Benzinga - Twist Bioscience Corp (NASDAQ: TWST) reported Q2 FY23 sales of $60.2 million, up 25%, beating the consensus of $56.6 million.
The company shipped approximately 152,000 genes during the quarter to 2,100 customers, compared to 124,000 genes to about 2,000 customers during the year-ago quarter.
For Q2, the company reported an EPS loss of $(1.04), compared to $(1.13) a year ago, beating the consensus of $(1.12).
Twist announced to reduce its workforce by approximately 270 employees, or about 25%. Manufacturing for most synthetic biology products has transitioned to the Factory of the Future, reducing fixed costs and removing duplication between the South San Francisco and Wilsonville sites.
The biopharma team has been resized to focus on revenue-generating partnerships, and Twist will moderate its investment in DNA data storage while maintaining its competitive lead.
Guidance: Twist Bioscience has withdrawn its prior financial guidance for FY24, aligning with the company’s decisive and strategic actions.
The company expects FY23 revenue of $235-$238 million, compared to previous guidance of $261-$269 million and the consensus of $263.49 million.
For Q3 FY23, Twist sees revenue of approximately $60-$61 million compared to a consensus of $73.58 million.
For Q4 FY23, sales are expected to be $62-$63 million vs. the consensus of $78.96 million.
Twist expects to exit fiscal 2024 with adjusted EBITDA breakeven for its core (SynBio, NGS) and Biopharma businesses in Q4.
Price Action: TWST shares are down 7.26% at $12.00 during the premarket session on the last check Friday.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.