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Sep 30, 2023
Ginkgo Bioworks Q3 2023 Earnings Report
Ginkgo Bioworks experienced a decrease in total revenue, driven by a ramp down in K-12 testing, while expanding its customer base and partnerships.
Key Takeaways
Ginkgo Bioworks reported a 17% decrease in total revenue to $55 million, primarily due to the expected ramp down of K-12 testing in the Biosecurity segment. However, Cell Engineering revenue increased by 51% to $37 million. The company added 21 new Cell Programs and ended the quarter with over $1.0 billion in cash and cash equivalents.
Added 21 new Cell Programs to the Foundry platform, a 40% increase year-over-year.
Entered a strategic five-year cloud and AI partnership with Google Cloud.
Cell Engineering revenue increased by 51% compared to the third quarter of 2022.
Ended Q3 2023 with over $1.0 billion in cash and cash equivalents.
Revenue by Segment
Forward Guidance
Ginkgo revised its new Cell Programs target to a range of 80 - 85 new Cell Programs added to the platform in 2023 and expects Total revenue of $250 - $260 million in 2023.
Positive Outlook
- Strong growth in business development pipeline.
- Signed several technology licensing evaluation agreements.
- Expects Total revenue of $250 - $260 million in 2023
- Revised expectations for Biosecurity revenue to up to $110 million in 2023
- Revised expectations for Cell Engineering revenue to $145 - $150 million in 2023
Challenges Ahead
- Revised new Cell Programs target to a range of 80 - 85 new Cell Programs.
- Technology licensing evaluation agreements do not involve Foundry service work
- Decline in Biosecurity revenue
- Adjusted EBITDA decreased to $(84) million
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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