22,497
$
119,330
$
80,620
Research and development
29,606
19,443
120,307
69,072
Selling, general and administrative
54,159
38,243
212,949
135,901
Change in fair value of contingent considerations and holdbacks
(1,174
)
(2,421
)
(14,245
)
(534
)
Total operating expenses
$
114,177
$
77,762
$
438,341
$
285,059
Loss from operations
$
(56,871
)
$
(39,811
)
$
(234,776
)
$
(152,726
)
Interest income
1,928
58
3,062
435
Interest expense
(26
)
(83
)
(80
)
(367
)
Gain on deconsolidation of Revelar
4,607
—
4,607
—
Other income (expense), net
(461
)
(1,064
)
(1,087
)
(1,370
)
Benefit from (provision for) income taxes
(292
)
(340
)
10,411
1,930
Net loss attributable to common stockholders
$
(51,115
)
$
(41,240
)
$
(217,863
)
$
(152,098
)
Net loss per share attributable to common stockholders—basic and diluted
$
(0.91
)
$
(0.84
)
$
(4.04
)
$
(3.15
)
Weighted average shares used in computing net loss per share attributable to common stockholders—basic and diluted
56,267
49,350
53,885
48,251
Twist Bioscience Corporation
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands)
(In thousands)
September 30,
2022
September 30,
2021
Assets
Current assets:
Cash and cash equivalents
$
378,687
$
465,829
Short-term investments
126,281
12,034
Accounts receivable, net
40,294
28,549
Inventories
39,307
31,800
Prepaid expenses and other current assets
11,914
8,283
Total current assets
$
596,483
$
546,495
Property and equipment, net
139,441
44,122
Operating lease right-of-use assets
74,948
61,580
Other non-current assets
150,506
49,900
Total assets
$
961,378
$
702,097
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$
20,092
$
14,900
Accrued liabilities
37,192
28,764
Current portion of operating lease liability
13,642
8,213
Current portion of long-term debt
—
1,552
Other current liabilities
19,737
9,623
Total current liabilities
$
90,663
$
63,052
Operating lease liability, net of current portion
81,270
53,156
Other non-current liabilities
60
5,068
Total liabilities
$
171,993
$
121,276
Total stockholders’ equity
$
789,385
$
580,821
Total liabilities and stockholders’ equity
$
961,378
$
702,097
View source version on businesswire.com:https://www.businesswire.com/news/home/20221118005127/en/
CONTACT: Angela Bitting
SVP, Corporate Affairs
Twist Bioscience
abitting@twistbioscience.com
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: BIOTECHNOLOGY PHARMACEUTICAL GENETICS HEALTH
SOURCE: Twist Bioscience Corporation
Copyright Business Wire 2022.
PUB: 11/18/2022 07:30 AM/DISC: 11/18/2022 07:30 AM
http://www.businesswire.com/news/home/20221118005127/en
