NEW YORK – Twist Bioscience said on Friday before the market opened that it is raising its full-year 2023 revenue guidance, ahead of the end of its fiscal year at the end of September.
The synthetic DNA maker now expects fiscal 2023 revenues in the range of $241 million to $242 million, up from previous guidance in the range of $235 million and $238 million, based on higher expected next-generation sequencing revenues, partially offset by lower biopharma revenues. The firm said that it expects NGS sales to total around $120 million for the year compared to previous guidance of $113 million to $114 million.
For the fiscal fourth quarter, the firm expects revenues of approximately $63 million to $64 million, R&D expenses of approximately $26 million, and SG&A expenses of about $47 million.
The news came with the firm's fiscal third quarter financial results. For the three months ended June 30, Twist reported $63.7 million in revenues, up 14 percent from $56.1 million in the prior-year period, beating Wall Street analysts' average estimate of $60.5 million.
The firm shipped approximately 171,000 genes in the quarter, up from 163,000 in Q3 2022.
Twist's research and development expenses for the quarter fell 33 percent to $24.5 million from $36.8 million in fiscal Q3 2022. Selling, general, and administrative expenses totaled $46.1 million, down 16 percent from $53.7 million a year ago. Twist also recorded $12.7 million in restructuring costs.
The firm's net loss for the quarter was $57.4 million, or $1.01 per share, compared to a net loss of $60.5 million, or $1.08 per share, in the year-ago quarter, beating the consensus Wall Street estimate of a loss of $1.14 per share.
The company ended the quarter with $307.5 million in cash and cash equivalents and $49.7 million in short-term investments.
In morning trading on the Nasdaq, shares of Twist were up 15 percent at $23.95.