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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.
Ginkgo Bioworks
Ginkgo Bioworks
Ginkgo Bioworks Revenue by Segment
Revenue by Segment
Cell Engineering Revenue
CapyFin.comBiosecurity Revenue
CapyFin.com 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