On August 2, 2024, Twist Bioscience Corp (TWST, Financial) released its 8-K filing reporting financial results for the third quarter of fiscal 2024, which ended on June 30, 2024. Twist Bioscience Corp is a synthetic biology company that develops a disruptive DNA synthesis platform to industrialize the engineering of biology. The company's platform utilizes a proprietary semiconductor-based synthetic DNA manufacturing process, enabling the production of high-quality synthetic DNA faster and more affordably.
Performance Overview
Twist Bioscience Corp (TWST, Financial) reported record revenue of $81.5 million for Q3 FY2024, a 28% increase from $63.7 million in Q3 FY2023. This performance surpassed the analyst estimate of $77.40 million. The company also reported a significant improvement in gross margin, which increased to 43.3% from 34.4% in the same period last year.
Key Financial Achievements
Twist Bioscience Corp (TWST, Financial) achieved several notable financial milestones in Q3 FY2024:
- Revenue Growth: Total revenue grew to $81.5 million, driven by strong performance in the SynBio and NGS product lines. SynBio revenue increased to $33.0 million from $25.9 million, while NGS revenue grew to $43.4 million from $33.2 million.
- Gross Margin Improvement: Gross margin improved by approximately 900 basis points to 43.3%, reflecting the company's efforts to enhance operational efficiency.
- Adjusted EBITDA: Adjusted EBITDA for the quarter was $(22.0) million, an improvement from $(29.6) million in Q3 FY2023.
Income Statement Highlights
| Metric | Q3 FY2024 | Q3 FY2023 |
|---|---|---|
| Revenue | $81.5 million | $63.7 million |
| Cost of Revenues | $46.2 million | $41.8 million |
| Gross Margin | 43.3% | 34.4% |
| Net Loss | $(85.6) million | $(57.4) million |
Balance Sheet and Cash Flow
As of June 30, 2024, Twist Bioscience Corp (TWST, Financial) had $289.4 million in cash, cash equivalents, and short-term investments, a slight reduction from $293 million as of March 31, 2024. The company's total assets stood at $638.1 million, with total liabilities of $147.0 million and total stockholders' equity of $491.1 million.
Recent Highlights and Future Outlook
Twist Bioscience Corp (TWST, Financial) shipped products to approximately 2,300 customers in Q3 FY2024, up from 2,200 customers in Q3 FY2023. The company also launched several new products, including Twist Multiplexed Gene Fragments and Twist Express Antibodies, CHO.
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.
For the full fiscal year 2024, Twist Bioscience Corp (TWST, Financial) has updated its revenue guidance to approximately $310 million to $311 million, indicating a year-over-year growth of approximately 27%. The company expects a gross margin of approximately 42.0% for fiscal 2024.
For more detailed financial information, please refer to the full 8-K filing.
Explore the complete 8-K earnings release (here) from Twist Bioscience Corp for further details.
