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-- Record Revenues of $42M; Increase of 49% over $28.2M in Fiscal 2021 --
-- Orders Increased 48% to $49.6M --
-- Increased Revenue Guidance for Fiscal 2022 --
SOUTH SAN FRANCISCO, Calif--(BUSINESS WIRE)-- Twist Bioscience Corporation (NASDAQ: TWST), a company enabling customers to succeed through its offering of high-quality synthetic DNA using its silicon platform, today reported financial results and business highlights for the first quarter of fiscal 2022 ended December 31, 2021.
“We’ve started the year strong reporting record orders and revenue, with SynBio particularly robust in the first quarter of fiscal 2022,” said Emily M. Leproust, Ph.D., CEO and co-founder of Twist Bioscience. “We continue to introduce new products to enable exciting applications like liquid biopsy and minimal residual disease, expanding our customer base and our market opportunities in NGS.”
“Our biopharma team added 8 new partners and 21 new programs with the integration of Abveris bringing an additional 72 ongoing programs, while advancing our internal candidates. We expect the first Twist Biopharma-discovered antibody to be in clinical trials this year. In addition, we announced that our first DNA data storage solution would be a Century Archive, storing data for 100 years,” continued Dr. Leproust.
FISCAL 2022 FIRST QUARTER FINANCIAL RESULTS
Recent Highlights:
SynBio and NGS
BioPharma and DNA Data Storage
Corporate
Updated Fiscal 2022 Financial Guidance
The following statements are based on Twist’s current expectations for fiscal 2022. The following statements are forward-looking, and actual results could differ materially depending on market conditions and the factors set forth under “Forward-Looking Statements” below.
For the full fiscal year 2022, Twist provided the following updated financial guidance:
Conference Call Information
The company plans to hold a conference call and live audio webcast for analysts and investors at 8:00 a.m. Eastern Time today to discuss its financial results and provide an update on the company’s business. The call can be accessed by dialing (866) 688-0947 (domestic) or (409) 217-8781 (international) and refer to the conference ID 3886933. A telephonic replay of the conference call will be available beginning approximately four hours after the call through February 11, 2022 and may be accessed by dialing (855) 859-2056 (domestic) or (404) 537-3406 (international). The replay conference ID is 3886933. The webcast replay will be available for two weeks. If a participant will be listen-only, they are encouraged to listen via the webcast on Twist’s investor page.
About Twist Bioscience Corporation
Twist Bioscience is a leading and rapidly growing synthetic biology and genomics company that has developed a disruptive DNA synthesis platform to industrialize the engineering of biology. The core of the platform is a proprietary technology that pioneers a new method of manufacturing synthetic DNA by “writing” DNA on a silicon chip. Twist is leveraging its unique technology to manufacture a broad range of synthetic DNA-based products, including synthetic genes, tools for next-generation sequencing (NGS) preparation, and antibody libraries for drug discovery and development. Twist is also pursuing longer-term opportunities in digital data storage in DNA and biologics drug discovery. Twist makes products for use across many industries including healthcare, industrial chemicals, agriculture and academic research.
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Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements. All statements other than statements of historical facts contained herein are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements under the headings “Updated Fiscal 2022 Financial Guidance” future growth and expansion plans and Twist’s other expectations regarding its future operations plans and financial performance introduction of new products, and expectations regarding newly announced partnerships. Such forward-looking statements involve known and unknown risks, uncertainties, and other important factors that may cause Twist’s actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the risks and uncertainties of the duration, extent and impact of the COVID-19 pandemic, including any reductions in demand for our products (or deferred or canceled orders) globally or in certain regions; the ability to attract new customers and retain and grow sales from existing customers; risks and uncertainties of rapidly changing technologies and extensive competition in synthetic biology that could make the products Twist is developing obsolete or non-competitive; uncertainties of the retention of significant customers; the ability of Twist to successfully integrate acquired companies, including Abveris, and to achieve expected benefits from acquisitions; supply chain and other disruptions caused by the COVID-19 pandemic or otherwise; risks of third party claims alleging infringement of patents and proprietary rights or seeking to invalidate Twist’s patents or proprietary rights; and the risk that Twist’s proprietary rights may be insufficient to protect its technologies. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Twist’s business in general, see Twist’s risk factors set forth in Twist’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on November 23, 2021. In addition, many of the foregoing risks and uncertainties are, and could be, exacerbated by the COVID-19 pandemic and any worsening of global or regional business and economic environment as a result. We cannot at this time predict the extent of the impact of the COVID-19 pandemic and any resulting business or economic impact, but it could have a material adverse effect on our business, financial condition, results of operations and cash flows. Any forward-looking statements contained in this press release speak only as of the date hereof, and Twist Bioscience specifically disclaims any obligation to update any forward-looking statement, whether because of new information, future events or otherwise.
| Twist Bioscience Corporation | ||||||||
Condensed Consolidated Statements of Operations |
||||||||
| (Unaudited) | ||||||||
| (in thousands) | ||||||||
| Three months ended December 31, | ||||||||
2021 |
2020 |
|||||||
| Revenues | $ | 42,018 |
|
$ | 28,161 |
|
||
| Operating expenses: | ||||||||
| Cost of revenues | 27,056 |
|
18,162 |
|
||||
| Research and development | 22,630 |
|
14,000 |
|
||||
| Selling, general and administrative | 51,098 |
|
28,792 |
|
||||
| Change in fair value of contingent consideration and indemnity holdback | (2,826 |
) |
- |
|
||||
| Total operating expenses | $ | 97,958 |
|
$ | 60,954 |
|
||
| Loss from operations | $ | (55,940 |
) |
$ | (32,793 |
) |
||
| Interest income | 154 |
|
134 |
|
||||
| Interest expense | (26 |
) |
(118 |
) |
||||
| Other income (expense), net | (156 |
) |
(77 |
) |
||||
| Provision for income taxes | 10,405 |
|
(46 |
) |
||||
| Net loss attributable to common stockholders | $ | (45,563 |
) |
$ | (32,900 |
) |
||
| Net loss per common share, basic and diluted | $ | (0.91 |
) |
$ | (0.72 |
) |
||
| Weighted average shares used in computing net loss per share attributable to common stockholders—basic and diluted | 49,912 |
|
46,000 |
|
||||
| Twist Bioscience Corporation | ||||||
| Condensed Consolidated Balance Sheets | ||||||
| (unaudited) | ||||||
| (in thousands) | ||||||
| December 31, 2021 | September 30, 2021 | |||||
| Assets | ||||||
| Cash and cash equivalents | $ | 191,624 |
$ | 465,829 |
||
| Short-term investments | 110,235 |
12,034 |
||||
| Accounts receivable, net | 32,872 |
28,549 |
||||
| Inventories | 40,239 |
31,800 |
||||
| Prepaid expenses and other current assets | 10,037 |
8,283 |
||||
| Total current assets | 385,007 |
546,495 |
||||
| Property and equipment, net | 65,135 |
44,122 |
||||
| Long-term investment | 106,843 |
- |
||||
| Operating lease right-of-use assets | 72,020 |
61,580 |
||||
| Goodwill | 84,244 |
22,434 |
||||
| Intangible assets, net | 63,921 |
18,262 |
||||
| Restricted cash, non-current | 1,572 |
1,530 |
||||
| Other non-current assets | 7,425 |
7,674 |
||||
| Total assets | $ | 786,167 |
$ | 702,097 |
||
| Current liabilities | ||||||
| Accounts payable | $ | 23,073 |
$ | 14,900 |
||
| Accrued liabilities | 11,686 |
6,437 |
||||
| Accrued compensation | 18,735 |
22,327 |
||||
| Current portion of operating lease liabilities | 12,684 |
8,213 |
||||
| Current portion of long-term debt | - |
1,552 |
||||
| Other current liabilities | 13,856 |
9,623 |
||||
| Total current liabilities | 80,034 |
63,052 |
||||
| Operating lease liabilities, net of current portion | 60,285 |
53,156 |
||||
| Other non-current liabilities | 19,670 |
5,068 |
||||
| Total liabilities | 159,989 |
121,276 |
||||
| Total stockholders' equity | $ | 626,178 |
$ | 580,821 |
||
| Total liabilities and stockholders’ equity | $ | 786,167 |
$ | 702,097 |
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20220204005102/en/
Angela Bitting 925- 202-6211 abitting@twistbioscience.com
Source: Twist Bioscience Corporation
