Twist Bioscience Reports Second Quarter Fiscal 2021 Financial Results
Twist Bioscience (NASDAQ: TWST) reported strong financial results for Q2 FY2021, ending March 31, 2021. Total orders reached $41.7 million, up from $24.6 million year-over-year. Revenue grew to $31.2 million, compared to $19.3 million in the prior year. However, net loss for the quarter increased to $37.9 million, or $0.78 per share. The cash position stood robust at $555.7 million. The company is optimistic about growth in the second half of the fiscal year, particularly in its NGS and synthetic biology segments.
- Total orders received were $41.7 million, up 69% YOY.
- Revenue increased to $31.2 million, reflecting a growth of 62% YOY.
- Margin improved to 39% due to higher NGS product mix.
- Launched the Twist NGS Methylation Detection System.
- Received FDA's EUA for SARS-CoV-2 NGS Assay.
- Net loss increased to $37.9 million, higher than $31.8 million YOY.
- R&D expenses rose to $15.8 million, a significant increase from $10.6 million YOY.
- SG&A expenses grew to $34.4 million, up from $27.2 million YOY.
Twist Bioscience Corporation (NASDAQ: TWST), a company enabling customers to succeed through its offering of high-quality synthetic DNA using its silicon platform, today reported financial results and business highlights for the second quarter of fiscal 2021 ended March 31, 2021.
“The second quarter of our fiscal year delivered growth across all four areas of our business, with increasing revenue and very strong orders building momentum for the second half of the year,” said Emily M. Leproust, Ph.D., CEO and co-founder of Twist Bioscience. “We signed new biopharma partnerships with multiple associated programs, and we continue to drive increasing density for our data storage vertical.
“For the second half of fiscal 2021 we expect continued growth of our NGS and synbio customer base as we build out the Factory of the Future in Oregon. We intend to advance all programs with our biopharma partners while simultaneously generating data to support out-licensing for our proprietary antibodies. In addition, for data storage, we will continue to pursue innovative engineering and collaborate across the DNA Data Storage Alliance to prepare the market for this novel storage medium.”
FISCAL 2021 SECOND QUARTER FINANCIAL RESULTS
-
Orders: Total orders received for the second quarter of fiscal 2021 were
$41.7 million , compared to$24.6 million for the same period of fiscal 2020. -
Revenue: Total revenues were
$31.2 million for the second quarter of fiscal 2021 compared to$19.3 million for the same period of fiscal 2020. -
Cost of Revenues: Cost of revenues for the second quarter of fiscal 2021 was
$19.0 million compared to$13.6 million for the same period of fiscal 2020. -
Research and Development Expenses: Research and development expenses for the second quarter of fiscal 2021 were
$15.8 million compared to$10.6 million for the same period of fiscal 2020. -
Selling, General and Administrative Expenses: Selling, general and administrative expenses for the second quarter of fiscal 2021 were
$34.4 million compared to$27.2 million for the same period of fiscal 2020. -
Net Loss: Net loss for the second quarter of fiscal 2021 was
$37.9 million , or$0.78 per share, compared to$31.8 million , or$0.85 per share, for the second quarter of fiscal 2020. -
Cash Position: As of March 31, 2021, the company had
$555.7 million in cash, cash equivalents and short-term investments.
“We increased our margin to
Fiscal Second Quarter 2021 and Recent Highlights
- Shipped products to approximately 1,700 customers in the second quarter of fiscal 2021 versus approximately 1,400 in the same period of fiscal 2020.
- Exercised our right of first refusal which gives a cost-effective option to double manufacturing capacity at the “Factory of the Future” just outside of Portland, Oregon
- Launched the Twist NGS Methylation Detection System, a robust, end-to-end sample preparation and target enrichment solution for identifying methylated regions in the human genome. DNA methylation plays a key role in many biological processes including cancer.
-
Received Emergency Use Authorization (EUA) from the U.S. Food and Drug Administration (FDA), together with Biotia, for the
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FAQ
What were Twist Bioscience's Q2 FY2021 financial results?
Twist Bioscience reported $31.2 million in revenue and total orders of $41.7 million for Q2 FY2021.How did Twist Bioscience's net loss change in Q2 FY2021?
The net loss increased to $37.9 million, or $0.78 per share, compared to $31.8 million, or $0.85 per share in the prior year.What is the current cash position of Twist Bioscience?
As of March 31, 2021, Twist Bioscience had a cash position of $555.7 million.What are the growth expectations for Twist Bioscience in 2021?
Twist expects continued growth in NGS and synthetic biology customer base as they advance their Factory of the Future.What new products did Twist Bioscience launch in Q2 FY2021?
Twist launched the NGS Methylation Detection System and received FDA EUA for the SARS-CoV-2 NGS Assay.
