Twist Bioscience Corp (TWST) 2024 Q4 法說會逐字稿

Welcome to Twist Bioscience's 2024 fourth quarter financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to turn the conference over to Angela Bitting, SVP of Corporate Affairs.

歡迎參加 Twist Bioscience 2024 年第四季財務業績電話會議。 （操作員指示）請注意，今天的會議正在錄製中。我現在想將會議交給公司事務高級副總裁 Angela Bitting。

Thank you, operator. Good morning, everyone. I would like to thank you for joining us for Twist Bioscience's conference call to review our fiscal 2024 fourth quarter financial results and business progress. We issued our financial results' press release before the market, and it is available at our website at www.twistbioscience.com.

謝謝你，接線生。大家早安。我要感謝您參加 Twist Bioscience 的電話會議，回顧我們 2024 財年第四季的財務表現和業務進展。我們在盤前發布了財務業績新聞稿，可在我們的網站 www.twistbioscience.com 上取得。

With me on the call today are Dr. Emily Leproust, CEO and Co-Founder of Twist; Adam Laponis, CFO of Twist; and Dr. Patrick Finn, President and COO of Twist.

今天與我一起參加電話會議的是 Twist 執行長兼聯合創始人 Emily Leproust 博士； Adam Laponis，Twist 財務長；以及 Twist 總裁兼營運長 Patrick Finn 博士。

Today, we will discuss our business progress, financial and operational performance as well as growth opportunities. We will then open the call for questions. We ask that you limit your questions to only one and then requeue as a courtesy to others on the call.

今天，我們將討論我們的業務進展、財務和營運績效以及成長機會。然後我們將開始提問。我們要求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。

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 weeks.

本次電話會議正在錄音，音訊部分將存檔在我們網站的投資者部分，並將提供兩週。

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.

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。

Our expectations and beliefs regarding these matters may not materialize, and actual results in 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 more fully described in our filings with the SEC.

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早些時候發布的新聞稿中列出的風險以及我們向 SEC 提交的文件中更全面描述的風險。

The forward-looking statements in this presentation are based on the 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.

本簡報中的前瞻性陳述是基於截至本新聞稿發布之日我們所掌握的信息，除法律要求外，我們不承擔更新任何前瞻性陳述的義務。

We'll also discuss adjusted EBITDA, a financial measure that does not conform with generally accepted accounting principles. Information may be calculated differently than similar non-GAAP data presented by other companies.

我們也將討論調整後的 EBITDA，這是不符合公認會計原則的財務指標。資訊的計算方式可能與其他公司提供的類似非 GAAP 數據不同。

When reported, a reconciliation between GAAP and non-GAAP financial measures will be included in our earnings documents, which can be found on the Investors section of our website. With that, I will now turn the call over to our CEO and Co-Founder, Emily Leproust.

報告後，公認會計原則和非公認會計原則財務指標之間的調節將包含在我們的收益文件中，該文件可以在我們網站的投資者部分找到。現在，我將把電話轉給我們的執行長兼聯合創始人 Emily Leproust。

Thank you, Angela, and good morning, everyone. Today, our team delivered a record quarter in revenue and margin growth, ending the year with a strong cash balance. We exceeded our guidance in every metric, including total revenue, gross margin, capital expenditure, and ending cash balance. We increased revenue for the seventh quarter in a row, reporting $84.7 million.

謝謝你，安琪拉，大家早安。今天，我們的團隊實現了創紀錄的季度收入和利潤成長，並以強勁的現金餘額結束了這一年。我們在每個指標上都超出了我們的指導，包括總收入、毛利率、資本支出和期末現金餘額。我們的營收連續第七個季度成長，達到 8,470 萬美元。

This is an increase of 27% year-over-year and 4% sequentially. For the year, we reported $313 million in revenue, an increase of 28% over fiscal 2023. Gross margin for the quarter came in ahead of our guidance at 45.1%. For the year, gross margin was 42.6% compared to 36.6% for fiscal 2023, demonstrating the leverage of fixed cost with higher volume as well as our ongoing commitment to continuous improvement and margin expansion initiatives.

年增 27%，季增 4%。今年，我們報告營收為 3.13 億美元，比 2023 財年成長 28%。今年的毛利率為 42.6%，而 2023 財年為 36.6%，這反映了固定成本與較高銷售量的槓桿作用，以及我們對持續改善和利潤擴張計畫的持續承諾。

Strength for both the quarter and the year came from our Express product portfolio and genes as a whole, alongside continued growth in our NGS tools portfolio. We are also seeing positive traction in Biopharma. Overall, the business remains strong, and we are confident that this momentum will carry us into fiscal 2025. Before we dive into the details of the quarter, it's worthwhile reflecting on our journey since our IPO just over six years ago.

本季和全年的優勢來自於我們的 Express 產品組合和整體基因，以及我們的 NGS 工具組合的持續成長。我們也看到生物製藥領域的正面吸引力。總體而言，業務仍然強勁，我們相信這種勢頭將帶領我們進入 2025 財年。

During this time, we have been on a strong upward trajectory, growing our customer base, expanding our product portfolio and capturing market share, all by leveraging our proprietary platform to drive sustainable growth.

在此期間，我們一直處於強勁的上升軌道，擴大我們的客戶群，擴大我們的產品組合併佔領市場份額，所有這些都是透過利用我們的專有平台來推動永續成長。

Our differentiated technology to miniaturize chemistry and manufacture of DNA on silicon provides significant advantages for our customers and for Twist. Our platform allows us to deliver high-quality products at an affordable price and provide significant sustainability advantages over plate-based approaches. Importantly, we offer custom synthesis at unmatched scale, which enables a growing menu of products in different iterations geared for diverse applications.

我們在矽上微型化化學和 DNA 製造的差異化技術為我們的客戶和 Twist 提供了顯著的優勢。我們的平台使我們能夠以實惠的價格提供高品質的產品，並比基於板材的方法提供顯著的永續優勢。重要的是，我們提供無與倫比的規模的客製化合成，這使得針對不同應用的不同迭代的產品菜單不斷增長。

We have harnessed our innovation engine to strategically and judiciously expand our product portfolio. Today, with our base of more than 3,500 customers across multiple industries, hundreds of SKUs serving a wide range of diverse applications, increasing market share in multiple markets, we are operating with incredible execution and financial discipline. We are now in the final push towards an incredibly important milestone, crossing the threshold of adjusted EBITDA breakeven.

我們利用創新引擎策略性地、明智地擴展我們的產品組合。如今，我們在多個行業擁有 3,500 多家客戶，數百個 SKU 服務於各種不同的應用，在多個市場的市場份額不斷增加，我們以令人難以置信的執行力和財務紀律運營。我們現在正在為實現一個極其重要的里程碑做最後的努力，跨越調整後 EBITDA 盈虧平衡的門檻。

Our disruptive platform has fueled all of our growth-to-date, and we believe there is tremendous potential for further development built on this technology. Once we reach adjusted EBITDA breakeven, we will be laser-focused on becoming cash flow positive, driving revenue while investing in profitable growth through our innovation engine.

我們的顛覆性平台推動了我們迄今為止的所有成長，我們相信基於這項技術的進一步發展具有巨大的潛力。一旦我們達到調整後的 EBITDA 損益平衡點，我們將專注於實現正現金流，推動收入，同時透過我們的創新引擎投資於獲利成長。

Our strategy applies this productive R&D with exceptional operational execution and an on-the-ground understanding of our customers' needs. From the frontline teams to the executive leadership, we have the technical expertise and business acumen that will continue to fuel our next phase of growth as a company.

我們的策略將這種富有成效的研發與卓越的營運執行力以及對客戶需求的實地了解結合起來。從第一線團隊到行政領導層，我們擁有技術專長和商業頭腦，將繼續推動我們公司下一階段的成長。

Taking a deeper dive into our results, beginning with SynBio, we have an Express portfolio that is differentiated in the industry in terms of price, turnaround time, and ability to deliver at scale. One year ago, we launched our Express clonal genes.

更深入地研究我們的成果，從 SynBio 開始，我們擁有 Express 產品組合，在價格、週轉時間和大規模交付能力方面在行業中具有差異化。一年前，我們推出了 Express 克隆基因。

And over the course of the last year, we have added gene fragments, DNA preps, IgG proteins, and this is just the beginning. We have already seen this portfolio bring in new customers and new accounts, taking market shares from competitors. And this product line is accretive to our margin. We see our SynBio product groups gaining traction and market share. Revenue from the Express offerings grew quarter-over-quarter as did net new accounts coming into Twist.

在過去的一年裡，我們添加了基因片段、DNA 製備物、IgG 蛋白，而這只是開始。我們已經看到該產品組合帶來了新客戶和新帳戶，從競爭對手手中奪取了市場份額。該產品線增加了我們的利潤。我們看到我們的 SynBio 產品組正在吸引和市場份額。 Express 產品的營收季增，Twist 的淨新帳戶數量也較上季成長。

Turning to NGS. We saw strong performance driven primarily by customers developing and selling assays for myriad applications from rare disease and cancer diagnostics to liquid biopsy and beyond. These customers include Twist target enrichment panels and other Twist tools in their assays. The revenues from this segment is sticky due to the high switching costs associated with revalidating a test with a different provider.

轉向NGS。我們看到強勁的業績主要是由客戶開發和銷售從罕見疾病和癌症診斷到液體活檢等各種應用的檢測方法所推動的。這些客戶在其檢測中包括 Twist 標靶富集面板和其他 Twist 工具。由於與不同提供者重新驗證測試相關的轉換成本很高，因此該細分市場的收入具有黏性。

Building on our success in delivering custom-targeted panels quickly, we launched our minimal residual disease offering several years ago. Today, we are seeing significant uptake for tumor-informed MRD panels with thousands of markers.

基於我們在快速提供客製化目標檢測組合方面的成功，我們在幾年前推出了微小殘留疾病產品。如今，我們看到具有數千種標記物的腫瘤相關 MRD 檢測組合已顯著採用。

Recall that as customers advance their R&D programs, we benefit as each phase of development for these tests require more DNA. We expect MRD to follow a similar growth trajectory as liquid biopsy with substantial revenue anticipated in 2026.

回想一下，隨著客戶推進他們的研發計劃，我們會受益，因為這些測試的每個開發階段都需要更多的 DNA。我們預計 MRD 將遵循與液體活檢類似的成長軌跡，預計 2026 年將獲得可觀收入。

By maintaining our sequencing-agnostic approach, meaning our workflow is compatible with whatever platform our customers prefer, we remain a key partner providing NGS workflows for many different applications beyond liquid biopsy and minimal residual disease. Previously, we have highlighted our collaboration with Illumina, PacBio, and Oxford Nanopore among others. And last month, Element announced our inclusion in the Trinity workflow.

透過維持與定序無關的方法，這意味著我們的工作流程與客戶喜歡的任何平台相容，我們仍然是為液體活檢和微小殘留疾病之外的許多不同應用提供 NGS 工作流程的關鍵合作夥伴。先前，我們重點介紹了與 Illumina、PacBio 和 Oxford Nanopore 等公司的合作。上個月，Element 宣布將我們納入 Trinity 工作流程。

Looking at growth moving forward, we continue to see customers adding more sequencing tools, including our application focus library prep solution as well as beads, blockers, UDI, UMI adapters, enzymes, and more. As we prioritize growth vectors moving into fiscal 2025, one area that we believe is underappreciated by investors is our ability to develop proprietary enzymes.

展望未來的成長，我們不斷看到客戶添加更多定序工具，包括我們以應用為重點的文庫製備解決方案以及微珠、阻斷劑、UDI、UMI 接頭、酵素等。當我們優先考慮進入 2025 財年的成長向量時，我們認為投資者低估的一個領域是我們開發專有酵素的能力。

Enzymes play a role in so many workflows across SynBio, NGS, and Biopharma. And in fact, entire company is dedicated to creating enzymes. At Twist, using our proprietary writing platform, we can test thousands of enzyme variations in parallel going through the design, build, test, learn cycle in a matter of weeks.

酵素在 SynBio、NGS 和生物製藥的眾多工作流程中發揮著重要作用。事實上，整個公司都致力於創造酵素。在 Twist，使用我們專有的編寫平台，我們可以在幾週內完成設計、建造、測試、學習週期，並行測試數千種酵素變體。

This rapid iteration allows us to tailor enzyme for specific applications, applying our SynBio platform to develop new products for our customers. In the last several quarters, we have identified the proprietary ligase and incorporated it into a cfDNA library prep kit specific to the liquid biopsy and MRD market.

這種快速迭代使我們能夠針對特定應用客製化酶，應用我們的 SynBio 平台為客戶開發新產品。在過去的幾個季度中，我們已經確定了專有連接酶，並將其納入專門針對液體活檢和 MRD 市場的 cfDNA 文庫製備試劑盒中。

The data shows it outperforms all key offerings and the feedback has been positive with customers seeing a significant improvement in sensitivity. Though these ligase were developed specifically for these applications, customers that pursue whole genome sequencing can leverage this library prep kit without enrichment and see improved results in WGS.

數據顯示，它的性能優於所有關鍵產品，且回饋積極，客戶看到靈敏度顯著提高。儘管這些連接酶是專門為這些應用而開發的，但追求全基因組定序的客戶可以利用該文庫製備試劑盒而無需富集，並在 WGS 中看到改進的結果。

Importantly, while this new growth vector allows us to tap into newer market opportunities, the development of our proprietary ligase resulted from only two R&D employees working for less than one year and what we believe will have an incredible ROI.

重要的是，雖然這種新的成長載體使我們能夠利用新的市場機會，但我們專有連接酶的開發僅由兩名工作不到一年的研發人員完成，我們相信這將帶來令人難以置信的投資報酬率。

We intend to pursue several other enzyme classes in a structured and disciplined manner to continue providing value to our customers, while tapping into new applications. In addition, making our own proprietary enzymes is an example of in-sourcing that reduces our supply chain risk and improves our margin.

我們打算以結構化和規範的方式開發其他幾種酶類別，以繼續為我們的客戶提供價值，同時開發新的應用。此外，製造我們自己的專有酵素是內包的一個例子，它可以降低我們的供應鏈風險並提高我們的利潤。

Turning to Biopharma services. Our revenue increased quarter-over-quarter. More importantly, orders increased. For Biopharma services, we know that orders convert directly to revenue in three to nine months. We believe this marks a turning point for the Biopharma Solutions Group with solid potential to continue to build the service revenue.

轉向生物製藥服務。我們的營收季增。更重要的是，訂單增加了。對於生物製藥服務，我們知道訂單會在三到九個月內直接轉化為收入。我們相信，這標誌著生物製藥解決方案集團的一個轉折點，具有繼續增加服務收入的堅實潛力。

Validating our work-to-date, XOMA paid us $15 million in cash for half of the future milestones and royalties as of October 2024. Importantly, we retain half of the upside, which has the potential to be significant in the future. We view the cash today as positive in our drive to adjusted EBITDA breakeven without accessing the equity market.

驗證我們迄今為止的工作，XOMA 支付了1500 萬美元現金，用於截至2024 年10 月的未來里程碑和特許權使用費的一半。是巨大的。我們認為今天的現金對於我們在不進入股市的情況下實現調整後 EBITDA 盈虧平衡的積極作用。

Our data storage team continues to advance development of the technology and recently converted to water-based enzymatic chemistry to synthesize DNA on our CMOS-based chips. This change applied to our terabyte scale product under development will mean lower cost and a more sustainable solution. I'd now like to turn the call over to Paddy for commentary on some key margin initiatives.

我們的資料儲存團隊不斷推進技術的開發，最近改用水基酶化學在我們基於 CMOS 的晶片上合成 DNA。這項變更應用於我們正在開發的太字節級產品將意味著更低的成本和更永續的解決方案。我現在想把電話轉給帕迪，請他對一些關鍵的利潤舉措發表評論。

Thanks, Emily. As we close fiscal 2024, it's remarkable what we've achieved as we remain laser-focused on driving to profitability. For those of you who have had the pleasure of visiting our sites, you've seen the exceptional automation we have in place today. It is through a series of well-executed continuous process improvements, along with software implementation that we're able to expand our portfolio capabilities and importantly, our efficiency.

謝謝，艾米麗。在 2024 財年結束之際，我們仍專注於推動獲利，並取得了令人矚目的成就。對於有幸造訪我們網站的人來說，您已經看到了我們今天所採用的卓越自動化。透過一系列執行良好的持續流程改進以及軟體實施，我們能夠擴展我們的產品組合能力，更重要的是，我們的效率。

And while the increase in revenue has and will continue to have the largest impact on margin, we are working diligently to hold costs relatively flat while growing revenue. Through well-executed continuous process improvements, operational efficiency and a culture focused on operational excellence, we see continued margin growth moving forward. A few examples of our increasing efficiency include a new software distribution process that more than doubles the distribution capacity with the same headcount.

儘管收入的成長已經並將繼續對利潤率產生最大的影響，但我們正在努力保持成本相對穩定，同時增加收入。透過執行良好的持續流程改善、營運效率和專注於卓越營運的文化，我們看到利潤率持續成長。我們提高效率的幾個例子包括新的軟體分發流程，該流程在人員數量相同的情況下使分發能力增加了一倍以上。

Another example implemented over the last year is a new process for our oligo manufacturing that allows us to double the number of oligos to 16 million oligos per day in the same time and footprint. This second example not only increases our efficiency and turnaround time, but also allows us to increase our available revenue capacity.

去年實施的另一個例子是我們的寡核苷酸製造的新流程，使我們能夠在相同的時間和占地面積內將寡核苷酸的數量增加一倍，達到每天1600 萬個寡核苷酸。第二個例子不僅提高了我們的效率和周轉時間，而且還使我們能夠增加可用的收入能力。

Third, we made changes to automate our NGS panel production that resulted in significant savings annually from the reduction of plastic tips and reagents, which also increases capacity. These are just three examples, and there are many more. Additionally, we're focused on optimizing our supply chain given our increasing volume and purchasing power, consolidating vendors while maintaining second sourcing optionality.

第三，我們對 NGS 面板生產進行了自動化改造，透過減少塑膠吸頭和試劑，每年節省了大量成本，同時也提高了產能。這只是三個例子，還有更多。此外，鑑於我們的銷售量和購買力不斷增加，我們致力於優化我們的供應鏈，整合供應商，同時保持第二採購的選擇權。

We believe our commitment to automation and continued operational excellence will allow us to march to 50% gross margin exiting Q4 fiscal 2025 and push beyond. Our larger team continues to surface opportunities for cost and process optimization as we introduce new vectors of profitable growth for Twist. With that, I'll turn the call over to Adam to discuss our financials.

我們相信，我們對自動化和持續卓越營運的承諾將使我們能夠在 2025 財年第四季達到 50% 的毛利率，並進一步超越。隨著我們為 Twist 引入新的獲利成長方向，我們更大的團隊將繼續尋找成本和流程優化的機會。這樣，我會將電話轉給 Adam，討論我們的財務狀況。

Thank you, Paddy. Revenue for the fourth quarter increased to $84.7 million, growth of 27% year-over-year and approximately 4% sequentially. For fiscal 2024, revenue increased to $313 million, growth of 28% year over year. Q4 orders were $88.2 million, an increase of 24% year over year. Orders for the year were $344.2 million compared to $263.8 million for fiscal 2023.

謝謝你，帕迪。第四季營收增至 8,470 萬美元，年增 27%，季增約 4%。 2024 財年，營收增至 3.13 億美元，年增 28%。第四季訂單金額為8,820萬美元，較去年同期成長24%。今年的訂單量為 3.442 億美元，而 2023 財年的訂單量為 2.638 億美元。

Starting in Q1 '25, we will focus order disclosures on Biopharma Solutions given the longer lead time for revenue recognition. For the full business, we will focus both on disclosures and guidance for revenue growth, gross margin expansion and our path to adjusted EBITDA profitability, which we believe are better indicators of performance. Gross margin came in higher than expected at 45.1% for the fourth quarter of fiscal 2024.

從 25 年第一季開始，鑑於收入確認的準備時間較長，我們將專注於揭露生物製藥解決方案的訂單。對於整個業務，我們將重點關注收入成長、毛利率擴張以及調整後 EBITDA 獲利能力的揭露和指導，我們認為這是更好的績效指標。 2024 財年第四季毛利率為 45.1%，高於預期。

During the quarter, we shipped to approximately 2,402 bill-to customers, which we define as having a single billable address that may be multiple labs and/or sites. We ended the quarter with cash, cash equivalents, and short-term investments of approximately $276.4 million as of September 30, 2024.

本季度，我們向大約 2,402 個帳單客戶發貨，我們將其定義為具有可能是多個實驗室和/或站點的單一帳單地址。截至 2024 年 9 月 30 日，本季末我們的現金、現金等價物及短期投資約為 2.764 億美元。

Subsequently, in October of 2024, we received $15 million in cash from XOMA for the rights to half of our potential milestone and royalty payments related to select Biopharma programs as of that date. This additional cash is not included in our fiscal 2024 year-end financials.

隨後，在 2024 年 10 月，我們從 XOMA 收到了 1500 萬美元現金，以獲得截至該日與選定生物製藥項目相關的一半潛在里程碑和特許權使用費的權利。這筆額外現金未包含在我們 2024 財政年度年終財務數據中。

Taking a deeper dive into revenue. SynBio revenue increased to $33.9 million, growth of 28% year over year, with orders increasing to $36.3 million. For the full year, SynBio revenue increased to $123.5 million compared to $98.2 million in fiscal '23, an increase of 26%. NGS revenue for the fourth quarter grew to approximately $45.5 million compared to $37.1 million in the fourth quarter of fiscal '23, an increase of 23% year over year.

更深入地了解收入。 SynBio 營收增至 3,390 萬美元，年增 28%，訂單增至 3,630 萬美元。 SynBio 全年營收增至 1.235 億美元，較 2023 財年的 9,820 萬美元成長 26%。第四季 NGS 營收成長至約 4,550 萬美元，而 2023 財年第四季的 NGS 營收為 3,710 萬美元，較去年同期成長 23%。

Orders increased to $46 million, and we see continued sequential growth for NGS in the year ahead. For the quarter, revenue from our top 10 NGS customers accounted for approximately 40% of NGS revenue. For fiscal 2024, NGS revenue increased to $169.1 million compared to $123.7 million for fiscal 2023, exceptional growth of 37%. We served 620 NGS customers in the quarter with 143 having adopted our products.

訂單增加至 4,600 萬美元，我們預計未來一年 NGS 將持續環比成長。本季度，來自我們十大 NGS 客戶的收入約佔 NGS 收入的 40%。 2024 財年，NGS 營收增至 1.691 億美元，而 2023 財年為 1.237 億美元，成長了 37%。本季我們為 620 家 NGS 客戶提供服務，其中 143 家採用了我們的產品。

For Biopharma, revenue was $5.3 million with orders of $5.9 million. We had 89 active programs as of the end of September 2024, and we started 68 new programs during the quarter. For fiscal 2024, revenue was $20.3 million.

Biopharma 的收入為 530 萬美元，訂單金額為 590 萬美元。截至 2024 年 9 月末，我們有 89 個活躍項目，本季啟動了 68 個新項目。 2024 財年的營收為 2,030 萬美元。

Looking geographically, Americas revenue increased to approximately $52.7 million for the fourth quarter compared to $43.7 million in the same period of fiscal 2023, growth of 21% year over year. For the fiscal year, the Americas accounted for 62% of revenue. EMEA revenue rose to $25.5 million for the fourth quarter versus $17.2 million in the same period of fiscal '23, growth of 48% year over year.

從地理來看，第四季美洲地區營收增至約 5,270 萬美元，而 2023 財年同期為 4,370 萬美元，較去年同期成長 21%。本財年，美洲地區佔營收的 62%。第四季 EMEA 營收增至 2,550 萬美元，而 2023 財年同期營收為 1,720 萬美元，較去年同期成長 48%。

For the fiscal year, EMEA represented 30% of revenue. APAC revenue increased to $6.5 million in the fourth quarter compared to $6.1 million in the same period of fiscal '23, growth of 8% year over year. APAC accounted for 8% of our revenue. China continues to be a relatively small portion of our revenue at approximately 2% of total revenue for fiscal 2024.

在本財年，歐洲、中東和非洲地區佔營收的 30%。第四季亞太地區營收增至 650 萬美元，而 23 財年同期為 610 萬美元，年增 8%。亞太地區占我們收入的 8%。 2024 財年，中國市場在我們收入中所佔的比例仍然相對較小，約為總收入的 2%。

Moving down the P&L. Our gross margin for the fourth quarter increased to 45.1% and for the fiscal year, gross margin increased to 42.6%, an improvement of 6 margin points versus fiscal 2023. Our Express portfolio, the margin initiatives, including those Paddy covered earlier, and our commitment to holding overhead and labor costs flat, while growing revenue resulted in the margin expansion for both the quarter and the year. Looking toward fiscal 2025, we continue to expect, on average, 75% to 80% of incremental revenue to drop to the gross margin line.

損益表向下移動。我們第四季的毛利率增至45.1%，本財年的毛利率增至42.6%，與2023 財年相比提高了6 個利潤點。的舉措）以及我們的致力於保持管理費用和勞動力成本不變，同時收入成長導致本季和全年的利潤率擴大。展望 2025 財年，我們繼續預期平均 75% 至 80% 的增量收入將降至毛利率線。

Operating expenses, excluding cost of revenues for the fourth quarter were $74.3 million compared with $74.6 million in the same period of 2023, highlighting our focus on holding operating expenses relatively flat, while continuing to grow revenue and expand gross margin. Operating expenses included approximately $6 million for data storage in the fourth quarter.

第四季的營運費用（不包括收入成本）為 7,430 萬美元，而 2023 年同期為 7,460 萬美元，這凸顯了我們致力於保持營運費用相對穩定，同時繼續增加收入並擴大毛利率。第四季的營運費用包括約 600 萬美元的資料儲存費用。

Operating expenses, excluding the cost of revenues for fiscal 2024 were $354 million, including the impairment charge of $45 million in fiscal Q3, compared with $307 million in fiscal 2023.

2024 財年的營運費用（不含收入成本）為 3.54 億美元，其中包括第三財季 4,500 萬美元的減損費用，而 2023 財年為 3.07 億美元。

Looking at our progress on our path to profitability. For the fourth quarter of fiscal '24, adjusted EBITDA was a loss of approximately $17 million, an improvement of $9 million versus the fourth quarter of fiscal '23. For fiscal 2024, adjusted EBITDA was a loss of approximately $93.5 million, an improvement of approximately $54 million versus $147.3 million for fiscal 2023.

看看我們在獲利之路上取得的進展。 24 財年第四季，調整後 EBITDA 虧損約 1,700 萬美元，比 23 財年第四季增加了 900 萬美元。 2024 財年，調整後 EBITDA 虧損約 9,350 萬美元，比 2023 財年的 1.473 億美元減少約 5,400 萬美元。

Cash flow from operating activities continues to improve, and we are driving to adjusted EBITDA breakeven. For the 12 months ended September 30, 2024, net cash used in operating activities was $64.1 million compared to $142.5 million for the equivalent 12-month period in 2023.

經營活動產生的現金流量持續改善，我們正努力實現調整後的 EBITDA 損益平衡。截至 2024 年 9 月 30 日的 12 個月，經營活動使用的現金淨額為 6,410 萬美元，而 2023 年同期 12 個月的淨現金為 1.425 億美元。

Capital expenditures in fiscal '24 were $5 million, a reduction of $23 million versus $28 million of CapEx in fiscal '23. We ended the year with cash, cash equivalents, and short-term investments of approximately $276.4 million versus $289.4 million as of June 30. A reminder that this does not include the $15 million in cash from XOMA.

24 財年的資本支出為 500 萬美元，與 23 財年的 2,800 萬美元資本支出相比減少了 2,300 萬美元。截至年底，我們的現金、現金等價物和短期投資約為 2.764 億美元，而截至 6 月 30 日為 2.894 億美元。

Turning to guidance. For fiscal 2025, we expect total revenue of $367 million to $377 million, growth of approximately 17% to 20% year over year. SynBio revenue of $142 million to $146 million, growth of approximately 15% to 18% year over year.

轉向指導。 2025 財年，我們預計總營收為 3.67 億至 3.77 億美元，年增約 17% 至 20%。 SynBio營收為1.42億至1.46億美元，年增約15%至18%。

We expect NGS revenue of $204 million to $209 million, growth of approximately 20% to 24% year over year. For Biopharma revenue of $21 million to $22 million, growth of approximately [3% to 8%] year over year.

我們預計 NGS 營收為 2.04 億美元至 2.09 億美元，年增約 20% 至 24%。生物製藥收入為 2,100 萬至 2,200 萬美元，較去年同期成長約 [3% 至 8%]。

For Q1 fiscal 2025, we expect total revenue of approximately $87 million, growth of approximately 22% versus Q1 of fiscal 2024. SynBio revenue of approximately $34 million, growth of approximately 26% year-over-year. NGS revenue of approximately $48 million, growth of 22% year over year, and Biopharma revenue of approximately $5 million.

對於 2025 財年第一季，我們預計總營收約為 8,700 萬美元，較 2024 財年第一季成長約 22%。 NGS 營收約 4,800 萬美元，年增 22%，生物製藥收入約 500 萬美元。

For the full year of fiscal 2025, we expect gross margin of approximately 48% with quarterly sequential improvements in Q4 fiscal 2025 gross margin of 50%. We expect adjusted EBITDA loss of approximately $60 million to $65 million for fiscal 2025, an improvement of approximately $30 million to $35 million versus fiscal 2024.

對於 2025 財年全年，我們預計毛利率約為 48%，2025 財年第四季毛利率較上季改善為 50%。我們預計 2025 財年調整後 EBITDA 損失約 6,000 萬至 6,500 萬美元，比 2024 財年減少約 3,000 萬至 3,500 萬美元。

Q1 fiscal 2025 adjusted EBITDA loss of approximately $20 million with sequential improvements in subsequent quarters. As a reminder, Q1 contains an additional bump in OpEx due to bonus and promotional payouts. With that, I'll turn the call back to Emily.

2025 財年第一季調整後 EBITDA 損失約 2,000 萬美元，隨後幾季連續改善。提醒一下，由於獎金和促銷支出，第一季的營運支出出現了額外的成長。說完，我會把電話轉回給艾蜜莉。

Thank you, Adam. As we begin fiscal 2025, we stand at the cusp of a new era for Twist. The past year has been a testament to the power of combining visionary technology, game-changing products, and the relentless drive to enable our customer success.

謝謝你，亞當。隨著 2025 財年的開始，我們正站在 Twist 新時代的風口浪尖。過去的一年證明了將富有遠見的技術、改變遊戲規則的產品以及幫助客戶成功的不懈努力相結合的力量。

We have advanced our product portfolio and grown revenue. More importantly, our commitment to providing cutting-edge solutions empowers our customers to tackle some of the world's most pressing challenges.

我們改進了產品組合併增加了收入。更重要的是，我們致力於提供尖端解決方案，使我們的客戶能夠應對世界上一些最緊迫的挑戰。

By delivering precision, efficiency, speed, and scalability in our products and services, we have equipped researchers across myriad industries to pioneer breakthroughs that improve health, promote sustainability and drive economic growth.

透過在我們的產品和服務中提供精確性、效率、速度和可擴展性，我們為各行業的研究人員提供了突破性的支持，以改善健康、促進永續性和推動經濟成長。

We believe that when our customers succeed, we all succeed, creating a ripple effect of positive change that extends globally. Looking ahead, we are more committed than ever to pushing the boundaries of what's possible.

我們相信，當我們的客戶成功時，我們都成功了，從而產生積極變革的連鎖反應，並擴展到全球。展望未來，我們比以往任何時候都更加致力於突破可能的界限。

We will continue to invest in research and development, employing fiscal discipline to provide products that generate profitable growth. We will continue to focus on delivering value to all of our stakeholders and financial discipline to hold firm on our march to adjusted EBITDA breakeven.

我們將繼續投資於研發，運用財政紀律提供能帶來獲利成長的產品。我們將繼續專注於為所有利害關係人提供價值並遵守財務紀律，以堅定地邁向調整後 EBITDA 盈虧平衡。

Before I conclude, I'd like to take a moment to thank our incredible employees who go above and beyond to serve our customers and each other every single day. It's been a banner year for Twist, and our employees deserve the recognition for what we have achieved together. Our momentum is building, and we look forward to keeping you apprised of our progress. Operator?

在結束之前，我想花一點時間感謝我們出色的員工，他們每天都竭盡全力為我們的客戶和彼此提供服務。對於 Twist 來說，這是輝煌的一年，我們的員工因我們共同取得的成就而值得認可。我們的勢頭正在增強，我們期待讓您隨時了解我們的進展。操作員？

(Operator Instructions) Matt Sykes, Goldman Sachs.

（操作員指令）Matt Sykes，高盛。

Maybe just I'll ask two questions just upfront and get back in the queue. But can you just give us an idea for how Express Genes and new products trended as a portion of the SynBio mix throughout the course of this year and potentially what it was in Q4? And then secondly, understanding the operational efficiencies that you guys outlined plus the revenue growth.

也許我會先問兩個問題，然後再回到隊列。但您能否向我們介紹 Express Genes 和新產品作為 SynBio 組合的一部分在今年的趨勢如何，以及第四季度的情況？其次，了解你們概述的營運效率以及收入成長。

Could you just -- Adam, could you just give us an idea of OpEx and the trends next year, both for R&D and SG&A and how we should think about phasing of that spend either in terms of growth versus this year or quarterly phasing next year?

Adam，您能給我們介紹一下營運支出和明年的趨勢嗎？階段？

Adam, are you on the line?

亞當，你在線上嗎？

Yeah, absolutely. Matt, great. Thanks for the question. Excited to be here. I'll start with the second one first, and we'll come back into the first one. In terms of the second one, in terms of phasing, we expect very modest increases, I'll call it inflationary increases in OpEx. A big chunk of it will come in the first quarter as we do our merit annual bonus increases for the year, but it will be pretty modest increases throughout the balance of the year, fairly in line with what we saw last year.

是的，絕對是。馬特，太棒了。謝謝你的提問。很高興來到這裡。我先從第二個開始，然後我們再回到第一個。就第二個方面而言，就分階段而言，我們預期成長非常溫和，我稱之為營運支出的通膨成長。其中很大一部分將出現在第一季度，因為我們將增加今年的績效年度獎金，但在今年餘下的時間裡，這將是相當溫和的成長，與我們去年看到的情況相當一致。

Matt, in terms of your first question, in terms of drivers of growth as well as gross margin, I think Paddy hit on some of the really exciting opportunities we have in terms of the projects that we're driving, but we see that continued sequential improvement in gross margin each of the quarters starting in Q1 and going throughout the year and still reiterating the exit of a 50% gross margin in Q4.

馬特，就你的第一個問題而言，就成長驅動因素和毛利率而言，我認為帕迪抓住了我們在推動的項目方面所擁有的一些真正令人興奮的機會，但我們看到這種情況仍在繼續從第一季開始，全年毛利率連續改善，並在第四季度重申了 50% 毛利率的目標。

Vijay Kumar, Evercore ISI.

維傑·庫馬爾，Evercore ISI。

Emily, on a big picture here, post elections, a lot of questions on NIH budgets and competitive landscape. Can you talk about what is your total exposure to NIH budgets? And I know customers, I think, in the past have asked you on where Twist is manufacturing your genes? Have you seen any change in competitive behavior? Is Twist seeing more share gains?

艾米麗，從大局來看，選舉後，有許多關於 NIH 預算和競爭格局的問題。您能談談您對 NIH 預算的總曝險是多少嗎？我想，我知道客戶過去曾問過您 Twist 在哪裡生產您的基因？您看到競爭行為有什麼改變嗎？ Twist 的份額是否會增加？

Yeah. Thank you, Vijay. On the NIH, we have a very small exposure. It's probably less than 1%. So actually it's an opportunity for us to do better there. And we know that in the past, any time budgets were constrained, it was an opportunity for us to take market share because, again, our brand is high quality at a very, very good price. So it's going to be an opportunity, I think, for us to lean into that.

是的。謝謝你，維傑。在 NIH 上，我們的曝光度非常小。可能還不到1%。所以實際上這是我們在這方面做得更好的機會。我們知道，在過去，任何時候預算受到限制，這都是我們奪取市場份額的機會，因為我們的品牌品質高，價格非常非常優惠。所以我認為這對我們來說將是一個機會。

And then as far as production, yes, 100% of our DNA is made in the US. And over the last few quarters, there's definitely more question around where is DNA being made. And so I think our customers are definitely thinking about their supply chain, and it's definitely going to be a headwind for our competitors that manufacture outside of the US and I think it's a tailwind for us.

就生產而言，是的，我們 100% 的 DNA 都是在美國製造的。在過去的幾個季度裡，關於 DNA 是在哪裡製造的，肯定存在更多疑問。因此，我認為我們的客戶肯定會考慮他們的供應鏈，這對我們在美國境外製造的競爭對手來說肯定會是逆風，而我認為這對我們來說是順風。

Understood. And maybe one on the P&L side here. What is -- I know related party, there was some confusion in related party revenues. What is related party revenue? How much was it in this quarter in your EBITDA guidance, is it the implied fourth quarter EBITDA exit rate in the minus 10% to minus 13% kind of range?

明白了。也許還有損益表方面的一個。什麼是－我知道關聯方，關聯方收入有些混亂。什麼是關聯方收入？本季 EBITDA 指引值是多少？

Vijay, happy to take the question. In terms of related party revenue was about $12 million in Q4, relatively in line with legacy. And in terms of EBITDA, what we said is $20 million in Q1 with sequential improvements all the way throughout the year and netting out at $60 million to $65 million for the year. So the range you're talking about are unreasonable.

維傑很高興回答這個問題。就關聯方收入而言，第四季約為 1,200 萬美元，與傳統收入相對一致。就 EBITDA 而言，我們所說的是第一季 2,000 萬美元，全年持續改善，全年淨利為 6,000 萬至 6,500 萬美元。所以你說的範圍是不合理的。

Sung Ji Nam, Scotiabank.

宋志南，豐業銀行。

Maybe one for Emily. Just it's great to see the continued partnership across the next-gen sequencing providers that Twist has. As you look at a lot of these next-gen sequencing providers, they're kind of developing these highly innovative solutions in terms of library prep.

也許是給艾米莉的。很高興看到 Twist 與下一代定序提供者之間的持續合作。當您觀察許多下一代定序提供者時，您會發現他們正在開發這些在文庫製備方面高度創新的解決方案。

You mentioned Element's Trinity. And I think Illumina talked about the constellation mapped read technology, et cetera. Just kind of curious kind of net-net, from Twist standpoint, do these new innovations provide greater opportunities in terms of essentially sales of your products? Or just kind of curious like how that affects your, I guess, overall total revenue opportunities in the future?

你提到了元素的三位一體。我認為 Illumina 談論了星座映射讀取技術等等。只是一種奇怪的網絡，從 Twist 的角度來看，這些新的創新是否為您的產品的本質銷售提供了更大的機會？或者只是有點好奇，我猜這會如何影響您未來的整體總收入機會？

Yeah. Thanks for the question. Yes, net-net, it's -- we see it as a positive. As the technology advances, there's more focus on quality and performance and which is what we provide with our probes, with our enzymes and now with our own library prep. And the other benefit that we have compared to maybe other competitors is the speed at which our R&D works.

是的。謝謝你的提問。是的，淨淨，我們認為這是正面的。隨著技術的進步，人們更加關注品質和性能，這就是我們透過探針、酵素以及現在我們自己的文庫製備所提供的。與其他競爭對手相比，我們的另一個優勢是我們的研發速度。

And so as those technologies evolve, we're able to stay on the bleeding edge and leveraging both our innovation and our commercial execution to grow our revenue.

因此，隨著這些技術的發展，我們能夠保持領先地位，並利用我們的創新和商業執行來增加我們的收入。

Subbu Nambi, Guggenheim Securities.

Subbu Nambi，古根漢證券。

Could you elaborate on the different moving parts to the 2025 guide? Which end markets growth are you assuming for NGS growth? Are you baking in any FDA approvals or Medicare reimbursements, and could you also provide additional insights into '25 assumptions for the SynBio market? And last, what are you assuming Express Genes to be? Is it all upside? Or are you assuming anything in the 48% gross margin target?

您能否詳細說明 2025 年指南的不同變更部分？您認為 NGS 的成長會出現哪些終端市場成長？您是否正在考慮任何 FDA 批准或醫療保險報銷，您是否還可以提供有關 SynBio 市場的 '25 假設的更多見解？最後，您認為 Express Genes 是什麼？一切都是好的嗎？或者您對 48% 的毛利率目標有何假設？

Thank you for the question. No, it's a great question. And as we're kind of looking at the year, kind of when we step back and can say, first, how pleased we are with the progress we've made, seven quarters of sequential growth in revenue, GAAP gross margin up 850 basis points, reduction in GAAP OpEx in Q4 versus prior year, minimal CapEx for the year.

謝謝你的提問。不，這是一個很好的問題。當我們回顧這一年時，我們可以退一步說，首先，我們對所取得的進展感到多麼高興，七個季度的收入連續增長，公認會計準則毛利率增長了 850%點、第四季度GAAP 運營支出較前一年減少、今年資本支出最低。

And we look at the second half, we expect to continue to see our cash burn in the back half of this year was only $17 million. And we move forward, we're only going to expect to see improvements up and down the P&L.

展望下半年，我們預計今年下半年的現金消耗量僅為 1,700 萬美元。我們繼續前進，我們只會期望看到損益表的上下改善。

When I look at the drivers, specifically of what we've assumed in the modeling, for NGS, we have not assumed an MRD ramp. We assume the continued improvement in liquid biopsy. We can see this continued improvement in expanding our customer base.

當我查看 NGS 的驅動因素時，特別是我們在建模中假設的驅動因素時，我們沒有假設 MRD 斜坡。我們假設液體活檢持續改進。我們可以看到我們在擴大客戶群方面的持續改進。

And then going down to the SynBio side, we're seeing expansion of the number of net new accounts. We're seeing expansion continue in Express Genes, and we're seeing that positive uptick already this year. We expect the continuation of that next year. And from where we sit down the P&L into other areas of the business, we do expect to see the continued improvement in gross margin sequentially throughout the year.

然後到 SynBio 方面，我們看到淨新帳戶數量的擴大。我們看到 Express Genes 的擴張仍在繼續，而且今年我們已經看到了積極的成長。我們預計明年這種情況會持續下去。從我們將損益表納入業務的其他領域來看，我們確實預期全年毛利率將持續改善。

Luke Sergott, Barclays.

盧克·瑟戈特，巴克萊銀行。

Can you talk a little bit about the DNA storage? I guess, is this the Century Archive solution, supposed to be -- I remember talking about being commercialized either this year, at the end of this year or maybe in the next year. The update there on the slides is helpful, but just kind of are there earn-outs associated with this or milestones? Who are the early access customers? Any other details you guys can give us on that?

您能談談 DNA 儲存嗎？我想，這就是世紀檔案館的解決方案嗎？幻燈片上的更新很有幫助，但是否有與此或里程碑相關的收益？誰是早期訪問客戶？你們能給我們任何其他細節嗎？

Yeah. Thank you, Luke. As you know, DNA storage is a key future vector of growth for us, and that the market is really, really big. And when we go into it, we need to be competitive with existing technologies that are tape and hard drive. And so we are fully focused on the terabyte chip and terabyte applications. And so what the team is doing is focusing on that technology development.

是的。謝謝你，盧克。如您所知，DNA 儲存是我們未來成長的關鍵載體，而且市場非常非常大。當我們進入這個領域時，我們需要與磁帶和硬碟等現有技術競爭。因此，我們完全專注於 TB 晶片和 TB 應用程式。因此，團隊正在做的就是專注於技術開發。

First, it's a combination of both the chip and the synthesis. And at this point, we fully moved to -- fully converged on an enzymatic-chemistry approach that is deployed for those chips. And the reason for enzymatic focus is from a point of view of both cost and sustainability, that's what we need. So at this point, we are really, really strongly focused on that development. And so therefore, it's a little bit early to speak about customer, but the team is making great progress.

首先，它是晶片和綜合的結合。此時，我們完全轉向為這些晶片部署的酵素化學方法。關注酵素的原因是從成本和可持續性的角度來看，這就是我們所需要的。所以在這一點上，我們真的非常非常關注這一發展。因此，現在談論客戶還為時過早，但團隊正在取得巨大進展。

Matt Larew, William Blair.

馬特拉魯，威廉布萊爾。

For Adam, obviously, gross margins slightly above in the quarter, and I think that's despite the top line upside coming from SynBio. So just curious if that reflects a bias towards Express Gene relative to your expectations? Anything else to think about in terms of the scale of that effect in the future? Just maybe help us think about where the gross margin upside came from in the quarter?

對於 Adam 來說，顯然，本季的毛利率略高於本季度，而且我認為儘管 SynBio 帶來了營收成長。所以只是好奇這是否反映了對 Express Gene 相對於你的期望的偏見？就未來影響的規模而言，還有什麼需要考慮的嗎？也許可以幫助我們思考本季毛利率的上升來自何處？

Matt, great question. And I think the -- in terms of the gross margin upside, I've mentioned it before that we see whether it be SynBio now or NGS that 75% to 80% of the incremental revenue will drop to gross profit.

馬特，好問題。我認為，就毛利率上升而言，我之前提到過，無論是現在的 SynBio 還是 NGS，75% 到 80% 的增量收入將下降到毛利。

I think we're seeing that play out here in Q4. I'd say Express Genes was a tailwind as it continues to see sequential improvements quarter on quarter, but those are not outsized in any way shape or form, but this is more a reflection of as we continue to grow and we continue to see growth faster than expectations, we're seeing the gross margin fall in line with that growth.

我認為我們會在第四季度看到這種情況的發生。我想說Express Genes 是一個順風車，因為它繼續看到逐季度的連續改進，但這些改進在任何方面都沒有太大的形狀或形式，但這更多地反映了我們繼續增長，我們繼續看到成長快於預期，我們看到毛利率隨著成長而下降。

So I'd also hit on some of the key points that Paddy mentioned on the call. There are a number of operational initiatives that we are working on and have been working on in 2024, all of which are adding to the continued improvement in gross margin.

因此，我也談到了帕迪在電話會議中提到的一些關鍵點。我們正在實施並已在 2024 年實施多項營運舉措，所有這些舉措都有助於毛利率的持續改善。

And we expect to see more of those improvements as we go into 2025, but the timing of which is a bit uncertain on some of when they'll actually hit the P&L if you think an improvement that launches in the sixth week of the quarter will be different than one that launches in the 10th week of the quarter. We're no less excited about those improvements, but we will be a bit cautious in the way we look at the timing of when that impact hits.

進入 2025 年，我們預計會看到更多這些改進，但如果您認為在本季度第六週推出的改進將在何時真正影響損益表，那麼其時間有點不確定。推出的產品不同。我們對這些改進同樣感到興奮，但我們在看待影響發生的時間時會持謹慎態度。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

So first one, I mean, I appreciate you're providing the NIH exposure, which is low. But just wondering, just given the political situation and again, HHS appointment, which is not finalized yet. But again, given all of those sort of moving parts and the potential for pressure on pharma and FDA and combined with NIH potential cuts, could you maybe quantify for us how much is your, first of all, pharma and related biotech exposure?

首先，我的意思是，我很感謝您提供 NIH 的暴露量，該暴露量很低。但只是想知道，考慮到政治局勢，以及衛生與公眾服務部的任命，尚未最終確定。但同樣，考慮到所有這些活動部件以及對製藥公司和 FDA 的潛在壓力，再加上 NIH 的潛在削減，您能否為我們量化一下您首先在製藥和相關生物技術方面的風險敞口有多少？

And sort of what gives you confidence in the 17% to 20% fiscal '25 guide? Is that more on taking share? Is it growth in NGS and getting more into diagnostic assays? Or is it more SynBio? And then if I could ask just a separate question around Biopharma.

是什麼讓您對 25 財年 17% 至 20% 的指導充滿信心？這更多的是為了分享嗎？是NGS 的成長以及更多進入診斷分析領域嗎？還是更多的是SynBio？然後我是否可以就生物製藥提出一個單獨的問題。

I appreciate the XOMA deal, but just trying to understand, it's now 6% of your revenue, Biopharma overall. So how core is this business to you? 50% was already part of the deal. And you had a leadership change there. One of your leaders of the Biopharma divisions left for a competitor, so just wondering how core is this business to you now?

我很欣賞 XOMA 交易，但只是想了解一下，它現在佔生物製藥整體收入的 6%。那麼這項業務對您來說有多核心？ 50% 已經是交易的一部分。那裡的領導層發生了變化。您生物製藥部門的一位領導者跳槽到了競爭對手，所以想知道現在這項業務對您來說有多核心？

Maybe I'll start with the second one first. The Biopharma team has always been really great on the science. So we know that when we get an order for a service where we get a target, we're able to leverage the full spectrum of our AI, in vivo, in vitro technology to give candidate drugs, which -- so from a technology point of view, I think we are punching really, really strongly. We know that commercially, we've been struggling.

也許我會先從第二個開始。生物製藥團隊在科學方面一直非常出色。因此，我們知道，當我們收到獲得目標的服務訂單時，我們能夠利用全方位的人工智慧、體內、體外技術來提供候選藥物，從技術角度來看，我認為我們的打擊力度非常非常大。我們知道，在商業上，我們一直在苦苦掙扎。

And so I'm very pleased to see the orders that we achieved last quarter. And so it's an NF1, we have to do it again. But in terms of benefits to the broader company, I think maybe there's it's underappreciated how having the service offering from Biopharma is very useful with selling the products that are captured in SynBio because really, we go talk to the same customer, and we can either offer them a product if they want to do the work in their lab or we can offer them a service if they want to outsource.

因此，我很高興看到我們上季度獲得的訂單。所以這是 NF1，我們必須再做一次。但就對更廣泛的公司的好處而言，我認為也許人們低估了生物製藥提供的服務對於銷售合成生物中捕獲的產品非常有用，因為實際上，我們與同一客戶交談，我們可以如果他們想在實驗室中完成工作，我們可以為他們提供產品；如果他們想外包，我們可以為他們提供服務。

And so there's that one, two punch that's very useful when we're able to serve both. At the same time, obviously, all the businesses, all the product groups need to pull their weight. And I'm looking forward to the Biopharma revenue to go back on the upswing. As far as exposure to Biopharma funding. I think we shared that our healthcare exposure is about [60%] and that both for the SynBio, NGS, and Biopharma product group.

因此，當我們能夠同時發球時，一拳、兩拳就非常有用。同時，顯然，所有企業、所有產品組都需要發揮自己的作用。我期待生物製藥收入重新回升。就生物製藥融資而言。我認為我們一致認為我們的醫療保健風險敞口約為 [60%]，並且對於 SynBio、NGS 和生物製藥產品組都是如此。

And as you know, there's been several years of Biopharma funding pressure, and we've done really well. And it's no accident that we've been doing well over the last few years. Our products and services are really differentiated, combined with some commercial [violence] that we apply when we go sell. So I look forward to more of that. And we're quite positive about the future.

如您所知，生物製藥的資金壓力已經持續了好幾年，而我們做得非常好。我們過去幾年表現良好並非偶然。我們的產品和服務確實與眾不同，再加上我們在銷售時採用的一些商業[暴力]。所以我期待更多這樣的事。我們對未來非常樂觀。

Tom Peterson, Baird.

湯姆·彼得森，貝爾德。

Maybe just quickly from me. I think you mentioned share gains on the SynBio side directly related with the Express Genes offering. I mean, can you elaborate on where you're seeing share gains here? Is this conversion of DNA makers? Are you seeing share gains elsewhere? And then maybe just quickly, a second question. I don't know if I missed this. Did you disclose what you're expecting to spend from an OpEx perspective in '25 on DNA data storage?

也許很快就從我這裡消失了。我認為您提到了與 Express Genes 產品直接相關的 SynBio 方面的份額收益。我的意思是，您能詳細說明一下您在這裡看到的股票收益嗎？這是DNA製造者的轉變嗎？您是否看到其他地方的股票上漲？然後也許很快，第二個問題。我不知道我是否錯過了這個。您是否透露了從 OpEx 的角度來看您預計在 25 年在 DNA 資料儲存方面的支出？

Tom, it's Paddy here. Thanks for the question. I'll take the first part of that. I think with the Express Genes, obviously, sequential growth is good, but it's also allowing us to expand downstream for the customer, more and more broadly into their workflows. And so fast gene enables us to move down into preps protein IgG workflow, very positive performance, and we think that will continue.

湯姆，我是帕迪。謝謝你的提問。我將採取第一部分。我認為對於 Express Genes，顯然，連續成長是好的，但它也使我們能夠為客戶向下游擴展，並越來越廣泛地進入他們的工作流程。如此快速的基因使我們能夠進入製備蛋白 IgG 工作流程，非常積極的表現，我們認為這種情況將會持續下去。

In terms of data storage, if you look at it on a 2024 basis, we spent in terms of OpEx around $25 million on a GAAP basis. Cash was probably closer to $20 million. We haven't provided specific guidance in terms of where we're going to be in 2025, but I would expect a relatively stable investment profile.

在資料儲存方面，如果以 2024 年為基礎來看，我們的營運支出以 GAAP 計算約為 2,500 萬美元。現金可能接近2000萬美元。我們尚未就 2025 年的發展方向提供具體指導，但我預計投資狀況將相對穩定。

Brendan Smith, TD Cowen.

布倫丹·史密斯，TD·考恩。

Hey, this is [Chad Wiatrowski] on for Brendan Smith. Could you just give a little more color on the proprietary enzymes that you mentioned, sort of why now? Have there been sort of developments that make this the right time to start launching products there? Or is this just sort of a natural next step area to deploy that technology?

嘿，這是布倫丹·史密斯的[查德·維亞特羅斯基]。您能否對您提到的專有酵素提供更多的信息，為什麼現在呢？是否有一些進展使得現在是開始在那裡推出產品的合適時機？或者這只是部署該技術的自然下一步領域？

Yeah. Thanks for that question. Yeah, basically, it's a wonderful use of our platform and the scale of DNA synthesis that we have given us an unfair advantage to use in the exploration for new enzymes. And we've done very, very well in terms of the products we've made for target enrichment and obviously go into workflows making proprietary enzymes with interesting features is just another point of differentiation that's well received by the customer.

是的。謝謝你提出這個問題。是的，基本上，這是對我們平台和 DNA 合成規模的絕佳利用，我們在探索新酵素時獲得了不公平的優勢。我們在目標富集產品方面做得非常非常好，顯然進入了生產具有有趣功能的專有酵素的工作流程，這只是受到客戶好評的另一個差異化點。

And so for the first product that Emily mentioned around our ligase, essentially, it's right on the Twist theme of more efficient use of the sequencer. We label every molecule to get onto -- or most of the molecules or more of the molecules to get on to the sequencer, which really drives efficiency and a good outcome for the customer.

因此，對於 Emily 提到的關於我們的連接酶的第一個產品，本質上來說，它正好符合更有效地使用定序儀的 Twist 主題。我們標記每個要進入定序儀的分子，或大多數分子或更多要進入定序儀的分子，這確實提高了效率並為客戶帶來了良好的結果。

And when you look at it, our ability to make differentiated workflows is going to be very important for the customer base going forward. So the timing is good. And yeah, we like the road map of enzymes we've got coming through.

當你看到它時，我們制定差異化工作流程的能力對於未來的客戶群將非常重要。所以時機很好。是的，我們喜歡我們所經歷的酵素路線圖。

Thomas DeBourcy, Nephron Research.

托馬斯·德布西，腎單位研究。

My question just relates to orders. I guess, going back to your fiscal Q2, you saw a step-up in customer purchase orders with the calendar year beginning. And I was just curious, as you look towards 2025, would you expect a similar dynamic of a step-up in purchase orders with, I guess, the start of the calendar year -- sorry, just to go back to 2024, how you saw in terms of the execution and conversion of orders from those open purchase orders?

我的問題僅與訂單有關。我想，回到您的第二財季，您會看到從日曆年開始客戶採購訂單增加。我只是很好奇，當你展望 2025 年時，你是否會期望在日曆年開始時採購訂單也會出現類似的上升趨勢——抱歉，回到 2024 年，你會如何看待看到這些未結採購訂單的執行和轉換嗎？

Thomas, this is Adam, and thank you for the question. We're really pleased with how the business is performing. You kind of look at it, as I've been hitting on the seven sequential quarters of increased revenue. We are seeing that order pattern with more customers making longer-term commitments to us, and wanting to use different mechanisms that are easier for a procurement perspective.

湯瑪斯，我是亞當，謝謝你的提問。我們對業務的表現非常滿意。你可以看看它，因為我一直在關注連續七個季度的收入成長。我們看到這種訂單模式越來越多的客戶向我們做出長期承諾，並希望使用從採購角度更容易的不同機制。

We expect to see sequential growth in both orders and revenue throughout the year, next year. As I mentioned on the call earlier, our commentary and disclosures moving forward on orders will be focusing primarily on Biopharma, and we'll really be driving home the forecast and expectation of revenue in our disclosures moving forward in 2025. But we are very pleased with the progress we're seeing and the continued expansion, not just on the order side, but truly on the revenue up and down the P&L.

我們預計明年全年訂單和收入將持續成長。正如我之前在電話會議上提到的，我們對訂單的評論和披露將主要集中在生物製藥領域，我們將在 2025 年的披露中真正闡明收入的預測和預期。所看到的進展和持續擴張，不僅在訂單方面，而且在損益表的收入上下。

Matt Larew, William Blair.

馬特拉魯，威廉布萊爾。

I'm going to have two quick ones. The first, a couple of questions about NIH. I think historically, or I guess, over the summer, you've done some things to make your offering more streamlined in the academic market. And just curious how you think that positions you going forward? And then the last one is just to cleanup Adam's comment there, so just to confirm, going forward, you will not be providing orders on SynBio and NGS, I think that's what you're saying, but just confirming.

我要兩個快的。首先是關於 NIH 的幾個問題。我認為從歷史上看，或者我猜，在整個夏天，你們已經做了一些事情來使你們的產品在學術市場上更加精簡。只是好奇你認為你的未來會如何定位？最後一個只是為了清理 Adam 的評論，所以只是為了確認，今後，你們將不會提供 SynBio 和 NGS 的訂單，我認為這就是你們所說的，但只是確認。

Adam, do you want to cover the second question first? Then I'll take the --

Adam，你想先回答第二個問題嗎？然後我會採取——

Sure, I'll take the call. Absolutely. I'll take the second part, Matt, because I'm confirming that we are going to be focusing our disclosures and orders in the area just in Biopharma moving forward for fiscal '25.

當然，我會接電話。絕對地。馬特，我將討論第二部分，因為我確認我們將在 25 財年將披露和訂單重點放在生物製藥領域。

And thank you, Matt. And for the first question, yes, indeed, we have been focusing on the workflow, the user experience for the academic to order. So not only you need to have great products, which we do, they are fast, they are very high quality, very low cost, so it's overall a great value.

謝謝你，馬特。對於第一個問題，是的，確實，我們一直專注於工作流程，即學術界訂購的使用者體驗。因此，您不僅需要擁有出色的產品（我們就是這樣做的），而且它們速度快、品質非常高、成本非常低，因此總體而言非常有價值。

And then we've also been focused on the user experience with the e-commerce and especially the integration of our e-commerce website with the ordering systems of academic institutions. So you have [Ariba, Coupa, Jaggaer, and a few others]. And so internally, we call it B2B or punch out, so we are working on integrating that link between our e-commerce and the supplier and -- sorry, and the institution.

然後我們也一直關注電子商務的使用者體驗，特別是我們的電子商務網站與學術機構訂購系統的整合。所以你有[Ariba、Coupa、Jaggaer 和其他一些]。因此，在內部，我們稱之為 B2B 或打孔，所以我們正在努力整合我們的電子商務和供應商以及——抱歉，還有機構之間的聯繫。

And we've seen for -- as those first one rollout, the growth in revenue that we see in those institutions, the number of net new users from those institutions is really, really positive. So historically, we've been focused more on the big account first that has been a winning strategy.

我們已經看到，隨著第一次推出，我們在這些機構中看到的收入成長，這些機構的淨新用戶數量確實非常積極。因此，從歷史上看，我們首先更加關注大客戶，這是一種制勝策略。

But now we're also on the strategy of going after the long tail of customers. So thanks for asking. It's definitely something that is top of mind for us. And we think we have a good solution. And now it's a question of getting those institutions to sign on and hook up with our e-commerce.

但現在我們也採取了追求長尾客戶的策略。謝謝你的提問。這絕對是我們最關心的事情。我們認為我們有一個很好的解決方案。現在的問題是讓這些代理商簽約並與我們的電子商務掛鉤。

Vijay Kumar, Evercore ISI.

維傑·庫馬爾，Evercore ISI。

Adam, maybe just back on the related party revenue. It's a term we don't come across with other companies. Can you just give us some flavor on what is this? And why does Twist have to disclose this?

亞當，也許只是回到關聯方收入。這是我們在其他公司不會遇到的術語。您能為我們介紹一下這是什麼嗎？為什麼 Twi​​st 必須揭露這一點？

Vijay, happy to. And it's pretty benign here in the sense that we have three related parties in our fiscal 2024, one of which was no longer a related party is at the middle of the -- at the end of Q3. All three of the parties are public US-based companies, one of whom our CEO sits on the Board and one of them is a Board member of ours who is the CEO of that company.

維傑，很高興。從某種意義上說，這是相當良性的，因為我們在 2024 財年有三個關聯方，其中一個在第三季末不再是關聯方。所有三方都是美國上市公司，其中一位是我們的首席執行官，另一位是我們的董事會成員，也是該公司的首席執行官。

So we continue to see that business be relatively stable, and we will obviously disclose that in our 10-K and 10-Q with an accounting requirement, similar to pretty much every other company out there. Vijay, I appreciate the question. Thank you so much.

因此，我們繼續看到業務相對穩定，我們顯然會在 10-K 和 10-Q 中披露這一點，並附有會計要求，與幾乎所有其他公司類似。維傑，我很欣賞這個問題。太感謝了。

Rachel Vatnsdal with JPMorgan.

摩根大通的雷切爾·瓦特斯達爾 (Rachel Vatnsdal)。

Just squeeze one here in on Express Genes, kind of a three-parter. But first off, could you just quantify for us how meaningful Express Genes was this quarter? And then now that you're a bit further into the launch, I was wondering if you can break down for us what the updated pricing premium is for Express Genes over the past few quarters? And then just lastly, how do we think about contribution from Express Genes into the targets you laid out for '25 today?

只要在《Express Genes》中擠入一首即可，有點像三人組。但首先，您能否為我們量化 Express Genes 本季的意義有多大？現在您已經進入了發布階段，我想知道您是否能為我們詳細介紹 Express Genes 在過去幾季的更新定價溢價是多少？最後，我們如何看待 Express Genes 對您今天為 '25 制定的目標所做的貢獻？

Yes. Thank you, Rachel. It's a very, very important topic for us, and thanks for bringing it up. So as a step back as a reminder, now we're not only talking about Express Genes, but we've actually built on that initial Express Gene launch to build what we call an Express portfolio.

是的。謝謝你，雷切爾。這對我們來說是一個非常非常重要的主題，感謝您提出這個主題。因此，退一步提醒一下，現在我們不僅談論 Express Genes，而且實際上我們已經在最初的 Express Gene 發布的基礎上建立了我們所謂的 Express 產品組合。

So you can get Express Fragments, you can get Express Genes, you can get Express Prep. Last quarter, we reported being able to do Express IgG, where we're able to ship IgG protein, Express into certain genes. So that combination of that Express portfolio is doing a couple of things. The first one is boosting our revenue. Again, we are seeing sequential growth from our Express portfolio. It's adding net new customers. It's converting makers into buyers.

因此，您可以獲得 Express Fragments、Express Genes、Express Prep。上個季度，我們報告說能夠進行 Express IgG，我們能夠將 IgG 蛋白表達到某些基因中。因此，Express 產品組合的組合正在做一些事情。第一個是增加我們的收入。我們再次看到 Express 產品組合的環比增長。它正在增加淨新客戶。它將製造商轉變為買家。

And just as a quick clarification, some customers used to be buyers of fragments and they were making their own clonal genes, well, now they can buy it.

我需要快速澄清一下，有些客戶曾經是片段的購買者，他們正在製造自己的克隆基因，現在他們可以購買了。

Our customers who buy clonal genes and then they will make their own prep, now they can buy the prep or they were buyers of preps and they will make their own IgG. Now they can buy the IgG. So that conversion of makers to buyer is happening.

我們的客戶購買克隆基因，然後他們會自己製作製劑，現在他們可以購買製劑，或者他們是製劑的購買者，他們會製作自己的 IgG。現在他們可以購買 IgG。因此，製造商向買家的轉變正在發生。

And then the last thing that we really, really appreciate is the increased contribution to our margin from the Express portfolio. And we've reported now it's multiple quarters in a row where 75% to 80% of our revenue growth dropped to the gross margin line. And in the past, we had a differential in gross margin between SynBio and NGS.

我們真正非常欣賞的最後一件事是 Express 投資組合對我們利潤的貢獻增加。我們現在報告稱，我們的營收成長連續多個季度下降到毛利率線的 75% 到 80%。過去，我們在 SynBio 和 NGS 之間存在毛利率差異。

And thanks to our Express Gene portfolio, now it's about the same. And so if there is a new dollar that comes in, it doesn't really matter if it goes into the SynBio line or the NGS line, the benefit to the gross margin line is the same.

由於我們的 Express Gene 產品組合，現在一切都差不多了。因此，如果有新的資金進入，無論是進入 SynBio 系列還是 NGS 系列，都並不重要，對毛利率線的好處是相同的。

So going forward, we continue to leverage that portfolio. It's really, very much a winner. And we look forward to benefiting from the revenue growth that -- and the margin benefit to get us to our goal of getting to adjusted EBITDA breakeven without going back to the market.

因此，展望未來，我們將繼續利用該投資組合。這真的是一個非常非常大的贏家。我們期待從營收成長和利潤率收益中受益，使我們能夠實現調整後 EBITDA 盈虧平衡的目標，而無需重返市場。

Thank you. I would now like to hand the call back over to Emily Leproust for closing remarks.

謝謝。現在我想將電話轉交艾米麗·勒普魯斯特 (Emily Leproust) 作總結發言。

As we close, let me emphasize this. Twist delivered record-breaking results in fiscal 2024, and we're on a clear trajectory towards profitability and continued long-term growth. Our technology is transforming industries, driving innovation and delivering value to our customers and shareholders.

在我們結束時，讓我強調這一點。 Twist 在 2024 財年取得了破紀錄的業績，我們正走在實現盈利和持續長期增長的明確軌道上。我們的技術正在改變產業、推動創新並為我們的客戶和股東創造價值。

With momentum at our back, a relentless focus on disruptive innovation and disciplined execution, we are poised to reach new heights in fiscal 2025. I want to thank our employees, customers, and investors for your trust and partnership as we write the future together. Thank you for joining us today.

憑藉我們的動力、對顛覆性創新的不懈關注和嚴格的執行，我們準備在2025 財年達到新的高度。信任和合作。感謝您今天加入我們。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。