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Sep 30, 2024
Ginkgo Bioworks Q3 2024 Earnings Report
Announced results for the third quarter of 2024, showing revenue increase driven by a deferred revenue release and progress in restructuring and cost reduction initiatives.
Key Takeaways
Ginkgo Bioworks reported a 61% increase in total revenue to $89 million for Q3 2024, which includes $45 million from a non-cash deferred revenue release. Excluding this impact, revenue decreased by 21%. The company signed new deals with Novo Nordisk and achieved a major research milestone with Merck. They also made progress on cost reductions and are consolidating their real estate footprint.
Total revenue increased to $89 million, up 61% year-over-year, including a $45 million non-cash deferred revenue release.
Cell Engineering revenue, excluding the deferred revenue release, was $30 million, a 20% decrease year-over-year.
Biosecurity revenue was $14 million with a gross profit margin of 28%.
Loss from operations was $(55) million, improved from $(286) million in the prior year, and Adjusted EBITDA was $(20) million, up from $(84) million year-over-year.
Revenue by Segment
Forward Guidance
Ginkgo updated its full year 2024 revenue guidance to reflect the $45 million non-cash deferred revenue release. Total revenue is expected to be $215-235 million, Cell Engineering services revenue is expected to be $165-185 million, and Biosecurity revenue is expected to be at least $50 million.
Positive Outlook
- Total revenue guidance updated to $215-235 million.
- Cell Engineering services revenue guidance updated to $165-185 million.
- Biosecurity revenue guidance maintained at least $50 million.
- Reduction in force is estimated to achieve over $85 million in annualized savings by mid-2025.
- Ginkgo has continued implementing significant non-people cost cutting measures, including rationalizing third-party costs and site consolidation
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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