Press Release Details
Twist Bioscience Reports Third Quarter Fiscal 2020 Financial Results
– Strong Third Quarter Fiscal 2020 Revenues of
“We posted a strong quarter of revenue growth for both synthetic biology and next generation sequencing (NGS) along with solid orders and a robust pipeline of opportunities across our silicon-based technology platform,” said Emily M. Leproust, Ph.D., CEO and co-founder of
FISCAL 2020 THIRD QUARTER FINANCIAL RESULTS
-
Orders: Total orders received for the third quarter of fiscal 2020 were
$24.7 million , compared to$18.1 million for the same period of fiscal 2019. -
Revenue: Total revenues were
$21.2 million for the third quarter of fiscal 2020 compared to$13.6 million for the same period of fiscal 2019. -
Cost of Revenues: Cost of revenues for the third quarter of fiscal 2020 was
$16.5 million compared to$11.4 million for the same period of fiscal 2019. -
Research and Development Expenses: Research and development expenses for the third quarter of fiscal 2020 were
$10.4 million compared to$9.0 million for the same period of fiscal 2019. -
Selling, General and Administrative Expenses: Selling, general and administrative expenses for the third quarter of fiscal 2020 were
$22.5 million compared to$21.3 million for the same period of fiscal 2019. -
Net Loss: Net loss for the third quarter of fiscal 2020 was
$28.2 million , or$0.67 per share, compared to$27.9 million , or$0.92 per share, for the third quarter of fiscal 2019. -
Cash Position: As of
June 30, 2020 , the company had$311.8 million in cash, cash equivalents and short term investments.
"During the fiscal third quarter of 2020, we delivered another quarter of sequential growth and we continued to prove out our platform, tapping into new revenue opportunities,” commented
Fiscal Third Quarter 2020 and Recent Highlights
- Shipped products to 1,377 customers in the third quarter of fiscal 2020, versus 834 in the same period of fiscal 2019.
-
Continued to support customers in the fight against COVID-19 including
Vanderbilt University Medical Center (VUMC), who published positive preclinical results using potently neutralizing antibodies as a potential therapy to prevent and treat COVID-19. -
Expanded infectious disease product line with the addition of:
-
The
Twist Respiratory Virus Research Panel , a robust next-generation sequencing (NGS) approach to detecting a wide range of respiratory diseases including SARS-CoV-2, the virus that causes COVID-19, several other coronaviruses, influenzas, rhinoviruses and respiratory syncytial virus. - Synthetic controls for the environmental testing, assay development, verification, and ongoing validation of diagnostic tests for a broad range of common respiratory diseases including SARS-CoV-2.
-
The
-
Announced a partnership with Takeda Pharmaceutical Company Limited (
Takeda ) for access to Twist Biopharma’s proprietary phage display libraries for the discovery, validation and optimization of antibodies in Takeda’s pipeline of biologics for oncology, rare diseases, neuroscience and gastroenterology. - Announced an agreement with Invetx, a pioneer in protein-based therapeutics for animal health, for the engineering and optimization of novel antibodies for the treatment of serious diseases in dogs and cats.
- Announced a partnership with Seismic Bio for the discovery and optimization of antibodies to high-value immuno-oncology targets.
-
In fiscal 2020, have signed nine revenue-generating partnership related to Twist Biopharma, a division of
Twist Bioscience ; six of the partnerships include milestones and/or royalties. -
Launched two new SARS-CoV-2 antibody panels: the Twist anti-
SARS-CoV-2 S1 Antibody Panel and the Twist Human anti-ACE2 Antibody Panel , to expedite research for COVID-19. - Advanced our DNA data storage technology, setting the stage for commercialization of a platform that we expect will be cost competitive with current commercial data storage methods.
-
Completed an offering of approximately 3.48 million shares of our common stock at a price of
$33.00 per share raising approximately$107.5 million in proceeds, net of estimated offering expenses. -
Appointed
Erin Smith as senior vice president of government affairs and public policy.
COVID-19 Considerations
During the three months ended
Conference Call Information
The company plans to hold a conference call and live audio webcast for analysts and investors today at
Given the circumstances globally, it is recommended to dial-in at most 15 to 20 minutes prior to the call start to reduce waiting times. If a participant will be listen-only, they are encouraged to listen via the webcast on Twist’s investor page.
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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’s expectations regarding its future financial performance, the impact of the COVID-19 pandemic on Twist’s future financial performance, Twist’s ability to address the challenges posed by the business and economic impacts of COVID-19 pandemic, diversification and revenue growth across all product categories, introduction of new products, the use of our products by the healthcare sectors for the potential detection and treatment of diseases, and expectations regarding newly announced partnerships. Such forward-looking statements involve known and unknown risks, uncertainties, and other important factors that may cause Twist’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 could make the products Twist is developing obsolete or non-competitive; uncertainties of the retention of a significant customer; 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’s patents or proprietary rights; and the risk that Twist’s proprietary rights may be insufficient to protect its technologies. For a further 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’s business in general, see Twist’s risk factors set forth in Twist’s Annual Report on Form 10-K filed with the
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||||||||||||||||
Condensed Consolidated Statements of Operations |
||||||||||||||||
(Unaudited) |
||||||||||||||||
(in thousands) |
||||||||||||||||
Three months ended |
Nine months ended |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Revenues |
$ |
21,207 |
|
$ |
13,600 |
|
$ |
57,668 |
|
$ |
38,648 |
|
||||
Operating expenses: |
|
|
|
|
||||||||||||
Cost of revenues |
16,472 |
|
11,394 |
43,829 |
35,041 |
|||||||||||
Research and development |
10,444 |
|
9,007 |
31,369 |
25,186 |
|||||||||||
Selling, general and administrative |
22,487 |
|
21,320 |
76,082 |
55,703 |
|||||||||||
Litigation settlement |
- |
|
- |
22,500 |
- |
|||||||||||
Total operating expenses |
$ |
49,403 |
|
$ |
41,721 |
|
$ |
173,780 |
|
$ |
115,930 |
|
||||
Loss from operations |
$ |
(28,196 |
) |
$ |
(28,121 |
) |
$ |
(116,112 |
) |
$ |
(77,282 |
) |
||||
Interest income |
247 |
|
804 |
|
1,388 |
|
2,243 |
|
||||||||
Interest expense |
(181 |
) |
(318 |
) |
(644 |
) |
(1,007 |
) |
||||||||
Other income (expense), net |
(56 |
) |
(227 |
) |
(125 |
) |
(263 |
) |
||||||||
Provision for income taxes |
(21 |
) |
(54 |
) |
(120 |
) |
(179 |
) |
||||||||
Net loss attributable to common stockholders |
$ |
(28,207 |
) |
$ |
(27,916 |
) |
$ |
(115,613 |
) |
$ |
(76,488 |
) |
||||
Net loss per common share, basic and diluted |
$ |
(0.67 |
) |
$ |
(0.92 |
) |
$ |
(3.09 |
) |
$ |
(2.97 |
) |
||||
Weighted average shares used in computing net loss per share attributable to common stockholders—basic and diluted |
41,838,498 |
|
|
|
30,290,150 |
|
|
|
37,462,929 |
|
|
|
25,789,794 |
Condensed Consolidated Balance Sheets | ||||||
(unaudited) | ||||||
(in thousands) | ||||||
Assets | ||||||
Cash and cash equivalents |
$ |
207,853 |
|
$ |
46,735 |
|
Short-term investments |
|
103,906 |
|
|
91,372 |
|
Accounts receivable, net |
|
13,347 |
|
|
12,104 |
|
Inventory |
|
13,161 |
|
|
7,330 |
|
Prepaid expenses and other current assets |
|
6,311 |
|
|
2,594 |
|
Total current assets |
|
344,578 |
|
|
160,135 |
|
Property and equipment, net |
|
23,870 |
|
|
20,835 |
|
Operating lease right-of-use assets |
|
35,064 |
|
|
- |
|
Other non-current assets |
|
4,728 |
|
|
6,024 |
|
Total assets |
$ |
408,240 |
|
$ |
186,994 |
|
Current liabilities |
|
|
|
|||
Accounts payable |
$ |
5,973 |
|
$ |
9,760 |
|
Accrued liabilities |
|
14,029 |
|
|
16,444 |
|
Current portion of operating lease liabilities |
|
6,669 |
|
|
- |
|
Current portion of long-term debt |
|
3,333 |
|
|
3,333 |
|
Other current liabilities |
|
1,373 |
|
|
817 |
|
Total current liabilities |
|
31,377 |
|
|
30,354 |
|
Operating lease liabilities, net of current portion |
|
25,747 |
|
|
- |
|
Long-term debt, net of current portion |
|
2,170 |
|
|
4,400 |
|
Other non-current liabilities |
|
- |
|
|
158 |
|
Total liabilities |
|
59,294 |
|
|
34,912 |
|
Redeemable convertible preferred stock |
|
- |
|
|
- |
|
Total stockholders’ equity (deficit) |
$ |
348,946 |
|
$ |
152,082 |
|
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) |
$ |
408,240 |
|
$ |
186,994 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20200806005876/en/
Investor Contact:
212-600-1902
maeve@argotpartners.com
Media Contact:
925-202-6211
media@twistbioscience.com
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