Twist Bioscience Corp (TWST) 2023 Q4 法說會逐字稿

Welcome to Twist Bioscience's Fiscal 2023 Fourth Quarter Financial Results Conference Call. (Operator Instructions) Please be advised that this call is being recorded. I would now like to turn the conference call over to Angela Bitting Senior Vice President of Corporate Affairs and Chief ESG Officer.

歡迎參加 Twist Bioscience 2023 財年第四季財務業績電話會議。 （操作員說明）請注意，此通話正在錄音。我現在想將電話會議轉交給企業事務資深副總裁兼首席 ESG 長 Angela Bitting。

Thank you, operator. Good morning, everyone. I'd like to thank all of you for joining us today for Twist Bioscience's Conference Call to review our fiscal 2023 Fourth Quarter and Full Year Financial Results and Business Progress. We issued our initial results release this morning, which is available at our website at www.twistbioscience.com.

謝謝你，接線生。大家，早安。我要感謝大家今天參加 Twist Bioscience 的電話會議，回顧我們 2023 財年第四季和全年的財務表現和業務進展。我們今天早上發布了初步結果，可在我們的網站 www.twistbioscience.com 上取得。

With me on today's call are Dr. Emily Leproust, CEO and Co-Founder of Twist; and Jim Thorburn, acting CFO of Twist. Emily will begin with a review of our recent progress, and Jim will report on our financial and operational performance. Emily will come back to discuss our upcoming milestones and direction. We will then open the call for questions.

參加今天電話會議的有 Twist 執行長兼聯合創始人 Emily Leproust 博士；吉姆‧索伯恩 (Jim Thorburn)，Twist 代理財務長。艾米麗將首先回顧我們最近的進展，吉姆將報告我們的財務和營運績效。艾米麗將回來討論我們即將到來的里程碑和方向。然後我們將開始提問。

(Operator Instructions) During today's presentation, we will make forward-looking statements within the meaning of the U.S. federal securities laws. Forward-looking statements generally relate to future events or future financial or operating performance. Our expectations and beliefs regarding these matters may not materialize, and actual results in financial periods are subject and uncertainties that could cause actual results to differ materially from those projected.

（操作員說明）在今天的演示中，我們將做出美國聯邦證券法含義內的前瞻性陳述。前瞻性陳述通常與未來事件或未來財務或經營績效有關。我們對這些事項的期望和信念可能不會實現，財務期間的實際結果存在不確定性，可能導致實際結果與預測有重大差異。

These risks include those set forth in the press release we issued earlier today as well as those more fully described in our filings with the Securities and Exchange Commission. The forward-looking statements in this presentation are based on information available to us as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law.

這些風險包括我們今天早些時候發布的新聞稿中列出的風險以及我們向美國證券交易委員會提交的文件中更全面描述的風險。本簡報中的前瞻性聲明是基於截至本新聞稿發布之日我們可獲得的信息，除法律要求外，我們不承擔更新任何前瞻性陳述的義務。

With that, I will now turn the call over to our Chief Executive Officer, Dr. Emily Leproust.

現在，我將把電話轉給我們的執行長艾米麗·勒普魯斯特 (Emily Leproust) 博士。

Thank you, Angela and good morning, everyone. Fiscal 2023, while the year growth and strong execution for Twist. We grew our business with revenue increasing 20% year-over-year. We completed internal integration of our Biopharma group, and we implemented strategic actions to align our cost structure aimed at optimizing our operations, with a clear focus on increasing gross margin along our accelerated [past] profitability.

謝謝你，安琪拉，大家早安。 2023 財年是 Twist 成長和強勁執行力的一年。我們的業務不斷成長，營收年增 20%。我們完成了生物製藥集團的內部整合，並實施了戰略行動來調整我們的成本結構，旨在優化我們的運營，明確重點是在我們加速的[過去]盈利能力的同時提高毛利率。

We invested in our best-in-class innovation to set the stage for the near- and long-term success. And now we are focused on profitable and [favorable] growth, moving into fiscal 2024 and beyond. Getting into the specifics for the fourth quarter, we grew revenue to $66.9 million and $245.1 million for the full year, exceeding our updated guidance in the -- for the quarter and the year.

我們投資於一流的創新，為近期和長期的成功奠定基礎。現在，我們的重點是獲利和[有利的]成長，進入 2024 財年及以後。詳細了解第四季度的具體情況，我們全年收入分別增長至 6,690 萬美元和 2.451 億美元，超出了我們在季度和年度的最新指導。

Our gross margin was approximately 37% for both the quarter and the year, and we ended the year with approximately 336 million of cash, cash equivalents and investments. Across the business, our efforts over the last 24 months in building the Wilsonville facility, expanding our production line and streamlining workflows are now benefiting both our SynBio and NGS product lines to allow us to deliver what our customers' need.

我們本季和本年度的毛利率約為 37%，年底我們擁有約 3.36 億美元的現金、現金等價物和投資。在整個業務中，我們過去 24 個月在建造威爾遜維爾工廠、擴大生產線和簡化工作流程方面所做的努力現在使我們的 SynBio 和 NGS 產品線受益，使我們能夠滿足客戶的需求。

Within our factory in Wilsonville, we have analyzed each process in SynBio workflow to remove excess time and our production data shows that are able to turn genes around in 6 business days consistently. This is an incredible feat and one that requires all hands on deck to optimize every process and procedure. This robust workflow now allows us to make more SynBio products in less than half time we could even 1 year ago.

在我們位於威爾遜維爾的工廠內，我們分析了 SynBio 工作流程中的每個流程，以消除多餘的時間，我們的生產數據顯示，能夠在 6 個工作天內一致地扭轉基因。這是一項令人難以置信的壯舉，需要所有人齊心協力來優化每個流程和程序。現在，這種強大的工作流程使我們能夠在不到一年前一半的時間內生產更多 SynBio 產品。

On Tuesday, we launched Express Genes, what we previously called Fast Genes. This is the first product that we will directly benefit from and has been made possible by the time and infrastructure investments in our Wilsonville facility. With Express Genes, we have the opportunity to increase contribution margin for the SynBio product group as well as our [overarching] gross margin.

週二，我們推出了 Express Genes，也就是我們之前所說的 Fast Genes。這是我們將直接受益的第一個產品，並且是透過我們威爾遜維爾工廠的時間和基礎設施投資而成為可能的。借助 Express Genes，我們有機會提高 SynBio 產品組的邊際貢獻率以及我們的[總體]毛利率。

Let's note four important things about how the launch of Express Genes impacts our business: First, this is our [clonal] gene service, our bread and butter of the SynBio products that [as of] our clonal order qualify for this Express Gene service today, with an eye towards expanding to the majority of clonal genes orders, moving forward. Genes that do not qualify for Express service will continue to be ordered at standard speed and will be priced starting at $0.09 per base payer.

讓我們注意有關Express Genes 的推出如何影響我們業務的四件重要事情：首先，這是我們的[克隆]基因服務，我們的SynBio 產品的麵包和黃油，[截至]我們的克隆訂單今天有資格享受此Express Gene 服務，著眼於擴展到大多數克隆基因序列，並繼續前進。不符合 Express 服務資格的基因將繼續以標準速度訂購，價格為每位基本付款人 0.09 美元起。

For Express Genes, it is the same great product delivered faster. And so we charge a premium price for that speed. The price will be dynamic, based on how full the fab is.

對於 Express Genes 來說，同樣出色的產品交付速度更快。因此我們對這種速度收取高價。價格將根據晶圓廠的滿載程度而動態變化。

Second, all genes, whether standard or Express, will be manufactured on the same manufacturing line. This is a streamlined, highly automated process, where all genes goes through the same steps. Standard genes will either wait before or after synthesis as we'll use [standard genes] to maximize cheap utilization. This is similar to an [airline system by] passengers to run planes that are as full as possible.

其次，所有基因，無論是標準基因或快速基因，都將在同一條生產線上生產。這是一個簡化的、高度自動化的過程，所有基因都經歷相同的步驟。標準基因將在合成之前或之後等待，因為我們將使用[標準基因]來最大化廉價利用。這類似於[航空公司係統]乘客運行盡可能滿員的飛機。

Third, with higher revenues through premium pricing for Express Genes, we expect to see margin improve. Our objective with pricing is to expand our market opportunities significantly into the makers market as well as capturing additional customers within the buyers market. This means that our offering must resonate as a cost-effective alternative to customers making and cloning the genes themselves.

第三，隨著 Express Genes 的溢價帶來更高的收入，我們預期利潤率將會提高。我們的定價目標是將我們的市場機會顯著擴大到製造商市場，並在買方市場中吸引更多客戶。這意味著我們的產品必須作為客戶自己製造和克隆基因的經濟高效的替代方案引起共鳴。

Working with pricing experts, our initial direct price range is designed to optimize our pricing in a way that will not eliminate existing customers. At the same time, we expect to increase our margin from this differentiated product line while serving a large unmet need for our current and future customers.

我們與定價專家合作，設計了最初的直接價格範圍，旨在以不會消除現有客戶的方式優化我們的定價。同時，我們希望透過這條差異化產品線提高利潤，同時滿足當前和未來客戶大量未滿足的需求。

Fourth, because we are making all genes at extra speed, our genes capacity for our recent [site] is now close to double compared to the 10 days [turn-on] time production timeline. That's a strategic and key point that allows us to continue to scale. As for note, but we've implemented the improvement in turn-on time throughout the SynBio product line to our gene [fragment] can now be delivered in as few as 2 business days and Oligo Pools in as few as 3 business days.

第四，由於我們正在以超快的速度製造所有基因，因此與 10 天[啟動]時間生產時間表相比，我們最近[站點]的基因容量現在接近兩倍。這是使我們能夠繼續擴大規模的策略和關鍵點。需要注意的是，我們已經改進了整個 SynBio 產品線的啟動時間，現在我們的基因[片段]可以在短短 2 個工作天內交付，Oligo Pools 在短短 3 個工作天內交付。

For fragment and Oligo Pools, we are pleased to offer this product at competitive pricing without a premium. The enhanced speed and efficiency of our operations has allowed us to gain a stronger foothold in the market while maintaining healthy contribution margins for this product line.

對於片段和寡核苷酸池，我們很高興以有競爭力的價格提供該產品，且無需支付溢價。我們營運速度和效率的提高使我們能夠在市場上站穩腳跟，同時保持該產品線的健康貢獻率。

With the successful launch of Express Genes, our aim is twofold: To scale up our gene volume with existing customers and to attract new customers, thereby expanding our market reach. In the initial phase of launch, we are directing our efforts towards our current customer base.

隨著 Express Genes 的成功推出，我們的目標是雙重的：擴大現有客戶的基因數量並吸引新客戶，從而擴大我們的市場範圍。在推出的初始階段，我們將努力針對目前的客戶群。

Once we know the workflow is tried and true, we will enter on marketing efforts, targeting customers conversions from competitors as well as new customers who have not yet used Twist for their clonal gene needs. As we run Express Genes, we expect the book-to-bill ratio will essentially approach 1 as there are so few days between order and delivery. As such, others for SynBio becomes less informative. The trend to watch will be revenue growth in SynBio.

一旦我們知道該工作流程經過嘗試且真實，我們將開始行銷工作，針對從競爭對手轉變的客戶以及尚未使用 Twist 滿足其克隆基因需求的新客戶。當我們經營 Express Genes 時，我們預計訂單出貨比將基本上接近 1，因為訂單和交貨之間的間隔時間很短。因此，SynBio 的其他資訊變得越來越少。值得關注的趨勢是 SynBio 的營收成長。

Importantly, the speed of Express Genes unlocks additional applications, including long genes, complexes genes, additional IgG antibodies as well as [mRNA] production. So not only are Express Genes an opportunity to increase margin and take market share but a [very] solid foundation for growth into the future.

重要的是，Express Genes 的速度開啟了更多應用，包括長基因、複合物基因、額外 IgG 抗體以及 [mRNA] 生產。因此，Express Genes 不僅是增加利潤和佔領市場份額的機會，而且是未來成長的[非常]堅實的基礎。

Moving to [ADS] over the course of the year and particularly in the fourth quarter, we saw the work we have done with customers to optimize their workflow over time beginning to pay off. Several key customers are now scaling production for validation and commercialization.

在這一年中，特別是在第四季度，我們轉向 [ADS]，我們看到我們與客戶一起優化他們的工作流程的工作隨著時間的推移開始得到回報。一些主要客戶現在正在擴大生產以進行驗證和商業化。

In addition, we see strength driving into the middle of the market. We see an increasing number of customers within our [RNA-seq] workflow, and several customers are implementing our minimal residual disease or MRD workflow. We believe both of these product groups validate our innovative approach to develop and commercialize products that our customers need.

此外，我們看到市場中段的力量正在推動。我們看到越來越多的客戶參與我們的 [RNA-seq] 工作流程，並且一些客戶正在實施我們的微小殘留疾病或 MRD 工作流程。我們相信這兩個產品組都驗證了我們開發和商業化客戶所需產品的創新方法。

At a high level, our Life Sciences buyers in NGS products grew at more than 23% year-over-year. Production is reaping. As we think about our trajectory to profitability, we believe we have set ourselves up for success.

從高水準來看，我們的 NGS 產品生命科學買家年增超過 23%。生產正在收穫。當我們思考我們的獲利軌跡時，我們相信我們已經為成功做好了準備。

We have momentum going into fiscal year with the launch of Express Genes and the ability to unlock future product lines. We have NGS tractions with the top and middle of the market as well as initial RNA [seek] and MRD uptake and an energized team that is committed to driving the business forward towards profitability and scale the growth.

隨著 Express Genes 的推出以及解鎖未來產品線的能力，我們在進入本財年時勢頭強勁。我們擁有高端和中階市場的 NGS 吸引力，以及最初的 RNA [尋求] 和 MRD 吸收，以及一支充滿活力的團隊，致力於推動業務獲利並擴大成長。

As a management team, we have a strong track record for executing against our strategy, growing our customer base and driving best-in-class product innovation. We are now laser focused on increasing our gross margin and driving towards profitability.

作為管理團隊，我們在執行策略、擴大客戶群和推動一流產品創新方面擁有良好的記錄。我們現在專注於提高毛利率並實現盈利。

Turning to Biopharma. We have effectively addressed our internal integration challenges. And as of early October, our commercial team was fully staffed with all territories covered. We'll share that it typically takes about 6 months for a new representative to come up to speed and orders for Biopharma directly translate into revenues in a 3- to 6-month time frame.

轉向生物製藥。我們有效地解決了內部整合的挑戰。截至 10 月初，我們的商業團隊人員配備齊全，涵蓋所有地區。我們將分享的是，新代表通常需要大約 6 個月的時間才能跟上進度，而生物製藥的訂單將在 3 到 6 個月的時間內直接轉化為收入。

For the fourth quarter, orders increased quarter-over-quarter for the first time in fiscal year. We see this uptick as a positive sign of health for the overarching Biopharma services business.

第四季訂單量在本財年首次較上季成長。我們認為這種上升是整體生物製藥服務業務健康發展的積極跡象。

Of note, the majority of our orders came from large pharma. In the last few months, we announced agreements with [Ono Pharmaceuticals], Bayer and more, and we are cautiously optimistic that the fourth quarter of 2023 will represent a low point for Biopharma revenue. And the spectrum for SynBio all the way through Biopharma services is gaining traction.

值得注意的是，我們的訂單大多來自大型製藥公司。在過去的幾個月中，我們宣布與 [Ono Pharmaceuticals]、拜耳等公司達成協議，我們對 2023 年第四季將代表生物製藥收入的低點持謹慎樂觀態度。 SynBio 一直到生物製藥服務的範圍正在獲得關注。

The Biopharma group continues to provide strategic advantage, allowing us to utilize our SynBio products, including genes, [fragments], Oligo Pools, libraries and IgG antibodies all the way through to antibody discovery optimization and [immunization] services, differentiating us from our competition and driving upside through potential milestones and royalties.

生物製藥集團繼續提供戰略優勢，使我們能夠利用我們的 SynBio 產品，包括基因、[片段]、Oligo Pools、文庫和 IgG 抗體，一直到抗體發現優化和[免疫]服務，使我們在競爭中脫穎而出並透過潛在的里程碑和特許權使用費推動上漲。

Acquisition of Abveris broadened our offering beyond synthetic libraries and enabled in vivo discoveries through animal models. This has been integral in extending our comprehensive offering. Now fully integrated, Biopharma provides a full menu of in vivo, in vitro and in silico services to our customers.

收購 Abveris 拓寬了我們的產品範圍，超越了合成文庫，並透過動物模型實現了體內發現。這對於擴展我們的綜合產品至關重要。現在，生物製藥已完全整合，為我們的客戶提供全套體內、體外和電腦服務。

This means that they have a powerful comprehensive offering that is able to meet varying customer needs under one roof. For example, our large pharma and biotech customers often pick and choose from a broad menu based on their needs, while our smaller companies often benefit from a full end-to-end offering.

這意味著他們擁有強大的綜合產品，能夠一站式滿足不同的客戶需求。例如，我們的大型製藥和生物技術客戶經常根據自己的需求從廣泛的菜單中進行選擇，而我們的小型公司通常受益於完整的端到端產品。

Finally, our [NCO] services enable us to provide more sequences and hit for our customers in vivo, [in vitro] projects, which maximizes their chances of success.

最後，我們的 [NCO] 服務使我們能夠為客戶的體內、[體外] 專案提供更多的序列和命中，從而最大限度地提高他們的成功機會。

For data storage, we have made progress in our approach to enzymatic synthesis for this application. We're working to implement an industrial-grade codec, the encoding and decoding algorithm with a large industry partner. We remain on track with our plan to demonstrate an end-to-end gigabyte Century Archive workflow by the end of December, with the early-access launch of a terabyte Century Archive solution expected in calendar 2025.

對於數據存儲，我們在該應用的酶合成方法方面取得了進展。我們正在與大型產業合作夥伴一起努力實現工業級編解碼器、編碼和解碼演算法。我們仍按計劃在 12 月底之前展示端到端 GB 世紀存檔工作流程，預計在 2025 年提前推出 TB 世紀存檔解決方案。

On the corporate side, we added a key operational leader in Mark Buck as our SVP of Operations. He brings a [major] background as well as deep expertise in supply chain, quality and production. At his prior company, he was responsible for 21 production facilities. And we look forward to the perspective he brings with respect to optimizing our operations further for scale and improving gross margin. With that, I'll turn it over to Jim.

在公司方面，我們增加了一位關鍵的營運領導者馬克·巴克（Mark Buck）作為我們的營運高級副總裁。他帶來了供應鏈、品質和生產方面的[專業]背景以及深厚的專業知識。在他之前的公司，他負責 21 個生產設施。我們期待他在進一步優化我們的營運以擴大規模和提高毛利率方面帶來的觀點。有了這個，我會把它交給吉姆。

All right. Thank you, Emily. We're happy to report we had another record in orders and revenues for our fourth quarter and full fiscal year 2023. I want to thank all our Twister's customers and partners who made this possible.

好的。謝謝你，艾米麗。我們很高興地報告，我們第四季度和 2023 財年的訂單和收入再創新高。我要感謝所有 Twister 的客戶和合作夥伴，是他們使這一切成為可能。

Revenue for quarter 4 grew to $66.9 million, which brings our revenue for fiscal year ending September 30 to 245.1 million as compared to $203.6 million in fiscal '22, and that's year-over-year growth of approximately 20%.

第四季的營收成長至 6,690 萬美元，這使得我們截至 9 月 30 日的財年營收達到 2.451 億美元，而 22 財年的營收為 2.036 億美元，較去年同期成長約 20%。

Orders increased to $71.1 million for the quarter, bringing orders for the year to approximately $264 million, and that's year-over-year growth of 17%. And gross margin for the quarter increased press [36.6%] and was up 36.6% for the year. We also increased our customer base to approximately 3,450, and that's up from 3,300 in fiscal '22. And we ended the year with cash and investments of approximately $336.4 million.

該季度訂單增加至 7,110 萬美元，全年訂單達到約 2.64 億美元，年增 17%。該季度的毛利率增加了 [36.6%]，全年毛利率增加了 36.6%。我們也將客戶群增加到約 3,450 名，而 22 財年為 3,300 名。截至年底，我們的現金和投資約為 3.364 億美元。

Now I'll provide a deeper dive, starting with NGS. NGS revenue for the fourth quarter grew to approximately $37.1 million compared to $29.2 million in the fourth quarter of fiscal '22, and that's an increase of 27% year-over-year. And for the full year, revenue increased to $123.7 million for fiscal '23 as compared to $99.3 million for fiscal '22, and that year-over-year growth of 25%.

現在我將從 NGS 開始進行更深入的探討。第四季 NGS 營收成長至約 3,710 萬美元，而 22 財年第四季的 NGS 營收為 2,920 萬美元，較去年同期成長 27%。就全年而言，23 財年的營收增至 1.237 億美元，而 22 財年的營收為 9,930 萬美元，較去年同期成長 25%。

The record revenue for fiscal '23 was due primarily to an increase in revenue from our top 10 customers, which accounted for approximately [37%] of revenue for the year. We served approximately 1,020 NGS customers in fiscal '23.

23 財年創紀錄的收入主要是由於我們十大客戶的收入增加，約佔當年收入的 [37%]。在 2023 財年，我們為大約 1,020 名 NGS 客戶提供了服務。

And we believe our NGS products [offer] compelling competitive advantage and save our customers downstream sequencing costs. And this advantage is reflected in our orders for the fourth quarter of [39.1 million] and [131.5 million] for the year, and that's 26% year-over-year growth.

我們相信我們的 NGS 產品[提供]引人注目的競爭優勢，並為我們的客戶節省下游定序成本。這項優勢體現在我們第四季的訂單量為[3,910萬]，全年的訂單量為[1.315億]，年增26%。

As we've noted in our previous calls, we track the larger account opportunities, that is accounts we believe have potential to be largely a $250,000 per year and the overall count remains at 279 with 131 dotted, which is the same as last quarter. In this stage, we believe we identified the vast majority of players in this market, and we will be focused on landing and expanding these accounts.

正如我們在先前的電話會議中指出的那樣，我們追蹤較大的帳戶機會，即我們認為每年有可能達到25 萬美元的帳戶，總體數量仍為279 個，其中131 個為點綴，與上季度相同。在這個階段，我們相信我們已經確定了這個市場的絕大多數參與者，我們將專注於登陸和擴大這些客戶。

Turning to SynBio products, which includes genes, DNA preps, IgG, DNA libraries and Oligo Pools. We had another strong year and excited about leveraging our investment in our Wilsonville facility. SynBio revenue for the quarter was $26.5 million, bringing revenue from fiscal '23 to $98.2 million, up from $80 million in fiscal '22 as we continue to expand our customer base and product offering.

轉向 SynBio 產品，其中包括基因、DNA 製備物、IgG、DNA 文庫和 Oligo Pools。我們又度過了強勁的一年，並對利用我們在威爾遜維爾工廠的投資感到興奮。隨著我們繼續擴大客戶群和產品供應，SynBio 本季的營收為 2,650 萬美元，使 23 財年的營收達到 9,820 萬美元，高於 22 財年的 8,000 萬美元。

SynBio orders for quarter 4 were 26.2 million, which brings our fiscal '23 orders to 110.9 million, up from 90.7 million in fiscal '22, and that's 22% year-over-year growth. Some of the highlights include growing our customer base to approximately 2,700 SynBio customers in fiscal '23 as compared to 2,300 in fiscal '22. We increased our genes revenue to $72.5 million versus $61.5 million, which is year-over-year of approximately 20%. And we shipped 634,000 gene in fiscal '23 as compared to 558,000 in fiscal '22.

SynBio 第 4 季的訂單為 2,620 萬份，這使我們 23 財年的訂單達到 1.109 億份，高於 22 財年的 9,070 萬份，年增 22%。其中一些亮點包括在 23 財年將我們的客戶群擴大到約 2,700 名 SynBio 客戶，而 22 財年為 2,300 名。我們的基因收入從 6,150 萬美元增至 7,250 萬美元，年增約 20%。我們在 23 財年運送了 634,000 個基因，而在 22 財年運送了 558,000 個基因。

Oligo Pools revenue grew to [$14.5 million], and that's up from $12.4 million in fiscal '22, mainly due to strong growth in academic and large pharma customers. And [libraries] revenue was $10.2 million, and that's up from $6.1 million, predominantly due to growth in large pharma and industrial biotech.

Oligo Pools 營收成長至 [1,450 萬美元]，高於 22 財年的 1,240 萬美元，這主要是由於學術和大型製藥客戶的強勁成長。 [圖書館] 收入為 1,020 萬美元，高於 610 萬美元，主要歸功於大型製藥和工業生物技術的成長。

For Biopharma revenue for the fourth Quarter, it was $3.4 million, bringing with total revenue from Biopharma to $23.2 million in fiscal '23, and that's a decline from $24.2 million in fiscal '22. Importantly, orders for the quarter rose sequentially to 5.8 million to 3.5 million in Quarter 3, and the number of active programs declined from [82] to 69.

第四季生物製藥收入為 340 萬美元，使 23 財年生物製藥總收入達到 2,320 萬美元，比 22 財年的 2,420 萬美元有所下降。重要的是，第三季該季度的訂單數量連續增長至 580 萬至 350 萬，活躍項目數量從 [82] 下降至 69。

Our new projects started in the quarter increased from 34 in quarter 3 to 44 in the fourth quarter, and that's associated with the recovery in orders, and the total number of completed programs as of September 30 was [806] with 6 to 8 including milestones and/or royalties.

我們本季啟動的新項目從第三季的34 個增加到第四季度的44 個，這與訂單的恢復有關，截至9 月30 日已完成的項目總數為[806] 個，其中包括里程碑在內的項目數量為6 至8 個和/或版稅。

I'll now briefly cover our revenue breakdown by industry and give you -- provide a regional update. Healthcare revenue rose to $137.1 million for fiscal '23 compared to $106.4 million in fiscal '22. Industrial Chemical revenue rose to [$59.3 million], and that's up from $57.9 million in fiscal '22. And Academic revenue was $45.8 million, and that's up from $37.1 million in fiscal '22.

現在，我將簡要介紹我們按行業劃分的收入細分，並向您提供區域最新情況。 23 財年的醫療保健收入增加至 1.371 億美元，而 22 財年的醫療保健收入為 1.064 億美元。工業化學品收入增至 [5,930 萬美元]，高於 22 財年的 5,790 萬美元。學術收入為 4,580 萬美元，高於 22 財年的 3,710 萬美元。

On regional basis, EMEA revenue rose to $71 4 million versus $62.1 million in fiscal '22. APAC increased to $22.5 million compared to $19.1 million in fiscal '22, including China revenue of [$7 million], which is flat to the previous fiscal year. U.S., including Americas, revenue increased to $151.3 million in fiscal '23 versus $122.5 million for fiscal '22.

按地區劃分，歐洲、中東和非洲 (EMEA) 收入增至 7,140 萬美元，而 22 財年為 6,210 萬美元。亞太地區成長至 2,250 萬美元，而 22 財年為 1,910 萬美元，其中中國營收為 [700 萬美元]，與上一財年持平。美國（包括美洲）23 財年的營收增至 1.513 億美元，而 22 財年的營收為 1.225 億美元。

And moving down the P&L. Our gross margin for the fourth quarter increased to 36.6%, bringing our overall gross margin to 36.6% for the year. Cost of revenues increased from $119.3 million in the prior year to $155.4 million in the year ended September 30, 2023.

並向下移動損益表。第四季毛利率增至36.6%，全年整體毛利率增至36.6%。收入成本從上一年的 1.193 億美元增加到截至 2023 年 9 月 30 日的年度的 1.554 億美元。

The major factors contributing to the increase in cost of sales were a [$14.7 million] increase in material costs due to higher volume, $9.9 million in payroll and approximately $12 million in depreciation and amortization costs.

導致銷售成本增加的主要因素是由於銷售增加導致材料成本增加[1,470萬美元]、工資總額增加990萬美元以及折舊和攤提成本約1,200萬美元。

Our operating expenses for fiscal '23, which includes R&D, SG&A and change in fair value and mark-to-market adjustments of acquisitions, decreased to approximately $306.8 million as compared to approximately $319 million of fiscal '22.

我們 23 財年的營運支出（包括研發、SG&A 以及公允價值變動和收購的市價調整）減少至約 3.068 億美元，而 22 財年約為 3.19 億美元。

To break it down, R&D for the year was $106.9 million, a decline from $120.3 million in the previous fiscal year, primarily due to the conclusion of Revelar. Depreciation included in R&D was $4 million for fiscal '23. SG&A for the year was $190 million, and that's a decline from $212.9 million, which includes a $43 million reduction in stock-based compensation expense offset by increases in pre-commercialization costs, facilities, payroll and IT-related service costs.

具體來看，本年度的研發費用為 1.069 億美元，較上一財年的 1.203 億美元有所下降，這主要是由於 Revelar 的結束。 23 財年研發費用中包含的折舊為 400 萬美元。本年度的銷售管理及管理費用為 1.9 億美元，較 2.129 億美元有所下降，其中包括股票薪酬費用減少 4,300 萬美元，但被商業化前成本、設施、工資和 IT 相關服務成本的增加所抵消。

OpEx includes approximately $38 million for data storage spend in FY '23. Change in fair value of contingent considerations and [identity] holdbacks for the year resulted in a gain of $6 million versus a gain of 14 million in fiscal '22.

營運支出包括 23 財年約 3800 萬美元的資料儲存支出。本年度或有考慮因素和[身分]保留的公允價值變化導致收益 600 萬美元，而 22 財年收益為 1,400 萬美元。

For restructuring and other costs, we've invested approximately $16.2 million for the strategic initiatives we announced in May, with $9.4 million to support our valued employees in severance packages as well as asset impairment charges of $6.8 million.

對於重組和其他成本，我們為 5 月宣布的策略性舉措投資了約 1,620 萬美元，其中 940 萬美元用於支持我們有價值的員工的遣散費以及 680 萬美元的資產減損費用。

Stock-based compensation for the year was approximately [30.3] million as compared to 80 million in fiscal '22. Depreciation and amortization costs were $29 million for fiscal '23. And loss from operations was approximately $217.2 million in fiscal '23 as compared to $234.8 million in fiscal '22.

本年度以股票為基礎的薪酬約為 [30.3] 百萬，而 22 財年為 8,000 萬。 23 財年的折舊和攤提成本為 2,900 萬美元。 23 財年的營運損失約為 2.172 億美元，而 22 財年的營運損失為 2.348 億美元。

Other income and expense was a gain of $14.3 million, associated with interest income. CapEx for the year declined significantly to approximately $28 million from $101.9 million in fiscal '22, and we exited the year with $32.1 million, [down] from $39 million at the end of fiscal '22 and concluded the year with cash and investments of approximately 336 million.

與利息收入相關的其他收入和支出為 1,430 萬美元的收益。今年的資本支出從22 財年的1.019 億美元大幅下降至約2800 萬美元，我們以3210 萬美元結束了這一年，低於22 財年末的3900 萬美元，並以大約22 財年的現金和投資結束了這一年。3.36 億。

I will now provide updated financial guidance for fiscal '24. We enjoyed record bookings in quarter 4 and are excited about the launch of our Express Genes. Our Wilsonville facility is doing well, and we took actions during the year to manage our cost structure as we transition SynBio activities to Wilsonville.

我現在將提供 24 財年的最新財務指引。我們在第四季度創下了創紀錄的預訂量，並對 Express Genes 的推出感到興奮。我們的威爾遜維爾工廠運作良好，我們在這一年中採取了行動來管理我們的成本結構，因為我們將 SynBio 活動轉移到威爾遜維爾。

For fiscal '24, we expect total revenue to increase in the range of approximately $285 million to $290 million, SynBio revenue of approximately $113 million to $116 million, NGS revenue of $147 million to $149 million and Biopharma revenue approximately $25 million, gross margin of approximately 39% to 40%, operating expense of approximately $294 million to $298 million, which includes $100 million to $102 million in R&D expenses; $194 million to $196 million SG&A expenses.

對於 24 財年，我們預計總收入將成長約 2.85 億至 2.9 億美元，SynBio 收入約 1.13 億至 1.16 億美元，NGS 收入約 1.47 億至 1.49 億美元，生物製藥收入約 2500 萬美元，毛利率為約39%至40%，營運費用約2.94億至2.98億美元，其中包括1億至1.02億美元的研發費用； SG&A 費用為 1.94 億至 1.96 億美元。

Loss from operations guidance before tax is approximately $180 million to $188 million, which includes stock-based compensation of $58 million to $60 million. Depreciation and amortization of approximately $40 million, data storage operating expense of approximately $37 million to $39 million.

稅前營運指引損失約 1.8 億至 1.88 億美元，其中包括 5,800 萬至 6,000 萬美元的股票薪資。折舊和攤銷約為 4,000 萬美元，資料儲存營運費用約為 3,700 萬至 3,900 萬美元。

CapEx for FY '24 is projected to be approximately $20 million, ending cash of approximately $245 million. For the First Quarter of fiscal '24, we expect overall revenue of $67 million to $68 million, SynBio revenue of $27 million, NGS revenue of $36 million to $37 million, Biopharma revenue of $4 million, gross margin 38% to 39%, OpEx of $73 million and loss from operations of $47 million to $48 million.

24 財年的資本支出預計約 2,000 萬美元，期末現金約 2.45 億美元。對於24 財年第一季，我們預計總營收為6,700 萬美元至6,800 萬美元，SynBio 營收為2,700 萬美元，NGS 營收為3,600 萬美元至3,700 萬美元，生技製藥營收為400 萬美元，毛利率為38% 至39%，營運支出7,300 萬美元，營運損失 4,700 萬至 4,800 萬美元。

In summary, we continue to maintain financial discipline throughout the organization, make progress in reducing our operating losses. We expect to exit the fourth quarter of fiscal '24 close to $78 million in revenue and estimated loss from operations to be $38 million to $40 million, which excludes any one-time adjustments and include stock-based compensation of $15 million, depreciation $10 million and data storage cash operating expense of $8 million.

總之，我們繼續在整個組織內維持財務紀律，在減少營運損失方面取得進展。我們預計 24 財年第四季的營收將接近 7,800 萬美元，預計營運損失為 3,800 萬至 4,000 萬美元，其中不包括任何一次性調整，包括 1,500 萬美元的股票薪酬和 1,000 萬美元的折舊資料儲存現金營運費用為800 萬美元。

We continue to make decisive and proactive actions to achieve profitable growth. To achieve this, we focus on scaling Express Genes, offering and leveraging our investments in the Wilsonville facility, managing our costs and continue to execute by growing revenue, expanding our gross margin. We're incredibly excited about the future and confident that the year ahead will bring many exciting milestones, achievements.

我們繼續採取果斷、積極的行動，以實現獲利成長。為了實現這一目標，我們專注於擴展 Express Genes，提供和利用我們在威爾遜維爾工廠的投資，管理我們的成本，並繼續透過增加收入、擴大毛利率來執行。我們對未來感到非常興奮，並相信未來的一年將帶來許多令人興奮的里程碑和成就。

With that, I'll turn the call back to Emily.

說完，我會把電話轉回給艾蜜莉。

Thank you, Jim. I'd like to take a minute to thank all of the Twisters for their dedication, commitment and excellence through the last fiscal year. The year requires perseverance and discipline across the board, and our financial results reflect the hard work of the team.

謝謝你，吉姆。我想花一點時間感謝所有 Twisters 在上一財年的奉獻、承諾和卓越表現。這一年需要全面的毅力和紀律，我們的財務表現反映了團隊的辛勤工作。

Our SynBio and NGS groups are stronger than ever, demonstrating consistent and sustained growth in revenue, customers and market share. We expect our strategic investments in these areas will fuel our next leg of growth and path to profitability.

我們的 SynBio 和 NGS 團隊比以往任何時候都更強大，在收入、客戶和市場份額方面表現出持續不斷的成長。我們預計，我們在這些領域的策略性投資將推動我們下一步的成長和獲利之路。

In the months ahead, we look forward to reporting on the uptake of our Express Genes launch and the resulting impact on gross margin. We've given guidance for fiscal 2024. And in that guidance, we assume that Express Genes will grow over time with some current customer transitioning to the new product but primarily, new opportunities, moving forward, as we leverage our digital marketing infrastructure and tools to reach new customers and a long [list] of DNA makers.

在未來幾個月，我們期待報告 Express Genes 的推出情況以及由此產生的對毛利率的影響。我們給出了2024 財年的指導。在該指導中，我們假設Express Genes 將隨著時間的推移而增長，一些現有客戶將過渡到新產品，但主要是隨著我們利用我們的數位行銷基礎設施和工具，新的機會不斷向前發展接觸新客戶和一長串 DNA 製造商。

The Biopharma services groups booked increasing orders in the fourth quarter, and we expect the positive momentum to continue. In addition, we continue to advance our solutions for DNA data storage that has the potential to be a valuable asset longer term.

生物製藥服務集團第四季的訂單不斷增加，我們預計積極動能將持續下去。此外，我們繼續推進 DNA 資料儲存解決方案，從長遠來看，該解決方案有可能成為寶貴的資產。

In summary, we exited fiscal 2023 with a solid cash position, growing revenues, reduced cost structure and incredible opportunities ahead. We have built a diversified and [complementary] portfolio of products, services and future opportunities that puts the company in a strong position to achieve consistent and sustained growth while minimizing risk.

總而言之，我們在 2023 財年結束時擁有堅實的現金狀況、不斷增長的收入、降低的成本結構以及令人難以置信的未來機會。我們建立了多元化且[互補]的產品、服務和未來機會組合，使公司處於有利地位，能夠實現持續成長，同時最大限度地降低風險。

Our gross margin for fiscal 2023 was just under 37%, and this is an area of our current and future focus. In May, we implemented strategic adjustments aimed at optimizing our operations, with a clear focus on enhancing gross margins. Our objective is to set a positive trajectory to our financial performance, moving towards profitability as a business.

我們 2023 財年的毛利率略低於 37%，這是我們目前和未來重點關注的領域。 5月份，我們實施了旨在優化營運的策略調整，明確以提高毛利率為重點。我們的目標是為我們的財務表現設定正面的軌跡，並實現企業獲利。

Looking at the financials, we can exceed this target if we grow at the same rate as the market. And we believe we are positioned to take market share, exceeding market CAGRs. We look forward to delivering increasing value to each of our shareholders as we continue to work in service of our customers, who inspire us each and every day to go faster, run harder and truly make a difference in the world.

從財務數據來看，如果我們以與市場相同的速度成長，我們就可以超越這個目標。我們相信，我們有能力佔據市場份額，超過市場複合年增長率。我們期待在繼續為客戶服務的過程中為每位股東創造越來越多的價值，客戶每天都激勵我們走得更快、更努力，真正為世界帶來改變。

With that, let on the call for questions. Operator?

就這樣，讓我們開始提問吧。操作員？

(Operator Instructions) Our first question comes from Luke Sergott with Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的 Luke Sergott。

I guess when I look at the guide, can you talk about how much of the guidance implies or bakes in Fast Genes. You see the margin step up here from 38 in 1Q and ending the year at 39, 40. Kind of give us a sense of the cadence there. And how the Fast Genes -- or how much of your guide bakes in this business in the revenue, in margins?

我想當我看指南時，您能談談指南中暗示或烘焙了多少快速基因嗎？你可以看到利潤率從第一季的 38 上升到年底的 39、40。這讓我們感受到了那裡的節奏。那麼快速基因——或者你的指南在這項業務中的收入和利潤率有多少？

Do you want to take it, Jim? .

吉姆，你想接受嗎？ 。

Yes, I'll start. Thanks for the question. Yes, so in terms of Fast -- Express Genes, excited with the launch this week. As Emily highlighted in the call, we're going through the price discovery. [Factory, the future] is going well. I think we're excited about the endpoint in terms of exiting this year margins. Revenue increased sequentially from quarter 3 to quarter 4 by roughly $3 million, and gross margin dollars increased by $3 million. So that highlights the leverage in Q3 to Q4.

是的，我要開始了。謝謝你的提問。是的，就 Fast-Express Genes 而言，我們對本週的推出感到興奮。正如艾米麗在電話中強調的那樣，我們正在經歷價格發現。 【工廠，未來】進展順利。我認為我們對今年利潤率的終點感到興奮。從第三季到第四季，營收季增了約 300 萬美元，毛利率增加了 300 萬美元。這凸顯了第三季至第四季的槓桿率。

As we're thinking about next year, fiscal year '24, which we're now in, we've got some macroeconomic environment issues that we're taking into account. We're seeing, and Emily can talk about the early days of Express Genes, we're seeing good feedback from the marketplace. And as usual, as we look out into the future, we were prudent in terms of forecast.

當我們考慮明年，也就是我們現在所處的第 24 財年時，我們正在考慮一些宏觀經濟環境問題。我們看到，艾米麗可以談論 Express Genes 的早期階段，我們看到市場的良好反饋。像往常一樣，當我們展望未來時，我們對預測持謹慎態度。

NGS is doing well. SynBio is doing well, the added bits from Express Genes. And we want to be thoughtful in terms of the guidance we're giving. So Biopharma, last quarter, we saw pickup in Biopharma. So we feel that as we look next year, good solid growth in gross margin as we continue to scale the factory. We're going to see upside in terms of that gross margin as we execute.

NGS 表現良好。 SynBio 做得很好，這是 Express Genes 的補充。我們希望在提供的指導方面深思熟慮。因此，生物製藥，上個季度，我們看到生物製藥業務有所回升。因此，我們認為，展望明年，隨著我們繼續擴大工廠規模，毛利率將實現良好的穩健成長。當我們執行時，我們將看到毛利率上升。

We're very focused on having a strong cash position and very focused on operational excellence, and I'll turn it across to Emily to talk a little bit more about the Express Genes.

我們非常注重擁有強大的現金狀況，並且非常注重卓越運營，我將把它交給艾米麗，並更多地談論 Express Genes。

Thank you, Jim. So we are 1 week in for Express Genes. We have nice orders. And so far, we've tested premium pricing of, starting Monday, 50%; Tuesday, 60%, and then we drop to 40%, going back to 40. And then today, we are at 20%.

謝謝你，吉姆。 Express Genes 距離我們還有 1 週。我們有很好的訂單。到目前為止，我們已經測試了從週一開始的溢價 50%；週二，60%，然後我們下降到 40%，回到 40%。然後今天，我們達到 20%。

So we are in that exploration of the price range. And it's great to see that we are getting orders. And on Monday, we should have the first shipment of Express Genes. So it's early days, but quite optimistic in the uptake.

所以我們正在探索價格範圍。很高興看到我們收到訂單。週一，我們應該會收到第一批 Express Genes。所以現在還處於早期階段，但採用情況相當樂觀。

Great. And then can you talk about the feedback you're getting for Express Genes, I guess? And where this is coming from? And from the makers market, are you getting most interest from pharma? Or is it pretty broad-based?

偉大的。然後你能談談你從 Express Genes 得到的回饋嗎？這是從哪裡來的？從製造商市場來看，製藥公司最感興趣嗎？還是它的基礎相當廣泛？

And then like within that maker's market, a lot of the people -- a lot of these companies and businesses had internal teams there. So talk about like the conversations that you're having with them and what their plans are and some of the -- how they're thinking about [revamping] on the Express Genes platform?

然後就像在那個製造商的市場中一樣，很多人——很多公司和企業在那裡都有內部團隊。因此，請談談您與他們進行的對話以及他們的計劃以及其中一些 - 他們如何考慮在 Express Genes 平台上進行[改造]？

Yes. So maybe a quick clarification. So far, we've done on-site gene on the website, and we can go and look at it. And then we only did a press release. So it's a little bit of a muted launch, on purpose. We -- right now, we want to focus on existing customers. We want to give existing customers a choice when they order to upgrade too fast.

是的。也許需要快速澄清一下。到目前為止，我們已經在網站上做了現場基因，大家可以去看看。然後我們只做了新聞稿。所以這有點像是故意低調的發布。現在，我們希望專注於現有客戶。當現有客戶訂購升級速度太快時，我們希望為他們提供選擇。

Right now, we are not yet trying to beat up all the drums and send the balloons and do the marketing launch that will happen early in calendar year 2025. And the reason is, again, we want to make sure that the process is fully baked. And for any net new customer, we wanted to be undeniably an amazing performer the first time. So we want to bake it in a little bit.

目前，我們還沒有嘗試敲響所有的鼓、發送氣球並進行將於 2025 年初進行的營銷啟動。原因是，我們希望確保該流程得到充分的落實。對於任何新客戶來說，我們都希望在第一次時表現出色。所以我們想稍微烘烤一下。

So far, the process is going great, but we've learned that it's always better to try new products with existing customers. And so we were not yet trying to reach out to the net new DNA buyer. That being said, in the orders so far we have a great mix of the spectrum of the customers we expect from big pharma, small pharma, even academic, we [need double the speed].

到目前為止，這個過程進展順利，但我們了解到，與現有客戶一起嘗試新產品總是更好。因此，我們還沒有嘗試接觸新的 DNA 淨買家。話雖這麼說，在迄今為止的訂單中，我們擁有來自大型製藥公司、小型製藥公司甚至學術機構的客戶群，我們[需要雙倍的速度]。

Our next question comes from Matt Sykes with Goldman Sachs.

我們的下一個問題來自高盛的馬特·賽克斯。

Maybe just to follow up on the Express Genes. Just one point of clarification. You said that you're going to do the marketing launch in calendar year '25. Did you mean '24?

也許只是為了跟進 Express Genes。只澄清一點。您說過您將在 25 日曆年進行行銷發布。你是說「24」嗎？

And then just a -- and then just on your current penetration of the makers market with your standard genes, can you give us a reminder of where you are today? And what's potential white space is to expand into that market? I think just giving that context of sizing would be helpful in terms of what the opportunity is.

然後，關於您目前以標準基因對創客市場的滲透情況，您能否提醒我們您今天的處境？擴展到該市場的潛在空白是什麼？我認為僅僅給出規模大小的背景對於了解機會是什麼會有幫助。

Yes. Thank you, and thank you for doing the proofreading on the [flyer], I appreciate it. So our analysis shows that the makers market for people that do cloning themselves, that is a $1.4 billion market of people that buy enzymes and PCR primers and mutation kits and [competent] cells and agar plates and so on. And so that is the bogey that we think we can convert to the DNA buyer side.

是的。謝謝您，也謝謝您對[傳單]進行校對，我很感激。因此，我們的分析表明，製造商為克隆自己的人提供市場，這是一個價值 14 億美元的市場，人們購買酵素、PCR 引子、突變試劑盒、[感受態] 細胞和瓊脂板等。因此，這就是我們認為可以轉化為 DNA 買方的禁忌。

So far, we have a very, very tiny slice of the DNA makers. So the one slice we have are people that need to make very long genes, so they are makers of very long genes. And what they do is they buy shorter genes, so 1.8, 3, 5 kb from us. So they are a buyer of those genes -- small genes, and then they assemble the small ones into bigger ones themselves.

到目前為止，我們所掌握的 DNA 製造者的數量非常非常小。所以我們擁有的這一塊是需要製造很長基因的人，所以他們是很長基因的製造者。他們所做的就是從我們那裡購買較短的基因，即 1.8、3、5 kb。所以他們是這些基因——小基因的買家，然後他們自己將小基因組裝成更大的基因。

So that is the small slice of the pie we have. And the opportunity is to really go after the bulk of the DNA makers market, and that bulk are people that do need [tall] genes. They need a 5 kb, 3kb, 1 kb gene, but they need them fast. And right now, the only choice is to go clone it yourself. And with our Express Gene launch, I think we have an opportunity to go after them.

這就是我們所擁有的一小部分餡餅。機會在於真正追逐大部分 DNA 製造商市場，而這部分人確實需要[高大]基因。他們需要 5 kb、3kb、1 kb 的基因，但他們需要快速速度。而現在，唯一的選擇就是自己去複製它。隨著 Express Gene 的推出，我認為我們有機會追趕他們。

Got it. And then just to follow up on Express Genes, I think it would be helpful just for us to understand how you are going to communicate the Express Gene, either revenue or margin contribution over the course of next year, just to give us a sense of how that's going?

知道了。然後，為了跟進 Express Genes，我認為這對我們了解您將如何傳達 Express Genes（明年的收入或利潤貢獻）會有幫助，只是為了讓我們了解怎麼樣？

I think following up on Luke's question about the gross margins, I guess, I would have expected there to be a little bit more gross margin expansion, given the premium pricing. How should we kind of think about tracking that? And what's your kind of level of disclosure on a quarterly basis for that business specifically?

我認為，在盧克關於毛利率的問題上，我想，考慮到溢價，我預計毛利率會有所增長。我們應該如何考慮跟踪它？您對該業務的季度揭露具體程度如何？

Yes, Matt, I could touch on that. If you look at our Q and you look at the K, you'll see that we do cover the gene revenue and gene shipments. And if you look over the last few years, you've seen that our gene pricing has, in fact, increased over the last 2 or 3 years.

是的，馬特，我可以談談這一點。如果您查看我們的 Q 並查看 K，您會發現我們確實涵蓋了基因收入和基因出貨量。如果你回顧過去幾年，你會發現我們的基因定價實際上在過去兩三年裡有所增加。

And so every quarter, you will see, right, what's the gene revenue, how many genes we shipped and what's the average price per gene, so you'll be able to track it that way. We'll start giving more insight on that in our earnings call as we go forward.

因此，每個季度，您都會看到基因收入是多少，我們運送了多少基因以及每個基因的平均價格是多少，因此您將能夠以這種方式進行追蹤。隨著我們的進展，我們將在財報電話會議中開始對此提供更多見解。

Our next question comes from Vijay Kumar with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Vijay Kumar。

I had two, both related on guidance here. Q1, pretty solid front-loaded guidance. I think guide implies mid-20s kind of growth. But if you look at the components here, I think NGS is up like 50%, implied by the guide; SynBio, perhaps a little bit softer. And I think the guide -- the annual guide implies like SynBio to -- growth rates to further decel.

我有兩個，都與此處的指導相關。 Q1，非常可靠的前期指導。我認為指南意味著 20 多歲的成長。但如果你看看這裡的組件，我認為 NGS 上漲了 50%，正如指南所暗示的那樣； SynBio，也許更柔和一些。我認為該指南——年度指南意味著像 SynBio 一樣——成長率將進一步下降。

So maybe if you can just talk about the assumptions here between those segments, and what you're seeing from end markets?

那麼，也許您可以談談這些細分市場之間的假設，以及您從終端市場看到的情況？

Yes. I mean, I can start, Vijay. Thanks for the question. So NGS, we're doing extremely well. We ended the year with very strong NGS orders, just under $40 million, making great progress on NGS. Obviously, some of that's driven by some of our liquid biopsy customers, MRD customers. So we feel well positioned.

是的。我的意思是，我可以開始了，維傑。謝謝你的提問。所以 NGS，我們做得非常好。去年年底，我們獲得了非常強勁的 NGS 訂單，接近 4000 萬美元，在 NGS 方面取得了巨大進展。顯然，其中一些是由我們的一些液體活檢客戶、MRD 客戶推動的。所以我們感覺自己處於有利位置。

In terms of SynBio, we've another strong year of growth. The overall business, if you step back and look at it, excluding Biopharma, I think everybody's familiar with our Biopharma issues, and it's good to see Biopharma recurring, year-over-year, NGS products, SynBio products, I mean orders and revenues are at 24%, 25%.

就 SynBio 而言，我們又迎來了強勁成長的一年。整體業務，如果你退後一步看一下，不包括生物製藥，我想每個人都熟悉我們的生物製藥問題，很高興看到生物製藥逐年重複出現NGS產品、SynBio產品，我指的是訂單和收入分別為24%、25%。

We feel good about with our Express Genes. The guide for this quarter reflects the fact that we get vacation this year-end for some of our customers.

我們對 Express Genes 感覺良好。本季度的指南反映了我們的一些客戶今年年底休假的事實。

So we ended the year, good solid position to [roll in] terms of both NGS and SynBio. And at the same time, we were looking at the guide as in the previous years, there's always some macroeconomic environment issues that we need to comprehend. Thrilled to see that in terms of margins, as we look sequentially, it's gone from low 30s up towards 37%.

因此，我們在這一年結束時，在 NGS 和 SynBio 方面都處於有利的地位。同時，我們在看前幾年的指南時，總是有一些宏觀經濟環境問題需要我們理解。令人興奮的是，就利潤率而言，正如我們連續觀察的那樣，它從 30% 的低點上升到 37%。

You look at the revenue growth last quarter, almost 100% of that fell through the margins. So that gets back to the declines in terms of the leverage we talked about. We're going to manage our cost structure, going forward. We're very focused on profitability. We're excited about the opportunity Express Genes brings to frame in terms of margin enrichment.

你看一下上個季度的營收成長，幾乎 100% 的成長都下降了。這又回到了我們談到的槓桿率的下降。未來我們將管理我們的成本結構。我們非常注重盈利能力。我們對 Express Genes 在增加利潤方面帶來的機會感到興奮。

As I highlighted to Matt, we'll be giving an update on a quarterly basis in terms of pricing foe genes. So factory is doing well, we're well positioned. And at the same time while we were building our forecast, we want to take -- comprehend any potential macroeconomic impact.

正如我向馬特強調的那樣，我們將每季更新敵人基因的定價。所以工廠運作良好，我們處於有利位置。同時，在我們制定預測的同時，我們希望了解任何潛在的宏觀經濟影響。

Understood. And one, Jim, maybe on the operating leverage you brought up, if you look at the cadence, your gross margin, it seems like a more modest ramp, put your Q1 versus Q4 exit rate, I think implied numbers, your OpEx is going to step down while your revenues were up from Q1 to Q2 -- Q4, I think, are up like $10 million, OpEx is down.

明白了。還有一個，吉姆，也許就你提出的營運槓桿而言，如果你看看節奏，你的毛利率，這似乎是一個更溫和的斜坡，把你的第一季度與第四季度的退出率相比，我認為隱含的數字，你的營運支出是當你的收入從第一季度到第二季度增長時（我認為第四季度增長了 1000 萬美元），運營支出卻下降了。

So just is there some incremental cost actions coming in? What is driving that OpEx? And why are we assuming a more muted gross margin ramp?

那麼是否會採取一些增量成本行動呢？是什麼推動了營運支出？為什麼我們假設毛利率成長更為緩慢？

Yes. So in terms of gross margin ramp, if you look at the revenue on a go-forward basis, the revenues were almost flat in Q4. The gross margin ramp come later in the year as we continue to leverage the fixed cost factor of the future.

是的。因此，就毛利率上升而言，如果你從未來的角度來看收入，第四季的收入幾乎持平。隨著我們繼續利用未來的固定成本因素，毛利率將在今年稍後出現上升。

I think what's interesting is if you do take a look at our forward guidance, the loss from operations, this coming quarter, is with $47 million, $48 million and revenue 67 to 68. If you look at the guidance we gave to Q4, we're projecting revenue of roughly $78 million, the loss from operations is [$38 million] to $40 million. So revenue is up by roughly $10 million, loss from operations is down by roughly $8 million to $9 million.

我認為有趣的是，如果你看一下我們的前瞻性指引，下個季度的營運損失分別為4700 萬美元、4800 萬美元，收入為67 比68。如果你看一下我們為第四季度提供的指引，我們會發現預計收入約為 7800 萬美元，營運損失為 [3800 萬美元] 至 4000 萬美元。因此，收入增加了大約 1000 萬美元，營運損失減少了大約 800 萬至 900 萬美元。

So our focus is, as we scale, reduce the loss -- and that loss from operations also includes stock-based comp with 15 and depreciation of 10. And as we continue to scale, you'll see the loss from operations declined, so cash loss declines.

因此，我們的重點是，隨著規模的擴大，減少損失 - 營運損失還包括 15 的股票比較和 10 的折舊。隨著我們繼續擴大規模，您會看到營運損失下降，因此現金損失下降。

This year, the numbers are fairly noisy, but there's a step-up in stock-based comp. So the thing to focus on next year is what is our cash operating loss as we go forward, and that's been a decline sequentially throughout the year.

今年，這些數字相當吵雜，但基於股票的比較有所提高。因此，明年要關注的是我們未來的現金營運損失是多少，而這項損失全年都在下降。

Our next question comes from Puneet Souda with Leerink Partners.

我們的下一個問題來自 Leerink Partners 的 Puneet Souda。

Maybe Emily, I'll start with one sort of high-level question for you. I mean you're seeing NGS growth here, your orders are up on NGS, your top end of your fiscal '24 guide is just sort of slightly shy of where Street was in revenue. And you just delivered 20% growth, you're expecting what implies is somewhere around 17% to 18% next year, mid-20% for 4Q December ending quarter.

也許艾米麗，我會先問你一個高級問題。我的意思是，您在這裡看到了 NGS 的成長，您的 NGS 訂單有所增加，您的 24 財年指南的上限略低於 Street 的收入水平。你剛剛實現了 20% 的成長，你預計明年的成長率約為 17% 至 18%，12 月底第四季的成長率為 20%。

So again, all of this looks like either you're doing better versus what the backdrop is, you're expecting significant pickup from Express Genes. I mean, it seems like you're production-ready. So I think the question is really the demand in the market, which according to most of the life science tools peers, is weak, to put it briefly.

再說一次，所有這一切看起來要么是你在背景下做得更好，要么是你期望 Express Genes 的業績顯著回升。我的意思是，看起來您已經做好生產準備了。因此，我認為問題實際上是市場需求，簡而言之，根據大多數生命科學工具同行的說法，市場需求疲軟。

So maybe just help us understand how Twist is seeing the market sort of differently versus other NGS, Oligo peers. And overall, what we're hearing from the broader market? Just help us conceptualize where you think you're going to continue to win and -- despite the market backdrop.

因此，也許只是幫助我們了解 Twist 對市場的看法與其他 NGS、Oligo 同行有何不同。總的來說，我們從更廣泛的市場聽到了什麼？只需幫助我們構思您認為您將在哪些方面繼續獲勝——儘管市場背景如此。

Yes, thank you. That's a very thoughtful question. And I think at the end of the day, it all comes down to the platform. We've always said that the success that we have comes from two things: One is the innovation in the silicon technology that we have. And the second is the violent commercial execution that we have. And I think you see it in our guide for next year. .

是的，謝謝。這是一個非常深思熟慮的問題。我認為歸根結底，這一切都取決於平台。我們總是說，我們的成功來自於兩件事：一是我們擁有的矽技術的創新。第二個是我們的暴力商業執行。我想你會在我們明年的指南中看到這一點。 。

I can see that -- I agree with you that when you look at our peers, it seems like the demand is weak. However, we just have very, very differentiated product. And I think, in a difficult environment, our platform just shines.

我可以看到——我同意你的觀點，當你看看我們的同行時，你會發現需求似乎很弱。然而，我們只有非常非常差異化的產品。我認為，在困難的環境中，我們的平台只會閃閃發光。

If you think about NGS, our big customers in NGS are [diagnostic] customers. What they need, as their own funding environment is difficult, as their own reimbursement is difficult, they need really improved margin, and that's what we said in NGS'.

如果你想到 NGS，我們在 NGS 的大客戶就是[診斷]客戶。他們需要什麼，因為他們自己的融資環境很困難，因為他們自己的報銷很困難，他們需要真正提高利潤率，這就是我們在NGS中所說的。

If you switch to Twist because of the quality of the product that we provide, because we have all the [reagents] from A to Z, we're able to provide a comprehensive solution that expands margins for our customers, because of the lower cost of sequencing. And so that resonates really well now. And as some of our customers that we've been working with for years finally going to commercialization as those panels and tests start to run commercially, we benefit because we -- for the patient, there's some [DNA] that is being burned in pharma.

如果您因為我們提供的產品品質而轉向 Twist，因為我們擁有從 A 到 Z 的所有[試劑]，我們能夠提供全面的解決方案，為我們的客戶擴大利潤，因為成本較低的定序。所以現在這引起了很好的共鳴。隨著我們多年來合作的一些客戶最終將這些面板和測試開始商業化，我們受益匪淺，因為我們——對於患者來說，有一些[DNA]正在製藥中被燒毀。 。

On the SynBio side, there's definitely some funding pressure. And at the same time, that means that researchers, they are under pressure to get the latest and greatest technologies to get to discover and develop their therapies. And that is exactly what we provide, is more short-term goal. And now with our huge investment in improving the speed, we're able to enable them to, again, do that work not only better because they can get access to margins, but this a little faster, which is very useful for them.

合成生物方面，肯定存在一定的資金壓力。同時，這意味著研究人員面臨著獲得最新、最好的技術來發現和開發治療方法的壓力。這正是我們所提供的，也是更短期的目標。現在，透過我們在提高速度方面的巨大投資，我們能夠再次使他們能夠更好地完成這項工作，因為他們可以獲得利潤，而且速度更快一點，這對他們非常有用。

So I think what you're seeing is just a combination of the great work that the Twisters have done and leveraging the technology where it's a real differentiated or -- based on technology. We've heard competitors trying to emulate our marketing. But at the end of day, it's not about marketing. It's about real product capabilities. And I think we will just shine, thanks to the platform.

所以我認為你所看到的只是 Twisters 所做的偉大工作和利用真正差異化的技術或基於技術的技術的結合。我們聽說競爭對手試圖模仿我們的行銷方式。但歸根結底，這與行銷無關。這是關於真實的產品功能。我認為，感謝這個平台，我們將會大放異彩。

Got it. That's helpful. And then if I can touch on Biopharma, I mean, you're implying a high single-digit growth here. Could you maybe outline how much of that is from services or any other sort of milestone payments that you are expecting here? Because when we look at some of the antibody discovery peers, obviously, the market is pressured by the emerging biotechs that pulled back meaningfully.

知道了。這很有幫助。然後，如果我可以談談生物製藥，我的意思是，你在這裡暗示著高個位數的成長。您能否概述一下其中有多少來自您期望的服務或任何其他類型的里程碑付款？因為當我們觀察一些抗體發現同行時，顯然，市場受到新興生技公司大幅回檔的壓力。

Maybe can you talk a little bit about how much of the mix is large pharma versus those emerging biotechs? And what does that mean for the source of new projects that you expect to receive in Biopharma in 2024, I mean, fiscal '24?

也許您能談談大型製藥公司與新興生技公司的比例有多少？這對於您預計在 2024 年（我的意思是 24 財年）生物製藥領域收到的新專案來源意味著什麼？

The guide implies no margins or royalties. It's all a fee-for-service guide. And I agree with you that if you look year-over-year, the growth looks not very big. However, actually, if you look at the low point of Biopharma in '23 compared to the higher point to Q4 2024, we're going to see some substantial growth, we had with a [standard] in commercial application. And so we had a few quarters of Biopharma services going down. .

該指南不涉及任何利潤或特許權使用費。這都是收費服務指南。我同意你的觀點，如果你逐年觀察，成長看起來並不是很大。然而，實際上，如果你看看 23 年生物製藥的低點與 2024 年第四季度的高點相比，我們將看到一些實質性的增長，我們在商業應用中具有[標準]。因此，我們的生物製藥服務有幾個季度出現下降。 。

But now we've rebuilt the commercial team. We had a sequential growth in our orders. As we say inside the company, we've done it 1 quarter in a row, and now we have to just go do it again. And I expect to see some significant growth when you look from the low point to Q4, and that's the direction we want to see.

但現在我們已經重建了商業團隊。我們的訂單連續成長。正如我們在公司內部所說，我們已經連續一個季度做到了這一點，現在我們必須再做一次。我預計當你從低點到第四季時會看到一些顯著的成長，這就是我們希望看到的方向。

Okay. Got it. And then if I could ask one brief one to Jim. Jim, what are you expecting for -- to spend on data storage in fiscal '24? And then maybe if you can provide -- how should we think about the cash burn as we go into sort of for the next 2 years?

好的。知道了。然後我可以問吉姆一個簡短的問題嗎？ Jim，您對 24 財年資料儲存的支出有什麼期望？然後也許如果你能提供——當我們進入未來兩年時，我們應該如何考慮現金消耗？

Yes. So overall operating expense for to data storage is going to be in the range of $37 million to $39 million for this year. In terms of cash burn, approximately about [$30 million, $32 million], in terms of cash burn.

是的。因此，今年資料儲存的整體營運費用將在 3,700 萬美元至 3,900 萬美元之間。就現金消耗而言，約為[3000萬美元，3200萬美元]。

Our next question comes from Catherine Schulte with Baird.

我們的下一個問題來自凱瑟琳·舒爾特和貝爾德。

Maybe first, it looks like you are, but can you just confirm that you're still to achieve adjusted EBITDA breakeven for NGS and SynBio in the fourth quarter? And thanks for [parsing] out the DNA data storage spend, but how should we be thinking about adjusted EBITDA loss for Biopharma for the year?

也許首先，看起來是這樣，但您能否確認您仍能在第四季度實現 NGS 和 SynBio 的調整後 EBITDA 盈虧平衡？感謝您 [解析] DNA 數據存儲支出，但我們應該如何考慮今年生物製藥的調整後 EBITDA 損失？

Yes. So the -- as we highlighted, our focus is getting to adjusted EBITDA breakeven for Biopharma, NGS and SynBio as quickly as possible. You look at the guidance we've given, loss from operations in Q4 next year, roughly $30 million to $40 million; comprehensive stock-based comp, 15; depreciation, 10; and the data storage cash costs in Q4 of approximately $8 million.

是的。因此，正如我們所強調的那樣，我們的重點是盡快實現生物製藥、NGS 和 SynBio 調整後的 EBITDA 盈虧平衡。你看一下我們給的指導，明年第四季的營運損失大約是 3,000 萬至 4,000 萬美元；綜合股票比較，15；折舊，10；第四季的資料儲存現金成本約為 800 萬美元。

So you can see from those numbers that we're within striking point of getting to breakeven from a cash position. And as we continue to scale, I mean, our focus is, as Emily highlighted, to get to profitability as fast as possible and having a very solid balance sheet for growth, going into '25.

因此，從這些數字中您可以看出，我們正處於從現金部位實現盈虧平衡的驚人時刻。隨著我們繼續擴大規模，我的意思是，正如艾米麗所強調的那樣，我們的重點是盡快實現盈利，並擁有非常穩健的資產負債表以實現增長，進入 25 年。

Okay. And then Emily, just to your point on the ramp for BioPharma throughout fiscal '24, I guess, just how much visibility do you have in that $25 million number? Maybe how much is already accounted for in current programs versus assumptions around winning new products because it does imply a pretty steep ramp throughout the year? And is there any way to quantify the impact of the new Bayer partnership?

好的。然後艾米麗，我想談談您在整個 24 財年生物製藥公司的發展情況，您對這 2500 萬美元的數字有多少可見度？也許當前計劃中已經考慮了多少，而不是圍繞贏得新產品的假設，因為這確實意味著全年的成長相當陡峭？有沒有辦法量化拜耳新夥伴關係的影響？

Yes. So great question. As we've mentioned previously, in Biopharma for services, we get orders, and we can convert those orders into revenue in 2 to 3 quarters. And so the great quarter that we had in Q4 will be converted -- from an other front of view will be converted in revenue in the coming 2 quarters. .

是的。很好的問題。正如我們之前提到的，在生物製藥服務領域，我們收到訂單，我們可以在 2 到 3 個季度內將這些訂單轉化為收入。因此，我們在第四季度的出色季度將被轉化——從另一個角度來看，將在未來兩個季度轉化為收入。 。

So in terms of visibility, we have the visibility of the order. This is pretty much as much as we have. And then to get to that other number, we have definitely a funnel, and so we do measure the strength of the funnel. And now that we have a commercial team in every territory we can track and push each of those business managers to make sure that they achieve their quarter.

所以在可見性方面，我們有訂單的可見性。這與我們擁有的差不多了。然後為了得到另一個數字，我們肯定有一個漏斗，所以我們確實測量了漏斗的強度。現在，我們在每個地區都有一個商業團隊，我們可以追蹤並推動每位業務經理，以確保他們實現季度目標。

Our next question comes from Steven Mah with TD Cowen.

我們的下一個問題來自 Steven Mah 和 TD Cowen。

Great. I've got a three-part follow-up question on Express Genes. One, on the existing customers, are you doing a dynamic pricing model with them? And then if so, what's been the early reaction to that pricing model? Is that something that's new to them?

偉大的。我有一個關於 Express Genes 的三個部分組成的後續問題。第一，對於現有客戶，您是否正在與他們建立動態定價模型？如果是這樣，人們對這種定價模式的早期反應是什麼？這對他們來說是新鮮事嗎？

And then second, how long do you expect to be in this early launch mode? And then third, given that Express Genes, the turnaround time seems to be a little bit faster, is there a new annual revenue capacity for the factor of the future we should keep in mind?

其次，您預計這種早期發布模式會持續多久？第三，考慮到 Express Genes，週轉時間似乎有點快，我們應該記住未來因素是否有新的年收入能力？

So the way the dynamic pricing work, we've designed our e-commerce to be -- to have two characteristic. One is very subtle, but at the same time -- which means that as people order the genes the regular way, it's subtle that there is an option to get Fast Gene. However, at the point of ordering, it is a very strong in your face and very clear differentiation in terms of -- for that extra dollar, you can get that extra benefit, and customers have to make a yes or no decision.

因此，動態定價的工作方式，我們設計的電子商務具有兩個特徵。一個是非常微妙的，但同時——這意味著當人們以常規方式訂購基因時，有一個獲得快速基因的選項是微妙的。然而，在訂購時，它在你面前是一個非常強大的、非常明顯的差異化——只要多花一美元，你就可以獲得額外的好處，而客戶必須做出是或否的決定。

And so on the one hand, yes, we've done it [steeply], but the customers have to make a decision. And so the -- as far as the early reaction that you were asking, we can look at any percent of customers chose the Express Gene option as a function of different prices, so that's ongoing.

因此，一方面，是的，我們已經[大幅度]做到了，但客戶必須做出決定。因此，就您所問的早期反應而言，我們可以將選擇 Express Gene 選項的任何百分比的客戶視為不同價格的函數，所以這種情況正在持續。

In terms of your second question, how long would we be in that early launch phase, it would be until early calendar 2024. Matt won't have to correct me this time. So early '24, that's when we'll do the full launch to all the customers.

至於你的第二個問題，我們會處於早期發布階段多久，直到 2024 年年初。這次馬特不必糾正我。 24 年初，我們將向所有客戶全面發布。

And then what was your third question? I think that was the third question that I don't remember.

那你的第三個問題是什麼？我想這是我不記得的第三個問題了。

Capacity factor in the future, given the turnaround time is faster for Express Genes.

鑑於 Express Genes 的周轉時間更快，未來的產能因素。

Yes, in terms of capacity, yes, we -- because now if all the orders were ordered fast, there we basically double the capacity that we have in our fab. So we have not quantified that with the dollar at this point, but we will over time.

是的，就產能而言，是的，我們——因為現在如果所有訂單都快速訂購，我們工廠的產能基本上會增加一倍。因此，我們目前還沒有用美元來量化這一點，但隨著時間的推移，我們會進行量化。

Our next question comes from Sung Ji Nam with Scotiabank.

我們的下一個問題來自豐業銀行的 Sung Ji Nam。

Just to pile on one more question on Biopharma. Just for that customer base, kind of curious whether you're seeing any signs of improvement? Obviously, there are definitely macro factors that everyone was talking about. But do you think the growth next year is largely due to Twist on integration efforts and restructuring efforts that are bearing fruit? Or are you kind of seeing any signs of improvement, whether, from a (inaudible) standpoint, from large pharma or even a smaller biotech at this point?

只是再問一個關於生物製藥的問題。就該客戶群而言，有點好奇您是否看到任何改善的跡象？顯然，肯定有大家都在談論的宏觀因素。但您是否認為明年的成長主要歸功於 Twist 的整合努力和重組努力正在取得成果？或者您看到了任何改善的跡象，無論是從（聽不清楚）的角度來看，大型製藥公司還是規模較小的生物技術公司？

I know that definitely there is a funding pressure in Biopharma. The few quarters that we add on, it was a self-inflicting wound, it was we were not suffering from market headwinds. It was more from a commercial execution headwinds. And we have a very, very strong offering with in vivo, in vitro and in silico.

我知道生物製藥肯定有資金壓力。我們添加的幾個季度，這是一個自我傷害，我們沒有遭受市場逆風。這更多是來自商業執行方面的逆風。我們在體內、體外和電腦方面擁有非常非常強大的產品。

We are, I think, the only company that offers that very wide breadth of opportunity. And so we think that we can -- if we execute commercially, we can be very successful in the current market. And lately, we've been focusing on larger companies, and that has been working quite well.

我認為，我們是唯一一家提供如此廣泛機會的公司。因此，我們認為，如果我們進行商業化執行，我們可以在當前市場上取得非常成功。最近，我們一直關注較大的公司，而且效果很好。

So of course, we are open for business for all customers, but we have especially focused effort on larger pharma companies.

當然，我們對所有客戶開放業務，但我們特別關注大型製藥公司。

Our next question comes from Matthew Larew with William Blair.

我們的下一個問題來自馬修·拉魯和威廉·布萊爾。

It's just Madeline on for Matt. Just a quick one for me on the Express Genes. I know it's early stages now, but I was just wondering if there was sort of an optimum proportional breakdown between Express Genes and the more standard clonal genes, that you're targeting long term or that allows the factory of the future to be at its maximum efficiency, if there is sort of an ideal breakdown between the 2 pricing points?

只有馬德琳替馬特上場。就 Express Genes 而言，我只是簡單介紹一下。我知道現在還處於早期階段，但我只是想知道表達基因和更標準的克隆基因之間是否存在某種最佳比例分解，您的目標是長期目標，或者允許未來的工廠處於最佳狀態最大效率，如果兩個定價點之間存在某種理想的細分？

No, Madeline, it's a great question. So as a point of clarification, what we have with [Sage] is something that is actually quite unique because it has the same production line for Express and standard, meaning that if all our customers decided to pick Express Genes, we will be able to make them all Express.

不，瑪德琳，這是一個很好的問題。因此，需要澄清的是，我們的 [Sage] 實際上是非常獨特的，因為它具有相同的 Express 和標準生產線，這意味著如果我們所有的客戶都決定選擇 Express Genes，我們將能夠讓他們都表達。

And that is very different from what other competitors can do. Maybe they can do a few gene fast by cutting the queue and skipping ahead and managing their backlog. But for us, we don't have to do that. We've built something that is intrinsically fast for 100% of the genes. And so to go back to your question around optimum pricing, for us, our goal will be to maximize our gross margin dollars.

這與其他競爭對手的做法截然不同。也許他們可以透過插隊、跳過並管理積壓的工作來快速完成一些基因工作。但對我們來說，我們不必這樣做。我們已經建構了對 100% 基因來說本質上都快的東西。回到你關於最佳定價的問題，對我們來說，我們的目標是最大化我們的毛利率。

And so making sure that the fab is fully utilized and find the pricing that maximize the penetration into the DNA makers and ultimately, really delight our customers, enable them to do their science faster. And I think that would be a win-win because they'll get faster science and we'll get [models], and we think we'll be able to take very significant market share.

因此，要確保晶圓廠得到充分利用，並找到能夠最大限度地滲透到 DNA 製造商的定價，最終真正讓我們的客戶滿意，使他們能夠更快地進行科學研究。我認為這將是雙贏，因為他們將獲得更快的科學進展，而我們將獲得[模型]，我們認為我們將能夠佔據非常重要的市場份額。

So the intrinsic technology really enables us to be very flexible on what the ultimate price is going to be, if need be, we can make all of orders Express, and that is hugely differentiating.

因此，內在技術確實使我們能夠非常靈活地決定最終價格，如果需要，我們可以將所有訂單做成快遞，這是巨大的差異化。

There are no further questions at this time. I'd like to turn the call back over to Emily for any closing remarks.

目前沒有其他問題。我想將電話轉回給艾米麗，讓其結束語。

As we've shared today, it is a very exciting time for Twist. We've launched Express Genes this week that is further differentiating our SynBio product offering, and we have taken steps to position the company for enduring and consistent growth. In fiscal 2024, we have the opportunity for expanding margin, and we look forward to keeping you appraised of our progress. Thank you.

正如我們今天所分享的，對於 Twist 來說，這是一個非常令人興奮的時刻。我們本週推出了 Express Genes，這進一步使我們的 SynBio 產品脫穎而出，並且我們已採取措施使公司實現持久和持續成長。 2024 財年，我們有機會擴大利潤率，我們期待您持續評價我們的進展。謝謝。

Thank you for your participation in today's conference. This does conclude the program, and you may now disconnect. Everyone, have a great day.

感謝您參加今天的會議。這確實結束了程序，您現在可以斷開連接。大家，祝你有美好的一天。