What happened
Shares of Twist Bioscience (TWST -2.15%) were up more than 14% as of 1 p.m. on Friday after the company reported third-quarter earnings before the markets opened on Friday. The stock is up less than 1% so far this year.
So what
Twist is a biotech company that makes synthetic biology and next-generation sequencing tools to help drug companies find novel therapies for treatments.
- The company reported third-quarter revenue of $63.7 million, up 14% year over year.
- Twist also reported a net loss of $57.4 million, or an earnings-per-share (EPS) loss of $1.01 a share, compared to a loss of $60.5 million, or an EPS loss of $1.08 in the same period last year.
- The earnings numbers also beat consensus picks by analysts.
The combination of improved revenue and reduced losses was enough to help the stock rise. The company cited increased orders of its products for the improved financials. It shipped products to 2,200 customers compared to 1,900 in the third quarter of 2022. It also shipped 171,000 genes compared to 163,000 in the same period a year ago.
Now what
Twist is a growth company that is edging closer to profitability. It expects to break even in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) by the fourth quarter. It also increased annual guidance for revenue of between $241 million and $242 million compared to earlier guidance of between $235 million and $238 million. The company reported $203.6 million in revenue last year.
