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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.
Ginkgo Bioworks
Ginkgo Bioworks
Ginkgo Bioworks Revenue by Segment
Revenue by Segment
Cell Engineering Revenue
CapyFin.comBiosecurity Revenue
CapyFin.com 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
- Loss from operations of $(286) million
Revenue & Expenses
Visualization of income flow from segment revenue to net income