Twist Bioscience(TWST) - 2024 Q3 - Quarterly Report

Revenue and Growth - Revenue increased by 28% to $81.5 million for the three months ended June 30, 2024, compared to$63.7 million for the same period in 2023[102] - Revenues increased 28% to $228.3 million for the nine months ended June 30, 2024, compared to$178.2 million for the same period in 2023[123] - Revenue from NGS tools reached $43.4 million, accounting for 54$24.9 million, representing 29% of total revenues for the same period[109] - The number of genes shipped rose to approximately 212,000, a 24% increase from approximately 171,000 genes shipped in the three months ended June 30, 2023[113] - The number of customers purchasing products increased to approximately 2,300 in the three months ended June 30, 2024, compared to 2,200 in the same period last year[102] Financial Performance - Gross margin improved to 43.3%, up from 34.4% in the same period last year, reflecting better revenue spread over fixed costs[114][115] - Gross profit increased 46% to $95.1 million for the nine months ended June 30, 2024, compared to$65.2 million for the same period in 2023[124] - Net loss attributable to common stockholders was $85.6 million for the three months ended June 30, 2024, compared to a net loss of$57.4 million for the same period in 2023[105] - The company experienced a net loss of $174.1 million for the nine months ended June 30, 2024, adjusted for non-cash items including depreciation and stock-based compensation[136] - The company has accumulated a net deficit of$1,207.3 million since inception[102] Expenses and Cost Management - Research and development expenses decreased 8% to $22.5 million for the three months ended June 30, 2024, compared to$24.5 million for the same period in 2023[116] - Research and development expenses decreased 16% to $69.7 million for the nine months ended June 30, 2024, compared to$83.1 million for the same period in 2023[125] - Selling, general and administrative expenses increased 23% to $56.8 million for the three months ended June 30, 2024, compared to$46.1 million for the same period in 2023[117] - Selling, general and administrative expenses increased 16% to $165.3 million for the nine months ended June 30, 2024, compared to$142.3 million for the same period in 2023[126] - Cost of revenues increased 18% to $133.1 million for the nine months ended June 30, 2024, compared to$112.9 million for the same period in 2023[124] Cash Flow and Financing - Net cash used in operating activities decreased to $48.8 million for the nine months ended June 30, 2024, down from$121.8 million for the same period in 2023[103] - Net cash provided by financing activities was $3.3 million for the nine months ended June 30, 2024, compared to$0.5 million in the same period of 2023, indicating improved financing activity[138][139] - The company raised a total of $1,333.7 million from public equity offerings and$13.8 million from debt issuances since inception, with cash and cash equivalents of $239.1 million and short-term investments of$50.3 million as of June 30, 2024[133] - Cash flows from investing activities resulted in a net cash outflow of $1.8 million for the nine months ended June 30, 2024, contrasting with a net cash inflow of$52.9 million in the same period of 2023[138] Impairment and Asset Management - Impairment of long-lived assets recognized was $44.9 million for the nine months ended June 30, 2024, compared to$3.6 million for the same period in 2023[129] - The company recorded impairment charges of $44.9 million related to long-lived assets during the nine months ended June 30, 2024, primarily due to lower than forecasted revenues in the Biopharma asset group[143] - The remaining carrying amount of long-lived assets within the Biopharma asset group is approximately$11.6 million after the impairment charge[146] Tax and Commitments - The income tax provision for the nine months ended June 30, 2024, was $(0.7) million, a decrease of 52$(1.4) million in the same period of 2023[131] - The company had $1.1 million in commitments for capital expenditures as of June 30, 2024, indicating ongoing investment in operational capabilities[134] - The company does not have any off-balance sheet arrangements, indicating a straightforward financial structure[140]