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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%.
Revenue by Segment
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
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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