Ginkgo Bioworks Holdings, Inc. · NYSE:DNA
Ginkgo Bioworks — Q1 2022 Earnings Presentation
37 slides from Ginkgo Bioworks's earnings presentation, May 16, 2022
Slide 1: Grow with Ginkgo: Q1 2022 Update & Business Review
Grow with Ginkgo Q1 2022 Update & Business Review May 16, 2022
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation, the conference call and webcast may contain certain forward-looking statements within the meaning of the federal securities laws, including statements regarding our plans, strategies, current expectations, operations and anticipated results of
Slide 3: Agenda
Property of Ginkgo Bioworks — 3 Agenda Introduction Jason Kelly, Co-Founder and CEO Q1 2022 Financial Update Mark Dmytruk, CFO Q1 2022 UPDATE & BUSINESS REVIEW Strategic Positioning Jason Kelly, Co-Founder and CEO Q&A Session Moderated by Anna Marie Wagner, SVP Corporate Development
Slide 4: Our mission: Make biology easier to engineer
Our mission Make biology easier to engineer Q1 2022 UPDATE & BUSINESS REVIEW Property of Ginkgo Bioworks — 4
Slide 5: Making biology easier to engineer via our cell programming platform
Property of Ginkgo Bioworks — 5 We aim to make biology easier to engineer for our customers by leveraging our platform for programming cells Q1 2022 UPDATE & BUSINESS REVIEW
Slide 6: Continuing to execute on our strategy in the first quarter of 2022
Property of Ginkgo Bioworks — 6 Continuing to execute on our strategy in the first quarter of 2022 Progress on Key Metrics Strong Financial Health Active 64 +11 Diverse New Programs: Government Programs Nearly 4x Biosecurity ($M) Pharma & Y-o-Y Foundry ($M) 44 Biotech Revenue Growth Food & Agricultur
Slide 7: Agenda
Property of Ginkgo Bioworks — 7 Agenda Introduction Jason Kelly, Co-Founder and CEO Q1 2022 Financial Update Mark Dmytruk, CFO Q1 2022 UPDATE & BUSINESS REVIEW Strategic Positioning Jason Kelly, Co-Founder and CEO Q&A Session Moderated by Anna Marie Wagner, SVP Corporate Development
Slide 8: Total Ginkgo Revenue (Unaudited)
Total Ginkgo Revenue (Unaudited) 282% Foundry Biosecurity Q1 2022 UPDATE & BUSINESS REVIEW Property of Ginkgo Bioworks — 8
Slide 9: Cell Programming Highlights (Unaudited)
Property of Ginkgo Bioworks — 9 Cell Programming Highlights (Unaudited) New Programs Total Active Programs 175% 45% Q1 2022 UPDATE & BUSINESS REVIEW Total Active Customers Foundry Revenue ($M) 60% (5%)
Slide 10: Biosecurity Highlights (Unaudited)
Property of Ginkgo Bioworks — 10 Biosecurity Highlights (Unaudited) Concentric’s pathogen monitoring network has (*) Biosecurity Revenue ($M) delivered testing across most of the U.S. Demonstrated ability to deliver testing in diverse jurisdictions Q1 2022 UPDATE & BUSINESS REVIEW Biosecurity Gross
Slide 11: Q1 2022 Financial Summary (Unaudited)
Property of Ginkgo Bioworks — 11 Q1 2022 Financial Summary (Unaudited) In millions of USD Three Months Ended March 31, except new programs and % YoY 2022 2021 % YoY New programs launched 11 4 175% Revenue: Foundry 21 23 (5%) Biosecurity 147 22 NM Total revenue 168 44 282% Biosecurity cost of sales 8
Slide 12: Increasing our 2022 Full Year Outlook
Property of Ginkgo Bioworks — 12 Increasing our 2022 Full Year Outlook In millions of USD Historical FY2022 Forecast except new programs and % YoY FY2020 FY2021 (20-21) Original Revised New Programs 18 31 72% 60 60 Q1 2022 UPDATE & BUSINESS REVIEW GAAP Revenue Foundry $59 $113 91% $165 - $180 $165 -
Slide 13: Agenda
Property of Ginkgo Bioworks — 13 Agenda Introduction Jason Kelly, Co-Founder and CEO Q1 2022 Financial Update Mark Dmytruk, CFO Q1 2022 UPDATE & BUSINESS REVIEW Strategic Positioning Jason Kelly, Co-Founder and CEO Q&A Session Moderated by Anna Marie Wagner, SVP Corporate Development
Slide 14: We believe…
Property of Ginkgo Bioworks — 14 We believe… 1 2 3 We are piloting new We are improving our We continue to be well biosecurity platform offering in positioned to accelerate technologies agricultural biologicals our leadership Q1 2022 UPDATE & BUSINESS REVIEW We have just announced another We are in t
Slide 15: We believe… (biosecurity)
Property of Ginkgo Bioworks — 15 We believe… 1 2 3 We are piloting new We are improving our We continue to be well biosecurity platform offering in positioned to accelerate technologies agricultural biologicals our leadership Q1 2022 UPDATE & BUSINESS REVIEW We have just announced another strong quar
Slide 16: Building on a strong foundation to establish long-term biosecurity capabilities
Property of Ginkgo Bioworks — 16 Building on a strong foundation to establish long-term biosecurity capabilities Continuing to serve state-funded Building a track record in Launching new pilots across testing programs biosecurity modalities Continuing to support K-12 testing Continuing our collabora
Slide 17: Statewide K-12 testing programs have supported efforts to limit COVID-19 transmission
Property of Ginkgo Bioworks — 17 Statewide K-12 testing programs have supported efforts to limit COVID-19 transmission in schools “The [program] works because it is flexible and scalable. States, school districts, and individual schools can implement testing protocols that meet the specific needs of th
Slide 18: We believe… (agricultural biologicals)
Property of Ginkgo Bioworks — 18 We believe… 1 2 3 We are piloting new We are improving our We continue to be well biosecurity platform offering in positioned to accelerate technologies agricultural biologicals our leadership Q1 2022 UPDATE & BUSINESS REVIEW We are in the process of building out uniq
Slide 19: We operate horizontally across a wide range of end markets
Property of Ginkgo Bioworks — 19 We operate horizontally with over 100 cumulative customer programs across a wide range of end markets CONSUMER & INDUSTRIALS & FOOD & PHARMA & AGRICULTURE TECHNOLOGY ENVIRONMENT NUTRITION BIOTECH Biochemicals Biosynthetic pathways for the production of small molecule
Slide 20: Strategic investments and partnerships build vertical expertise
Property of Ginkgo Bioworks — 20 Strategic investments and partnerships allow us to build the vertical expertise necessary to fully serve diverse end markets CONSUMER & INDUSTRIALS & FOOD & PHARMA & AGRICULTURE TECHNOLOGY ENVIRONMENT NUTRITION BIOTECH Biochemicals Biosynthetic pathways for the produ
Slide 21: Agriculture is the backbone of our lives and the economy
Property of Ginkgo Bioworks — 21 Agriculture is the backbone of our lives and the economy, and its importance continues to grow Massive industries support industrial farming… …enabling agriculture to fuel our most critical needs Approx. Global Market Size FOOD Seed Traits $35B1 FEED Q1 2022 UPDATE &
Slide 22: Nitrogen fertilizer accounts for a large portion of cost and emissions in ag
Property of Ginkgo Bioworks — 22 Nitrogen fertilizer alone accounts for a large portion of cost and emissions in ag The nitrogen-based fertilizer $80B+ market,(1) which accounts for approximately: Q1 2022 UPDATE & BUSINESS REVIEW 5% Of U.S. greenhouse gas emissions(2) 4% Of global natural gas produc
Slide 23: More sustainable agricultural inputs are needed
Property of Ginkgo Bioworks — 23 More sustainable and efficacious agricultural inputs are desperately needed to meet the demands of a changing world Food & Agriculture represent approx. 26% of global GHG emissions 26% Contributors of GHG emissions from the Food & Ag sector: Supply chain, livestock & fi
Slide 24: Bringing products to market requires more than strain engineering
Property of Ginkgo Bioworks — 24 Bringing products to market requires more than strain engineering Industrial Biotechnology Commercialize Foundry Codebase Engineered Strain Fermentation Downstream Purification / Product Formulation Q1 2022 UPDATE & BUSINESS REVIEW Agricultural Biologics Fermentation
Slide 25: Expanding our platform to better serve the ag biologicals market
Property of Ginkgo Bioworks — 25 Expanding our platform to better serve the growing ag biologicals market We believe leveraging combined strengths and continued investment has the potential to enable Ginkgo to develop a world-class, end-to-end development platform and help its partners bring critica
Slide 26: Combined platform provides a flexible and customized solution for partners
Property of Ginkgo Bioworks — 26 The scale and capability set of the combined platform is expected to provide a flexible and customized solution for potential partners based on their capabilities and needs Ginkgo’s Horizontal Platform Potential Partners Access to Ginkgo, Bayer & JoynBio assets Early-
Slide 27: We believe… (market environment)
Property of Ginkgo Bioworks — 27 We believe… 1 2 3 We are piloting new We are improving our We continue to be well biosecurity platform offering in positioned to accelerate technologies agricultural biologicals our leadership Q1 2022 UPDATE & BUSINESS REVIEW The current market environment may be dist
Slide 28: The market certainly hasn't improved since our last quarterly update
Property of Ginkgo Bioworks — 28 The market certainly hasn’t improved since our last quarterly update… “So, if the company is better positioned today than it was a year ago, why is the stock price so much lower than it was a year ago? As the famed investor Benjamin Graham said, “In the short term, t
Slide 29: Ginkgo continues to be uniquely well positioned to scale through a downturn
Property of Ginkgo Bioworks — 29 …but we believe Ginkgo continues to be uniquely well positioned to scale through a downturn ● Strong balance sheet with $1.5 billion in cash ● Strong demand for cell programming across diverse customers ● Deep M&A pipeline across both tuck-in Q1 2022 UPDATE & BUSINES
Slide 30: Let's build the world we want to see
Let’s build the world we want to see
Slide 31: Agenda
Property of Ginkgo Bioworks — 31 Agenda Introduction Jason Kelly, Co-Founder and CEO Q1 2022 Financial Update Mark Dmytruk, CFO Q1 2022 UPDATE & BUSINESS REVIEW Strategic Positioning Jason Kelly, Co-Founder and CEO Q&A Session Moderated by Anna Marie Wagner, SVP Corporate Development
Slide 32: Appendix
APPENDIX
Slide 33: Cell Program Counts
Property of Ginkgo Bioworks — 33 Cell Program Counts Three Months Ended March 31, LTM (1) 2022 2021 2022 New Programs 11 4 38 Current Active Programs 64 44 77 Cumulative Programs 116 78 116 (1) Last Twelve Months Ended March 31, 2022 Q1 2022 UPDATE & BUSINESS REVIEW New Programs: New Programs repres
Slide 34: Adjusted EBITDA Reconciliation (Unaudited)
Property of Ginkgo Bioworks — 34 Adjusted EBITDA Reconciliation (Unaudited) In millions of USD Three Months Ended March 31, 2022 2021 Net loss attributable to Ginkgo Bioworks Holdings, Inc. stockholders $ (590.5) $ (73.6) Interest expense, net 0.4 0.5 Income tax benefit (0.2) (0.2) Depreciation and
Slide 35: Stock-Based Compensation (Unaudited)
Property of Ginkgo Bioworks — 35 Stock-Based Compensation (Unaudited) In millions of USD Three Months Ended March 31, 2022 2021 % YoY Total Stock-Based Compensation 659.0 0.1 NM Amount included in Research and Development expenses: 266.3 0.0 NM Stock-Based Compensation 261.0 0.0 NM Employer Payroll
Slide 36: Foundry Revenue (Unaudited)
Property of Ginkgo Bioworks — 36 Foundry Revenue (Unaudited) In thousands of USD, except percentages Three Months Ended March 31, 2022 % of Total 2021 % of Total Related Parties 13,528 63% 12,660 56% Third Parties 7,960 37% 9,844 44% Foundry Revenue $21,488 100% $22,504 100% Q1 2022 UPDATE & BUSINES
Slide 37: Segment Information (Unaudited)
Property of Ginkgo Bioworks — 37 Segment Information (Unaudited) In millions of USD Three Months Ended March 31, 2022 2021 Revenue: Foundry 21 23 Biosecurity 147 22 Total revenue 168 44 Segment cost of revenue: Biosecurity 85 24 Segment research and development expense: Foundry 47 31 Biosecurity 1 2
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