Q3 2024 Twist Bioscience Corp Earnings Call Transcript
Key Points
- Twist Bioscience Corp (TWST) reported a record-breaking quarter with a 28% year-over-year revenue increase to $81.5 million.
- The company achieved a gross margin of 43.3%, a significant improvement of approximately 900 basis points from the same period last year.
- Strong performance in the synthetic biology (SynBio) product line, with revenue increasing 27% year-over-year to $33 million.
- NGS revenue grew 31% year-over-year to $43.4 million, driven by clinical customers in liquid biopsy and rare disease spaces.
- The company has a robust cash position with approximately $289.4 million in cash, cash equivalents, and short-term investments.
- Operating expenses for the third quarter were $170.4 million, including a $45 million non-cash impairment charge.
- Biopharma revenue was relatively low at $5.1 million, and the company took a $45 million impairment charge due to a revised long-term growth forecast.
- The company reported an adjusted EBITDA loss of approximately $22 million for the third quarter.
- There is a noted dependency on a few large customers, which could pose a risk if these customers reduce their orders.
- The company faces geopolitical headwinds, particularly in China, which could impact future revenue growth.
Good day, and thank you for standing by. Welcome to Twist Bioscience fiscal 2024 third-quarter financial results conference call. (Operator Instructions) Please note that today's conference is being recorded.
I would now like to turn the conference call over to Angela Bitting, SVP of Corporate Affairs. Please go ahead.
Thank you, operator. Good morning, everyone. I would like to thank all of you for joining us today for Twist Bioscience's conference call to review our fiscal 2024 third quarter financial results and business progress. We issued our financial results release before market and the release is available at our website at www.twistbioscience.com. With me on today's call are Dr. Emily Leproust, CEO and Co-Founder of Twist; and Adam Laponis, CFO of Twist. Dr. Patrick Finn, President and COO of Twist will join us for the Q&A.
Today we will discuss our business progress, financial and operational
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