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Mar 31, 2023
Ginkgo Bioworks Q1 2023 Earnings Report
Ginkgo Bioworks reported a decrease in total revenue due to the expected ramp down of K-12 testing in Biosecurity, but saw an increase in Cell Engineering revenue. They ended the quarter with a strong cash position.
Key Takeaways
Ginkgo Bioworks reported a total revenue of $81 million for Q1 2023, a 52% decrease compared to the previous year. This decline was primarily due to the expected reduction in K-12 testing within the Biosecurity business. However, Cell Engineering revenue increased by 59% year-over-year, reaching $34 million. The company's cash and cash equivalents balance remained strong at approximately $1.2 billion.
Added 13 new Cell Programs to the Foundry platform in Q1 2023, representing 18% growth over the prior year period
Concentric generated $47 million in Biosecurity revenue.
Acquired the AAV engineering platform assets of StrideBio.
Ended Q1 2023 with approximately $1.2 billion in cash and cash equivalents.
Ginkgo Bioworks
Ginkgo Bioworks
Ginkgo Bioworks Revenue by Segment
Revenue by Segment
Cell Engineering Revenue
CapyFin.comBiosecurity Revenue
CapyFin.com Forward Guidance
Ginkgo expects to add 100 new Cell Programs and anticipates total revenue of at least $275 million in 2023.
Positive Outlook
- Expects to add 100 new Cell Programs to the Foundry platform in 2023
- Expects Total revenue of at least $275 million in 2023
- Expects Cell Engineering revenue of at least $175 million in 2023
- Expects Biosecurity revenue in 2023 of at least $100 million
- Biosecurity revenue includes a mix shift towards emerging product lines that are expected to be more recurring in nature
Revenue & Expenses
Visualization of income flow from segment revenue to net income