Twist Bioscience(TWST) - 2024 Q3 - Quarterly Results

Financial Performance - Record revenue of $81.5 million in Q3 FY24, a 28% increase from $63.7 million in Q3 FY23[1] - Gross margin improved to 43.3% in Q3 FY24, up approximately 900 basis points from 34.4% in Q3 FY23[1] - Total orders received for Q3 FY24 grew to $85.3 million compared to $63.8 million in Q3 FY23[3] - SynBio revenue increased to $33.0 million in Q3 FY24 from $25.9 million in Q3 FY23, representing a growth of 27%[4] - NGS revenue rose to $43.4 million in Q3 FY24 from $33.2 million in Q3 FY23, indicating a growth of 31%[4] - Updated FY 2024 revenue guidance increased to approximately $310 million to $311 million, reflecting a year-over-year growth of about 27%[7] - Adjusted EBITDA loss for Q3 FY24 was $(22.0) million, an improvement from $(29.6) million in Q3 FY23[4] - Revenues for the three months ended June 30, 2024, were $81,464,000, a 28% increase from $63,740,000 in the same period of 2023[14] - Adjusted EBITDA for the three months ended June 30, 2024, was $(21,957,000), an improvement from $(29,604,000) in the same period of 2023[16] Expenses and Losses - Total operating expenses for the three months ended June 30, 2024, were $170,386,000, up from $124,521,000 in the prior year, representing a 37% increase[14] - Net loss attributable to common stockholders for the three months ended June 30, 2024, was $85,571,000, compared to a net loss of $57,395,000 for the same period in 2023[14] - Cost of revenues for the three months ended June 30, 2024, was $46,193,000, compared to $41,845,000 in the same period of 2023, reflecting a 10% increase[14] - Research and development expenses for the three months ended June 30, 2024, were $22,469,000, a decrease from $24,528,000 in the same period of 2023[14] - Selling, general and administrative expenses increased to $56,794,000 for the three months ended June 30, 2024, from $46,057,000 in the same period of 2023, marking a 23% increase[14] Cash and Assets - Cash position as of June 30, 2024, was $289.4 million, a decrease of approximately $4 million from the previous quarter[4] - Cash and cash equivalents as of June 30, 2024, were $239,142,000, down from $286,470,000 as of September 30, 2023[15] - Total assets decreased to $638,118,000 as of June 30, 2024, from $776,403,000 as of September 30, 2023[15] - Total stockholders' equity decreased to $491,139,000 as of June 30, 2024, from $623,432,000 as of September 30, 2023[15] Product Development - Company plans to achieve a gross margin over 50% by the end of FY 2025[2] - Launched new products including Twist Express Antibodies and Multiplexed Gene Fragments, enhancing product portfolio[6]