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 fourth quarter and full-year fiscal 2021 ended September 30, 2021.
FISCAL 2021 FOURTH-QUARTER FINANCIAL RESULTS
Orders: Total orders received for the fourth quarter of fiscal 2021 were $45.2 million, compared to $42.7 million for the same period of fiscal 2020. The fourth quarter of fiscal 2020 included a single $9 million order.
Revenue: Total revenues were $38.0 million for the fourth quarter of fiscal 2021, compared to $32.4 million for the fourth quarter of fiscal 2020. The fourth quarter of fiscal 2020 included a single $9 million order that was shipped and recognized as revenue in the quarter.
Cost of Revenues: The cost of revenues for the fourth quarter of fiscal 2021 was $22.5 million compared to $17.6 million for the same period of fiscal 2020.
Research and Development Expenses: Research and development expenses for the fourth quarter of fiscal 2021 were $19.4 million compared to $11.6 million for the same period of fiscal 2020.
Selling, General, and Administrative Expenses: Selling, general and administrative expenses for the fourth quarter of fiscal 2021 were $38.2 million compared to $27.2 million for the same period of fiscal 2020.
Net Loss: Net loss for the fourth quarter of fiscal 2021 was $41.2 million, or $0.84 per share, compared to $24.3 million, or $0.54 per share, for the fourth quarter of fiscal 2020.
“We reported record revenue for both the quarter and the fiscal year, as well as a gross margin of more than 40% for the quarter and 39% for the year,” commented Jim Thorburn, CFO of Twist. “We expect fiscal 2022 to be a year of investment in the biopharma and data storage areas, as well as ramping up production at the Factory of the Future to set the stage for escalating growth moving forward.”
Financial Statement :
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Twist Bioscience Corporation |
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Condensed Consolidated Statements of Operations |
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|
(Unaudited) |
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(in thousands) |
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|
Three months ended September 30, |
Twelve months ended September 30, |
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|
2021 |
2020 |
2021 |
2020 |
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| Revenues |
$ |
37,951 |
$ |
32,432 |
$ |
132,333 |
$ |
90,100 |
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| Operating expenses: |
|
|
|
|
||||||||
| Cost of revenues |
|
22,497 |
|
17,578 |
|
80,620 |
|
61,406 |
||||
| Research and development |
|
19,443 |
|
11,636 |
|
69,072 |
|
43,006 |
||||
| Selling, general and administrative |
|
38,243 |
|
27,185 |
|
135,901 |
|
103,267 |
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| Change in fair value of contingent consideration and indemnity holdback |
|
(2,421) |
|
– |
|
(534) |
|
– |
||||
| Litigation settlement |
|
– |
|
– |
|
– |
|
22,500 |
||||
| Total operating expenses |
$ |
77,762 |
$ |
56,399 |
$ |
285,059 |
$ |
230,179 |
||||
| Loss from operations |
$ |
(39,811) |
$ |
(23,967) |
$ |
(152,726) |
$ |
(140,079) |
||||
| Interest income |
|
58 |
|
112 |
|
435 |
|
1,499 |
||||
| Interest expense |
|
(83) |
|
(143) |
|
(367) |
|
(787) |
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| Other income (expense), net |
|
(1,064) |
|
(57) |
|
(1,370) |
|
(182) |
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| Benefit from (provision for) income taxes |
|
(340) |
|
(263) |
|
1,930 |
|
(382) |
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| Net loss attributable to common stockholders |
$ |
(41,240) |
$ |
(24,318) |
$ |
(152,098) |
$ |
(139,931) |
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| Net loss per common share, basic and diluted |
$ |
(0.84) |
$ |
(0.54) |
$ |
(3.15) |
$ |
(3.57) |
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| Weighted average shares used in computing net loss per share attributable to common stockholders—basic and diluted |
|
49,350 |
|
44,778 |
|
48,251 |
|
39,190 |
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