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Friday, Twist Bioscience Corporation (NASDAQ:TWST) reported a third-quarter adjusted EPS loss of $(0.70), beating the consensus of $(0.77).
The company reported a third-quarter net loss of $85.6 million, or $1.47 per share, compared to $57.4 million, or $1.01 per share, a year ago.
On a non-GAAP basis, excluding approximately $45.0 million for an impairment related to Biopharma assets, the net loss was $40.6 million.
Twist Bioscience reported third-quarter sales of $81.5 million, up 27.8% year-over-year, beating the consensus of $77.4 million and the management guidance of $77 million.
The company shipped products to approximately 2,300 customers in the third quarter of fiscal 2024, compared to approximately 2,200 customers in the third quarter of fiscal 2023.
Twist shipped approximately 212,000 genes compared to approximately 171,000 genes a year ago.
Gross margin improved to 43.3%, increasing approximately 900 basis points over 34.4% a year ago.
“We once again surpassed our revenue guidance, ending the quarter with $81.5 million in revenue, and exceeded our targets for both cash burn and gross margin,” said Emily Leproust, CEO and co-founder of Twist Bioscience. “We saw strength in NGS and growth driven by our SynBio product line, with sequential growth for our Express Genes portfolio.”
Guidance: Twist Bioscience expects 2024 sales of $310 million-$311 million, compared to previous guidance of $300 million-$304 million and the consensus of $303.91 million.
The updated guidance includes:
The 2024 gross margin is expected to be approximately 42.0% for fiscal 2024, the high end of the previous guidance range of 41.5%–42%
The company raised its fourth-quarter 2024 sales guidance to $82 million–$83 million, compared to prior guidance of $77 million–$80 million and the consensus of $79.6 million.
For the fourth quarter, the gross margin is expected to be approximately 44% compared to the previous estimate of 43-44%, with an adjusted EBITDA loss of $20 million.
“We continue to employ disciplined execution and commercial prowess to expand our portfolio of products and services as we progress on our path to profitability and move toward an adjusted EBITDA loss of $20 million in the fiscal fourth quarter of 2024… and we are moving toward a gross margin over 50% by the end of fiscal 2025,” Leproust added.
Price Action: TWST stock was down 13.21% at $46.04 at last check Friday.
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Posted In: TWST