Twist Bioscience(TWST) - 2024 Q4 - Annual Results

Revenue Growth - Record revenue of $313.0 million in Fiscal 2024, a 28% increase over $245.1 million in Fiscal 2023[2] - Q4FY24 revenue grew 27% to $84.7 million, marking the 7th consecutive quarter of sequential growth[2] - SynBio revenue grew 26% to $123.5 million in Fiscal 2024, while NGS revenue grew 37% to $169.1 million[5][6] - Revenues for the three months ended September 30, 2024, were $84.71 million, compared to $66.95 million in the same period in 2023, representing a 26.5% increase[22] - Fiscal 2025 revenue guidance is projected to be in the range of $367 million to $377 million, representing 17-20% year-over-year growth[11] Gross Margin Improvement - Gross margin improved to 45.1% in Q4FY24, up 8.5 margin points from 36.6% in Q4FY23[2] - Gross margin for Fiscal 2025 is expected to reach 48%, with Q4FY25 gross margin projected at 50%[11] Orders and Shipments - Total orders received in Fiscal 2024 grew to $344.2 million, a 30.5% increase from $263.8 million in Fiscal 2023[6] - Shipped approximately 772,000 genes in Fiscal 2024, a 21.8% increase from 634,000 in Fiscal 2023[9] Adjusted EBITDA - Adjusted EBITDA improved to $(93.5) million in Fiscal 2024, compared to $(147.3) million in Fiscal 2023[6] - Adjusted EBITDA for Fiscal 2025 is expected to improve to $(60) to $(65) million[11] - Adjusted EBITDA for the three months ended September 30, 2024, was $(17.04) million, compared to $(26.37) million in the same period in 2023, a 35.4% improvement[26] Net Loss and Operating Expenses - Net loss attributable to common stockholders for the three months ended September 30, 2024, was $34.66 million, compared to $46.24 million in the same period in 2023, a 25.1% improvement[22] - Total operating expenses for the three months ended September 30, 2024, were $120.75 million, compared to $117.06 million in the same period in 2023, a 3.2% increase[22] - Research and development expenses for the three months ended September 30, 2024, were $21.13 million, compared to $23.75 million in the same period in 2023, an 11.0% decrease[22] - Selling, general and administrative expenses for the three months ended September 30, 2024, were $53.14 million, compared to $47.39 million in the same period in 2023, a 12.1% increase[22] Cash and Assets - Cash and cash equivalents decreased to $226.32 million as of September 30, 2024, from $286.47 million as of September 30, 2023, a 21.0% decline[24] - Total current assets decreased to $346.78 million as of September 30, 2024, from $424.26 million as of September 30, 2023, an 18.3% decline[24] - Total liabilities decreased to $141.63 million as of September 30, 2024, from $152.97 million as of September 30, 2023, a 7.4% decline[24] Stock-Based Compensation - Stock-based compensation expense for the three months ended September 30, 2024, was $12.35 million, compared to $11.75 million in the same period in 2023, a 5.1% increase[26]