Financial Performance - The company incurred net losses of $204.6 million, $208.7 million, and $77.7 million for the years ended September 30, 2023, 2024, and 2025, respectively, with an accumulated deficit of $1,319.6 million as of September 30, 2025[117]. - The company has incurred limited revenue from product sales to date and expects increasing costs as it grows, which may hinder its ability to achieve profitability[117]. - The company anticipates net losses and negative operating cash flows for the near future, indicating a potential need for additional financing[186]. - Future capital requirements will depend on the development of new products and manufacturing processes, as well as the costs associated with these initiatives[187]. - Increased operating costs have been experienced, attributed to inflation, but the company does not believe inflation has materially affected its financial condition[160]. Revenue Generation - The company relies heavily on its synthetic DNA products, which have generated substantially all of its revenue to date, and aims to strengthen its synthetic biology and NGS product groups while diversifying into other sectors[126]. - The company must attract new customers and retain existing ones to grow its business, particularly in the synthetic DNA and NGS tool markets, where it currently generates significant revenue from liquid biopsy applications[131]. - 42% of the company's revenue for the fiscal year ended September 30, 2025, was generated from international customers, up from 40% in both 2024 and 2023[195]. - Customer spending on research and development is subject to significant variation, impacting demand for the company's products[144]. - The company does not have long-term contracts with customers, making revenue predictions challenging and exposing it to potential order reductions[147]. Competition and Market Risks - The company faces significant competition from established players in the synthetic biology and life sciences tools industries, which may lead to pricing pressures and impact its market share[130]. - Pricing pressures may arise, and if the company cannot pass on cost increases to customers, it could adversely affect its financial position and results[169]. - The company faces significant risks from geopolitical tensions, including new U.S. tariffs that could increase production costs and disrupt supply chains[143]. - Changes in currency exchange rates may negatively impact revenue from international customers, making products more expensive and affecting competitiveness[196]. - The company faces operational and financial risks when expanding into international markets, including longer payment cycles and difficulties in collecting accounts receivable[195]. Supply Chain and Operational Risks - The company is dependent on a single-source supplier for a critical component in its DNA synthesis process, and any disruption could adversely affect its operations[113]. - The company relies on a single-source supplier for a critical component in its DNA synthesis process, which could lead to operational delays if supply is interrupted[148]. - There is a need for the single-source supplier to increase manufacturing capacity to meet anticipated market demand, which may require significant investment and could face challenges[153]. - Existing suppliers may not meet increasing demand as the company grows, necessitating the search for additional suppliers, which could lead to delays and added costs[155]. - The company has stable relationships with suppliers, but any deterioration could lead to production capacity shortages and inability to fulfill customer demand[157]. Intellectual Property and Compliance - The company’s ability to protect its intellectual property is uncertain, and failure to do so could allow competitors to replicate its products[113]. - The company may not be able to protect its intellectual property rights effectively in all jurisdictions, which could adversely affect its competitive position[216]. - The company faces challenges in enforcing its patents and intellectual property rights in countries like China and India, which may lead to significant costs and risks of invalidation[217]. - The company may incur substantial costs and management distraction from litigation related to patent enforcement and intellectual property rights[222]. - The company is subject to data privacy and protection laws, which could lead to significant consequences such as business interruption and regulatory fines if noncompliance occurs[175]. Management and Governance - The company is highly dependent on its senior management and key personnel, with potential risks associated with losing these individuals[161]. - Strategic transactions, including acquisitions, may disrupt the business and could lead to dilution of stockholder value[165]. - The company has experienced at least one ownership change in the past, which may limit the use of net operating loss carryforwards to offset future taxable income[197]. - Compliance with public company regulations has increased legal and financial costs, requiring significant management attention[205]. - The company is required to advance expenses to directors and officers in connection with defending proceedings, with certain limitations on indemnification[267]. Technology and Innovation - The integration of AI and machine learning into operations presents both opportunities and risks, including compliance and reputational challenges[142]. - The company must continually innovate to remain competitive in the rapidly changing synthetic biology industry[139]. - The company introduced IVDR-compliant Precision Dx products for whole exome sequencing in February 2024 to meet EU regulatory requirements[179]. - The company may need to obtain CLIA certification in the future, which could divert management's attention and disrupt core operations[180]. - The complexity of licensing agreements may lead to disputes over royalty obligations, which could impact the company's ability to market its products[239]. Financial Position and Stock Market - The company has never declared or paid dividends on its common stock and does not intend to do so in the foreseeable future, relying on stock price appreciation for investor gains[241]. - The market price of the company's common stock is likely to be volatile, influenced by various factors including economic conditions and competition[250]. - The company has experienced fluctuations in its quarterly and annual operating results, which may continue to affect stock value[254]. - Future sales and issuances of common stock could result in dilution of existing stockholders' ownership and potentially lower stock prices[265]. - The company’s operating results may differ significantly from its guidance, which is based on management's estimates and assumptions[259]. ESG and Regulatory Compliance - Increasing scrutiny around ESG practices may impose additional costs and expose the company to reputational risks, affecting investment strategies[268]. - Regulatory authorities are imposing mandatory disclosure requirements related to ESG matters, which could adversely impact the company's business if not adequately addressed[269]. - Enhancements to processes and controls for evolving ESG reporting standards may incur significant costs and require additional resources[269]. - Companies perceived as not responding appropriately to evolving ESG expectations may suffer reputational damage, impacting financial condition and stock price[268].

Core Insights - Ark Invest, led by Cathie Wood, has made significant adjustments to its ETF holdings, notably selling approximately $50.2 million worth of Pinterest (PINS) stock, continuing a recent trend of reduction [1] - The decision to sell Pinterest shares is likely linked to the company's recent quarterly performance falling short of expectations and a weak future outlook, particularly due to comments from its CFO regarding a slowdown in North American advertising spending [1] - Ark Invest has reallocated funds by increasing its stake in cryptocurrency infrastructure company Bitmine Immersion Technologies (BMNR) through three different ETFs [1] - Additionally, Ark Invest purchased approximately $5.51 million worth of Twist Bioscience (TWST) stock and about $3 million worth of Beam Therapeutics (BEAM) stock [1]

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Core Insights - Twist Bioscience Corporation is a significant player in the biotech industry, focusing on synthetic DNA-based products and services for various fields, including healthcare and agriculture [1] Financial Performance - For Q4 2025, the company reported an earnings per share (EPS) of -$0.44, which was better than the estimated EPS of -$0.50, but slightly higher than the Zacks Consensus Estimate of a $0.40 loss [2][6] - The revenue for the quarter was approximately $99 million, surpassing the estimated revenue of $97.4 million and marking a significant increase from $84.71 million reported in the same quarter last year [3][6] - Twist Bioscience has consistently exceeded consensus revenue estimates over the past four quarters [3] Valuation Metrics - The company's price-to-earnings (P/E) ratio is approximately -20.42, indicating negative earnings, while the price-to-sales ratio is about 4.21, suggesting investor confidence in the company's revenue potential [4][6] Financial Health - Twist Bioscience maintains a low debt-to-equity ratio of about 0.16 and a current ratio of approximately 3.64, indicating a strong ability to cover short-term liabilities [5]

Core Insights - Twist Bioscience Corporation reported a mixed performance for the fourth quarter, with a loss of 45 cents per share, slightly worse than the consensus estimate of a 43-cent loss, while sales reached $99.01 million, up 17% year over year, exceeding the consensus of $97.32 million [1][2] Financial Performance - The adjusted EBITDA loss for the fourth quarter was $7.8 million, an improvement from a loss of $17 million a year ago [1] - Gross margin for the fourth quarter increased to 51.3%, compared to 45.1% a year ago [2] Customer and Product Metrics - The company shipped products to approximately 3,800 customers in 2025, up from about 3,550 the previous year [2] - Twist shipped approximately 938,000 genes, an increase from approximately 772,000 genes a year ago [2] Future Outlook - For fiscal 2026, Twist Bioscience expects sales between $425 million and $435 million, significantly higher than the consensus of $374.69 million [3] - The guidance includes revenue expectations of approximately $194 million to $199 million from DNA Synthesis and Protein Solutions, and $231 million to $236 million from NGS Applications [3] - Gross margin is anticipated to be above 52% for fiscal 2026 [3] - For the first quarter of 2026, sales are projected to be between $100 million and $101 million, compared to the consensus of $100.34 million [3] Strategic Goals - The company aims to achieve adjusted EBITDA breakeven by the fourth quarter of fiscal 2026, entering a new growth phase [4] - CEO Emily M. Leproust emphasized the goal of maintaining gross margins above 50% and moving towards sustained profitable growth [4] Analyst Perspective - William Blair noted that shares of Twist trade at 3.9 times its calendar 2026 sales target, below the average of 6.3 times for high-growth life science tools peers [5] - Analyst Matt Larew expressed confidence in the long-term revenue growth trajectory, highlighting the company's aggressive investments in multiple markets, which could lead to over 20% growth [5] - The company’s strategy to moderate investments while aiming for adjusted EBITDA breakeven is seen as a positive move [6]

Financial Data and Key Metrics Changes - The company reported a record revenue of $99 million for Q4, representing a 17% year-over-year increase and marking the 11th consecutive quarter of growth [7] - For the full year, revenue reached $376.6 million, a growth of 20% over fiscal 2024 [7][23] - Gross margin for Q4 was 51.3%, and for the full year, it was 50.7%, an increase from 42.6% in fiscal 2024 [7][23] - Adjusted EBITDA loss improved to approximately $7.8 million for Q4 and $46.9 million for the full year, showing significant improvement compared to fiscal 2024 [27][28] Business Line Data and Key Metrics Changes - SynBio revenue for Q4 was $39.5 million, up 17% year-over-year, and for the full year, it increased to $145 million, also a 17% growth [8][23] - NGS revenue for Q4 grew to approximately $53 million, a 16% increase year-over-year, and for the full year, it reached $208.1 million, a growth of 23% [12][24] - Biopharma revenue was $6.4 million for Q4, a 22% increase year-over-year, with full-year revenue at $23.5 million, a growth of 15% [14][24] Market Data and Key Metrics Changes - Revenue from the Americas increased to approximately $57.3 million in Q4, a 9% year-over-year growth, while EMEA revenue rose to $34.6 million, a 35% increase [25] - APAC revenue increased to $7.2 million in Q4, a 9% year-over-year growth [25] - China accounted for approximately 1% of total revenue for fiscal 2025, indicating a relatively small market share [25] Company Strategy and Development Direction - The company aims to achieve adjusted EBITDA breakeven by the end of fiscal 2026, focusing on setting the stage for future growth acceleration [8] - A new product introduction for NGS aimed at minimal residual disease (MRD) is expected to launch commercially in early 2026, enhancing the company's offerings in cancer diagnostics [18][21] - The company plans to combine SynBio and Biopharma revenue reporting under the term DNA Synthesis and Protein Solutions to better reflect its customer base and operational synergies [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential in AI-enabled drug discovery, with significant orders from customers in this area [10][29] - The company anticipates total revenues of $425 million to $435 million for fiscal 2026, reflecting a growth of approximately 13% to 15.5% year-over-year [29] - Management emphasized the importance of staying close to customers to anticipate emerging needs and drive product innovation [32] Other Important Information - The company ended fiscal 2025 with cash, cash equivalents, and short-term investments of approximately $232.4 million [28] - Capital expenditures for fiscal 2025 were $28 million, reflecting investments in growth for the upcoming fiscal year [28] Q&A Session Summary Question: On gross margins and pricing - Management indicated that gross margin expectations are influenced by customer mix and that they expect to maintain a strong margin trajectory moving forward [36][37] Question: NGS growth expectations - Management clarified that NGS growth is expected to rebound to 20% by Q4 2026, with a significant customer ramp anticipated [39][40] Question: Biopharma order sustainability - Management expressed optimism about the sustainability of AI-driven orders and the close ties between Biopharma and SynBio offerings [41][42] Question: Guidance for gross margins - Management expects gross margins to improve throughout fiscal 2026, driven by revenue growth and continuous process improvements [44][45] Question: Market opportunity definition - Management acknowledged the need for clearer market opportunity definitions and metrics to help investors understand growth potential [60][63]

Financial Data and Key Metrics Changes - The company reported a record revenue of $99 million for Q4, representing a 17% year-over-year increase and marking the 11th consecutive quarter of growth [7] - For the full fiscal year 2025, revenue reached $376.6 million, a growth of 20% compared to fiscal 2024 [7][23] - Gross margin for Q4 was 51.3%, and for the full year, it was 50.7%, an increase from 42.6% in fiscal 2024 [7][23] Business Line Data and Key Metrics Changes - Synbio revenue for Q4 was $39.5 million, up 17% year-over-year, and for the full year, it increased to $145 million from $123.5 million in fiscal 2024 [8][23] - NGS revenue for Q4 grew to approximately $53 million, a 16% increase year-over-year, with full-year revenue at $208.1 million, reflecting a 23% growth [12][24] - Biopharma revenue for Q4 was $6.4 million, a 22% increase year-over-year, with full-year revenue at $23.5 million, a 15% growth [14][24] Market Data and Key Metrics Changes - Revenue from the Americas increased to approximately $57.3 million in Q4, a 9% year-over-year growth, while EMEA revenue rose to $34.6 million, a 35% increase [25] - APAC revenue increased to $7.2 million in Q4, a 9% year-over-year growth [25] Company Strategy and Development Direction - The company plans to combine Synbio and Biopharma revenue reporting under the term "DNA synthesis and protein solutions" to better reflect its customer base [16] - A focus on AI-driven drug discovery is expected to drive future growth, with significant orders from customers in this area [10][29] - The introduction of the MRD Express product is aimed at enhancing cancer diagnostics and treatment, with a commercial launch expected in early 2026 [18][21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth opportunities, particularly in AI-enabled drug discovery and the integration of Synbio and Biopharma services [10][32] - The company anticipates total revenues for fiscal 2026 to be between $425 million and $435 million, reflecting a growth of approximately 13% to 15.5% year-over-year [29] Other Important Information - The company ended fiscal 2025 with cash, cash equivalents, and short-term investments of approximately $232.4 million [28] - Adjusted EBITDA for Q4 was a loss of approximately $7.8 million, an improvement of $9.2 million compared to Q4 of fiscal 2024 [27] Q&A Session Summary Question: On gross margins and pricing - Management indicated that while they expect to maintain strong gross margins, specific customer mix may influence quarterly results [36][37] Question: NGS growth expectations - Management expects NGS growth to return to 20% by Q4, driven by customer transitions and new product introductions [38] Question: Sustainability of AI-driven biopharma orders - Management remains optimistic about the biopharma business, highlighting the close ties to Synbio offerings and the potential of AI [40][41] Question: Guidance for gross margins and NGS portfolio - Management anticipates improvements in gross margins throughout the year, driven by revenue growth and continuous process improvements [43][44] Question: Market opportunity definition - Management acknowledged the need for clearer market definitions and metrics to help investors understand growth potential [59][62]

Financial Data and Key Metrics Changes - The company reported a record revenue of $99 million for Q4 2025, representing a 17% year-over-year increase and marking the 11th consecutive quarter of growth [5][21] - For the full fiscal year 2025, total revenue reached $376.6 million, a growth of 20% compared to fiscal 2024 [5][21] - Gross margin for Q4 was 51.3%, while the full-year gross margin was 50.7%, an increase from 42.6% in fiscal 2024 [5][21] Business Line Data and Key Metrics Changes - Synbio revenue for Q4 was $39.5 million, up 17% year-over-year, and for the full year, it increased to $145 million from $123.5 million in fiscal 2024 [6][21] - NGS revenue for Q4 grew to approximately $53 million, a 16% increase year-over-year, with full-year revenue reaching $208.1 million, a growth of 23% [10][22] - Biopharma revenue was $6.4 million for Q4, reflecting a 22% increase year-over-year, with full-year revenue at $23.5 million, a growth of 15% [12][22] Market Data and Key Metrics Changes - Revenue from the Americas increased to approximately $57.3 million in Q4, a 9% year-over-year growth, while EMEA revenue rose to $34.6 million, a 35% increase [23] - APAC revenue increased to $7.2 million in Q4, a 9% year-over-year growth, with China accounting for approximately 1% of total revenue for fiscal 2025 [23] Company Strategy and Development Direction - The company plans to combine Synbio and Biopharma revenue reporting under the term "DNA synthesis and protein solutions" to better reflect its customer base and operational synergies [14] - A focus on AI-driven drug discovery is expected to drive future growth, with significant orders from customers in this area [8][22] - The introduction of the MRD Express product is aimed at enhancing cancer diagnostics and treatment, with a planned commercial launch in early 2026 [16][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth trajectory, expecting total revenues for fiscal 2026 to be between $425 million and $435 million, reflecting a year-over-year growth of approximately 13% to 15.5% [27] - The company anticipates achieving adjusted EBITDA breakeven by the end of fiscal 2026, with gross margins expected to remain above 52% [28][29] Other Important Information - The company ended fiscal 2025 with cash, cash equivalents, and short-term investments of approximately $232.4 million [25] - Adjusted EBITDA for Q4 was a loss of approximately $7.8 million, an improvement of $9.2 million compared to Q4 of fiscal 2024 [24] Q&A Session Summary Question: On gross margins and pricing dynamics - Management noted that while they expect to maintain strong gross margins, specific customer mix and tough comparisons from previous quarters may impact short-term results [33][34] Question: Guidance for NGS growth - Management clarified that the NGS guidance reflects a temporary air pocket due to customer transitions, with expectations of returning to 20% growth by Q4 2026 [35][36] Question: Insights on Synbio and biopharma orders - Management highlighted the strategic importance of biopharma and the positive momentum driven by AI, indicating strong future growth potential [37] Question: Market opportunity and revenue per assay - Management acknowledged the need for clearer metrics on market size and penetration, indicating that they are working on providing better insights for investors [55][58]

Fiscal 2025 4Q and Full Year Financial Results N O V E M B E R 2 0 2 5 Agenda Welcome Angela Bitting SVP, Corporate Affairs Quarterly Highlights Emily Leproust Chief Executive Officer Business Highlights Patrick Finn President and Chief Operating Officer Financial and Operational Performance Adam Laponis Chief Financial Officer Milestones Emily Leproust Chief Executive Officer Q&A Session 2 | TWIST BIOSCIENCE | PROPRIETARY Legal Disclaimers This presentation contains forward-looking statements. All statemen ...

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