- Twist Bioscience Corporation TWST reported a 65% Y/Y increase in its third-quarter revenues to $35 million, beating the Wall Street estimate of $32.27 million, driven by strength in next-generation sequencing revenues.
- In the Q3 conference call, Twist said that next-generation sequencing (NGS) revenues were $18.7 million, up twofold from $9.1 million a year ago, driven by an expanding pipeline and an increase in the number of applications, including liquid biopsy.
- Synthetic biology revenues were $14.3 million, up 21% Y/Y. Biopharma revenue was approximately $2 million.
- Twist CFO Jim Thorburn said that healthcare is now Twist's largest market segment, representing nearly 50% of revenues, with $17.4 million, up more than twofold from $8.5 million a year ago.
- Industrial chemicals revenues were $8.4 million. The academic market provided revenues of $7.7 million.
- The firm's net loss widened to $(0.82) from $(0.67) a year ago. Analysts, on average, had estimated a net loss of $(0.75).
- It ended Q2 with $475.3 million in cash and cash equivalents and $44.1 million in short-term investments.
- FY21 Guidance: Twist raised revenue outlook to $129 million - $132 million (consensus $127.12 million), from $121 million - $129 million previously. This includes synthetic biology revenue of $54 million - $56 million, NGS revenue of $69 million - $70 million.
- It expects a net loss of approximately $(150) million, reflecting "increased investments in our commercial organization," the firm said in a statement.
- Price Action: TWST shares are down 10.60% at $110.99 during the market session on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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