Twist Bioscience (TWST) 17 Nov 232023 Q4 Earnings call transcript

Welcome to Twist Biosciences Fiscal 2023 Fourth Quarter Financial Results Conference Call. Later we will conduct a question-and-answer session. Please be advised that this call is being recorded. I would now like to turn the conference call over to Angela Bitting Senior Vice President of Corporate Affairs and Chief ESG Officer.

Thank you, operator. everyone. morning, Good Business thank for to fiscal you joining Results for Xth I'd Biosciences all Conference today and Financial Year Twist and our Call us Quarter like Full of Progress. to XXXX review We are available www.twistbioscience.com. With our is morning, at initial issued today's website call results our on this which release me Dr. at acting Twist. Leproust, and of Co-Founder of CEO Twist; CFO Emily and Jim Thorburn, and with a and review Jim progress, will begin recent financial report will Emily operational our performance. our on of milestones upcoming our direction. discuss to back come will and Emily

We our will for for Instructions] The will then open the questions. [Operator the available audio call in archived Investors portion X be website be weeks. section of and

During statements securities within today's U.S. forward-looking federal will laws. the presentation, make the meaning we of

Forward-looking relate statements events or generally future performance. to operating future or financial

regarding actual set these the materialize, Commission. results update forward-looking except required and hereof, Executive subject as Exchange now will of more over by our we fully beliefs we periods Dr. are With described to not may call date projected. These as issued results to those are those earlier forth those uncertainties obligation to us The from information financial Chief statements, Officer, our Securities risks and statements with that cause as filings the and presentation and in Leproust. and any that, in I disclaim matters based any the include forward-looking differ on to this in expectations could actual available law. release as turn well in Our press today materially the Emily

to Fourth on gross business into near- the invested of for completed into we now year aimed and everyone. the our on Twist. while our beyond. XX% best-in-class year-over-year. integration [ are our stage focused the $XX. in $XXX.X we profitability. We execution our focus year and along We for operations innovation updated growth the the biopharma and implemented strong structure and XXXX million actions with with Angela for in margin and increasing our group profitable morning, we increasing past clear a -- accelerated cost strategic full good at the optimizing align year. for you, guidance moving And the Getting XXXX, Quarter, revenue Thank We grew our exceeding the long-term and to revenue set specifics million quarter fiscal growth and ]X our to for and success. grew ] the the fare [ Fiscal

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towards We gross and profitability. on increasing margin driving laser are now focused our

to biopharma. Turning

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fragments, beyond utilize discoveries and from continues This allowing to offering. this biopharma we for Quarter announced lebri the pools, and through [ quarter, and optimization driving represent in milestones pharmaceuticals, integral months, a Abveris as oligo for services to fourth in Of Fourth optimistic us the and through for the sign SynBio quarter-over-quarter ] our first broadend extending the offering overarching been revenue of in we fiscal products, spectrum IgG cautiously We all biopharma advantage, last [ Biopharma a increased large compressive libraries [ through services, orders agreements few the annual X our differentiating majority traction. The enabled the our point more, and see note, antibodies For uptick Group is or orders the for potential through and with business. humanization gaining the are ] and discovery genes, antibody payers way royalties. Acquisition ] SynBio biopharma time all to services upside models. provide low vivo the and from came way our [ has including will strategic year. farmers ] of competition positive of us health of SynBio that XXXX

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in was leader gross [ well our Mark forward operational its our it On key hand and production. responsible Operations. meter production and He it background chain, for Beck margin. the over ] ] operations of perspective prime [ in brings as supply XX the optimizing expertise we deep he At a to respect corporate that, side, added we and to a look SVP brings to facilities, quality as scale for with further With company, improving Jim. as

record partners and to Thank to another for X September possible. orders which for as that's and and who XXX.X bringing thank $XX.X up for the fiscal fiscal XX.X 'XX Twisters had to growth our X.X right. XX%. Orders year-over-year quarter in approximately X.X% XXXX. We're I Emily. Fourth All as press increased full XXX year. to to orders customers and ending million our for X compared Quarter our approximately or brings gross revenue the revenues growth year to Revenue the year you, year-over-year grew and this million fiscal figure for Quarter million want of million million, XX% year margin and happy for report X.X% we made to million in increased quarter of the for was all

and investments year increased We and of base approximately customer XXX.X 'XX. And with the to also approximately ended up from fiscal X,XXX that's our million. cash we X,XXX in

compelling Quarter fiscal for Fourth fiscal year-over-year. the Fourth revenue to fiscal of 'XX provide Quarter I'll XXX.X starting 'XX, NGS as million million due in and XX.X reflected revenue increase of in advantage and year-over-year million And X.X accounted customers, the in for XX% our increase the an and Fourth for dive NGS. and revenue and costs. XX% full downstream XXX.X of with in year-over-year XX.X revenue XX% [indiscernible] million compared Now advantage to of which primarily to million the approximately X,XXX XX%. Director growth top was of revenue our and save systems compared believe approximately grew fiscal million the XX from approximately that's for for growth. to for that's We XX.X year, year. competitive increased to we 'XX Quarter NGS that an deeper a for NGS 'XX our year, served This fiscal for our customers orders customers 'XX, for the and

landing we noted calls, $XXX,XXX overall same is will stage, we we've is accounts which market, and identified dot, that XXX have at be quarter. in of these previous largely the track and the potential expanding account our be XXX the As per the with remains last and accounts. vast players In year this focused we larger this a to believe believe majority as on we opportunities, we count in

to investment another our strong quarter naps in fiscal as IgG, revenue brings up [ in million, from XX.X million jeans, orders and 'XX bringing base DNA to [ product revenue fiscal products, for fiscal growth. continue XXX.X Wilsonville pools about million 'XX had facility. minus to for ]. our ] analogy to XX.X our XX our we fiscal XX% up X.X excited and from libraries includes Turning year-over-year orders leveraging We were million, from customer offering. Synbio Synbio year 'XX million, XX.X the in Quarter was which 'XX, which million, ], and SynBio X [ expand

growth to as our highlights [ fiscal approximately [ the XX.X compared ] in include customer our year-over-year gene We shipped growing to 'XX. increased versus which of million XX%. to SynBio XXX,XXX million, XXXX of 'XX compared approximately fiscal X,XXX ] due in XXX,XXX is jeans ] fiscal or XX.X Some as 'XX XX.X base customers in to XX.X revenue up to that's predominantly and million, pharma and in and customers libraries strong revenue grew pools was mainly biotech. to due up and and academic in revenue million fiscal that's growth 'XX. All large XX large good in XX.X to [ million, from fiscal pharma from industrial in million, 'XX,

the million, a fiscal Fourth decline that's For in biopharma biopharma XX.X total for in 'XX. with was from revenue revenue fiscal bringing and million X.X Quarter, to XX.X from it 'XX, million

the Importantly, million of the Quarter and to [ X.X active orders to from programs million quarter for in number declined X, rose X.X edit]. sequentially

to of XX APAC our which including rose milestones and with to increased in that's of million X to 'XX, XX.X increased and quarter Chemical academic and breakdown flat compared and that's revenue Quarter revenue XXX.X rose [ fiscal to 'XX. programs 'XX. to revenue from 'XX. XX.X industry for as versus versus fiscal to new Our up fiscal -- XX.X EMEA million ]X previous increased million fiscal fiscal Americas million in million, 'XX and royalties. I'll million the by XX XX.X 'XX moving with regional and/or in fiscal P&L. that's regional give including for update. including XX. Quarter from orders revenue in projects briefly you in to million, up And was cover in X to XX.X year. U.S., the in started total million, recovery bases the in of million XX.X to million XXX.X from XXX.X a in and On the X XX now Industrial 'XX is fiscal China provide associated down fiscal XXX.X Healthcare Fourth to million compared revenue in revenue number X the million with XX.X million completed 'XX. the September fiscal rose revenue XXX

cost year, XX.X% in Cost gross XXX.X gross from margin for XXX.X the the million prior the revenues Quarter of in the year Fourth million increased overall bringing Our for XX.X%, our year. to margin to the increased a XXXX. The for increased in million increase XX, sales, of higher due and September contributing to costs material XX.X amortization million payroll major costs. and X.X depreciation to volume, approximately million ended factors XX

the year R&D of approximately for decline million fiscal in change SG&A of included due and XXX.X decreased a of a expenses Rebalar in conclusion compared approximately XX SG&A offset year previous reduction that's the million value mark-to-market it year XXX.X million, increases of X the storage includes decline million, in Change [ from pre-commercialization resulted million, 'XX. Depreciation contingent as was XXX.X identity of operating XXX includes 'XX. holdbacks Our in considerations gain adjustments to to and million for was for compensation value in was of XXX fiscal fair million and fiscal XX 'XX. million year, by data R&D, spend break for million in in million XXX.X and includes down, gain the which for ]. X the which from acquisitions primarily a in R&D a 'XX, 'XX. To stock-based facilities, to versus fiscal fair payroll fiscal a costs. OpEx for FY in expense million service costs, approximately XX IT-related

Quarter approximately compensation strategic and XX For X.X compared in X express fiscal other cash as XXX the year And enjoyed our of genes. of for 'XX. was valued and with million interest year investments for XXX.X million now million [ announced Depreciation approximately launch charges loss XX XX.X as in approximately from fiscal XX.X restructuring million with compared to in for at fiscal to for million and costs to about associated of guidance financial as that XX exited from million the million costs, income. million are updated Stock-based XX million. 'XX achieved ] XX.X fiscal as year operations record and excited to in concluded declined and with was was we 'XX million significantly million and the 'XX, and asset we've fiscal year income in million. I XX.X in packages end million provide were X.X of XXX.X will for expense invested gain fiscal and of initiatives a CapEx employees we the impairment approximately the approximately support severance well the the our 'XX. Other fiscal We 'XX. million 'XX. XXX.X bookings the with

Wilsonville to ] our is well, manage cost facility transition [ ]. [ to we Synbio structure and activities during took actions year Our doing the we as Wilsonville

XXX of For of XXX approximately million million approximately fiscal million. in million. Gross margin of of million expenses. $XXX expect to approximately $XXX million SG&A operations XXX to and XXX revenue approximately tax from which $XXX to amortization million million, biopharma includes revenue expense million million, be $XXX XX million in and which expenses. Loss XXX million. CapEx XXX million guidance of approximately we of to approximately range R&D to is in XX%. to million Depreciation approximately 'XX, to $XX Operating storage of increase and to over projected million $XXX stock-based 'XX $XX million. Synbio approximately to to to million. to approximately of FY NGS total cash is revenue XX million expense compensation approximately XXX includes operating XXX of XXX the XX XX% revenue XXX million for million million. $XX $XX million

Quarter revenue NGS continue million; $XX $X overall via million, in operations 'XX, ] we throughout XX% of of financial revenue OpEx discipline of to gross First of million. In reducing XX of losses. summary, $XX operating we $XX make million million the organization, from XX%, to revenue of our progress of to revenue the expect margin $XX to loss maintain million and fiscal X [ an million, million For $X biopharma

operations $XX million, [indiscernible] exit include to to to expense of which compensation any million depreciation close estimated million. onetime loss cash be of and operating Fourth We excludes the million storage XX expect adjustments and in and $X million from $XX stock-based data $XX Quarter revenue

actions our the about revenue, Emily. growing by margin. we that, profitable to decisive costs and execute many will gross We year facility, We're excited continue With that the ahead this, turn future and ] investments express bring achieve Wilsonville and milestones scaling our the and call in to offering [ To to achievements. focus incredibly make expanding the back leveraging on managing I'll our confident continue achieve to proactive genes growth. exciting

the and take and to the like and discipline commitment a of to year. the I'd for our reflect dedication, Jim. financial minute all excellence Twisters board, results The you, year across last through hard perseverance their of fiscal the requires the work thank team. Thank

growth Our SynBio and customers market revenue, demonstrating and and ever. consistent than NGS share. groups sustained are in stronger

on growth We will we moving expect and services path customers our health to and guidance, the the gross marketing but express the will investments expect guidance some time transitioning this assume we area of over ] leg in We've our launch and profitability. In that we resulting makers. The and product infrastructure leverage extra uptake tools momentum XXXX ahead, reach our with fuel Fourth digital that next Quarter, continue. impact of margin. for our genes strategic look [ months to the and booked forward fiscal new [ Gene in as ] on forward we increasing reporting in biopharma new primarily current grow opportunities along DNA new the to positive customer to and orders the groups given

our In In valuable for growing the fiscal [ a term. cash continue structure with longer reduce advance position, ahead. ] XXXX asset datastore we DNA that exited solutions be cost incredible potential opportunities we to addition, summary, to and solid revenues, has a

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for world. customers market and on share inspire and we of faster, to harder target run service the every we each as to the value go at to Operator? increasing us in to that, grow positioned in the shareholders to With each difference look if day call our work to We truly market the exceed make questions. continue our let this to a can Looking exceeding CAGR. of same delivering we we market, at the we rate forward as are believe take and financials,

[Operator question with Barclays. Luke from comes Instructions] Our first Sergott

the of implies fast can in at guess when look guidance I I bakes you talk about how the or guide, much genes.

XQ You guide from how and up bakes and [ how in see the business ] in in the of much of us give the in a here there Kind the ending the XX at or fashions XX% this sense your year revenue margin cadence margins? XX. of step

you Do . it, want take to Jim?

Yes, Express I'll start. Thanks in the this of for with the week. terms past so question. excited Genes, Yes, launch

As price future Emily highlighted the call, through in discovery. well. Factory, going going the is we're the

I margins of and excited we're Quarter think about gross [ to increased from X by the $X $X [ margin eye fines terms Quarter X ] million. in roughly sequentially a increased ] revenue million by dollars

that QX to highlights QX. in So leverage the

Express and forecast. NGS And we're thinking about usual, well. terms which next in of area well. were and want got seeing is the of is thoughtful look talk Emily some can terms account. issues seeing macroeconomic guidance we Genes, doing into now -- is As as 'XX The into that good the in fiscal giving. out we're year, doing we've we're we about We're SynBio express we in environment from genes, we're prudent future, be we're the as continuing the added year to from feedback marketplace.

saw Fickibiopharma ]. biopharma [ last So we quarter,

going Emily we good in the bit Express next terms margin to talk very excellence, the on little growth turn gross that So I'll and continue that focused we We're operational see solid margin [for]indiscernible] to we're factory, as about more strong in a cash and as feel upside across scale look we Genes. year, of execute. to gross we very to a position it having as

you, Thank Jim.

X Express are So for week we in Genes.

have nice orders. We

then and And so XX%. are day to XX%, back we to far, at and today we've tested going of starting [indiscernible] premium we XX% drop of pricing XX then

are see and shipment expressed we we of [ of Monday, it's exploration should in getting on So price to first great have ]. rent. And the we that are the that orders

So the lake ]. but it's quite [ early days, optimistic in

makers are companies people then can Great. coming of talk the lot from is had market, from pharma? market, these from you're Express guess? And there. this businesses and feedback you within a and for And getting broad-based? teams that then the -- it And of most genes, the a Or getting where I maker's internal is you about pretty like interest lot

So platform? you're them of talk and some the about on ramping plans and with their that thinking having what -- like about are the Gene how the conversations they're Express

Yes.

maybe quick So clarification. a

website done And we and a So, can look release. we only then it. and go so far, at the on press we've on-site did gene

XXXX. little not of new an a now, we we when performance customers. we wanted We first the to the to marketing launch happen now, early want launch on to and to focus time. fast. Right year to that bit a customers amazing any trying the be that and balloons undeniably existing We is, customer, it's muted So we reason they purpose. a will the too upgrade choice make drums on the existing net in fully order to up sure the want give yet again, calendar And right -- want process are beat is for baked. And all

in to a want it bake we So little bit.

customers. going products is that try it's existing So far, we've process great, the always with new better to learned but

That of were yet small to buyer. to ]. net with a out even we in [ not so reach other pharma, from so the the academic new of pharma, being clinic far said, expect mine And trying customers the the G&A we spectrum

Sachs. Sykes from Our next Goldman question with comes Matt

up follow the to just genes. express Maybe on

X point Just of clarification.

into your penetration and the you -- what's are that expand And launch on that with the 'XX? then And You market potential then your mean marketing reminder give just to you to standard just genes, Did white where do current can you're calendar in today? is of of makers you said a 'XX. space year market. a going us

in that of I context the think of opportunity what is. just sizing terms be helpful given would

doing Thank [ on you, and the the ]. thank you I Yes. appreciate wing it. for fly

the is that and on. makers and mutation that $X.X a kits so ag and do for market shows buy, plates billion and people analysis competent themselves, of market people cloning sales that So and our that enzymes PCR primers

side. buyer can we is that And we think the so that convert DNA the bogey to

we a DNA very, have far, makers. tiny of So the slice very

have makers shorter X, very is they So long genes slide of in X.X, that what so -- genes, buy the we kb people to they X make to very are do they long X need are us. and from

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And Express Got follow just on then it. up genes. to

would that's margin it just are think to the next gene us going give you us be helpful of either communicate Just year? going. how of revenue to Express contribution the understand or to for I how a sense over course

gross a kind How that for think ] given a specifically? there kind that? the gross question about more little should have up I following expansion level be expected I on bit I tracking of we [ premium margin would think of quarterly your Luc's basis disclosure And on what's business about pricing. guess, margins to the of

Yes, Mat, on that. touch I could

and X X see seen that And years, you few the over look you you gene ] over increased cover [ and has, fact, revenue look the we Q [ last the at or you'll gene the years. if our ], at gene you've pricing shipments. If our look last in do K that

call we what's see attractive start will go in our many average on And giving We'll patented so insight every [ at earnings that revenue. you right shipped genes the quarter, we forward. as ]. more How and price

Our Kumar ISI. Evercore next comes from with question Vijay

I pretty here. on QX, front-loaded had guidance guidance. X solid related both

kind implies think to if guide [ mid-XXs I guide -- think think softer. But bit ]. look perhaps the implied the guide I guide I SynBio at implies SynBio further the annual a of XX% to rates components growth. like little And by like is decel you the here, up NGS growth

between So seeing you here about assumptions those end segments you're just and can maybe markets? if the from what talk

the -- thanks question. I Yes. I mean for

driven year our Obviously, very great on the orders with extremely some of strong biopsy by doing NGS. just progress we're customers. NGS some $XX MRT that's NGS, ended So under We customers liquid million. well. of Making

So we feel well positioned.

biopharma recurring the some business, orders ][ SynBio guide year-over-year, [ strong NGS about with it's of another customers. that overall familiar step products, year-end vacation SynBio back if and farmer mean this to we good ], genes. growth. of ]. We products, The quarter our where for the fact see biopharma, I [ terms express reflects for issues of this feel at you red excluding get our it, and good year The our with look Giro's In

some in in terms So we to we thrilled as solid towards NGS years, to there's we to always of that guide year, time, at at XX%. looking see in were same And the look position need ended previous the both roll terms macroeconomic [ comprehend [ the therapy bio. that ] issues good and of is environment from flow margins, we sequentially up ] the

of that XXX% revenue last quarter, the at growth fell You the margins. almost through look

to back We're the opportunity excited focused proteins. about forward. cost of update highlighted be So in leverage manage giving a on frame We're structure talked terms going we'll of We're in on to the the very profitability. margin pricing genes for about. to enrichment we I our quarterly express an terms basis going brings that Matt, terms gets in of to as declines

potential doing at we're same And positioned. our We're well is factory to well. time, impact. the So want macroeconomic we take comprehend forecast, building any

numbers you the step down Understood. to QX at your are more think I up $XX I leverage your a is look like versus gross maybe put ramp cadence, margin, if -- QX And QX QX, revenues the one, seems up, on operating rate, brought QX like it Jim, up from you down. your is million were OpEx OpEx to think, while going exit implied modest

So And driving assuming just are OpEx? is we margin What gross is some muted there actions a ramp? cost why coming in? incremental that more

Yes.

the ramp of factor gross go-forward So look margin come later gross fixed basis, in continue if year almost in as you the future. the terms margin flat at ramp, we the revenues cost leverage the on to revenue a were the

of XX to what's revenue to million. you the at the is at million look million operations quarter and forward $XX QX, look operations with projecting XX we coming to the is loss think XX take million you from guidance do interesting if $XX this a revenue roughly million, we're I gave from XX our $XX guidance. loss

$X loss by operations So million. by revenue million is up roughly down $X roughly $XX from to is million

so you'll reduce there's as fairly operations And our XX. This scale, we in continue noisy, is, the So and we step-up focus cash that comp a from operations as stock-based year, loss from loss depreciation also to XX declines. declined the comp. loss. see numbers are the loss And scale, includes with of but stock-based

on go been year. to and is our what the as we So focus year loss cash a throughout decline thing is the sequentially operating next forward, that's

Souda question from Puneet Leerink next with Our Partners. comes

start high-level you're for with Maybe you. mean question Emily, I of seeing sort growth NGS here. X I'll

are XQ in expecting on of shy fiscal revenue? XX% of NGS, year, delivered Street you up end what just implies sort your of XX% just orders ending is top XX% to for And mid-XX% growth, December Your guide your you're is where was 'XX quarter. around slightly next somewhere

So again, versus pickup production like backdrop looks express you're mean, you're like the is what you're significant ready. genes, expecting doing seems it all of this better from I

it of the according the in pairs to the demand think is tools to science I really market, which So put the life weak, is briefly. most question

broader differently So oligo we're is Twist help from and market. what sort hearing peers how maybe just ] the understand seeing the us market NGS other of [ versus overall,

the where conceptualize despite win us help market to going you're to Just continue think backdrop. you and

question. success always at the the that very comes silicon the is And and said I thank the see the like weak. I the at execution And it second see you you I guide with our demand year. think look you And have. it that. agree when peers, commercial that to day, we I that platform. One we is we the that all thoughtful down X the innovation you. things. Yes, is think have. comes from have seems end that We've That's technology of violent a it the in for next our can

have differentiated our a shines. very very, we just However, difficult I think product. And environment, in just platform

NGS about of the of that they have able think to product. provide need comprehensive you of [ what provide is switch cost of improve funding our all If Z, the margins because lower we big really is because to they the you if our solution expands ] Twist What in sequencing. margin, regions that in own dynamic for customers, customers as the quality reimbursement and because is, we from are environment difficult, that's the their difficult to we're as their a NGS need NGS, own we customers. said A

and there's as that because that as burned with been so And really finally in benefit we've we panels going to is being some for resonates commercialization now. And working patient, that tests run customers we well of pharma. start to -- commercially, those the our for some years

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that here. implying Got any of you're can you a when some it. is obviously, helpful. much discovery here? And from Because Could mean, peers, you that milestone outline that or expecting That's of biopharma. then maybe other little I look in in I sort market for of how is to much if antibody talk services the biotechs how Maybe payments growth turn biopharma we at high are single-digit emerging receive large new the pharma mean of that XXXX? biotechs. can back meaningfully. source those the is a emerging I of pressured pulled you does And expect about mean the versus fiscal by 'XX? you what projects the bit mix

guide ]. fee-for-service The if growth looks not a [ agree look you I big. all implies with guide. that the very year-over-year, you And no It's masonry

some -- compared commercial application. in We're We if growth. had biopharma QX actually, at to low substantial a point the you the However, standard in to look 'XX higher see point to with XXXX. of going

commercial our a we've had in orders. had team. few biopharma growth services quarters we a going down. the But rebuilt so of We And now sequential

we to As want again. row. a from the the do and when QX, go we've we done we company, it some expect look you say now just see that's low inside in the have significant And quarter And it to growth direction point X see. I to to

provide the And we as burn X what in to for how on And if into years? about expecting next Jim. you Got if cash for go X fiscal to then could it. data sort are maybe Okay. Jim, can spend the X you of storage then brief I ask should 'XX? we think

Yes.

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Catherine with comes Our Baird. Schulte next question from

still Maybe parsing are, out adjusted Quarter? adjusted looks data and for for for the like we spend, SynBio you can DNA first, Fourth you should it thanks you're loss for just but the EBITDA [ breakeven how to year? be NGS achieve And but EBITDA the confirm Biopharma about thinking that ] storage in

Yes.

to possible. focus quickly as getting breakeven for adjusted So we EBITDA as and as highlighted, biopharma NGS the -- is SynBio our

approximately QX the cash given, costs storage we've from $XX million X comprehensive the base year, million. of ] look next XX% of You million TAM guidance data stock to at and [indiscernible] QX [ $XX roughly operations in loss in depreciation that

can and we as 'XX. our from cash growth a that fast scale, we're highlighted, breakeven to as I those or to you having see is a getting from into And for So mean, continue focus get find position. as to numbers to sheet balance us going solid Emily will call very profitability within as striking possible

year? much guess the how on for assumptions already any is versus And it winning pretty is you ] point your do BioPharma [ visibility a to way that there products ramp throughout steep $XX the does number? throughout of just quantify new partnership? in Maybe Bayer much Emily, around new to ramp in programs imply million impact current then And Okay. for have because the accounted the just how I

Yes.

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Steven from comes question Cowen. next TD Our with Mah

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ongoing. that's So

terms early how question, In calendar launch have It correct to this Matt XXXX. second that ] would won't your [ phase. be until early long time. of me

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times the Capacity the faster given genes. in for for fact express turnaround future

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next Nam Scotiabank. Our with question comes from Sung Ji

on Just on question more X to biopharma. pile

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of think, We are, wide the that very I that company opportunity. breadth offers only

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open focused for have for companies. we all of So larger we effort especially pharma but course, business customers, are on

comes question with Larew Matthew next from William Blair. Our

for Madelin just It's on Matt.

if sort Just and was more maximum of for genes, I clonal at efficiency I ideal breakdown the the now, genes there or of term early me there pricing points? know the proportional a its genes but X quick it's optimum that an factory breakdown X wondering be allows to that targeting if is of an future the between express stages the sort between you're express on just was standard long

question. great it's Madelin, a No,

is very that make meaning don't to cutting But of them different have the is genes, is what will a fast can we managing same fast [ production line that quite us, is do with we point and unique built as ahead genes. intrinsically that express their to and pick something do. what gene Sage ] something they express. Express for able is can have actually clear for and XXX% Maybe do So standards, for all customers the other because backlog. computers that. to We've that And of the decided our from a be few queue clarification, by we skipping

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very all make the us So of we going if can technology really ultimate is and that be, on to price is need express, to orders enables hugely what intrinsic be be, flexible the differentiating.

the time. I'd any Emily to to further over back remarks. questions closing There call no this at like are turn for

the ] we time steps exciting that Twist. position We've a to Thank have week margin, look you. [ Synbio we very our As forward differentiating XXXX, progress. growth. expanding for product it further offering, of telogen In we've to today, and and for appraised and our taken have for is opportunity shared this keeping consistent company we fiscal launched the enduring you is

today's your may conclude day. for in the a have participation you now This you Everyone, Thank does great disconnect. program, and conference.