Press Release Details
Twist Bioscience Reports Third Quarter Fiscal 2019 Financial Results and Highlights Commercial and Operational Progress
-- Revenues Increase 108% over Third Quarter 2018 --
-- Increasing Fiscal 2019 Revenue Guidance to
-- Continued Strength in Synthetic Biology and NGS Businesses --
“We have shipped to more than 1000 synbio and NGS customers in fiscal 2019 and for the third quarter, we reported record orders of
FISCAL 2019 THIRD QUARTER FINANCIAL RESULTS
- Orders: Total orders received for the three months ended
June 30, 2019 were$18.1 million , compared to$10.7 million for the same period of fiscal 2018. - Revenue: Total revenues were
$13.6 million for the three months endedJune 30, 2019 compared to$6.5 million for the same period of fiscal 2018. - Cost of Revenues: Cost of revenues for the three months ended
June 30, 2019 was$11.4 million compared to$7.5 million for the similar period of fiscal 2018. - Research and Development Expenses: Research and development expenses for the three months ended
June 30, 2019 were$9.0 million compared to$5.3 million for the same period of fiscal 2018. - Selling, General and Administrative Expenses: Selling, general and administrative expenses for the three months ended
June 30, 2019 were$21.3 million compared to$11.3 million for the same period of fiscal 2018. - Net Loss: Net loss for the fiscal 2019 third quarter was
$27.9 million , or$0.92 per share, compared to$17.6 million , or$6.18 per share, for the fiscal 2018 third quarter. - Cash Position: As of
June 30, 2019 , the company had$161.8 million in cash, cash equivalents and short term investments.
“We are increasing our fiscal year revenue guidance to
Fiscal Third Quarter 2019 and Recent Highlights
- Continued diversification and growth of synthetic biology revenue
- Introduced long oligonucleotides up to 300 nucleotides for areas of research including CRISPR gene editing, drug development and DNA digital data storage
- Continued conversion of NGS product line customers, having shipped to > 150 customers in the third quarter of fiscal 2019 with 26 customers now in production mode
-
Launched the
Twist Mouse Core Exome Panel , the most comprehensive, up-to-date tool for interrogation of the mouse exome, for the research market - Discovered functional leads against two additional GPCR targets, for a total of three
- Planned design of a silicon chip specific to DNA data storage
- Gained access to Imagene SA’s encapsulation service, further enabling the development of DNA as a digital storage medium
-
Completed a follow on public offering of 4,312,500 shares of common stock resulting in approximately
$84.3 million in net proceeds -
Completed back-end NGS and genes move of manufacturing facilities into
South San Francisco -
Appointed semiconductor and storage expert
Nelson C. Chan to the board of directors
Fiscal 2019 Objectives
SynBio
- Offer customers 5kb genes at disruptive price – Complete
- Introduce Twist Application Programmable Interface (TAPI) for gene ordering - Complete
- Implement and execute new product introductions roadmap – Ongoing
Genomics and Targeted NGS
- Achieve ISO 13485:2016 certification for quality management systems (NGS TE Panels) – Complete; Extension for
South San Francisco facility to be completed early 4QFY19 - Launch e-commerce platform for NGS products in the first half of 2019 - Complete
- Convert pilot NGS customers to full production - Ongoing
- Leverage growth in top line to improve variable and gross margin - Ongoing
-
Launch back-end production in
China for NGS by the end of calendar 2019
Biopharma
- Generate early proof-of-concept data from the GPCR library and antibody optimization software for Twist Biopharma – Complete
- Expand proof-of-concept data packages for the GPCR antibody library and the bio-better programs - Ongoing
- Advance the antibody discovery and optimization programs through non-dilutive collaborations - Ongoing
DNA
- Execute roadmap to increase synthesis density on silicon platform and reduce DNA writing cost for DNA digital data storage - Ongoing
- Pursue non-dilutive funding for the continued development of DNA digital data storage - Ongoing
Financial Guidance
For the full fiscal year 2019, Twist is updating its guidance:
-
Revenue in the range of
$52 million to $53 million -
Net loss in the range of
$102 million to $104 million to reflect our increased investment in our commercial organization to position us for strong growth in 2020. We anticipate approximately$1.0 million in move-related expenses associated with our new facility inSouth San Francisco . We believe the new facility will give us the ability to scale to$200 million in revenue.
Litigation Update
Conference Call Information
The call can be accessed by dialing (866) 688-0947 (domestic) or (409) 217-8781 (international) and refer to the conference ID 27433191. A telephonic replay of the conference call will be available beginning approximately four hours after the call through
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Investor Relations Information
Twist uses the investor relations section on its website as a means of complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor Twist's investor relations website in addition to following Twist's press releases,
Legal Notice Regarding Forward-Looking Statements
This 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, Twist Bioscience’s anticipated fiscal 2019 milestones, conversion of pilot customers, revenue growth across all product categories and geographic regions, validation of Twist’s GPCR and antibody optimization software for Twist Biopharma and delivery on Twist’s mission to improve healthcare and sustainability through synthetic DNA. Such 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 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 could make the products
Twist Bioscience Corporation | ||||||||||
Condensed Consolidated Statements of Operations | ||||||||||
(Unaudited) | ||||||||||
(in thousands, except share and per share data) | ||||||||||
Three months ended June 30, |
Nine months ended June 30, |
|||||||||
2019 |
2018 |
2019 |
2018 |
|||||||
Revenues |
$ |
13,600 |
$6,541 |
$ |
38,648 |
$ |
17,020 |
|||
Operating expenses: | ||||||||||
Cost of revenues |
|
11,394 |
7,503 |
|
35,041 |
|
23,096 |
|||
Research and development |
|
9,007 |
5,268 |
|
25,186 |
|
14,282 |
|||
Selling, general and administrative |
|
21,320 |
11,256 |
|
55,703 |
|
30,497 |
|||
Total operating expenses |
|
41,721 |
24,027 |
|
115,930 |
|
67,875 |
|||
Loss from operations |
|
(28,121) |
(17,486) |
|
(77,282) |
|
(50,855) |
|||
Interest income |
|
804 |
284 |
|
2,243 |
|
590 |
|||
Interest expense |
|
(318) |
(337) |
|
(1,007) |
|
(927) |
|||
Other income (expense), net |
|
(227) |
(14) |
|
(263) |
|
(76) |
|||
Provision for income taxes |
|
(54) |
(71) |
|
(179) |
|
(166) |
|||
Net loss attributable to common stockholders |
$ |
(27,916) |
$(17,624) |
$ |
(76,488) |
$ |
(51,434) |
|||
Net loss per common share, basic and diluted |
$ |
(0.92) |
$(6.18) |
$ |
(2.97) |
$ |
(18.92) |
|||
Weighted average shares used in computing net loss per share attributable to common stockholders—basic and diluted |
|
30,290,150 |
2,849,544 |
|
25,789,794 |
|
2,719,051 |
|||
Twist Bioscience Corporation | ||||||
Condensed Consolidated Balance Sheets | ||||||
(in thousands) | ||||||
June 30, 2019 |
September 30, 2018 |
|||||
(Unaudited) |
(1) |
|||||
Assets | ||||||
Cash and cash equivalents |
$ |
68,212 |
$ |
80,757 |
||
Short-term investments |
|
93,575 |
|
- |
||
Accounts receivable, net |
|
11,697 |
|
5,419 |
||
Inventory |
|
5,496 |
|
6,028 |
||
Prepaid expenses and other current assets |
|
3,642 |
|
3,467 |
||
Total current assets |
|
182,622 |
|
95,671 |
||
Property and equipment, net |
|
19,817 |
|
12,331 |
||
Other non-current assets |
|
4,366 |
|
7,789 |
||
Total assets |
|
206,805 |
|
115,791 |
||
Current liabilities | ||||||
Accounts payable |
$ |
7,835 |
$ |
7,531 |
||
Accrued liabilities |
|
13,599 |
|
7,567 |
||
Current portion of long-term debt |
|
3,333 |
|
2,500 |
||
Other current liabilities |
|
680 |
|
939 |
||
Total current liabilities |
|
25,447 |
|
18,537 |
||
Redeemable convertible preferred stock warrant liability |
|
- |
|
631 |
||
Long-term debt, net of current portion |
|
5,119 |
|
7,218 |
||
Other non-current liabilities |
|
236 |
|
344 |
||
Total liabilities |
|
30,802 |
|
26,730 |
||
Redeemable convertible preferred stock |
|
- |
|
290,483 |
||
Total stockholders’ equity (deficit) |
|
176,003 |
|
(201,422) |
||
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) |
$ |
206,805 |
$ |
115,791 |
||
(1) The condensed balance sheet as of September 30, 2018 has been derived from the audited financial statements at that date included in the Company's Form 10-K filed with the Securities and Exchange Commission dated December 20, 2018. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20190801005930/en/
Source:
Investor Contact:
Argot Partners
Maeve Conneighton
212-600-1902
maeve@argotpartners.com
Media Contact:
Angela Bitting
925- 202-6211
media@twistbioscience.com