– Strong Third Quarter Fiscal 2020 Revenues of
$21.2M; Increase of 56% over Third Quarter Fiscal 2019 –
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 third quarter of fiscal 2020, ended
June 30, 2020.
“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 Twist Bioscience. “Our disruptive platform
combined with our unique business model continues to enable us to
expand our footprint among our existing markets, extend our reach
through biopharma partnerships and concurrently respond to pressing
market needs including demand for COVID-19 related products.”
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 Jim
Thorburn, CFO of Twist. “We expanded our customer base, booked
solid orders and concluded a successful financing, ending the
quarter with $311.8 million in cash and short-term investments,
well positioned to deliver growth in this challenging
environment.”
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.
- 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 June 30, 2020, financial results
of the Company were not significantly affected by the COVID-19
outbreak. However, the extent to which the COVID-19 outbreak
affects Twist’s future financial results and operations is subject
to a high degree of uncertainty and will depend on future
developments, including the duration, spread and treatment of the
outbreak domestically and abroad.
Conference Call Information
The company plans to hold a conference call and live audio
webcast for analysts and investors today at 4:30 p.m. Eastern Time
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 4462599. A telephonic replay of the conference
call will be available beginning approximately four hours after the
call through August 13, 2020 and may be accessed by dialing (855)
859-2056 (domestic) or (404) 537-3406 (international). The replay
conference ID is 4462599. The webcast replay will be available for
two weeks.
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.
About Twist Bioscience Corporation
Twist 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.
Follow us on Twitter | Facebook | LinkedIn | YouTube
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,
SEC filings, and public conference calls and webcasts.
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 Securities and Exchange Commission (SEC) on December 13,
2019 and subsequent filings with the SEC. Additional risk factors
may be described in the “Risk Factors” section of Twist’s Quarterly
Report on Form 10-Q to be filed with the SEC on or about August 7,
2020. In addition, many of the foregoing risks and uncertainties
are, and could be, exacerbated by the COVID-19 pandemic and any
worsening of global or regional business and economic environment
as a result. We cannot at this time predict the extent of the
impact of the COVID-19 pandemic and any resulting business or
economic impact, but it could have a material adverse effect on our
business, financial condition, results of operations and cash
flows. 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
Condensed Consolidated
Statements of Operations
(Unaudited)
(in thousands)
Three months ended June 30, Nine months ended June
30,
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
Twist Bioscience Corporation Condensed Consolidated
Balance Sheets (unaudited) (in thousands)
June 30, 2020 September 30, 2019 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: Argot Partners Maeve Conneighton 212-600-1902
maeve@argotpartners.com
Media Contact: Angela Bitting 925-202-6211
media@twistbioscience.com
Twist Bioscience (NASDAQ:TWST)
Historical Stock Chart
From Jun 2024 to Jul 2024
Twist Bioscience (NASDAQ:TWST)
Historical Stock Chart
From Jul 2023 to Jul 2024