Why Ginkgo Bioworks Stock Is Soaring Today

Ginkgo Bioworks Holdings Inc DNA shares are trading higher Tuesday after the company reported strong financial results and raised full-year guidance above analyst estimates.

Ginkgo Bioworks said second-quarter revenue increased 231% year-over-year to $144.62 million. The company reported a quarterly adjusted EBITDA loss of $23 million, which was improved from a loss of $38 million in the prior year's quarter.

Ginkgo Bioworks said it added 13 new cell programs in the second quarter, representing 86% growth year-over-year. The company ended the quarter with $1.4 billion in cash and equivalents.

"Our strong cash balance of approximately $1.4 billion affords us the ability to play offense when compelling opportunities arise, while we remain focused on our cash runway and can consider multiple levers as we drive towards profitability," said Jason Kelly, co-founder, and CEO of Ginkgo Bioworks.

Ginkgo Bioworks raised its full-year revenue guidance from a range of $375 million to $390 million to a range of $425 million to $440 million versus the estimate of $383.21 million. The company said it continues to expect to add 60 new cell programs to its Foundry platform in 2022.

See Also: Looking Into Ginkgo Bioworks Holdings Recent Short Interest

DNA Price Action: Ginkgo has a 52-week high of $8.77 and a 52-week low of $2.09.

The stock was up 22.6% at $4.26 at press time, according to Benzinga Pro.

Photo: Victoria_Borodinova from Pixabay.