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Twist Bioscience Corporation (TWST+1.41%) has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing details the company's financial performance, showing a revenue increase to $313.0 million from $245.1 million in the previous year. This growth is attributed to increased sales in synthetic genes and next-generation sequencing tools.
Cost of revenues increased to $179.6 million, primarily due to higher material costs and depreciation expenses. However, the gross margin improved to 42.6% from 36.6% in the previous year.
Research and development expenses decreased to $90.9 million, reflecting a reduction in headcount and associated costs following a restructuring plan.
Selling, general, and administrative expenses rose to $218.4 million, driven by increased personnel costs and marketing expenses.
The company recorded an impairment charge of $44.9 million related to its Biopharma asset group due to lower than expected revenues.
Twist Bioscience reported a net loss of $208.7 million, slightly higher than the $204.6 million loss in the previous year.
Cash used in operating activities decreased significantly to $64.1 million, reflecting improved operational efficiencies.
The company ended the fiscal year with $276.4 million in cash and short-term investments, indicating sufficient liquidity for the next 12 months.
Twist Bioscience continues to focus on expanding its market presence and product offerings in synthetic DNA and related fields.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Twist Bioscience Corporation annual 10-K report dated November 18, 2024. To report an error, please email earnings@qz.com.