Twist Bioscience Corporation (TWST) Tops Q4 EPS by 16c, Revenues Beat

Twist Bioscience Corporation (NASDAQ: TWST) reported Q4 EPS of ($0.54), $0.16 better than the analyst estimate of ($0.70). Revenue for the quarter came in at $32.43 million versus the consensus estimate of $22.67 million.

FISCAL 2020 FOURTH QUARTER FINANCIAL RESULTS

• Orders: Total orders received for the fourth quarter of fiscal 2020 were $42.7 million, compared to $20.0 million for the same period of fiscal 2019.
• Revenue: Total revenues were $32.4 million for the fourth quarter of fiscal 2020 compared to $15.7 million for the same period of fiscal 2019.
• Cost of Revenues: Cost of revenues for the fourth quarter of fiscal 2020 was $17.6 million compared to $12.4 million for the same period of fiscal 2019.
• Research and Development Expenses: Research and development expenses for the fourth quarter of fiscal 2020 were $11.7 million compared to $10.5 million for the same period of fiscal 2019.
• Selling, General and Administrative Expenses: Selling, general and administrative expenses for the fourth quarter of fiscal 2020 were $27.2 million compared to $24.4 million for the same period of fiscal 2019.
• Net Loss: Net loss for the fourth quarter of fiscal 2020 was $24.3 million, or $0.54 per share, compared to $31.2 million, or $0.96 per share, for the fourth quarter of fiscal 2019.

"Over the last year, we delivered on revenue, orders, margin and product pipeline in a very challenging environment,” commented Jim Thorburn, CFO of Twist. “We have a strong balance sheet and momentum moving into fiscal 2021, and look forward to an exciting year ahead.”

“We ended our fiscal year with record revenue and orders against the backdrop of a global pandemic and significant uncertainty,” said Emily M. Leproust, Ph.D., CEO and co-founder of Twist Bioscience. “While we are proud of the new products we introduced to aid in the fight against COVID-19, which complemented our revenue, it was our core synthetic biology and next-generation sequencing (NGS) product lines that drove our overarching success.

“We have aggressive plans for growth and expansion in fiscal 2021 and beyond, continuing to build our foundation for sustained success across synthetic biology, NGS, biopharma and DNA data storage.”

GUIDANCE:

Twist Bioscience Corporation sees Q1 2021 revenue of $25-26 million, versus the consensus of $25.52 million.

Twist Bioscience Corporation sees FY2021 revenue of $110-118 million, versus the consensus of $117.49 million.

For the first quarter of fiscal 2021, Twist provided the following financial guidance:

• Revenue expected in the range of $25 million to $26 million

For the full fiscal year 2021, Twist provided the following financial guidance:

Revenue expected in the range of $110 million to $118 million

• Revenue from Ginkgo Bioworks expected to be approximately $11 to $12 million
  • Synbio revenue excluding Ginkgo Bioworks is expected to be in the range of $41 to $44 million
  • NGS revenue is estimated to be in the range of $54 to $58 million
  • Biopharma revenue is estimated to be approximately $4 million
• Gross margin is expected to be approximately 32% for fiscal 2021
• Operating expenses including R&D and SG&A are expected to be $174 million for the year
• Net loss expected in the range of $136 million to $141 million to reflect our increased investments in our commercial organization and research and development activities
  • R&D is expected to be approximately $60 million
  • Stock-based compensation is expected to be approximately $20 million
  • Depreciation is expected to be $7 million
  • Capital expenditures are expected to be $30 million, including expansion into “Factory of the Future”

For earnings history and earnings-related data on Twist Bioscience Corporation (TWST) click here.

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