Business
Twist Bioscience Reports Fiscal Third Quarter 2024 Financial Results
– Record revenue of $81.5M in 3QFY24, an increase of 28% over $63.7M in 3QFY23 – – Gross margin improved to 43.3% in 3QFY24, increasing approximately 900
About this update from Twist Bioscience Corporation
[{"type":"text","content":"\n– Record revenue of $81.5M in 3QFY24, an increase of 28% over $63.7M in 3QFY23 –\n\n\n– Gross margin improved to 43.3% in 3QFY24, increasing approximately 900 basis points over 34.4% in 3QFY23 –\n\n\n— Increased FY 2024 revenue guidance to approximately $310M to $311M; FY 2024 gross margin guidance at high end of the range at approximately 42.0% —\n\n\n— Company to host conference call today at 8:00 a.m. Eastern Time —\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 third quarter of fiscal 2024 ended June 30, 2024.\n\n\n\"We once again surpassed our revenue guidance, ending the quarter with $81.5 million in revenue, and exceeded our targets for both cash burn and gross margin,\" said Emily M. Leproust, Ph.D., CEO and co-founder of Twist Bioscience. \"We saw strength in NGS as well as growth driven by our SynBio product line with sequential growth for our Express Genes portfolio. Recently, we leveraged the Express workflow and infrastructure to introduce new products, including our Express Antibodies, CHO and HEK293, as well as Multiplexed Gene Fragments, with direct synthesis of up to 500 base pairs in length.\"\n\n\nDr. Leproust continued, \"We continue to employ disciplined execution and commercial prowess to expand our portfolio of products and services as we progress on our path to profitability and move toward an adjusted EBITDA loss of $20 million in the fiscal fourth quarter of 2024. We are encouraged by the continued increase in margin with approximately 900 basis point increase over the same period last year to 43.3% and we are moving toward a gross margin over 50% by the end of fiscal 2025.\"\n\n\nSee \"Non-GAAP Information\" below for a discussion of the measure adjusted EBITDA.\n\n\nFISCAL 2024 THIRD QUARTER FINANCIAL RESULTS\n\n\n\nOrders: Total orders received for the third quarter of fiscal 2024 grew to $85.3M compared to $63.8M for the same period of fiscal 2023.\n\n\n\nRevenue: Total revenues for the third quarter of fiscal 2024 grew to $81.5 million compared to $63.7 million for the same period of fiscal 2023.\n\n\nSynBio revenue grew to $33.0 million for the third quarter of fi...