Ginkgo Bioworks Reports Fourth Quarter and Full Year 2022 Financial Results

Rhea-AI Summary

Ginkgo Bioworks Holdings reported a 52% increase in total revenue for 2022, reaching $478 million, exceeding guidance. The company added 59 new Cell Programs, marking 90% growth. Despite this, fourth-quarter revenue fell 34% to $98 million due to reduced COVID-19 testing services. Biosecurity revenue for 2022 was $334 million, up 66%. However, a loss from operations totaled $(2.2) billion, impacted by high stock-based compensation. Ginkgo forecasts at least $275 million in total revenue for 2023, with a plan to add 100 new Cell Programs and expects Biosecurity revenue of at least $100 million.

Positive

• Total revenue increased 52% to $478 million in 2022.
• 59 new Cell Programs added, representing 90% growth.
• Year-end cash balance exceeds $1.3 billion, ensuring financial flexibility.
• Biosecurity revenue rose 66% to $334 million, double the previous guidance.
• Guidance for 2023 includes adding 100 new Cell Programs.

Negative

• Fourth quarter total revenue decreased 34% to $98 million.
• Fourth quarter Biosecurity revenue declined 61% compared to the prior year.
• Loss from operations reached $(2.2) billion due to high stock-based compensation.

$478 million of total revenue in 2022, representing an increase of 52% over 2021 and toward the high end of guidance

59 new Cell Programs added in 2022, representing 90% growth over 2021 and toward the high end of guidance

Year end cash balance of over $1.3 billion provides meaningful multi-year runway as we drive towards profitability

BOSTON, March 1, 2023 /PRNewswire/ -- Ginkgo Bioworks Holdings, Inc. (NYSE: DNA, "Ginkgo"), which is building the leading platform for cell programming and biosecurity, today announced its results for the fourth quarter and year ended December 31, 2022. The update, including a webcast slide presentation with additional details on the fourth quarter and supplemental financial information, will be available at investors.ginkgobioworks.com.

"We added 59 new programs to the cell programming platform in 2022 as our team delivered toward the high end of our program guidance," said Jason Kelly, co-founder and CEO of Ginkgo. "This outstanding performance illustrates strong growth in customer demand as our capabilities progress. Each new program is valuable to Ginkgo, expanding and scaling our platform capabilities and driving financial value. Importantly, we continue to see great sales momentum with biopharma customers, who represent both the most sophisticated and largest end market opportunity for us today. Our long-term Biosecurity strategy is also developing nicely as we build a strong base of more recurring biosecurity revenue through our biosurveillance and international partnerships on top of any potential continued COVID-19 testing. I'm very excited about Ginkgo's ability to drive growth and platform improvements in 2023, and our cash balance of over $1.3 billion provides us significant flexibility in an uncertain macroeconomic environment."

Recent Business Highlights & Strategic Positioning

• Added 20 new Cell Programs to the Foundry platform in the fourth quarter of 2022, for a total of 59 new programs in the full year, representing 90% growth over 2021
• Generated Foundry revenue of $144 million in 2022, representing growth of 27% over 2021
• As previously announced, a subset of targeted milestones that were expected to contribute to 2022 Foundry revenue remained unearned in the fourth quarter, though Ginkgo continues to work toward the achievement of these milestones
• Concentric by Ginkgo, Ginkgo's biosecurity and public health offering, generated $334 million in Biosecurity revenue in 2022, representing growth of 66% over 2021 and more than doubling the original guidance provided in March 2022
• Concentric continued to expand the Traveler-Based Genomic Surveillance program with Centers for Disease Control and Prevention (CDC) and XpresCheck, adding three new participating airports (for a total of seven) and completing a recent pilot initiative to detect influenza variants in addition to SARS-CoV-2
• Concentric continues to establish international partnerships, including in Australia, Botswana, Qatar, Rwanda, Saudi Arabia, the United Kingdom, and Ukraine, as well as multilateral partnerships with Africa CDC and African Risk Capacity
• Downstream value – which consists of potential value to Ginkgo from its Cell Engineering customers and includes potential royalties, milestone payments, and equity interests – is an important component of the financial potential of most programs, and Ginkgo added over $2.0 billion in aggregate revenue potential from downstream milestone payments in connection with new Cell Programs in 2022. This is in addition to the financial potential from royalties and equity consideration obtained in connection with those Cell Programs
• Ginkgo launched Ginkgo Enzyme Services, which aims to solve challenges for R&D teams developing enzymes, from discovery of novel enzyme activity through optimization of enzyme function and large scale manufacturing
• Ginkgo opened Bioworks7, which adds 6,600 square feet of Biosafety Level 2 (BSL-2) lab space at Ginkgo's headquarters in Boston's Seaport District, expanding its mammalian foundry platform to provide significant runway to support new program additions in the pharma & biotech vertical

Fourth Quarter 2022 Financial Highlights

• Fourth quarter 2022 Total revenue of $98 million, down from $148 million in the comparable prior year period, a decrease of 34%, due to the expected reduction in K-12 COVID-19 testing services
• Fourth quarter 2022 Foundry revenue of $53 million, up from $34 million in the comparable prior year period, an increase of 56%
• Fourth quarter 2022 Biosecurity revenue of $45 million, down from $114 million in the comparable prior year period, a decrease of 61%, with fourth quarter 2022 Biosecurity gross profit margin of 33%
• Fourth quarter 2022 Loss from operations of $(235) million (inclusive of stock-based compensation expense of $111 million), compared to Loss from operations of $(1,685) million (inclusive of stock-based compensation expense of $1,673 million) in the comparable prior year period. The stock-based compensation expense primarily relates to the continued GAAP accounting for the modification of restricted stock units issued prior to becoming a public company, as disclosed in our annual report on Form 10-K filed with the SEC on March 29, 2022
• Fourth quarter 2022 Adjusted EBITDA of $(80) million, down from $1 million in the comparable prior year period
• Cash and cash equivalents balance as of the end of the fourth quarter of over $1.3 billion puts Ginkgo in a strong financial position to pursue its strategic objectives

Full Year 2022 Financial Highlights

• Full year 2022 Total revenue of $478 million, up from $314 million in the prior year, an increase of 52%
• Full year 2022 Foundry revenue of $144 million, up from $113 million in the prior year, an increase of 27%
• Full year 2022 Biosecurity revenue of $334 million, up from $201 million in the prior year, an increase of 66%, with full year 2022 Biosecurity gross profit margin of 39%
• Full year 2022 Loss from operations of $(2.2) billion (inclusive of stock-based compensation expense of $1.9 billion), compared to $(1.8) billion (inclusive of stock-based compensation expense of $1.7 billion) in the prior year
• Full year 2022 Adjusted EBITDA of $(173) million, down from $(106) million in the prior year

Full Year 2023 Guidance

• Ginkgo expects to add 100 new Cell Programs to the Foundry platform in 2023
• Ginkgo expects Total revenue of at least $275 million in 2023
• Ginkgo expects Foundry revenue of at least $175 million in 2023. This guidance excludes the impact of any downstream value share revenue, although Ginkgo is still working toward the achievement of downstream value share in 2023
• While Biosecurity remains an uncertain business, Ginkgo expects Biosecurity revenue in 2023 of at least $100 million, with nearly half of this revenue expected to come from emerging product lines that are more recurring in nature, such as federal and international partnerships supporting pathogen monitoring and biosecurity infrastructure development

Timing of Filing Annual Report on Form 10-K

Ginkgo became a large accelerated filer as of December 31, 2022, which resulted in a filing deadline 30 days ahead of our deadline last year. While we believe our financial statements are final, additional time is necessary to finalize materials required to complete the audit of our annual financial statements, including accompanying footnote disclosures.

As such, we will be filing a Form 12b-25 for an automatic extension to our Form 10-K filing deadline. We are working diligently to file our Annual Report as soon as practicable and within the automatic extension period of fifteen calendar days from the prescribed due date.

Conference Call Details
Ginkgo will host a videoconference today, Wednesday, March 1, 2023, beginning at 4:30 p.m. ET. The presentation will include an overview of the fourth quarter and full year financial performance, recent business updates, a discussion on Ginkgo's outlook, as well as a moderated question and answer session.

To ask a question ahead of the presentation, please submit your questions to @Ginkgo on Twitter (hashtag #GinkgoResults) or by sending an e-mail to investors@ginkgobioworks.com.

A webcast link is available on Ginkgo's Investor Relations website and a replay will be made available following the presentation.

Ginkgo Investor Website: https://investors.ginkgobioworks.com/events/

Audio-Only Dial Ins:
+1 646 876 9923 (New York)
+1 301 715 8592 (Washington DC)
+1 312 626 6799 (Chicago)
+1 669 900 6833 (San Jose)
+1 253 215 8782 (Tacoma)
+1 346 248 7799 (Houston)
+1 408 638 0968 (San Jose)

Webinar ID: 999 3790 5942

If you experience technical difficulties with any of these dial-ins or if you need international dial-in numbers, please visit our web site at https://investors.ginkgobioworks.com/events/ for updated dial-in information.

About Ginkgo Bioworks
Ginkgo Bioworks is the leading horizontal platform for cell programming, providing flexible, end-to-end services that solve challenges for organizations across diverse markets, from food and agriculture to pharmaceuticals to industrial and specialty chemicals. Ginkgo's biosecurity and public health unit, Concentric by Ginkgo, is building global infrastructure for biosecurity to empower governments, communities, and public health leaders to prevent, detect and respond to a wide variety of biological threats. For more information, visit ginkgobioworks.com and concentricbyginkgo.com, read our blog, or follow us on social media channels such as Twitter (@Ginkgo and @ConcentricByGBW), Instagram (@GinkgoBioworks and @ConcentricByGinkgo), or LinkedIn.

Forward-Looking Statements of Ginkgo Bioworks
This press release, the presentation, and the conference call and webcast contain certain forward-looking statements within the meaning of the federal securities laws, including statements regarding our plans, strategies, current expectations, operations and anticipated results of operations, both business and financial, including the potential for future revenue related to downstream value in the form of potential future milestone payments and royalties and/or equity consideration, all of which are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, market trends, or industry results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements generally are identified by the words "believe," "can," "project," "potential," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (i) volatility in the price of Ginkgo's securities due to a variety of factors, including changes in the competitive and highly regulated industries in which Ginkgo operates and plans to operate, variations in performance across competitors, and changes in laws and regulations affecting Ginkgo's business, (ii) the ability to implement business plans, forecasts, and other expectations, and to identify and realize additional business opportunities, (iii) the risk of downturns in demand for products using synthetic biology, (iv) the unpredictability of the duration of the COVID-19 pandemic and the demand for COVID-19 testing and the commercial viability of our COVID-19 testing business, (v) changes to the biosecurity industry, including due to advancements in technology, emerging competition and evolution in industry demands, standards and regulations, (vi) our ability to realize the expected benefits of merger and acquisition transactions, (vii) the outcome of any legal proceedings against Ginkgo, including as a result of recent acquisitions, (viii) our ability to realize the expected benefits from and the success of our Foundry platform programs, (ix) our ability to successfully develop engineered cells, bioprocesses, data packages or other deliverables, and (x) the product development or commercialization success of our customers. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of Ginkgo's most recent quarterly report on Form 10-Q filed with the U.S. Securities and Exchange Commission (the "SEC"), and other documents filed by Ginkgo from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Ginkgo assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Ginkgo does not give any assurance that it will achieve its expectations.

Use of Non-GAAP Financial Measures
Certain of the financial measures included in this release, including Adjusted EBITDA, have not been prepared in accordance with generally accepted accounting principles ("GAAP"), and constitute "non-GAAP financial measures" as defined by the SEC.  Ginkgo has included these non-GAAP financial measures because it believes they provide an additional tool for investors to use in evaluating Ginkgo's financial performance and prospects. Due to the nature and/or size of the items being excluded, such items do not reflect future gains, losses, expenses or benefits and are not indicative of our future operating performance. These non-GAAP financial measures are supplemental to, should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. In addition, these non-GAAP financial measures may differ from non-GAAP financial measures with comparable names used by other companies. See the reconciliation below for additional information regarding certain of the non-GAAP financial measures included in this release, including a description of these non-GAAP financial measures and a reconciliation of the historic measures to Ginkgo's most comparable GAAP financial measures.

Ginkgo Bioworks Contacts:

INVESTOR CONTACT:
investors@ginkgobioworks.com 

MEDIA CONTACT:
press@ginkgobioworks.com 

 

Ginkgo Bioworks Holdings, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except per share data, unaudited)
		As of December 31,		As of December 31,
		2022		2021
Assets
Current assets:
Cash and cash equivalents		$  1,315,792		$  1,550,004
Accounts receivable, net		80,907		131,544
Accounts receivable - related parties		1,558		4,598
Inventory, net		4,364		3,362
Prepaid expenses and other current assets		47,458		33,537
Total current assets		1,450,079		1,723,045
Property and equipment, net		314,773		145,770
Operating lease right-of-use assets		400,762		—
Investments		112,188		102,037
Equity method investments		1,543		13,194
Intangible assets, net		111,041		21,642
Goodwill		60,210		21,312
Other non-current assets		88,725		43,990
Total assets		$ 2,539,321		$  2,070,990
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable		$ 10,451		$ 8,189
Deferred revenue		47,817		33,240
Accrued expenses and other current liabilities		114,694		93,332
Total current liabilities		172,962		134,761
Non-current liabilities:
Deferred rent, net of current portion		—		18,746
Deferred revenue, net of current portion		174,767		155,991
Operating lease liabilities, non-current		413,256		—
Lease financing obligation		—		22,283
Warrant liabilities		10,868		135,838
Other non-current liabilities		31,191		35,992
Total liabilities		803,044		503,611
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value		—		—
Common stock, $0.0001 par value		190		161
Additional paid-in capital		6,136,378		3,804,844
Accumulated deficit		(4,397,659)		(2,297,925)
Accumulated other comprehensive loss		(2,632)		(1,715)
Total Ginkgo Bioworks Holdings, Inc. stockholders' equity		1,736,277		1,505,365
Non-controlling interest		—		62,014
Total stockholders' equity		1,736,277		1,567,379
Total liabilities and stockholders' equity		$ 2,539,321		$  2,070,990

 

Ginkgo Bioworks Holdings, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except share and per share data, unaudited)
			Three Months Ended December 31,				Year Ended December 31,
			2022		2021		2022		2021
	Foundry revenue		$ 53,257		$ 34,156		$ 143,666		$ 112,989
	Biosecurity revenue:
	Product		12,431		8,418		35,455		23,040
	Service		32,597		105,920		298,585		177,808
	Total revenue		98,285		148,494		477,706		313,837
	Costs and operating expenses:
	Cost of Biosecurity product revenue		7,447		4,832		20,646		20,017
	Cost of Biosecurity service revenue		22,771		61,746		183,570		109,673
	Research and development (1)		181,155		985,025		1,052,643		1,149,662
	General and administrative (1)		121,420		781,626		1,429,799		862,952
	Total operating expenses		332,793		1,833,229		2,686,658		2,142,304
	Loss from operations		(234,508)		(1,684,735)		(2,208,952)		(1,828,467)
	Other income (expense):
	Interest income		11,412		496		20,262		837
	Interest expense		1,647		(551)		(106)		(2,373)
	Gain (loss) on equity method investments		10,003		(4,663)		(43,761)		(77,284)
	Loss on investments		(13,354)		(14,552)		(53,335)		(11,543)
	Change in fair value of warrant liabilities		28,871		77,097		124,970		58,615
	Gain on settlement of partnership agreement		—		23,826		—		23,826
	Gain on deconsolidation of subsidiaries		—		—		31,889		—
	Other income (expense), net		7,005		(2,596)		7,634		(1,733)
	Total other income (expense), net		45,584		79,057		87,553		(9,655)
	Loss before income taxes		(188,924)		(1,605,678)		(2,121,399)		(1,838,122)
	Income tax benefit		(14,770)		(683)		(15,027)		(1,480)
	Net loss		(174,154)		(1,604,995)		(2,106,372)		(1,836,642)
	Net loss attributable to non-controlling interest		2,390		(4,339)		(1,443)		(6,595)
	Net loss attributable to Ginkgo Bioworks Holdings, Inc. stockholders		$ (176,544)		$ (1,600,656)		$ (2,104,929)		$ (1,830,047)
	Net loss per share attributable to Ginkgo Bioworks Holdings, Inc. common stockholders:
	Basic		$ (0.09)		$ (1.05)		$ (1.25)		$ (1.35)
	Diluted		$ (0.10)		$ (1.10)		$ (1.25)		$ (1.39)
	Weighted average common shares outstanding:
	Basic		1,854,951,611		1,531,138,824		1,679,061,465		1,359,848,803
	Diluted		1,856,609,515		1,531,551,830		1,679,838,849		1,360,373,343
	Comprehensive loss:
	Net loss		$ (174,154)		$ (1,604,995)		$ (2,106,372)		$ (1,836,642)
	Other comprehensive loss:
	Foreign currency translation adjustment		5,278		(838)		(917)		(1,715)
	Total other comprehensive loss		5,278		(838)		(917)		(1,715)
	Comprehensive loss		$ (168,876)		$ (1,605,833)		$ (2,107,289)		$ (1,838,357)
(1)	R&D and G&A expenses included a significant charge for stock-based compensation expense as a result of the modification of the vesting terms of RSUs and all related earnout shares. Total stock-based compensation expense inclusive of employer payroll taxes was allocated as follows (in thousands):
			Three Months Ended December 31,				Year Ended December 31,
	(in thousands)		2022		2021		2022		2021
	Research and development		$ 68,171		$ 930,300		$ 738,821		$ 930,360
	General and administrative		43,059		742,543		1,202,099		757,247
	Total		$ 111,230		$ 1,672,843		$ 1,940,920		$ 1,687,607

   

Ginkgo Bioworks Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)
		Year Ended December 31,
		2022		2021
Cash flows from operating activities:
Net loss		$ (2,106,372)		$ (1,836,642)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		42,552		29,076
Stock-based compensation		1,930,641		1,606,020
Non-cash customer consideration		(34,263)		(24,185)
Loss on equity method investments		43,761		77,284
Loss on investments		53,335		11,543
Change in fair value of notes receivable		(3,757)		3,508
Change in fair value of warrant liabilities		(124,970)		(58,615)
Gain on deconsolidation of subsidiaries		(31,889)		—
Deferred income tax benefit		(14,609)		—
Loss on disposal of equipment		3,091		—
Non-cash lease expense		19,082		—
Amortization of finance lease right-of-use assets		1,871		—
Non-cash severance and retention bonus expense associated with an acquisition		6,152		—
Other non-cash activity		183		(270)
Changes in operating assets and liabilities:
Accounts receivable		55,024		(114,094)
Prepaid expenses and other current assets		(8,687)		(2,981)
Inventory		164		(626)
Operating lease right-of-use assets		13,233		—
Other non-current assets		921		(539)
Accounts payable		(10,844)		(2,247)
Accrued expenses and other current liabilities		(39,639)		44,796
Deferred revenue, current and non-current		(36,417)		(10,498)
Operating lease liabilities, current and non-current		(10,792)		—
Deferred rent, non-current		—		6,032
Other non-current liabilities		31		18,620
Net cash used in operating activities		(252,198)		(253,818)
Cash flows from investing activities:
Purchases of property and equipment		(52,271)		(56,521)
Deconsolidation of subsidiaries - cash		(55,721)		—
Business acquisitions, net of cash acquired		82,367		(12,040)
Asset acquisitions, net of cash acquired		(7,639)		—
Purchases of notes receivable		(40,000)		—
Proceeds from notes receivable		10,000		304
Purchase of investment in equity securities		(3,691)		(5,000)
Other		(439)		—
Net cash used in investing activities		(67,394)		(73,257)
Cash flows from financing activities:
Proceeds from reverse recapitalization, net of redemptions of $867,253 and offering costs of $108,118		—		1,509,629
Proceeds from exercise of stock options		240		167
Repurchases of common stock		—		(24,998)
Taxes paid related to net share settlement of equity awards		(981)		(9,463)
Principal payments on finance/capital leases and lease financing obligation		(1,237)		(1,123)
Contributions from non-controlling interests		—		59,933
Proceeds from public offering, net of issuance costs		99,303		—
Proceeds from issuance of Series E convertible preferred stock, net of issuance costs		—		—
Contingent consideration payment		(521)		—
Payment of equity issuance costs		(1,467)		—
Net cash provided by financing activities		95,337		1,534,145
Effect of foreign exchange rates on cash and cash equivalents		908		(19)
Net (decrease) increase in cash, cash equivalents and restricted cash		(223,347)		1,207,051
Cash and cash equivalents, beginning of period		1,550,004		380,801
Restricted cash, beginning of period		42,924		5,076
Cash, cash equivalents and restricted cash, beginning of period		1,592,928		385,877
Cash and cash equivalents, end of period		1,315,792		1,550,004
Restricted cash, end of period		53,789		42,924
Cash, cash equivalents and restricted cash, end of period		$  1,369,581		$  1,592,928

 

Ginkgo Bioworks Holdings, Inc.
Selected Non-GAAP Financial Measures
(in thousands, unaudited)
			Three Months Ended December 31,				Year Ended December 31,
			2022		2021		2022		2021
Net loss attributable to Ginkgo Bioworks Holdings, Inc. stockholders			$ (176,544)		$ (1,600,656)		$ (2,104,929)		$ (1,830,047)
Interest income			(11,412)		(496)		(20,262)		(837)
Interest expense			(1,647)		551		106		2,373
Income tax benefit			(14,770)		(683)		(15,027)		(1,480)
Depreciation and amortization			13,950		8,003		42,552		29,076
EBITDA			(190,423)		(1,593,281)		(2,097,560)		(1,800,915)
Stock-based compensation (1)			111,230		1,672,843		1,940,920		1,687,607
(Gain) loss on equity method investments (2)			(7,612)		4,080		45,315		74,445
Loss on investments			13,354		14,552		53,335		11,543
Change in fair value of warrant liabilities			(28,871)		(77,097)		(124,970)		(58,615)
Gain on settlement of partnership agreement			—		(23,826)		—		(23,826)
Gain on deconsolidation of subsidiaries			—		—		(31,889)		—
Merger and acquisition related expenses (3)			26,045		—		46,229		—
Other (4)			(3,924)		3,291		(4,153)		3,712
Adjusted EBITDA			$ (80,201)		$ 562		$ (172,773)		$ (106,049)

(1)	For the years ended December 31, 2022 and 2021, includes $10.3 million and $5.0 million, respectively, in employer payroll taxes.
(2)	Represents losses on equity method investments under the hypothetical liquidation at book value method, net of losses attributable to non-controlling interests.
(3)	Represents transaction and integration costs directly related to mergers and acquisitions including (i) due diligence, legal, consulting and accounting fees associated with acquisitions, (ii) post-acquisition employee retention bonuses and severance payments, (iii) the fair value adjustments to contingent consideration liabilities resulting from acquisitions, and (iv) acquired intangible assets expensed to research and development associated with an asset acquisition.
(4)	For the year ended December 31, 2022, includes $1.2 million in mark-to-market loss on the Access Bio Convertible Notes and Glycosyn Promissory Note and a $5.3 million fair market value remeasurement gain on the convertible promissory notes from Joyn. For the year ended December 31, 2021, includes $3.7 million in mark-to-market adjustments on the Access Bio Convertible Notes and Glycosyn Promissory Note.

 

Ginkgo Bioworks Holdings, Inc.
Segment Information
(in thousands, unaudited)
	Three Months Ended December 31,				Year Ended December 31,
	2022		2021		2022		2021
Revenue:
Foundry	$ 53,257		$ 34,156		$ 143,666		$ 112,989
Biosecurity	45,028		114,338		334,040		200,848
Total revenue	98,285		148,494		477,706		313,837
Segment cost of revenue:
Biosecurity	30,218		66,578		204,216		129,690
Segment research and development expense:
Foundry	99,886		46,015		273,356		160,634
Biosecurity	590		1,165		1,937		31,035
Total segment research and development expense	100,476		47,180		275,293		191,669
Segment general and administrative expense:
Foundry	63,723		29,504		168,586		74,407
Biosecurity	13,670		9,731		56,353		31,039
Total segment general and administrative expense	77,393		39,235		224,939		105,446
Segment operating income (loss):
Foundry	(110,352)		(41,363)		(298,276)		(122,052)
Biosecurity	550		36,864		71,534		9,084
Total segment operating loss	(109,802)		(4,499)		(226,742)		(112,968)
Operating expenses not allocated to segments:
Stock-based compensation (1)	111,230		1,672,843		1,940,920		1,687,607
Depreciation and amortization	14,796		7,686		42,552		28,185
Change in fair value of contingent consideration liability	(1,320)		(293)		(1,262)		(293)
Loss from operations	$ (234,508)		$ (1,684,735)		$ (2,208,952)		$ (1,828,467)

(1)	Includes $10.3 million and $5.0 million in employer payroll taxes for the years ended December 31, 2022 and 2021. Employer payroll taxes for the year ended December 31, 2020 were not material.

 

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SOURCE Ginkgo Bioworks

FAQ

What was Ginkgo Bioworks' total revenue for 2022?

Ginkgo Bioworks reported total revenue of $478 million in 2022, a 52% increase over 2021.

How many new Cell Programs did Ginkgo Bioworks add in 2022?

Ginkgo Bioworks added 59 new Cell Programs in 2022, representing a 90% growth.

What is Ginkgo Bioworks' revenue guidance for 2023?

Ginkgo Bioworks expects total revenue of at least $275 million for 2023.

What was the loss from operations for Ginkgo Bioworks in 2022?

The loss from operations for Ginkgo Bioworks in 2022 was $(2.2) billion.

How much cash did Ginkgo Bioworks have at the end of 2022?

Ginkgo Bioworks had a cash balance of over $1.3 billion at the end of 2022.