NEW YORK – Ginkgo Bioworks on Thursday reported after the close of the market that its second quarter revenues fell 30 percent year over year to $56.2 million from $80.6 million but beat the consensus Wall Street estimate of $43.1 million.
The decline was driven by the expected ramp down of K-12 COVID-19 testing in its biosecurity segment and a drop in revenue for its cell engineering business.
Revenue from the Boston-based company's cell engineering business was $36.2 million, down 20 percent from $45.3 million in Q2 2023, reflecting a decline in sales to early-stage customers and partially offset by growth from large and enterprise customers. Biosecurity service revenues fell 18 percent to $20 million from $24.5 million a year ago. Ginkgo reported no biosecurity product revenues compared to $10.8 million a year ago.
Ginkgo added 18 new cell programs to its cell engineering "foundry" during the quarter.
During the quarter, the firm laid off 35 percent of its workforce and signed its first deal offering lab data as a service.
Its net loss for the quarter was $217.2 million, or $.11 per share, compared to a loss of $173.3 million, or $.09 per share, a year ago, missing the consensus Wall Street estimate of a per-share loss of $.08.
The firm's R&D expenses for the quarter totaled $134.2 million, down 7 percent from $144.3 million a year ago, while its SG&A expenses fell 35 percent to $66.3 million from $102.3 million in the year-ago quarter.
Ginkgo ended Q2 with $730.4 million in cash and cash equivalents and $45.4 million in restricted cash.
The firm reaffirmed its guidance for full-year 2024 revenues in the range of $170 million and $190 million.