Business
Twist Bioscience Reports Fiscal Second Quarter 2023 Financial Results
– Record revenue of $60.2M in 2QFY23; up 25% over $48.1M in 2QFY22 – – Orders increased to $64.2M in 2QFY23; up 17% over 2QFY22 – – Decisive Actions to
About this update from Twist Bioscience Corporation
[{"type":"text","content":"\n– Record revenue of $60.2M in 2QFY23; up 25% over $48.1M in 2QFY22 –\n\n\n– Orders increased to $64.2M in 2QFY23; up 17% over 2QFY22 –\n\n\n– Decisive Actions to Accelerate Path to Profitability –\n\n\n SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--\nTwist 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 second quarter of fiscal 2023 ended March 31, 2023.\n\n\n“We reported a strong quarter overall, breaking the $60 million revenue threshold for the first time and exceeding our guidance,” said Emily M. Leproust, Ph.D., CEO and co-founder of Twist Bioscience. “NGS, in particular, had an excellent quarter and we announced our Biopharma Solutions integrated offering, which brings together in vivo, in vitro and in silico approaches to antibody discovery. In January, we shipped the first products from the Factory of the Future and are now manufacturing the vast majority of our genes, gene fragments and oligo pools in our Wilsonville facility.”\n\n\nTwist also announced decisive and proactive actions aimed at accelerating its path to profitability while simultaneously extending the company’s runway. These actions will focus resources on the support of key commercial and development opportunities that have the potential to deliver significant return on investment. As part of these initiatives, Twist conducted a comprehensive review of the business and is resizing many teams throughout the organization and reducing its workforce by approximately 270 employees, or about 25%. For example, manufacturing for the majority of synthetic biology products has transitioned to the Factory of the Future, thereby reducing overall fixed costs and removing duplication between the South San Francisco and Wilsonville sites. NGS panels will continue to be made in South San Francisco. Additionally, Twist plans to maintain its global commercial presence to drive topline growth while streamlining teams including R&D across the business to focus on programs where Twist believes it has a clear competitive advantage and sees the greatest potential for long-term profitable growth and value creation. The biopharma team has been resized to focus on revenue-generating partnerships and Twist w...