Twist Bioscience Corp (TWST) 2024 Q1 法說會逐字稿

Welcome to Twist Bioscience's fiscal 2024 First Quarter financial results conference call. At this time, all participants are in listen-only mode. After the speakers' presentation, there will be a question and answer session. Instructions will be given at that time. I would like to turn the conference over to Angela Bitting, Senior Vice President of Corporate Affairs.

歡迎參加 Twist Bioscience 2024 財年第一季財務業績電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將進行問答環節。屆時將給予指示。我想將會議交給公司事務資深副總裁 Angela Bitting。

Thank you, operator. Good morning, everyone. I'd like to thank all of you for joining us today for Twist Biosciences conference call to review our fiscal 2024 first quarter financial results and business progress. We issued our financial 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 Biosciences 電話會議，回顧我們 2024 財年第一季的財務表現和業務進展。我們今天早上發布了財務業績報告，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 Adam laponis, CFO. Emily will begin with a review of our recent progress on twist businesses. Adam will report on our financial and operational performance. Emily will come back to discuss upcoming milestones and direction. We will then open the call for questions. We would ask that you limit your questions to only one and then re-queue as a courtesy to others on the call. As a reminder, this call is being recorded and the audio portion will be archived in the Investors section of our website and will be available for two.

參加今天電話會議的有 Twist 執行長兼聯合創始人 Emily Leproust 博士和財務長 Adam laponis。艾米麗將首先回顧我們最近在麻花業務方面的進展。亞當將報告我們的財務和營運績效。艾米麗將回來討論即將到來的里程碑和方向。然後我們將開始提問。我們建議您將問題限制為一個，然後出於對通話中其他人的禮貌而重新排隊。謹此提醒，本次通話正在錄音，音訊部分將存檔在我們網站的投資者部分，可供兩人觀看。

During today's presentation, we will make forward-looking statements within the meaning of the US 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 and financial periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include those set forth in the press release we issued earlier today as well as those partially described in our filings with the Securities and Exchange Commission. 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.

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，實際結果和財務週期受到風險和不確定性的影響，可能導致實際結果與預測有重大差異。這些風險包括我們今天稍早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部分所述的風險。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。

And with that, I'll now turn the call over to our CEO and Co-Founder, Dr. Emily there, Chris?

現在，我將把電話轉給我們的執行長兼聯合創始人艾米麗博士，克里斯？

Thank you, Angela, and good morning, everyone. It is a very exciting time for Twist. Lee's revenue margin and market share, increasing new products introduced recently with more to come and growing market for products, which enable a diversified customer base today as we report our financial results for the first quarter of fiscal 2024, we will focus on three important items that drive our business revenue growth, margin expansion and financial discipline to track to our path to profitability. Our entire team at Twist is laser-focused on these initiatives while simultaneously bringing exceptional products to our customers.

謝謝你，安琪拉，大家早安。對於 Twist 來說，這是一個非常令人興奮的時刻。Lee 的收入利潤率和市場份額、最近推出的新產品的增加以及不斷增長的產品市場，這使得今天我們在報告2024 財年第一季的財務業績時能夠實現多元化的客戶群，我們將重點專注於三個重要項目推動我們的業務收入成長、利潤率擴張和財務紀律，以追蹤我們的獲利之路。Twist 的整個團隊都高度專注於這些舉措，同時為我們的客戶帶來卓越的產品。

We continue to deliver record revenue and consistent robust growth year over year. We expanded market share in both synbio and NGS, with strong commercial and operational execution across our team, we are building a resilient and diversified business with a portfolio of solutions that stem from our innovative DNA synthesis platform. This allows us to pursue multiple market opportunities simultaneously while mitigating several years ago, we established a plan to achieve profitability for the business. We continue to execute against the plan we laid out for ourselves and we are firing on all cylinders.

我們繼續實現創紀錄的收入和逐年持續強勁的成長。我們擴大了 synbio 和 NGS 的市場份額，憑藉我們團隊強大的商業和營運執行力，我們正在透過源自我們創新 DNA 合成平台的解決方案組合建立彈性和多元化的業務。這使我們能夠同時尋求多個市場機會，同時緩解幾年前的壓力，我們制定了一項實現業務盈利的計劃。我們繼續執行我們為自己制定的計劃，並且全力以赴。

Diving into the specifics, revenue for first quarter increased significantly to $71.5 million, with orders growing to more than $77 million and margin increasing to 40.5%.

具體來看，第一季營收大幅成長至 7,150 萬美元，訂單成長至超過 7,700 萬美元，利潤率增至 40.5%。

Moving to the product area, revenue for Synbio increased to $26.8 million with strong orders of $29.2 million. Synbio revenue grew 25% year-over-year, excluding in both periods, you have revenues from a key account that was affected by timing of the quarter and extended to be done in the current quarter.

轉向產品領域，Synbio 的營收增至 2,680 萬美元，訂單強勁，達到 2,920 萬美元。Synbio 營收年增 25%，不包括在這兩個時期內，來自受季度時間影響並延長到本季完成的關鍵客戶的收入。

In November, we began a limited launch of our X. 15 product, which is our clinical teams delivered faster in five to seven days. I'm pleased to report that as for Q1, 98% synthetic genes ordered have been delivered in the Q2 timeframe.

11 月份，我們開始限量推出我們的 X.15 產品，這是我們的臨床團隊在 5 到 7 天內更快交付的。我很高興地報告，就第一季而言，訂購的 98% 合成基因已在第二季內交付。

Delivering literally perfect genes in this time. Line at scale is an exceptional feat. This performance is driven by our platform, our Sytner and our operations team that implements order successfully. We are the only extra fulfilling that can deliver at scale if you need one genes or thousands of genes we can deliver client interfacing in as few as five days.

在這個時候提供真正完美的基因。大規模生產線是一項非凡的壯舉。這項業績是由我們的平台、Sytner 和成功執行訂單的營運團隊所推動的。如果您需要一個基因或數千個基因，我們是唯一可以大規模提供額外服務的公司，我們可以在短短五天內提供客戶介面。

Importantly, our differentiated Express offering allows us to charge a premium price over our standard clonal genes, Nexans for the speed customers can choose to other standards into the turn time of 10 days of extrusions with a turnaround time beginning at five days premium price for the Express offering varies daily and by the capacity available in our manufacturing facility in recent bill, Oregon.

重要的是，我們差異化的Express 產品使我們能夠比我們的標準克隆基因收取更高的價格，耐克森的速度客戶可以選擇其他標準，將擠出的周轉時間縮短為10 天，週轉時間從5天的溢價開始快遞服務每天都會有所不同，具體取決於我們最近法案中俄勒岡州製造工廠的可用產能。

To date, we have tested premiums from 20% to as high as 200%. As a reminder, we use the same FX green line for both Express and Star jeans. So all increased pricing applies directly to margin expansion because the manufacturing line is the same. It also means that our capacity has increased. Whether we Celgene stand out when we launched in November as the folks managing volume qualified for Xpress service.

到目前為止，我們已經測試了從 20% 到高達 200% 的保費。提醒一下，我們對 Express 和 Star 牛仔褲使用相同的 FX 綠線。因此，所有增加的定價都直接適用於利潤擴張，因為生產線是相同的。這也意味著我們的能力有所提升。當我們在 11 月推出時，Celgene 是否能夠脫穎而出，因為管理數量的人員有資格使用 Xpress 服務。

This week, we announced that the U.S. Really all closings at all prep scales now qualify for Xpress service. With this extension, we began a full marketing launch around the Express portfolio, largely using digital marketing tactics to keep the cost of customer acquisition low. We are pleased with the early days of the launch, particularly the balance of uptake between pharma, industrial, chemical and academic customers. Early feedback indicates that this product resonates. We monitor orders daily and we are seeing the early stage of revenue. We consistently have varying degrees of customer willingness to pay a premium and daily.

本週，我們宣布美國所有預辦規模的結帳現在都有資格享受 Xpress 服務。透過此擴展，我們開始圍繞 Express 產品組合進行全面的行銷啟動，主要使用數位行銷策略來保持較低的客戶獲取成本。我們對推出初期感到滿意，特別是製藥、工業、化學和學術客戶之間的吸收平衡。早期回饋表明該產品引起了共鳴。我們每天監控訂單，我們看到了早期階段的收入。我們始終有不同程度的客戶願意每天支付溢價。

We gain valuable insight into pricing sensitivity, geographic nuances, industry-specific trends and account level patterns moving forward. This allows the sales team, the potential to proactively secure contract pricing for key accounts in excess short-term, such as volume commitments and six premiums, which enables expanding margin as well as create stability for manufacturing.

我們獲得了有關定價敏感度、地理細微差別、行業特定趨勢和未來帳戶層級模式的寶貴見解。這使得銷售團隊有可能在超短期內主動確保關鍵客戶的合約定價，例如數量承諾和六項溢價，從而擴大利潤並為製造創造穩定性。

As of January 30, we have received confirmed interest from several pharma companies reflecting a positive trajectory up until we turned on our marketing machine last week, our focus was on existing customers. Today. We are targeting new customers. We use other providers and we plan to use our differentiated Xpress product portfolio to take share from incumbent suppliers were slow targeting customers who currently make their own DNA because they need it quickly. We called a little group of potential customers, DNA makers, and we know that to convert into nickels to DNA buyers. It will take time to change behavior.

截至 1 月 30 日，我們已收到幾家製藥公司的確認興趣，反映出積極的發展軌跡，直到我們上週啟動行銷機器，我們的重點是現有客戶。今天。我們正在瞄準新客戶。我們使用其他供應商，並計劃使用我們差異化的 Xpress 產品組合從現有供應商手中奪取市場份額，而現有供應商的目標客戶目前正在製造自己的 DNA，因為他們很快就需要它。我們召集了一小群潛在客戶、DNA 製造商，我們知道這可以為 DNA 買家兌換成鎳幣。改變行為需要時間。

We assume that we have the product, the channel and the operational capacity to drive a generational change. We are altering genes rather than making genes becomes the standard operating procedures across Pablo.

我們假設我們擁有推動世代變革的產品、通路和營運能力。我們正在改變基因，而不是讓基因成為巴勃羅的標準操作程序。

Moving to NGS, our revenue increased to $39.4 million of revenue for the quarter included several large customers reorders, primary domestic customers running clinical trials and ramping commercial volumes for these larger customers. We invested time and energy into the relationship, and we are now including into their workflow. While the sales cycle for NGS is quite long, we are now seeing the benefit of this long-term investment of our time as they are test advanced the clinical and commercial stages.

轉向 NGS，我們本季的營收增加到 3,940 萬美元，其中包括幾個大客戶的再訂購、主要國內客戶進行臨床試驗以及為這些大客戶增加商業量。我們為這段關係投入了時間和精力，現在我們也將其納入他們的工作流程中。雖然 NGS 的銷售週期相當長，但我們現在看到了這種長期投資的好處，因為它們在臨床和商業階段進行了先進的測試。

As a reminder, the existing customers, including those two, assuming all selling liquid biopsy and the minimal residual disease assays choose twist for our target enrichment solution, meeting their testing workflow as we save our customers about half of their downstream sequencing costs and each center run by customers using some twist DNA. So the larger the volume, the more they buy from twist in a constrained macroeconomic environment, our offering provides margin extension for our customers. And in some cases, our workflow makes a substantive difference in our customers' business viability.

提醒一下，現有客戶，包括這兩家公司，假設所有銷售液體活檢和最小殘留疾病檢測的產品都選擇twist作為我們的目標富集解決方案，滿足他們的測試工作流程，因為我們為客戶節省了大約一半的下游定序成本和每個中心由使用一些扭曲 DNA 的客戶營運。因此，在宏觀經濟環境受限的情況下，銷售量越大，他們從扭曲中購買的產品就越多，我們的產品為我們的客戶提供了利潤擴展。在某些情況下，我們的工作流程對客戶的業務生存能力產生了實質的影響。

Over the last two quarters, we have seen Gecina streamlining test selecting the test within their portfolio. That includes the Twist workflow to sell downstream sequencing cost and improve their overall costs. In addition to larger customers in advanced stages of development and commercial scale-up, we see NGS workflow competence as an increasing percentage of our NGS revenue. For example, customers who order the custom target enrichment panel previously may now us or the library prep vessels, these local media and unite and more from twist as their supplier expanding our share of wallet within existing accounts. Our customers appreciate choosing another supplier and benefit from our exceptional and responsive customer service and supply chain teams, allowing them to focus on expanding their business. We focus on enabling the workflow between the sample and the sequencer will continue next week during the AGBT conference when we will introduce several products, bringing truly differentiated solutions for key workflows within specific applications.

在過去的兩個季度中，我們看到 Gecina 簡化了測試，並在其產品組合中選擇了測試。這包括 Twist 工作流程，用於出售下游定序成本並提高整體成本。除了處於開發和商業規模擴大階段的大客戶之外，我們還認為 NGS 工作流程能力在我們的 NGS 收入中所佔的比例越來越大。例如，以前訂購客製化目標濃縮面板的客戶現在可能會與我們或圖書館準備容器、這些本地媒體和聯合起來，因為他們的供應商在現有帳戶中擴大了我們的錢包份額。我們的客戶很高興選擇另一家供應商，並從我們卓越且反應迅速的客戶服務和供應鏈團隊中受益，使他們能夠專注於擴展業務。我們的重點是實現樣品和定序儀之間的工作流程，這將在下週的AGBT 會議期間繼續進行，屆時我們將推出多種產品，為特定應用中的關鍵工作流程帶來真正差異化的解決方案。

Moving forward, we expect revenue growth in the years to come from increasing commercial adoption of our customers' assets well for expansion in existing customer accounts and the acquisition of smaller accounts, as well as the attrition of the research market through Aranesp.

展望未來，我們預計未來幾年的營收成長將來自於客戶資產的商業採用不斷增加，以擴大現有客戶帳戶和收購較小的帳戶，以及透過 Aranesp 減少研究市場。

Moving to biopharma, revenue increased to $5.2 million with orders coming in at $4.9 million. We were fully staffed on our commercial team as of November, and we do see green shoots for this business, including 41 new program starts in the quarter. We noted the process of ramping up sales representatives to full capacity typically takes about six months, and we are cautiously optimistic that revenue from biopharma services will increase steadily in the back half of the year.

轉向生物製藥領域，營收增加至 520 萬美元，訂單金額為 490 萬美元。截至 11 月，我們的商業團隊人員配備齊全，我們確實看到了這項業務的萌芽，包括本季啟動的 41 個新項目。我們注意到，將銷售代表提升到滿載的過程通常需要大約六個月的時間，我們對生物製藥服務的收入將在今年下半年穩步增長持謹慎樂觀態度。

In addition to providing antibody discovery services for our partners, this area of our business builds of our silicon platform, which enables the ability to create antibody discovery libraries if we can then pair with our in vivo and AI ML capabilities.

除了為我們的合作夥伴提供抗體發現服務外，我們的這一業務領域還建立了我們的矽平台，如果我們能夠與我們的體內和 AI ML 功能相結合，就能夠創建抗體發現庫。

There is a strategic fit here as we saw pharma and biotech customers through both of them by offering and biopharma solutions, providing a full and complete about dairy spectrum of offering to our customers and partners for data storage. We've completed the end-to-end demonstration of the gear by Century archive workflow. This was an internal demonstrations designed to refine and validate our workflow and we succeeded. We are encouraged by our engineering advancements, and we remain on track to deliver on early-access terabyte centrally archive solutions in 2025. We continue to believe that the market for the surveys provides a large opportunity and we see this area of our business as a valuable asset with optionality at multiple points of development.

這裡存在策略契合，因為我們看到製藥和生物技術客戶透過提供生物製藥解決方案，為我們的客戶和合作夥伴提供完整且完整的乳製品系列以進行資料儲存。我們已經透過世紀檔案工作流程完成了設備的端到端演示。這是一個內部演示，旨在完善和驗證我們的工作流程，我們成功了。我們對我們的工程進步感到鼓舞，我們仍然預計在 2025 年提供早期訪問 TB 集中存檔解決方案。我們仍然相信調查市場提供了巨大的機會，我們將這一業務領域視為寶貴的資產，在多個發展點上具有選擇性。

In early January, we welcomed Adam and I put into the team as our CFO. Adam brings a wide range of experience in finance and operations from large and smaller companies and is ideally positioned to support our next phase of growth.

一月初，我們歡迎 Adam 和我加入我們的團隊，擔任我們的財務長。Adam 在大型和小型公司的財務和營運方面擁有豐富的經驗，非常適合支持我們下一階段的成長。

With that introduction I'll turn it over to Adam to discuss our financials.

介紹完畢後，我會把它交給 Adam 來討論我們的財務狀況。

Thank you, heavily. Revenue for the first quarter increased to $71.5 million, growth of 32% year over year and approximately 7% sequentially. Orders increased to $77.5 million and gross margin was 40.5% for the first quarter of fiscal 2024.

謝謝您，重重的。第一季營收增至 7,150 萬美元，年增 32%，季增約 7%。2024 財年第一季訂單增至 7,750 萬美元，毛利率為 40.5%。

We served a total of 2,140 customers during the first quarter and ended the quarter with cash, cash equivalents and short-term investments of approximately $311.1 million. When we talk about cash moving forward, we will be talking about cash, cash equivalents and short term investments.

第一季我們總共為 2,140 名客戶提供服務，截至季末，我們的現金、現金等價物和短期投資約為 3.111 億美元。當我們談論未來的現金時，我們將談論現金、現金等價物和短期投資。

Taking a deeper dive into revenue, Synbio revenue increased to $26.8 million, growth of 24% year over year, with orders increasing to $29.2 million. Synthetic genes revenue, a primary growth growth driver for Synbio, increased to $19.7 million, growth of 22% year over year. We shipped approximately 171,000 genes during the quarter.

更深入了解收入，Synbio 收入增至 2,680 萬美元，年增 24%，訂單增至 2,920 萬美元。Synbio 的主要成長動力——合成基因收入增加至 1,970 萬美元，年增 22%。本季我們運送了大約 171,000 個基因。

Within the synbio umbrella, Oligo Pools revenue increased to $4.2 million and libraries revenue increased to $2.9 million year-over-year growth of 13% and [60%], respectively. Growth in synbio across all product lines was driven primarily by health care customers.

在 synbio 旗下，Oligo Pools 營收增至 420 萬美元，圖書館營收增至 290 萬美元，年比分別成長 13% 及 [60%]。所有產品線的合生元成長主要是由醫療保健客戶所推動的。

Yes, NGS revenue for the first quarter grew to approximately $39.4 million, compared to $24.4 million in the first quarter of fiscal 2023, an increase of 62% year over year. For the quarter, revenue from our top 10 customers accounted for approximately 44% of revenue. Orders increased to $43.3 million, setting the stage for further NGS growth. We served 538 NGS customers in the quarter with 135 having adopted our product.

是的，第一季的 NGS 營收成長至約 3,940 萬美元，而 2023 財年第一季的 NGS 營收為 2,440 萬美元，較去年同期成長 62%。本季度，來自前 10 名客戶的收入約佔收入的 44%。訂單增加至 4,330 萬美元，為 NGS 的進一步成長奠定了基礎。本季我們為 538 位 NGS 客戶提供服務，其中 135 位客戶採用了我們的產品。

For biopharma revenue increased to $5.2 million with orders coming in at $4.9 million. We had 69 active programs as of the end of December 2023, and we started 41 new programs during the quarter. The total number of completed programs as of December 31 was 843 with 69, including milestones and or royalties.

生物製藥收入增加至 520 萬美元，訂單金額為 490 萬美元。截至 2023 年 12 月末，我們有 69 個活躍項目，本季啟動了 41 個新項目。截至 12 月 31 日，已完成的項目總數為 843 個，其中 69 個包括里程碑和/或特許權使用費。

Looking at revenue for Netherlands. Healthcare revenue rose to $40.9 million for the first quarter of 2024 compared to $30 million for the same period in fiscal 2023, reflecting the increased uptake of our products by pharma, biotech, and diagnostic companies.

看看荷蘭的收入。2024 年第一季的醫療保健收入增至 4,090 萬美元，而 2023 財年同期為 3,000 萬美元，反映出製藥、生技和診斷公司對我們產品的使用增加。

Industrial Chemical revenue rose to $16.3 million in the first quarter, up from [$15.3 million] in the same period of fiscal 2023, steady growth year over year. Academic revenue was $13.8 million for the first quarter of 2024, up from $10 million in fiscal 23, with growth coming from both Synbio and NGS customers.

第一季工業化學品營收增至 1,630 萬美元，高於 2023 財年同期的 [1,530 萬美元]，較去年同期穩定成長。2024 年第一季的學術收入為 1,380 萬美元，高於 23 財年的 1,000 萬美元，成長來自 Synbio 和 NGS 客戶。

Looking geographically, Americas revenue increased to approximately $44 million in the first quarter compared to $33.6 million in the same period in fiscal 23, growth of 31% year over year. EMEA eevenue rose to $21.2 million in the first quarter versus $16.3 million in the same period of 2023, growth of 30% year over year.

從地理來看，第一季美洲地區營收增至約 4,400 萬美元，而 23 財年同期為 3,360 萬美元，較去年同期成長 31%。第一季 EMEA 營收增至 2,120 萬美元，而 2023 年同期為 1,630 萬美元，年增 30%。

APAC revenue increased to $6.3 million in the first quarter, compared to $4.3 million in the same period for fiscal 23, growth of 48% year over year.

第一季亞太地區營收增至 630 萬美元，而 23 財年同期營收為 430 萬美元，年增 48%。

Our gross margin for the first quarter increased to 40.5%, driven by large NGS orders in the quarter, higher mix of NGS and some pricing lift for synbio from express genes. In total, operating expenses for the first quarter were $118.5 million, compared with $98.9 million in the same period for 2023.

由於本季大量 NGS 訂單、更高的 NGS 組合以及來自表達基因的 synbio 的一些定價提升，我們第一季的毛利率增長至 40.5%。總體而言，第一季的營運支出為 1.185 億美元，而 2023 年同期為 9,890 萬美元。

Breaking that down, cost of revenues increased to $42.5 million in the first quarter of 2024 compared with $29.4 million in the same period of fiscal 2023, primarily due to higher product volume and personnel costs as well as increased depreciation and amortization.

細分來看，2024 年第一季的營收成本增至 4,250 萬美元，而 2023 財年同期為 2,940 萬美元，這主要是由於產品數量和人員成本增加以及折舊和攤提增加。

R&D decreased to $23.1 million compared with $31.2 million in fiscal 2023, primarily due to the reduction in headcount as well as bottom line.

研發費用從 2023 財年的 3,120 萬美元減少至 2,310 萬美元，主要是由於人員數量和利潤的減少。

SG&A was $52.8 million for the first quarter, compared with 42.3 million The increase was driven largely by the increase in stock-based compensation as the cost for Q1 FY 23 included a significant reversal of stock-based compensation resulting from employee stock forfeitures related to the out various acquisitions offset by pre-commercialization costs included in the Q1 fiscal 23, but not in Q1 fiscal 24 as we have launched the Oregon manufacturing site.

第一季的銷售管理及管理費用為5,280 萬美元，而去年同期為4,230 萬美元。這一增長主要是由股票薪酬的增加所推動的，因為23 財年第一季的成本包括因與公司相關的員工股票沒收而導致的股票薪酬的大幅逆轉。各種收購被包括在第23 財年第一季的預商業化成本所抵消，但不包括在第24 財年第一季度，因為我們已經啟動了俄勒岡州製造基地。

Operating expenses included approximately $8 million for data storage. Stock-based compensation for the quarter was approximately $11 million. Depreciation and amortization were $8.2 million for the quarter compared with $5.3 million for the same period of 2023. Net loss attributable to stockholders was $43 million or $0.75 per share for the first quarter of 2024, compared to a net loss of $41.8 million or $0.74 per share for the same period of fiscal 2023.

營運費用包括約 800 萬美元的資料儲存費用。本季以股票為基礎的薪酬約為 1,100 萬美元。該季度的折舊和攤提為 820 萬美元，而 2023 年同期為 530 萬美元。2024 年第一季股東應佔淨虧損為 4,300 萬美元，即每股 0.75 美元，而 2023 財年同期淨虧損為 4,180 萬美元，即每股 0.74 美元。

Turning to guidance, we are updating specific metrics that we intend to use moving forward. For fiscal 2024, we now expect total revenue to increase by $3 million across the range to approximately $288 million to $293 million, anticipated growth of 18% to 20% year over year.

談到指導，我們正在更新我們打算在未來使用的具體指標。對於 2024 財年，我們目前預計總收入將增加 300 萬美元，達到約 2.88 億至 2.93 億美元，預計將年增 18% 至 20%。

Synbio revenue of $114 million to $117 million, an increase of $1 million across the entire range and year-over-year growth anticipated to be 16% to 19%. NGS revenue of $150 million to $152 million, an increase of $3 million in the range and anticipated growth of 21% to 23% year over year.

Synbio 營收為 1.14 億至 1.17 億美元，整個系列增加了 100 萬美元，年成長率預計為 16% 至 19%。NGS 營收為 1.5 億至 1.52 億美元，增加了 300 萬美元，預計將年增 21% 至 23%。

Biopharma revenue of approximately $24 million, a decrease of $1 million from the prior guidance and growth of approximately 3% year-over-year.

生物製藥收入約 2,400 萬美元，比先前的指導減少 100 萬美元，年增約 3%。

We are increasing our expected gross margin of approximately 40% to 41% for the year. Loss from operations guidance before taxes of approximately $189 million to $194 million compared to prior guidance of $180 million to $188 million as we invest in G&A capabilities to continue to scale our business.

我們將今年的預期毛利率提高約 40% 至 41%。由於我們投資於 G&A 能力以繼續擴大我們的業務，稅前營運指引損失約為 1.89 億至 1.94 億美元，而先前的指引為 1.80 億至 1.88 億美元。

CapEx is projected to decrease by $5 million to approximately $15 million for fiscal '24. No change in our projected ending cash of approximately $245 million at the end of fiscal 2024. For the second quarter of fiscal '24, we expect overall revenue of approximately $70 million to $71 million.

24 財年的資本支出預計將減少 500 萬美元，至約 1,500 萬美元。我們預計到 2024 財年末的期末現金約為 2.45 億美元，沒有變動。對於 24 財年第二季度，我們預計總營收約為 7,000 萬至 7,100 萬美元。

Synbio revenue increasing to approximately $28.5 million with the full launch of Express Genes portfolio. NGS revenue of $37 million to $38 million, as we see larger accounts reordering in the second half of the year on track with our increased annual guidance. Biopharma revenue, $4.5 million. Gross margin at 39%, primarily due to mix shift.

隨著 Express Genes 產品組合的全面推出，Synbio 營收增至約 2,850 萬美元。NGS 收入為 3700 萬至 3800 萬美元，因為我們看到下半年更大的帳戶重新排序符合我們增加的年度指引。生物製藥收入 450 萬美元。毛利率為 39%，主要歸功於混合轉型。

In summary, we continue to maintain financial discipline throughout the organization and make progress on our path to profitability. I joined twist about a month ago. I couldn't be more excited about where we are going. This is a talented and determined mission driven team that understands the value we bring to our customers. Our focus on driving revenue growth, margin expansion and maintaining financial discipline will continue as we leverage our capabilities, supply chain management manufacturing excellence and, of course, delighting our customers.

總之，我們將繼續在整個組織內維持財務紀律，並在獲利之路上取得進展。我大約一個月前加入twist。我對我們要去的地方感到無比興奮。這是一支才華洋溢、意志堅定、使命驅動的團隊，了解我們為客戶帶來的價值。我們將繼續致力於推動收入成長、利潤擴張和維持財務紀律，因為我們將利用我們的能力、卓越的供應鏈管理製造能力，當然還有讓我們的客戶滿意。

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, Adam, for inclusion into our fiscal year. We continue to see momentum in our synbio and NGS groups with a diversified customer base, a reverse flow portfolio that provides significant differentiation from competitors, growing market opportunities and committed employees. We are executing on the plan we laid out to drive to profitability for the business.

謝謝你，亞當，納入我們的財政年度。我們繼續看到 Synbio 和 NGS 集團的發展勢頭，擁有多元化的客戶群、與競爭對手相比具有顯著差異化的逆流產品組合、不斷增長的市場機會和忠誠的員工。我們正在執行為推動業務盈利而製定的計劃。

Coming back to the three initiatives. First, we expect to grow revenue through express genes in volume or revenue in NGS customers expansion as well as new product introductions. Keep your eye out for launches next week during the AGBT conference for biopharma solutions will focus on increasing the number of active programs and program staff as well as signing new and repeat customers.

回到三項措施。首先，我們期望透過NGS客戶擴張以及新產品推出中表達基因的數量或收入來增加收入。請密切關注下週 AGBT 會議期間推出的生物製藥解決方案，重點是增加活躍計畫和計畫人員的數量，以及簽署新客戶和回頭客。

Second, to expand our margin, we plan to continue dynamic pricing for ex question in synbio as we increase the number of GeneChip our margin margin increases, given the factory is fully functional and staffed, we will also focus on leveraging our increased volume with our supply chain to drive efficiencies at scale on the corporate side, in addition to driving revenue growth and increasing contribution margin for our products, we identified key initiatives that we expect to pursue over the course of the next 18 months that we believe will have a meaningful impact on COGS selling. This includes in-sourcing of alternative products and packaging, alternative workflows and many more. We are excited about the opportunities to increase our gross margin further.

其次，為了擴大我們的利潤，我們計劃繼續對synbio 的前問題進行動態定價，因為我們增加了GeneChip 的數量，我們的利潤率增加，考慮到工廠功能齊全，人員配備齊全，我們還將專注於利用我們增加的產量供應鏈以大規模提高企業效率，除了推動收入成長和提高產品的邊際貢獻外，我們還確定了預計在未來18 個月內實施的關鍵舉措，我們相信這些舉措將產生有意義的成果對銷貨成本銷售的影響。這包括替代產品和包裝的內購、替代工作流程等等。我們對進一步提高毛利率的機會感到興奮。

And third, we remain diligent in our commitment to financial discipline, renewing our commitment to end fiscal 2024 with $245 million in cash, cash equivalents and short-term investments. Overall, we are executing on an aggressive objective to become a profitable company. We continue to execute effectively on our path to profitability and look forward to keeping you apprised of our progress. Is that a good goal for questions. Operator?

第三，我們仍然恪守對財務紀律的承諾，重申我們在 2024 財年結束時提供 2.45 億美元現金、現金等價物和短期投資的承諾。總體而言，我們正在執行一個積極的目標，即成為一家盈利的公司。我們將繼續在獲利之路上有效執行，並期待讓您隨時了解我們的進展。這是一個很好的提問目標嗎？操作員？

(Operator Instructions) Matt Sykes, Goldman Sachs.

（操作員指令）Matt Sykes，高盛。

Good morning and thanks for taking my questions. Congrats on the quarter. Could you talk about the volume and mix of Express jeans in the quarter, just given the mid-November launch in limited marketing for a period during the quarter. How do you see express genes contribute to margin expansion for the full year?

早安，感謝您提出我的問題。恭喜本季。鑑於 Express jeans 於 11 月中旬在本季的一段時間內以有限的營銷方式推出，您能否談談本季 Express jeans 的銷售和組合。您如何看待表達基因對全年利潤擴張的貢獻？

I think you might know that many of you and I will start so on. There's really two phases. The first stage is the mid-November launch till the last last week. And then the second phase is now. So in the first phase. The volume was basically fully focused on existing customers, and we've seen them really good picture by as we've both biopharma and academic has been up for that. That's quite exciting you see that on both of our target markets have been testing the products and experiencing have the great performance of the product and reordering so that that was the the mix then and it's a bit too soon to say.

我想你們可能知道你們中的許多人和我都會開始這樣的工作。確實有兩個階段。第一階段是11月中旬啟動至上週最後。然後第二階段就是現在。所以在第一階段。這卷基本上完全集中在現有客戶上，我們已經看到他們的情況非常好，因為我們生物製藥和學術界都在為此做好準備。這是非常令人興奮的，您看到我們在兩個目標市場上都在測試產品並體驗產品的出色性能並重新訂購，這就是當時的組合，現在說還為時過早。

But the second phase, as you know, the second phase, the goal is to continue having existing customers to use the product, which delivers great value for them and improve gross margin costs. But the big drive for us now is to bring net new customers on to come onto the platform and deliver revenue growth and margin growth. So from Q2 to Q3 will be the first clean quarter where we'll have the full marketing launch for the entire quarter. We are already and in 2Q Q2. And so therefore, Q3 will be the first clean quarter where we'll have the full quarter expense of expecting. And the what we expect is as the year progresses, we'll have more penetration into those new net new customers, and then we'll start to see the benefit of extra question on gross margin.

但第二階段，如你所知，第二階段的目標是繼續讓現有客戶使用該產品，這為他們帶來巨大的價值並提高毛利率成本。但現在對我們來說最大的動力是吸引新客戶進入平台並實現收入成長和利潤成長。因此，從第二季到第三季將是第一個乾淨的季度，我們將在整個季度推出全面的行銷活動。我們已經在第二季第二季了。因此，第三季度將是第一個乾淨的季度，我們將擁有預期的整個季度費用。我們預計，隨著時間的推移，我們將更多地滲透到這些新的淨新客戶中，然後我們將開始看到毛利率額外問題的好處。

Got it. And then just two quick follow-ups. Just talking about this. I know you're focused on existing customers, but could you just talk about the split in the quarter of gene buyers versus gene makers for express genes? And then just do you think that digital marketing will be enough to drive growth? Or do you plan on augmenting that with additional marketing efforts over the course of the year? Thank you.

知道了。然後只有兩次快速跟進。就說說這個吧。我知道您關注的是現有客戶，但您能否談談表達基因的基因買家與基因製造商之間的比例差異？那麼您認為數位行銷足以推動成長嗎？或者您是否計劃在這一年中透過額外的行銷努力來擴大這一規模？謝謝。

Yes, so I think we basically have one when we do when we can have of trying to convert finance might make you. So I will say that right now for all intents and purposes, some of the volume so far has been DNA buyers. And so it's very early innings. So the engine makers we now have added to them. And in terms of digital marketing. It's a it is our strategy to reach smaller customers, so Tier three, Tier four captive customers. And however, in addition to that, we have our sales team that that has been engaged for now years. We top accounts that are still working on converting big accounts to Orbitz bridging. And as I've mentioned in my remarks, we've had some initial success in getting them is this a level of interest to convert to expansions, both of big accounts as well. So it's going to be down. It's all hands on deck and we want to see growth in both and the Tier one, Tier two customers as well as Tier three Tier four.

是的，所以我認為當我們嘗試轉換金融可能會讓你成功時，我們基本上就會有一個。所以我要說的是，現在無論出於何種意圖和目的，到目前為止，部分成交量都是 DNA 買家。所以現在還很早。所以我們現在已經將引擎製造商添加到其中。在數位行銷方面。我們的策略是接觸較小的客戶，即三級、四級專屬客戶。然而，除此之外，我們還有多年來一直致力於工作的銷售團隊。我們優先考慮仍在致力於將大帳戶轉換為 Orbitz 橋接的帳戶。正如我在發言中提到的，我們已經取得了一些初步的成功，使他們能夠將興趣轉變為擴展，無論是大帳戶還是大帳戶。所以它會下降。所有人都在全力以赴，我們希望看到一級、二級客戶以及三級、四級客戶的成長。

Thank you.

謝謝。

Steven Mah, Cowen.

史蒂文馬，考恩。

Great. Thanks for taking the questions and congrats on the quarter. Maybe just a follow-up to Matt's questions up there in on the gross margin in the quarter, it's much higher than we had modeled that. Was there any impact at all from express trains in the quarter, or was it driven entirely by the scale up of the factory the future? Or if not, what kind of what drove the gross margin be? And then could you also then provide your thoughts around the full year guide of 40% to 41%, given you're already at 40.5% in Q1.

偉大的。感謝您提出問題並祝賀本季。也許只是馬特關於本季毛利率問題的後續行動，它比我們建模的要高得多。本季的特快列車是否有任何影響，或者完全是由未來工廠規模擴大所推動的？或者如果不是，是什麼因素推動了毛利率？鑑於第一季已經達到 40.5%，您能否就全年 40% 至 41% 的指導提供您的想法。

Do you want to take that question, Adam? those physicians are happy to.

亞當，你想回答這個問題嗎？那些醫生很高興。

So now, Stephen, I mean, I'm very encouraged by the record quarter we had in both the growth and the revenue front as well as the progress we saw in gross margin expansion. I'm also encouraged by the alignment we have across the executive team to focus on gross margin expansion is a key priority, not just a business priority, but even our pay-for-performance goals.

所以現在，史蒂芬，我的意思是，我對我們在成長和收入方面創紀錄的季度以及我們在毛利率擴張方面看到的進展感到非常鼓舞。我對我們整個執行團隊一致關注毛利率擴張感到鼓舞，這是一個關鍵優先事項，不僅是業務優先事項，甚至是我們的績效薪酬目標。

So in terms of where we were in Q1. Really the biggest driver for the gross margin expansion was the some of the large orders we had in NGS., particularly, I guess, calendar year end when we saw a big step-up in those orders, and we're seeing that. And if you look at our guidance, you can see that we're going to see that pull back a bit in Q2, and that drove some of the expansion of the most of the expansion in the in the Q1 numbers.

就我們第一季的情況而言。事實上，毛利率擴張的最大推動力是我們在 NGS 獲得的一些大訂單。我想，尤其是在日曆年末，我們看到這些訂單大幅增加，我們也看到了這一點。如果你看一下我們的指導，你會發現我們將看到第二季略有回落，這推動了第一季數據中大部分擴張的部分擴張。

You'd also asked about kind of how we're thinking about the full year guide. And I'm like I'm I am confident that this is performance and we raised the guidance on both the revenue and the gross margin side. But I also recognize I've been in the role now for less than a month. I don't want to get over my skis with overly aggressive guidance. So yes, there's some conservatism in there, but we have included the effects that we're seeing already today on the expansion from two of synbio and express genes as well as the factory of the future now being fully operational.

您也詢問了我們如何考慮全年指南。我對這就是業績充滿信心，我們提高了收入和毛利率的指導。但我也意識到我擔任這個職位還不到一個月。我不想在過於激進的指導下克服我的滑雪困難。所以，是的，其中存在一些保守主義，但我們已經包括了我們今天已經看到的對合成生物和表達基因的兩個擴張以及現在正在全面運作的未來工廠的影響。

Okay, great. That's helpful. And sorry, if I can just sneak one more in. I know you haven't done the full launch of the Express Genes yet, but you know, could you tell us what the average premium you guys are getting? I know Emily threw out a range, 20% to 200%, but I'm just wondering if you could give us a sense of the average you're getting right now?

好的，太好了。這很有幫助。抱歉，如果我能再偷偷溜進去一次就好了。我知道你們還沒有完全推出 Express Genes，但是你們知道，你們能告訴我們你們獲得的平均溢價是多少嗎？我知道 Emily 給了一個範圍，20% 到 200%，但我只是想知道你能否讓我們了解一下你現在得到的平均值？

you so we are not I mean, we are not able to give a on a range. As a reminder, the the day pricing is strongly based on the capacity and in the fab, but at the time of the day. And so we get a lot of benefits beyond that.

所以我們不是，我的意思是，我們無法給出一個範圍。提醒一下，當日定價很大程度上取決於產能和工廠內的情況，但在一天中的某個時間。除此之外，我們還獲得了許多好處。

And And the one thing that you can you can check is that that pricing daily is public, so it's on the website and so anybody can can look at what is the pricing right now, again, based on the capacity.

你可以檢查的一件事是，每日定價是公開的，所以它在網站上，所以任何人都可以根據容量再次查看現在的定價是多少。

Okay.

好的。

Vijay Kumar, Evercore ISI.

維傑·庫馬爾，Evercore ISI。

Hey, guys. Thanks for taking my question and congratulations on a nice print here. Maybe up my first one here is on the guidance. You guys built revenues by $3 million, the annual was raised by $2 million, and it looks like more of that came from NGS but also Synbio is raised. And I'm just curious the peak, which is K. two and why despite comps getting easier, perhaps we should see more robust growth in 2Q and back half, BJ and M&M, frankly.

大家好。感謝您提出我的問題，並祝賀您在這裡獲得了精美的印刷品。也許我在這裡的第一個是關於指導。你們的收入增加了 300 萬美元，年度籌集了 200 萬美元，看起來更多來自 NGS，但 Synbio 也籌集了資金。我只是好奇峰值，即第二季度，以及為什麼儘管比較變得更容易，但坦率地說，也許我們應該在第二季度和後半段看到更強勁的增長，BJ 和 M&M。

Adam?

亞當？

Great. Great question, and I'm happy to give a bit more color on it in terms of where we are right now we had a great quarter. So you guys again, I mentioned that in the previous question that we do expect that NGS pullback, particularly in Q2. And I think when you look at the early phases of the synbio expressed gene, it is going positively, but it's really early days. And again, me being brand new in the chair. I don't want to get ahead of my skis on that in the full year guide, we'll keep you posted on progress as the year continues on both fronts. But I'm yes, I feel pretty good that the full year guidance raise both on that on the top and the market side.

偉大的。這是一個很好的問題，我很高興能夠就我們目前所處的位置提供更多的信息，我們度過了一個很棒的季度。所以你們再次，我在上一個問題中提到，我們確實預期 NGS 會出現回調，特別是在第二季。我認為，當你觀察 synbio 表達基因的早期階段時，它正在積極發展，但現在還處於早期階段。再說一次，我在椅子上是全新的。我不想在全年指南中超越我的滑雪板，隨著這一年在這兩個方面的繼續，我們將隨時向您通報進展情況。但我是的，我感覺很好，全年指導在頂部和市場方面都有所提高。

Fantastic. And then my follow-up is on the gross margin guidance here. When I look at the sequential ramp, what is the primary driver from the Q1 to the Q2 step-down of 39%? And I think the annual guidance implies your back half leased again, step back to 41% from 2Q. Is there anything specific that's going on in 2Q? Maybe just walk us through that cadence.

極好的。然後我的後續行動是毛利率指引。當我查看順序斜坡時，從 Q1 到 Q2 降壓 39% 的主要驅動因素是什麼？我認為年度指導意味著你的後半部分再次出租，從第二季度回落到 41%。第二季有什麼具體的事情發生嗎？也許只是引導我們完成這個節奏。

No, no, it's a great question. And so it's really more of a fact in Q1, we got a pretty substantial sequential lift from the higher NGL mix. We're actually expecting that to pull back slightly in Q2 as the mix shifts more towards synbio. And so we'll see that. But I think as the year progresses and we see more customers switching the full quarter of express genes and the NGS business continues to expand, we feel pretty confident in the back half as well.

不，不，這是一個很好的問題。因此，第一季更重要的是，我們從更高的 NGL 組合中獲得了相當大的連續提升。實際上，我們預計隨著混合更多地轉向 Synbio，第二季這一數字將略有回落。我們將會看到這一點。但我認為，隨著時間的推移，我們看到更多的客戶在整個季度更換表達基因，而 NGS 業務繼續擴大，我們對下半年也充滿信心。

Luke Sergott, Barclays.

盧克·瑟戈特，巴克萊銀行。

Great morning. Everybody. Can you still want to start talking about first on the the increase in the OpEx spend? And I know that you've always talked about growing that slower than your revenue growth, but just the incremental step-up through here throughout the year, like where is that investment going in? Because just to feel more more commercialization on the express genes that you can just give us some color.

美好的早晨。大家。您是否仍想先開始談論營運支出的增加？我知道您一直在談論成長速度慢於收入成長，但只是全年的增量升級，例如投資投向哪裡？因為只是為了感受表達基因的更多商業化，你可以給我們一些顏色。

I'm happy to step in on that one next week in the G&A line, specifically, it's not the incremental and additional infrastructure, particularly around some of our IT and financial capabilities on this. We're really focused on building out those capabilities right right now. So we've made some choices around how we're going to invest in that to scale not only for the current year, but future years to come as well.

我很高興下週在 G&A 方面介入這個問題，具體來說，這不是增量和額外的基礎設施，特別是圍繞我們在這方面的一些 IT 和財務能力。我們現在真正專注於建立這些功能。因此，我們就如何投資做出了一些選擇，不僅在今年擴大規模，而且在未來幾年也擴大規模。

Okay. That's helpful. And then you talked about like some of the early learnings from the elasticity that you from the dynamic pricing. Talk about any trends that you're seeing there from types of orders or customers or and how that's kind of pacing out? And we're the dynamic pricing is really starting to contribute to the to the margin if it's going to create any lumpiness or anything throughout the year?

好的。這很有幫助。然後您談到了從動態定價的彈性中獲得的一些早期經驗。談談您從訂單或客戶類型中看到的任何趨勢，或者這種趨勢是如何發展的？我們認為，動態定價是否真的開始對利潤做出貢獻，如果它會在全年中產生任何波動或任何東西？

Yes. Thank you. Thank you. That's a great question. So we have been and I know that we have a good number of datasets. We've been deeply looking into the and the price sensitivity response curve. So looking at the excess access, what it. What is the capacity of the debt and what is the premiere of the day? And on the on the y-axis, what is the percentage of customers that have that chose to arm and you purchase a Express and we actually see a quick way to say it what you will expect as a response curve.

是的。謝謝。謝謝。這是一個很好的問題。所以我們一直在做，我知道我們擁有大量的數據集。我們一直在深入研究價格敏感性響應曲線。那麼看看多餘的訪問，是什麼。債務能力是多少，當天首映的是什麼？在 y 軸上，選擇武裝並且您購買了 Express 的客戶的百分比是多少，我們實際上看到了一種快速的方法來表達您期望的響應曲線。

So at a very low of a high percentage of firm premium, you see a saturation and then you see kind of no response in between. So it's an incredible view into the on the price elasticity and that that our customers have and we are still able to see by geography and by and industry types, for instance, biopharma versus academia, academia.

因此，在公司溢價非常低或很高的情況下，你會看到飽和，然後你會看到兩者之間沒有任何反應。因此，這是對價格彈性的令人難以置信的看法，我們的客戶擁有而且我們仍然能夠按地理位置和行業類型看到，例如，生物製藥與學術界、學術界。

What what can ask a question is, did you see the they have. So obviously, we are going to refine our model over time, but it's quite encouraging to see that that the answer there, the outcome is what you would expect and then we'll be from there.

可以問的問題是，你看到他們有沒有。顯然，我們將隨著時間的推移完善我們的模型，但令人鼓舞的是，看到答案、結果就是您所期望的，然後我們將從那裡開始。

Matt Larew, William Blair.

馬特拉魯，威廉布萊爾。

Good morning. First question for Adam. And just going back to David's question on the SG&A. investments you referenced sort of on the IT and financial capability side. Are these what you view as kind of the only set of meaningful investments that need to be made? Or are there multiple layers over the course of a couple of years? And sort of within that context, how do these investments or future investments affect the goal to get to adjusted EBITDA breakeven on the core business by the end of fiscal 2020?

早安.第一個問題是問亞當。回到 David 關於 SG&A 的問題。您提到的投資是在 IT 和財務能力方面。您認為這些是唯一需要進行的有意義的投資嗎？或者在幾年的過程中是否會出現多個層次？在這種背景下，這些投資或未來投資如何影響 2020 財年底實現核心業務調整後 EBITDA 損益平衡的目標？

No, Matt, I think a great question and I think the a couple a couple of comments here on in terms of the focus of the business and the priorities. It's very clear to me, and it's been clear for and hopefully in our commentary as well. But the priority is around revenue growth, margin expansion and cash management. So we're never in a place where we need to go back to the markets for an equity raise in the future.

不，馬特，我認為這是一個很好的問題，我認為這裡有一些關於業務重點和優先事項的評論。這對我來說非常清楚，我們的評論也很清楚，希望也是如此。但首要任務是收入成長、利潤擴張和現金管理。因此，我們未來永遠不會需要回到市場進行股權融資。

And so that path to profitability are very much a key part of everything we're doing and how we're thinking about it I haven't provided the exact timing. I'm not giving guidance on when we'll get to profitability on, but I am saying that confidence in we won't be coming back to the market and in terms of the investments, again, I'm going to lean on the factors, weak three. I'm still getting my bearings and I think about it pretty carefully right now is on I don't want to make any major changes in investment strategy. That's not what we're looking to do here. I want to make sure we continue to see progress.

因此，獲利之路是我們正在做的一切以及我們如何思考它的關鍵部分，我沒有提供確切的時間安排。我不會就我們何時實現盈利提供指導，但我想說的是，我們對不會重返市場充滿信心，在投資方面，我將再次依靠因素，薄弱三。我仍在了解自己的方位，我現在非常仔細地考慮，我不想對投資策略做出任何重大改變。這不是我們想在這裡做的。我想確保我們繼續取得進展。

And if you think about areas like supply chain, for example, we're the teams are laser focused on driving out costs throughout the system, supplier consolidation, in-sourcing, restaurant inventory optimization. All of these things are getting easier as we continue to scale, we gain leverage so that the focus and momentum on that on that, and I want to make sure we're balancing that any investment with those savings over time. So my goal is very much still to keep a tab on any expansion, the SG&A investment by making sure we're pacing and the incremental investments with the savings are driving in other areas of the business. Hopefully, that provides clarity, if that's helpful.

例如，如果您考慮供應鏈等領域，我們的團隊將專注於降低整個系統的成本、供應商整合、內包、餐廳庫存最佳化。隨著我們不斷擴大規模，所有這些事情都變得越來越容易，我們獲得了槓桿作用，以便我們能夠集中精力和動力，而且我想確保隨著時間的推移，我們能夠平衡任何投資與節省的費用。因此，我的目標仍然是密切關注任何擴張、SG&A 投資，確保我們保持節奏，並透過節省的增量投資來推動業務的其他領域。希望這能提供清晰的資訊（如果有幫助的話）。

And then, Emily, you referenced some potential new products being launched next week. And so the question is you obviously have quite a bit of knowledge about what purchasers of DNA want and increasingly sort of what they're willing to pay for as you think about moving into areas like RNA synthesis, maintenance, Express RNA. What do you know about what RNA customers might value differently than D&A customers? How are you sort of assessing sort of the key attributes of what those products would need to look like relative to DNA? And it would you could extend that even things like proteins, IgG, et cetera.

然後，艾米麗，您提到了下週推出的一些潛在新產品。所以問題是，當你考慮進入 RNA 合成、維護、Express RNA 等領域時，你顯然對 DNA 購買者的需求有相當多的了解，並且越來越了解他們願意支付的費用。您對 RNA 客戶與 D&A 客戶的價值觀可能有所不同有何了解？您如何評估這些產品相對於 DNA 的關鍵屬性？您甚至可以擴展蛋白質、IgG 等。

And thank you, Matt. And so I spent a lot of time with customers, and I think those are the two of primary questions and then a bunch of secondary ones. The primary questions with customer, as always, and when and how much. But it's always one time point when will they get it and how much will it cost? And then after that, there's a number of secondary questions around liquidity and both of them and packaging.

謝謝你，馬特。因此，我花了很多時間與客戶打交道，我認為這是兩個主要問題，然後是一堆次要問題。與往常一樣，與客戶的主要問題是何時以及多少。但他們什麼時候能得到它以及要花多少錢總是一個時間點？之後，還有一些關於流動性、流動性和包裝的次要問題。

And so there are some pro features that you need to have, for instance, Kuwaiti in order to be in business, assuming that those are on Ahmed. It's always about speed and cost and know that that it's really when we really well, we do the Tweed brand as well that we are making. We've always been really good at cost and that comes from the silicon chip. That gives us an advantage by using less reagents. We're able to have a lower cost base than our competitors and so we've always been really good on the cost side.

因此，您需要擁有一些專業功能，例如，科威特語才能開展業務，並假設這些功能在艾哈邁德身上。這始終與速度和成本有關，並且要知道，只有當我們真正做得很好時，我們才能生產我們正在生產的 Tweed 品牌。我們一直非常擅長控製成本，而這來自於矽晶片。這給我們帶來了使用更少試劑的優勢。我們能夠比競爭對手擁有更低的成本基礎，因此我們在成本方面一直非常出色。

Historically, I would say up until now of late 2022 were not great on speed. We are probably on par with others. But now that we've made the investment in speed is really becoming the second on strengths that we have not done and we'll keep leveraging that that brand. So anything twisted. They are high quality product, very great customer experience, and we can customize any packaging deliveries schedule that you want. And and that's all great. But most importantly, it's going to be fast. It may be a great price to enable your your science. You're going to get more shots on goal and them. And that means that we'll get all your budget because you choose us exclusively.

從歷史上看，我想說直到 2022 年末，速度都不是很好。我們可能與其他人處於同一水平。但現在我們已經在速度上進行了投資，這確實成為我們尚未完成的第二大優勢，我們將繼續利用品牌。所以一切都扭曲了。它們是高品質的產品，非常好的客戶體驗，我們可以客製化您想要的任何包裝交付時間表。這一切都很棒。但最重要的是，它會很快。這可能是讓你的科學得以實現的巨大代價。你將會獲得更多射門機會。這意味著我們將獲得您的所有預算，因為您專門選擇了我們。

Catherine Schulte, Baird.

凱瑟琳舒爾特，貝爾德。

Maybe first on NGS is what's driving the sequential decline in your second quarter guidance. Are there any one-timers in the first quarter? I think you mentioned some large orders, so there just any way to quantify those?

也許首先是 NGS 導致第二季指引連續下降的原因。第一季有一次性的嗎？我想你提到了一些大訂單，那麼有什麼方法可以量化這些訂單嗎？

Maybe and something for you as one of the reports that one of the number we report is the percentage of revenue NGS that comes from 10 customers. And now as you can see, it is a very meaningful number. And so when you have a number of big customers, it can be a little bit lumpy quarter over quarter, year over year is fine, but quarter-to-quarter, it can be lumpy.

也許，作為一份報告，我們報告的數字之一是來自 10 個客戶的 NGS 收入百分比。現在正如你所看到的，這是一個非常有意義的數字。因此，當你擁有大量大客戶時，季度與季度之間的情況可能會有點不穩定，同比也不錯，但季度與季度之間可能會有點不穩定。

As you remember, Q1 of last year was kind of the opposite situation where we have some big customers and they delayed taking shipment. And so the solution for us is, let's go find more labs might. So we are going to we are pushing on adding more and more of those top accounts and over time since we smooth smoother. So we have great confidence for our view for the for the year. And at the same time, we are there to serve our customers and if some of those customers want shipment early or later, we always accommodated their needs to make sure that term customer satisfactions as high as possible.

如您所知，去年第一季的情況正好相反，我們有一些大客戶，他們推遲了發貨。所以我們的解決方案是，讓我們去尋找更多可能的實驗室。因此，我們將努力增加越來越多的頂級帳戶，隨著時間的推移，我們會變得更加順暢。因此，我們對今年的前景充滿信心。同時，我們隨時為客戶提供服務，如果其中一些客戶希望提前或推遲發貨，我們總是滿足他們的需求，以確保客戶滿意度盡可能高。

Okay. And then maybe on CapEx, there's a pretty decent step down versus your prior guide on a percentage basis. Can you just talk through what projects that are either being pushed out or just words savings are coming from?

好的。然後，也許在資本支出方面，與您之前的指南相比，按百分比計算，有一個相當不錯的下降。您能否談談哪些項目被推遲或只是節省了文字費用？

This is Adam, and I'll be happy to take that one. If I look at it, I'm just as we went through after one quarter, their budget, we were seeing some favorable stability in that. And we haven't stopped through the projects we were initially starting. It's just purely a reality. Have you refined the numbers we're seeing we're seeing a lower need for CapEx. I think the key message here in Wilsonville came online really fully for the first time in Q1 of this fiscal year. So even even the depreciation for that we still have a small step up as we get into Q2 on that. But we're really excited about the capacity that brings. And I'm sure there will be minor things to continue to expand the capabilities and efficiency of the site. But then we're really focused on line and optimizing where we are this year.

這是亞當，我很樂意接受他。如果我看一下，就像我們在一個季度後經歷的那樣，他們的預算，我們看到了一些有利的穩定性。我們並沒有停止最初開始的專案。這純粹是現實。您是否對我們看到的數字進行了改進，我們發現資本支出的需求較低。我認為威爾遜維爾的關鍵訊息在本財年第一季首次真正全面傳達出來。因此，即使貶值，當我們進入第二季時，我們仍然有一個小進步。但我們對它帶來的容量感到非常興奮。我確信還會有一些小事來繼續擴展網站的功能和效率。但今年我們真正關注的是生產線和優化。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

Sorry if I missed that, this is to need from Leerink. First question, maybe for Adam. I mean, your orders increased by almost $6.5 million sequentially, but your guide is only up by the beat. Maybe just -- could you talk a little bit about on where these orders are coming from sort of in terms of customer type NGS synbio, maybe just talk to us about that. And then the level of conservatism you have that you talked about maybe Adam, just help us understand the level of conservatism kind of conservatism that you have versus the you know, the step down that we are seeing an NGS in the second half. And then I have follow up for Emily.

抱歉，如果我錯過了，這是 Leerink 需要的。第一個問題，也許是針對亞當的。我的意思是，您的訂單連續增加了近 650 萬美元，但您的指南只是隨著節奏而增加。也許只是 - 您能否從客戶類型 NGS synbio 的角度談談這些訂單的來源，也許只是和我們談談這個問題。然後，你所談論的保守主義水平，也許是亞當，只是幫助我們理解你所擁有的保守主義水平與你所知道的，我們在下半年看到的 NGS 的下降。然後我對艾米麗進行了跟進。

I'm happy to help actually to help provide additional color and thank you for the question on. I mean, if I look at the for the first part of that, you know, there's always going to be a dynamic as I'm learning this business. The orders don't always translate in the same period to revenue there's a natural delay, particularly on both large NGS customers have put in large POs for multi period as well as we have on the biopharm side, customers who have a multi-period POs over many quarters.

我很高興能夠實際幫助提供額外的顏色，並感謝您提出的問題。我的意思是，如果我看第一部分，你知道，當我學習這項業務時，總是會有一種動態。訂單並不總是在同一時期轉化為收入，存在自然延遲，特別是對於已在多個時期內投入大量採購訂單的大型 NGS 客戶以及我們在生物製藥方面擁有多個時期採購訂單的客戶許多季度。

So typically, the revenue impact comes in over the next three to six months after we get the get the order. And from that perspective, I don't expect all the Q1 orders to turn into revenue in Q2, but we do expect them to convert as we progress throughout the year and potentially even into 25, given some some of the major deal type orders in terms of in terms of where we are and what's driving the guide, I will be really clear and I have a lot of confidence in the progress we're seeing. I mean, you don't come out of a record quarter in revenue with without without confidence. And I see the team firing on all cylinders, whether it be from the express genes and synbio or beyond the progress we're making on the NGL front with new customers.

因此，通常情況下，收入影響會在我們收到訂單後的三到六個月內顯現。從這個角度來看，我預計第一季的所有訂單不會在第二季轉化為收入，但我們確實預計它們會隨著我們全年的進展而轉化，甚至可能會轉化為25 個，因為考慮到2019 年的一些主要交易類型訂單就我們所處的位置以及驅動指南的因素而言，我會非常清楚，並且我對我們所看到的進展充滿信心。我的意思是，如果沒有信心，你就不可能在收入創紀錄的季度中走出來。我看到團隊正在全力以赴，無論是來自表達基因和合成生物，還是超越我們在 NGL 方面與新客戶取得的進展。

So I'm very confident in the guide we're giving. But I'm also a and I said before, it's early days for me, so I don't want to get over my skis in any of it. So hopefully that clarifies.

所以我對我們提供的指南非常有信心。但我也是一個，我之前說過，對我來說現在還為時過早，所以我不想在任何事情上克服我的滑雪板。希望這能澄清。

Thank you. Sung-Ji Nam, Scotiabank.

謝謝。Sung-Ji Nam，豐業銀行。

Hi. Thank you and congrats on the quarter on just one question on the NGS segment. It's great to see obviously continued strength there, especially from the top customers. But as you look at the sales funnel, just kind of curious, is it pretty much the usual suspects or are you seeing kind of more new diversified customer leads and especially with the product launches like our legacy?

你好。謝謝並祝賀本季度僅解決了有關 NGS 領域的一個問題。很高興看到該領域明顯持續強勁，尤其是來自頂級客戶。但是，當您查看銷售漏斗時，有點好奇，這是否是常見的嫌疑人，或者您是否看到了更多新的多元化客戶線索，尤其是像我們的傳統產品那樣的產品發布？

Yes. Thank you for your question. So definitely, that has been the focus of our new product introduction and we launched RNA seek and last lesson learned and the purpose is to expand into the research market. You'll see at AGBT next week that we'll have a product focused on on strengthening our position in liquid biopsy versus slow down. We are very interested in converting the microarray market to NGS, and it has not gone as fast as we wanted and so there will be more product introduction, squarely focused on going after that market with it's really best in class on tools. So we expect in terms of market expansion, a continuation of our efforts around academia and I'd value some home. I think those are two additional growth opportunity for us.

是的。謝謝你的問題。因此，毫無疑問，這一直是我們新產品推出的重點，我們推出了 RNA search 和最後的經驗教訓，目的是擴展到研究市場。您將在下週的 AGBT 上看到我們將推出一款產品，專注於加強我們在液體活檢領域的地位，而不是放慢速度。我們對將微陣列市場轉變為 NGS 非常感興趣，但它的發展速度沒有我們想要的那麼快，因此將會有更多的產品推出，專注於利用它真正一流的工具來佔領該市場。因此，我們預期在市場擴張方面，我們會繼續圍繞學術界做出努力，我會看重一些家。我認為這對我們來說是兩個額外的成長機會。

In addition to I think the great performance we've been having in liquid biopsy and MRD. And so the time right now, a lot of our success in NGS is is riding the of enabling LC the liquid market. But quite we're quite focused on expanding towards our market shares at BIO and academia.

除了我認為我們在液體活檢和 MRD 方面取得的出色表現之外。因此，現在我們在 NGS 方面的成功很大程度上得益於液相層析進入液體市場。但我們非常專注於擴大我們在生物和學術界的市場份額。

Rachel Vatnsdal, JPMorgan.

雷切爾·瓦特斯達爾，摩根大通。

Thanks. Good morning and thank you for taking the questions. So first, I just want to ask on biopharma. You mentioned that you're in discussions for anybody outlicensing. So can you spend a minute talking about that opportunity and how meaningful these licensing deals can potentially be? And also just what's the time line in terms of where we expect to see any headlines related to those yields?

謝謝。早上好，感謝您提出問題。首先，我想問一下有關生物製藥的問題。您提到您正在與任何人進行許可外的討論。那麼您能花一點時間談談這個機會以及這些授權交易的潛在意義嗎？另外，我們預計何時會看到與這些收益率相關的頭條新聞？

Yes. Thank you, Richard. Good question. So for context, just a quick reminder, the main effort of our biopharma business is to sell a service where customers give us a target. And we use our AI in vivo in vitro tools to deliver a preclinical asset for them. So that's the main thrust of our efforts and in the past with us we'll spend some internal R&D dollars to talk to you about on assays. And then we know of, you know, maybe a dozen of assets that we think are valuable.

是的。謝謝你，理查。好問題。因此，就背景而言，快速提醒一下，我們生物製藥業務的主要工作是銷售客戶給我們目標的服務。我們使用人工智慧體內體外工具為他們提供臨床前資產。因此，這是我們努力的主要目標，過去我們會花費一些內部研發資金來與您討論分析問題。然後我們知道，你知道，也許有十幾種我們認為有價值的資產。

And we've stopped I'm spending on internal R&D dollars to advance them. And now we're in discussion with partners to them to license them those out. As you know, biopharma licensing deals can be lengthy. And so I sometimes do I think the bottom line for me is we are not expanding significant cash to us to pursue those licensing deals and or licensing deals are not in the forecast. So they will be will be nice upside when when when they happened.

我們已經停止花費內部研發資金來推進它們。現在我們正在與他們的合作夥伴討論向他們授予這些許可。如您所知，生物製藥許可交易可能會很漫長。因此，有時我認為對我來說最重要的是，我們不會向我們提供大量現金來尋求這些許可交易，或者許可交易不在預測之內。因此，當它們發生時，它們將會有很好的好處。

Great. Thank you. Yes, sorry, go ahead.

偉大的。謝謝。是的，抱歉，請繼續。

No, go ahead.

沒有，繼續。

And then just as my follow-up, you mentioned some of these cost actions to impact COGS over the next 18 months. So can you just walk us through the levers that you're pulling from a cost action perspective? And then how much of that is already contemplated within guidance right now to the cost actions for the year?

正如我的後續行動一樣，您提到了其中一些影響未來 18 個月銷貨成本的成本行動。那麼，您能否向我們介紹您從成本行動角度所採取的槓桿措施？那麼，其中有多少已經在今年成本行動的指導中被考慮過了？

Well, thank you. And So great question. So we're really taking advantage of the up-leveling of the management team that we've done over the last few few quarters. We have a great new SVP of up to a great variety of supply chain. And and and now as a company that is growing in a market that is not we have a nice profile with our results, our suppliers with an opportunity to have a choice of in-sourcing some of the products we have the opportunity to consolidate vendors. And so we are really and we are really exercising our muscle with our supplier to make sure that that them that we get and the best target costing over time to benefit our gross margin.

嗯，謝謝。這是一個很好的問題。因此，我們確實利用了過去幾季管理團隊的升級。我們有一位出色的新高級副總裁，負責各種各樣的供應鏈。現在，作為一家在非市場中成長的公司，我們的業績良好，我們的供應商有機會選擇內購一些產品，我們有機會整合供應商。因此，我們確實正在與供應商一起發揮我們的力量，以確保我們獲得他們的支持，並隨著時間的推移實現最佳目標成本，從而使我們的毛利率受益。

In addition, when we launch, our Express Gene. We really turnover a lot of stones in our processes, and we've seen a lot of opportunities where we can add. We can swap out reagents. We can shorten a skid step. And that has given us opportunities in the future to a slow lean on on the process processes that we have and tweak some of the regions to take cost out so that that takes time to realize. And but at the same time, we see the opportunity and we'll do the work to to get the best gross margin outcome.

此外，當我們推出時，我們的 Express Gene。我們確實在流程中周轉了很多石頭，並且看到了很多可以添加的機會。我們可以更換試劑。我們可以縮短滑步。這為我們在未來提供了機會，可以慢慢依靠我們現有的流程，並調整一些區域以降低成本，因此需要時間才能實現。但同時，我們看到了機會，我們將努力獲得最佳毛利率結果。

And I should say it's a natural evolution of our maturation as a company. And the first step was always let's have this product possible and we had a natural advantage with the silicon chip, where we always had the cost advantage that now that we have the best product out there and we can focus maybe a little bit less on new product introduction and a bit more on continuous process improvement to start taking cost out and get better and better at gross margins. So hopefully that, that helps.

我應該說，這是我們作為一家公司走向成熟的自然演變。第一步始終是讓我們擁有這種產品，我們在矽晶片方面擁有天然優勢，我們始終具有成本優勢，現在我們擁有最好的產品，我們可以少關注新產品產品介紹以及持續流程改進，以開始降低成本並提高毛利率。希望這會有所幫助。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

Thanks again. I just wanted to follow up on on a broader question around express genes and what's your expectation for a competitor response on express genes are these fast genes? I mean, it's a great strategy to manufacture it all at once and deliver it right away or later. And modulate your pricing accordingly. But just thinking about the industry overall for oligos, how do you think about the sort of the competitive response would be from the competitors and the sort of the defensibility you have to that competitive response. Appreciate that.

再次感謝。我只是想跟進一個有關表達基因的更廣泛的問題，您對競爭對手對錶達基因的反應有何期望？這些是快速基因嗎？我的意思是，一次性製造所有產品並立即或稍後交付是一個很好的策略。並相應地調整您的定價。但只要考慮一下整個寡核苷酸行業，您如何看待競爭對手的競爭反應以及您對這種競爭反應的防禦能力。感謝。

Thank you. And the way I think about it is our competitors have been in business way longer than MDF, right? And so we've really have optimized all of their processes using the next fiscal plate. And I'm now there's not much more they can do. What we have is really the advantage of the silicon chip that gives us a tremendous advantage and then we build the back-end around it to to make at scale question and so at this point, we are the only company that can make all of their G. fast and.

謝謝。我的想法是我們的競爭對手的經營時間比 MDF 長得多，對吧？因此，我們確實使用下一個財務板塊優化了他們的所有流程。而我現在他們也無能為力了。我們所擁有的實際上是矽晶片的優勢，它給我們帶來了巨大的優勢，然後我們圍繞它構建後端來大規模地提出問題，所以在這一點上，我們是唯一一家能夠製造他們所有的產品的公司。G. 快和。

And I think that you have a difficult it would be a very difficult task for competitors to tried to match it so on, we will see with the combined with the VM responses, but we are ready and we think we have on an absolute great, great product in terms of its great quality, the customer experience, the speed and actually even great pricing. And so we provide tremendous value to our customers and we look forward, we'll see anybody come on the playground and if I anything need a playground.

我認為你有一個困難，對於競爭對手來說，試圖與之匹配是一項非常困難的任務，我們將結合虛擬機的反應來看到，但我們已經準備好了，我們認為我們已經有了絕對的偉大，偉大的產品體現在其卓越的品質、客戶體驗、速度，甚至是優惠的價格。因此，我們為客戶提供了巨大的價值，我們期待著，我們會看到任何人來到遊樂場，如果我有什麼需要遊樂場的話。

Thank you. There are no further question. I'd like to turn the call back over to Emily for any closing remarks.

謝謝。沒有其他問題了。我想將電話轉回給艾米麗，讓其結束語。

Thank you very much. So in closing, we reported a record quarter and our proposal continues to resonate with our customers. We introduced the full Express Genes portfolio last week, and we have more product launches planned for the next week at AGBT.

非常感謝。最後，我們報告了創紀錄的季度業績，我們的建議繼續引起客戶的共鳴。我們上週推出了完整的 Express Genes 產品組合，並計劃下週在 AGBT 上推出更多產品。

As we will follow along, we'll continue to focus on revenue growth, margin expansion and financial disciplines to drive our path to profitability. We look forward to seeing some of you at AGBT conferences in the March timeframe. Thank you.

接下來，我們將繼續專注於營收成長、利潤擴張和財務紀律，以推動我們獲利。我們期待在三月的 AGBT 會議上見到你們。謝謝。

Thank you for participating in today's conference to conclude the program, and you may now disconnect. Everyone have a great day.

感謝您參加今天的會議以結束該計劃，您現在可以斷開連接。每個人都度過了愉快的一天。