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Mar 31, 2023
Twist Bioscience Q2 2023 Earnings Report
Reported record revenue and announced decisive actions to accelerate path to profitability.
Key Takeaways
Twist Bioscience reported a strong quarter, exceeding revenue guidance and breaking the $60 million revenue threshold for the first time. The company also announced decisive and proactive actions aimed at accelerating its path to profitability.
Total revenues for the second quarter of fiscal 2023 were $60.2 million, up 25% compared to $48.1 million for the same period of fiscal 2022.
Total orders received for the second quarter of fiscal 2023 were $64.2 million compared to $55 million for the same period of fiscal 2022.
Net loss attributable to common stockholders for the second quarter of fiscal 2023 was $59.2 million, or $1.04 per share.
As of March 31, 2023, the company had $387.7 million in cash, cash equivalents and investments.
Forward Guidance
Twist Bioscience provided updated financial guidance for fiscal year 2023 and 2024, including revenue, gross margin, and operating expenses.
Positive Outlook
- Revenue for Q3 2023 is expected to be approximately $60 million to $61 million.
- Revenue for Q4 2023 is expected to be approximately $62 million to $63 million.
- Gross margin for Q4 2023 is expected to be approximately 36%.
- Operating expenses for DNA data storage are expected to be $40 million for fiscal year 2024.
- Fiscal year end cash is projected to be $220 million for fiscal year 2024.
Challenges Ahead
- Revenue guidance for fiscal year 2023 is expected to be approximately $235 million to $238 million, compared to previous guidance of $261 million to $269 million.
- SynBio revenue is expected to be $96 million to $98 million, compared to previous guidance of $104 million to $106 million.
- NGS revenue is expected to be $113 million to $114 million, compared to previous guidance of $120 million to $123 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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