Ginkgo Bioworks Provides First Half 2021 Update

Author: Michael Horton | August 18, 2021 04:09pm

Ginkgo Bioworks, Inc. ("Ginkgo") (the "Company"), which recently announced a business combination with Soaring Eagle Acquisition Corp. (NASDAQ:SRNG) ("Soaring Eagle"), today announced a revenue and business update for the first half of 2021.

"Ginkgo's business momentum has accelerated in 2021. We've signed several impactful new collaborations and are proud to see programs on our platform delivering value to customers. We've also seen increasing interest from state governments in our biosecurity offering as COVID variants are spreading in local communities and threatening school reopening plans," said Jason Kelly, co-founder and Chief Executive Officer. "We are proud to be a part of the solution and are updating our outlook for the balance of the year to reflect these events. Investing in biosecurity today strengthens our foundation as we endeavor to make biology easier to engineer."

Recent Business Highlights

Launched several new collaborations with new customers including Biogen, Corteva, Aldevron, and other leading customers across diverse industries.
Enhanced awareness and credibility from successful partnerships driving increased sales momentum, leading to an improved outlook for new programs launched by the end of 2021.
Celebrated multiple program and customer successes including Aldevron announcing over 10x improvement in its Vaccinia Capping Enzyme (VCE) production process, Cronos beginning commercial production of CBG, and Motif FoodWorks announcing the upcoming commercial launch of new ingredients and raising $226 million in Series B funding.
Concentric, Ginkgo's biosecurity effort, has secured new statewide contracts in Arizona, California, North Carolina, Pennsylvania and several other states and large school districts, and expects to deliver biosecurity solutions to millions of students across the country.

First Half 2021 Unaudited Revenue Highlights & Revised 2021 Full Year Outlook

First half 2021 Total Revenue of $88 million, up from $31 million in the comparable prior year period, an increase of 180%.
First half 2021 Foundry Revenue of $44 million, up from $31 million in the comparable prior year period, an increase of 41%.
First half 2021 Biosecurity Revenue of $44 million, relative to original full year projection of $50 million. Given first half 2021 performance and continued development of our testing offering, Ginkgo now expects Biosecurity Revenue to be at least $75 million for the full year.
Ginkgo also provided indications that certain programs have or are expected to contribute downstream value starting in 2021, including potential royalties from sales of VCE by Aldevron, appreciation of our stake in Motif, and a milestone from Cronos.

Business Combination Update

Ginkgo also provided an update on its proposed business combination with Soaring Eagle (the "Business Combination"). As previously announced, the Securities and Exchange Commission (the "SEC") has declared effective the Registration Statement on Form S-4 filed by Soaring Eagle, and Soaring Eagle has scheduled the extraordinary general meeting of its shareholders (the "Special Meeting") in connection with the Business Combination for September 14, 2021. Notice of the Special Meeting and a proxy statement/prospectus relating to the Business Combination (the "Proxy Statement") have been mailed to Soaring Eagle's shareholders of record as of the close of business on August 10, 2021 (the "Record Date"). A copy of the Proxy Statement is available at: https://www.sec.gov/Archives/edgar/data/1830214/000119312521246097/d177007d424b3.htm.

Ginkgo and Soaring Eagle expect to close the Business Combination shortly after the Special Meeting, following which, Ginkgo's Class A common stock is expected to be listed on the New York Stock Exchange under the ticker symbol "DNA". The Business Combination is expected to provide up to $2.5 billion of gross cash proceeds, including Soaring Eagle's $1.725 billion of cash in trust (subject to any redemptions by Soaring Eagle shareholders) and $775 million in gross proceeds from a PIPE transaction priced at $10.00 per share of Class A common stock of Soaring Eagle to be funded immediately prior to the closing of the Business Combination.

Presentation Information

Ginkgo will host a presentation reviewing the results for the first half of 2021 today, Wednesday, August 18, 2021, beginning at 4:30pm ET. The presentation will include an overview of first half 2021 revenue performance, recent business updates, a discussion on Ginkgo's business model and 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.

The presentation can be accessed via a livestream on YouTube. A direct link is available on Ginkgo's Investor Relations website at www.ginkgobioworks.com/investors and a replay will be made available following the presentation.

An audio-only dial-in will be available at the following numbers:

Audio-Only Dial Ins:

+1 646 876 9923 (New York)

+1 301 715 8592 (Washington, D.C.)

+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: 922 4974 9055

For International Dial-Ins, please see our web site at www.ginkgobioworks.com/investors

Posted In: SRNG