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Ginkgo Bioworks Reports Q2 Revenues More Than Triple, Raises Guidance

NEW YORK – Ginkgo Bioworks reported after the close of the market on Monday that its second quarter 2022 revenues grew 231 percent year over year, driven by biosecurity service revenues.

In the three months ended June 30, Ginkgo reported $144.6 million in total revenues compared to $43.6 million a year ago, smashing the consensus Wall Street estimate of $77.6 million.

Foundry, or cell engineering, revenues were $44.2 million, more than double the $21.6 million reported in Q2 2021. Biosecurity service — mostly COVID-19 testing — revenues from the firm's Concentric subsidiary were $96.5 million, up from $21.7 million a year ago, driven by K-12 testing volumes, while biosecurity product revenues were $3.9 million, up from $355,000 a year ago.

The firm added 13 new cell programs, representing 86 percent growth over the prior-year period.

Ginkgo raised its 2022 guidance for total revenues to between $425 million and $440 million, with biosecurity revenue of at least $260 million. Previously the firm had expected revenues in the range of $375 million to $390 million and biosecurity revenues of at least $210 million. The firm reiterated guidance for 60 new cell programs and foundry revenue in the range of $165 million to $180 million.

Ginkgo Bioworks' net loss for the quarter totaled $670.6 million, or $.41 per share, compared to a net loss of $54.5 million, or $.04 per share, in Q2 2021, missing the consensus Wall Street estimate of $.04 per share loss. Net loss included a $38.7 million loss on investments and a $10.2 million loss on equity method investments. The number of weighted average shares of common stock used to compute Q2 net loss per share was approximately 1.62 billion compared to approximately 1.29 billion in Q2 2021.

The Boston-based firm went public through a merger with a special purpose acquisition corporation in September 2021, raising $1.63 billion.

Ginkgo reported $289.2 million in R&D expenses for the quarter, up more than fivefold from $52 million a year ago, driven by stock-based compensation expenses. Excluding stock-based compensation, R&D expenses were approximately $72 million, up 38 percent from $52 million a year ago, Ginkgo CFO Mark Dmytruk said on a conference call with investors following release of the results.

Its SG&A expenses were $438.4 million, up more than tenfold from $34.4 million a year ago, also driven by stock-based compensation expenses. Excluding stock-based compensation, those expenses were approximately $48 million, more than double $20 million a year ago, Dmytruk said, driven by business development expenses, costs associated with being a public company, and fees related to its mergers and acquisitions activity in the quarter, especially its $300 million purchase of Zymergen.

As disclosed in the fourth quarter of 2021, Ginkgo's stock-based compensation was due to "catch-up" expenses resulting from the firm's historical practice of not booking restricted stock unit grants.

As of June 30, Ginkgo had $1.38 billion in cash and cash equivalents.

In Tuesday morning trading on the New York Stock Exchange, shares of Ginkgo Bioworks were up 15 percent at $4.01.

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