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Jun 30, 2024
Twist Bioscience Q3 2024 Earnings Report
Reported record revenue and improved gross margin.
Key Takeaways
Twist Bioscience reported a strong fiscal third quarter with record revenue of $81.5 million, a 28% increase year-over-year, and a gross margin improvement to 43.3%. The company exceeded revenue guidance and targets for cash burn and gross margin.
Total revenue for the third quarter of fiscal 2024 grew to $81.5 million, a 28% increase compared to the same period in 2023.
Gross margin increased to 43.3% in the third quarter of fiscal 2024, up approximately 900 basis points from 34.4% in the same period last year.
The company shipped products to approximately 2,300 customers and approximately 212,000 genes during the quarter.
Twist Bioscience increased full year 2024 revenue guidance to approximately $310 million to $311 million and expects gross margin at the high end of the range at approximately 42.0%.
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 updated financial guidance for fiscal year 2024, including increased revenue expectations and gross margin.
Positive Outlook
- Total revenue is expected to be approximately $310 million to $311 million, indicating year-over-year growth of approximately 27%.
- SynBio revenue is expected to be approximately $121 million, indicating year-over-year growth of 23%.
- NGS revenue is expected to be in the range of $169 million to $170 million, indicating year-over-year growth of 36% to 37%.
- Gross margin is expected to be approximately 42.0% for fiscal 2024.
- Ending cash, cash equivalents and short-term investments at September 30, 2024 of more than $255 million.
Challenges Ahead
- Biopharma revenue is expected to be approximately $20 million, indicating year-over-year decrease of approximately 13%.
- Loss from operations before taxes of approximately $227 million to $230 million, inclusive of the approximately $45 million impairment charge
- For the fourth quarter of fiscal year 2024, Twist expects adjusted EBITDA loss of $20 million.
- The company expects total revenue of approximately $82 million to $83 million for Q4 2024.
- The company expects gross margin of approximately 44% for Q4 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income