-- Record Revenues in Fiscal 2021 of $132.3M;
Increase of 47% over $90.1M in Fiscal 2020 --
-- Growth Driven by Strength in SynBio, NGS,
Biopharma Businesses --
-- Expect Revenue of $183M to $193M for Fiscal
2022 --
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 fourth quarter and full year fiscal
2021 ended September 30, 2021.
“Fiscal 2021 was a transformational year for Twist, as we
delivered significant revenue growth by diversifying and expanding
our customer base in synbio and NGS, as well as introduced new and
innovative products,” said Emily M. Leproust, Ph.D., CEO and
co-founder of Twist Bioscience. “In biopharma, as of the end of
September 2021, we had 34 partners, 41 active and 32 completed
programs, with 35 of those programs having milestone payments
and/or royalties associated with them. In addition, subject to
regulatory approval, we expect to have the first Twist-discovered
antibody in the clinic in 2022 and we also signed an agreement to
acquire Abveris, which will augment our capabilities by adding
animal-based discovery. In data storage, we achieved several
technical milestones and are now preparing for early access launch
with our 1-micron proof-of-concept chip.”
FISCAL 2021 FINANCIAL RESULTS
- Orders: Total orders received for fiscal 2021 were
$159.5 million compared to $116.7 million for fiscal 2020.
- Revenue: Total revenues for fiscal 2021 were $132.3
million compared to $90.1 million for fiscal 2020.
- Cost of Revenues: Cost of revenues for fiscal 2021 was
$80.6 million compared to $61.4 million for fiscal 2020.
- Research and Development Expenses: Research and
development expenses for fiscal 2021 were $69.1 million compared to
$43.0 million for fiscal 2020.
- Selling, General and Administrative Expenses: Selling,
general and administrative expenses for fiscal 2021 were $135.9
million compared to $103.3 million for fiscal 2020.
- Net Loss: Net loss for fiscal 2021 was $152.1 million,
or $3.15 per share, compared to $139.9 million, or $3.57 per share,
for fiscal 2020.
- Cash Position: As of September 30, 2021, the company had
$477.9 million in cash, cash equivalents and short-term
investments.
FISCAL 2021 FOURTH QUARTER FINANCIAL RESULTS
- Orders: Total orders received for the fourth quarter of
fiscal 2021 were $45.2 million, compared to $42.7 million for the
same period of fiscal 2020. The fourth quarter of fiscal 2020
included a single $9 million order.
- Revenue: Total revenues were $38.0 million for the
fourth quarter of fiscal 2021, compared to $32.4 million for the
fourth quarter of fiscal 2020. The fourth quarter of fiscal 2020
included a single $9 million order that was shipped and recognized
as revenue in the quarter.
- Cost of Revenues: Cost of revenues for the fourth
quarter of fiscal 2021 was $22.5 million compared to $17.6 million
for the same period of fiscal 2020.
- Research and Development Expenses: Research and
development expenses for the fourth quarter of fiscal 2021 were
$19.4 million compared to $11.6 million for the same period of
fiscal 2020.
- Selling, General and Administrative Expenses: Selling,
general and administrative expenses for the fourth quarter of
fiscal 2021 were $38.2 million compared to $27.2 million for the
same period of fiscal 2020.
- Net Loss: Net loss for the fourth quarter of fiscal 2021
was $41.2 million, or $0.84 per share, compared to $24.3 million,
or $0.54 per share, for the fourth quarter of fiscal 2020.
"We reported record revenue for both the quarter and the fiscal
year, as well as a gross margin of more than 40% for the quarter
and 39% for the year,” commented Jim Thorburn, CFO of Twist. “We
expect fiscal 2022 to be a year of investment in the biopharma and
data storage areas, as well as ramping up production at the Factory
of the Future to set the stage for escalating growth moving
forward.”
Fiscal Fourth Quarter 2021 and Recent Highlights
SynBio and NGS
- Shipped products to approximately 2,900 customers in fiscal
2021, versus approximately 2,200 in fiscal 2020.
- Shipped more than 372,000 genes during fiscal 2021, compared
with approximately 338,000 in fiscal 2020.
- Launched Exome 2.0, an exome panel designed with thoughtfully
curated content that includes comprehensive coverage of genes
responsible for rare diseases, inherited disorders, and germline
cancers in humans.
- Expanded expert-led Twist Alliance Panel partnerships with
leading scientific institutions. product offering. Twist now offers
expert-curated high quality target enrichment panels, with content
designed by experts from Regeneron Genetics Center (SNP Diversity
Panel), the Broad Institute (Clinical Research Exome), Victoria
Clinical Genomics Services and AnchorDx (Pan-cancer
MethylationPanel). A suite of products in rare disease from
Centogene is in process and will be available soon.
- Continued our commitment to scientists working to understand
the spread and evolution of SARS-CoV-2 by launching Twist Synthetic
SARS-CoV-2 RNA Controls for variants of concern Delta Plus AY.1 and
AY.2, as well as variants under monitoring including Iota &
Epsilon.
BioPharma and DNA Data Storage
- Announced a definitive agreement to acquire Abveris (formerly
known as AbX Biologics, Inc.), a privately held company in vivo
antibody discovery services company developing the next generation
of biologics, cell therapies, vaccines, and diagnostics in
partnership with global biopharma leaders. Abveris offers
comprehensive antibody discovery and characterization services
using its proprietary DiversimAb™ family of hyperimmune mouse
models, the output of which can be humanized using the Twist
antibody optimization solution to develop superior biologics for
rapid clinical advancement.
- Launched Revelar Biotherapeutics, Inc., an independently
operated new biotechnology company in which Twist retained a
significant minority ownership interest, to develop and
commercialize an antibody that neutralizes all known variants of
concern of the SARS-CoV-2 virus, discovered and optimized by Twist
Biopharma, a division of Twist Bioscience. In addition, Revelar
will have the ability to leverage Twist Biopharma’s antibody
discovery and optimization platform to license additional
antibodies for up to five targets over the next four years.
- Reported data on an internally discovered antibody candidate
that, in pseudovirus assays demonstrated a potent ability to bind
to diverse SARS-CoV-2 variant mutations, including strains with the
E484K, N501Y, D614G, Y453F and K417N mutations, indicating this
therapeutic antibody may be effective in treating many strains of
COVID-19. The data were published in Science.
- Signed a broad-based research collaboration with Boehringer
Ingelheim International GmbH to use Twist’s proprietary antibody
libraries to discover therapeutic antibodies against multiple
targets provided by Boehringer Ingelheim.
- Expanded our agreement with Invetx to include discovery of
best-in-class antibodies to treat multiple diseases in cats and
dogs.
- Announced a collaboration with Adicet Bio, Inc. to accelerate
the discovery of gamma delta T cell therapies against five
undisclosed targets.
- Announced a collaboration with deepCDR Biologics, a private
company focused on applying deep learning algorithms to antibody
discovery and optimization.
- Achieved a significant milestone in the Intelligence Advanced
Research Projects Activity’s (IARPA) Molecular Information Storage
(MIST). Twist demonstrated the ability to synthesize a select set
of DNA sequences in less than one day on a silicon chip designed
for DNA data storage with silicon sites spaced 1 micron apart.
Corporate
- Hired Steffen Hellmold as SVP, business development for DNA
data storage.
- Appointed Dennis Cho as general counsel and chief ethics and
compliance officer.
Fiscal 2022 Financial Guidance
The following statements are based on Twist’s current
expectations for fiscal 2022. The following statements are
forward-looking, and actual results could differ materially
depending on market conditions and the factors set forth under
“Forward-Looking Statements” below. Twist does not plan to update,
nor does it undertake any obligation to update, this outlook in the
future.
For the full fiscal year 2022, Twist provided the following
financial guidance:
- Revenue is expected in the range of $173 million to $181
million without Abveris and $183 million to $193 million assuming
the close of the acquisition of Abveris in the first quarter of
fiscal 2022
- Synbio revenue including Ginkgo Bioworks is expected to be in
the range of $67 to $70 million
- NGS revenue is estimated to be in the range of $94 to $96
million
- Biopharma revenue is estimated to be approximately $22 to $27
million, including Abveris
- Gross margin is expected to be between 35% and 37% for fiscal
2022 which reflects the impact of costs associated with ramping our
Wilsonville “Factory of the Future” facility comes online;
excluding these costs, gross margin would be 42% to 44%
- Operating expenses including R&D and SG&A are expected
to be $315 million for the year
- Net loss is expected to be approximately $250 million to
reflect increased investments in our commercial organization and
research and development activities
- R&D is expected to be approximately $130 million
- Stock-based compensation is expected to be approximately $47
million
- Depreciation is expected to be $13 million
- Capital expenditures are expected to be $80-$90 million,
including build out of the “Factory of the Future”
Fiscal 2022 First Quarter Financial Guidance
For the first quarter of fiscal 2022, Twist provided the
following financial guidance:
- Revenue is expected in the range of $37 million to $39
million
Conference Call Information
The company plans to hold a conference call and live audio
webcast for analysts and investors today at 8:00 a.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 4608297. A telephonic replay of the conference
call will be available beginning approximately four hours after the
call through November 29, 2021 and may be accessed by dialing (855)
859-2056 (domestic) or (404) 537-3406 (international). The replay
conference ID is 4608297. The webcast replay will be available for
two weeks. 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
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, statements under the
headings “Fiscal 2022 Financial Guidance” and “Fiscal 2022 First
Quarter Financial Guidance,” the potential capability of the first
Twist-discovered antibody to treat strains of COVID-19 and the
timing for the antibody to be in clinical trials, expectations with
respect to the commercial introduction of data storage on DNA,
future growth and expansion plans and Twist’s other expectations
regarding its future operations plans and financial performance,
statements regarding the timing of the closing of Abveris
acquisition and the expected impact of the Abveris acquisition, the
impact of the COVID-19 pandemic on Twist’s future financial
performance, 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 that could make the products Twist is developing obsolete
or non-competitive; uncertainties of the retention of significant
customers; the potential impact on the business of Abveris due to
uncertainties in connection with the acquisition; the retention of
employees of acquired companies and the ability of Twist to
successfully integrate acquired companies and to achieve expected
benefits; supply chain and other disruptions caused by the COVID-19
pandemic or otherwise; Revelar’s ability to obtain and maintain
necessary regulatory approvals, complete clinical site initiation,
and finalize clinical trial agreements; 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 November 27, 2020 and
subsequent filings with the SEC. Additional risk factors may be
described in the “Risk Factors” section of Twist’s Annual Report on
Form 10-K to be filed with the SEC on or about November 22, 2021.
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 September
30,
Twelve months ended September
30,
2021
2020
2021
2020
Revenues
$
37,951
$
32,432
$
132,333
$
90,100
Operating expenses:
Cost of revenues
22,497
17,578
80,620
61,406
Research and development
19,443
11,636
69,072
43,006
Selling, general and administrative
38,243
27,185
135,901
103,267
Change in fair value of contingent consideration and indemnity
holdback
(2,421)
-
(534)
-
Litigation settlement
-
-
-
22,500
Total operating expenses
$
77,762
$
56,399
$
285,059
$
230,179
Loss from operations
$
(39,811)
$
(23,967)
$
(152,726)
$
(140,079)
Interest income
58
112
435
1,499
Interest expense
(83)
(143)
(367)
(787)
Other income (expense), net
(1,064)
(57)
(1,370)
(182)
Benefit from (provision for) income taxes
(340)
(263)
1,930
(382)
Net loss attributable to common stockholders
$
(41,240)
$
(24,318)
$
(152,098)
$
(139,931)
Net loss per common share, basic and diluted
$
(0.84)
$
(0.54)
$
(3.15)
$
(3.57)
Weighted average shares used in computing net loss per share
attributable to common stockholders—basic and diluted
49,350
44,778
48,251
39,190
Twist Bioscience Corporation Condensed Consolidated
Balance Sheets (unaudited) (in thousands)
September 30, 2021
September 30, 2020
Assets
Cash and cash equivalents
$
465,829
$
93,667
Short-term investments
12,034
196,335
Accounts receivable, net
28,549
26,376
Inventories
31,800
12,289
Prepaid expenses and other current assets
8,283
6,203
Total current assets
546,495
334,870
Property and equipment, net
44,122
25,466
Operating lease right-of-use assets
61,580
33,699
Other non-current assets
49,900
4,847
Total assets
$
702,097
$
398,882
Current liabilities
Accounts payable
$
14,900
$
4,830
Accrued liabilities
28,764
18,846
Current portion of long-term debt
1,552
3,333
Current portion of operating lease liabilities
8,213
6,409
Other current liabilities
9,623
2,611
Total current liabilities
63,052
36,029
Operating lease liabilities, net of current portion
53,156
24,837
Long-term debt, net of current portion
-
1,403
Other non-current liabilities
5,068
351
Total liabilities
121,276
62,620
Total stockholders' equity
$
580,821
$
336,262
Total liabilities and stockholders’ equity
$
702,097
$
398,882
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211122005894/en/
Angela Bitting 925- 202-6211 abitting@twistbioscience.com
Twist Bioscience (NASDAQ:TWST)
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