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Jun 30, 2023
Twist Bioscience Q3 2023 Earnings Report
Reported record revenue again, with core business delivering strong results.
Key Takeaways
Twist Bioscience reported record revenue of $63.7 million for the third quarter of fiscal year 2023, a 14% increase compared to the same period in fiscal 2022. The company's core business, comprised of SynBio and NGS, delivered strong results. The company shipped products to approximately 2,200 customers and approximately 171,000 genes during the quarter.
Total revenue for the third quarter of fiscal 2023 was $63.7 million, up from $56.1 million in the same period last year.
Total orders received for the third quarter of fiscal 2023 were $63.8 million compared to $59.7 million for the same period of fiscal 2022.
Net loss attributable to common stockholders for the third quarter of fiscal 2023 was $57.4 million, or $1.01 per share.
As of June 30, 2023, the company had $357.1 million in cash, cash equivalents and investments.
Twist Bioscience
Twist Bioscience
Twist Bioscience Revenue by Segment
Revenue by Segment
SynBio Revenue
CapyFin.comNGS Revenue
CapyFin.comBiopharma Revenue
CapyFin.com Forward Guidance
Twist Bioscience provided financial guidance for the fourth quarter of fiscal 2023 and full fiscal year 2024.
Positive Outlook
- Revenue for Q4 2023 is expected to be approximately $63 million to $64 million.
- Gross margin is expected to be approximately 36% for Q4 2023.
- Twist expects to exit fiscal 2024 with adjusted EBITDA breakeven for its core (SynBio, NGS) business in the fourth quarter.
- 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
- R&D expense is expected to be approximately $26 million for Q4 2023.
- SG&A expense is expected to be approximately $47 million for Q4 2023.
- Restructure expense is expected to be approximately $1 million for Q4 2023.
- Twist expects to be delayed in reaching its initial timeline in achieving adjusted EBITDA breakeven for its biopharma business exiting the fourth quarter of fiscal 2024.
- Revenue is expected to be approximately $241 million to $242 million for fiscal year 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income