Twist Bioscience, a company at the forefront of providing high-quality synthetic DNA through its innovative silicon platform, announced its fiscal first-quarter 2024 financial results and key business achievements ending December 31, 2023.
CEO and co-founder, Dr. Emily M. Leproust, expressed enthusiasm about the robust start to fiscal 2024, highlighting a record revenue of $71.5 million for the quarter, surpassing projections, and achieving a gross margin of 40.5%. Dr. Leproust emphasized the successful expansion of the Express Genes offering in SynBio, foreseeing opportunities to capture market share and convert researchers into DNA buyers.
Key financial highlights for the fiscal first quarter of 2024 include:
- Total orders increased to $77.5 million compared to $64.7 million in the same period of fiscal 2023.
- Total revenues rose to $71.5 million compared to $54.2 million for the corresponding period in fiscal 2023.
- Segment-wise revenue growth includes Synbio ($26.8 million), Synthetic genes ($19.7 million), Oligo Pools ($4.2 million), DNA libraries ($2.9 million), NGS ($39.4 million), and Biopharma ($5.2 million).
- Cost of Revenues was $42.5 million, reflecting an increase from $29.4 million in the same period of fiscal 2023.
- Research and Development Expenses were $23.1 million, down from $31.2 million in the corresponding period of fiscal 2023.
- Selling, General and Administrative Expenses increased to $52.8 million compared to $42.3 million for the same period of fiscal 2023.
- Net loss attributable to common stockholders was $43.0 million, or $0.75 per share, compared to $41.8 million, or $0.74 per share, in the first quarter of fiscal 2023.
- The company’s cash position as of December 31, 2023, stood at $311.1 million.
Recent highlights include shipping products to 2,140 customers, shipping approximately 171,000 genes, expanding the Express Genes service, and appointing a new Chief Financial Officer, Adam Laponis.
Twist Bioscience also provided updated financial guidance for fiscal 2024, projecting total revenue in the range of $288 million to $293 million, with a focus on SynBio, NGS, and Biopharma segments. The company aims for a gross margin of approximately 40% to 41% for the fiscal year, with a loss from operations before taxes in the range of approximately $189 million to $194 million.
For the second quarter of fiscal year 2024, Twist anticipates total revenue of approximately $70 million to $71 million, including SynBio revenue of approximately $28.5 million, NGS revenue of approximately $37 million to $38 million, and Biopharma revenue of approximately $4.5 million, with a gross margin of 39%
