Full Press Release Details
Twist Bioscience Reports Second Quarter 2022
-- Record revenue of $48.1M in 2QFY22; Increase
of 54% over $31.2M in Fiscal 2021 -
-- Orders Increased 32% in 2QFY22 over Fiscal 2021
SOUTH SAN FRANCISCO, Calif. -- (May
5, 2022) - 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 second quarter of fiscal 2022 ended March 31, 2022.
"We're building momentum through the first half of fiscal
2022, with another consecutive quarter of record revenue and orders," said Emily M. Leproust, Ph.D., CEO and co-founder of Twist
Bioscience. "We continued to deliver a wide range of products to our customers through the Omicron surge, while bolstering our balance
sheet to reduce downside risk in this unpredictable market."
"Twist Biopharma added 5 new partnerships and 15 programs, with
Twist Boston (Abveris) actively working on 81 programs today. For data storage, we are building important relationships with key industry
associations and are debugging our integrated CMOS chip for production capacity now, both critical for the introduction of our storage
solutions," continued Dr. Leproust.
"We remain committed to managing our cash burn in our drive
toward adjusted EBITDA break even for the core business, which we expect to occur when we reach $300 million in revenue for synbio and
NGS," added Jim Thorburn, CFO of Twist.
FISCAL 2022 SECOND QUARTER FINANCIAL RESULTS
BioPharma and DNA Data Storage
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
Conference Call Information
The company plans to hold a conference call and live audio
webcast for analysts and investors at 4:30 p.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 7377195. A telephonic replay of the conference call will be available beginning approximately four hours after
the call through May 12, 2022 and may be accessed by dialing (855) 859-2056 (domestic) or (404) 537-3406 (international). The
replay conference ID is 7377195. 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.
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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Notice Regarding Forward-Looking Statements
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 heading "Updated Fiscal 2022 Financial Guidance"
on future growth and expansion plans, estimated EBITDA break-even point and Twist Bioscience's other expectations regarding its
future operations plans and financial performance, introduction of new products, and newly announced partnerships. Forward-looking statements
involve known and unknown risks, uncertainties, and other important factors that may cause Twist Bioscience'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 Bioscience is developing obsolete or non-competitive;
uncertainties of the retention of significant customers; the ability of Twist Bioscience 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 Bioscience's
patents or proprietary rights; and the risk that Twist Bioscience's proprietary rights may be insufficient to protect its technologies.
For a 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 Bioscience's business in general, see Twist Bioscience's risk factors set
forth in Twist Bioscience's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on February 9, 2022
and subsequent filings with the SEC. 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 as a result of new information,
future events or otherwise.
Twist Bioscience Corporation
Consolidated Statements of Operations
| Three months ended March 31, | Six months ended March 31, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Revenues | $ | 48,127 | $ | 31,204 | $ | 90,145 | $ | 59,364 | ||||||||
| Operating expenses: | ||||||||||||||||
| Cost of revenues | 29,714 | 19,028 | 56,770 | 37,190 | ||||||||||||
| Research and development | 31,231 | 15,791 | 53,861 | 29,791 | ||||||||||||
| Selling, general and administrative | 53,998 | 34,389 | 105,096 | 63,181 | ||||||||||||
| Change in fair value of contingent consideration and indemnity holdback | (6,014 | ) | - | (8,840 | ) | - | ||||||||||
| Total operating expenses | $ | 108,929 | $ | 69,208 | $ | 206,887 | $ | 130,162 | ||||||||
| Loss from operations | $ | (60,802 | ) | $ | (38,004 | ) | $ | (116,742 | ) | $ | (70,798 | ) | ||||
| Interest income | 259 | 157 | 412 | 291 | ||||||||||||
| Interest expense | (29 | ) | (95 | ) | (54 | ) | (213 | ) | ||||||||
| Other income (expense), net | (245 | ) | 84 | (401 | ) | 8 | ||||||||||
| Provision for income taxes | 149 | (61 | ) | 10,554 | (107 | ) | ||||||||||
| Net loss attributable to common stockholders | $ | (60,668 | ) | $ | (37,919 | ) | $ | (106,231 | ) | $ | (70,819 | ) | ||||
| Net loss per common share, basic and diluted | $ | (1.13 | ) | $ | (0.78 | ) | $ | (2.06 | ) | $ | (1.50 | ) | ||||
| Weighted average shares used in computing net loss per share attributable to common stockholders-basic and diluted | 53,472 | 48,709 | 51,673 | 47,340 |
Twist Bioscience Corporation
Condensed Consolidated Balance Sheets
| March 31, 2022 | September 30, 2021 | |||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 407,627 | $ | 465,829 | ||||
| Short-term investments | 166,231 | 12,034 | ||||||
| Accounts receivable, net | 34,877 | 28,549 | ||||||
| Inventories | 44,591 | 31,800 | ||||||
| Prepaid expenses and other current assets | 11,049 | 8,283 | ||||||
| Total current assets | 664,375 | 546,495 | ||||||
| Long-term investment | 30,587 | - | ||||||
| Property and equipment, net | 91,814 | 44,122 | ||||||
| Operating lease right-of-use assets | 78,215 | 61,580 | ||||||
| Goodwill | 85,678 | 22,434 | ||||||
| Intangible assets, net | 62,493 | 18,262 | ||||||
| Restricted cash, non-current | 1,572 | 1,530 | ||||||
| Other non-current assets | 6,902 | 7,674 | ||||||
| Total assets | $ | 1,021,636 | $ | 702,097 | ||||
| Current liabilities | ||||||||
| Accounts payable | $ | 16,815 | $ | 14,900 | ||||
| Accrued liabilities | 15,942 | 6,437 | ||||||
| Accrued compensation | 21,686 | 22,327 | ||||||
| Current portion of operating lease liabilities | 14,166 | 8,213 | ||||||
| Current portion of long-term debt | - | 1,552 | ||||||
| Other current liabilities | 16,023 | 9,623 | ||||||
| Total current liabilities | 84,632 | 63,052 | ||||||
| Operating lease liabilities, net of current portion | 65,496 | 53,156 | ||||||
| Other non-current liabilities | 8,147 | 5,068 | ||||||
| Total liabilities | 158,275 | 121,276 | ||||||
| Total stockholders' equity | $ | 863,361 | $ | 580,821 | ||||
| Total liabilities and stockholders' equity | $ | 1,021,636 | $ | 702,097 |