Twist Bioscience Corp (TWST) 2025 Q2 法說會逐字稿

Good day. Thank you for standing by. Welcome to Twist Bioscience's second quarter financial results conference call. (Operator Instructions) Please note that today's conference is being recorded.

再會。感謝您的支持。歡迎參加 Twist Bioscience 第二季財務業績電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to turn the call over to Angela Bitting, SVP of Corporate Affairs. Please go ahead.

現在我想將電話轉給公司事務資深副總裁 Angela Bitting。請繼續。

Thank you, operator. Good morning, everyone. I'd like to thank for joining us for Twist Bioscience conference call to review our fiscal 2025 second 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.

謝謝您，接線生。大家早安。感謝您參加 Twist Bioscience 電話會議，回顧我們 2025 財年第二季的財務業績和業務進展。我們在市場上市前發布了財務業績新聞稿，您可以在我們的網站 www.twistbioscience.com 上查閱。

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. Today, we will discuss our business progress, financial and operational performance as well as growth opportunities.

今天與我一起參加電話會議的還有 Twist 執行長兼聯合創始人 Emily Leproust 博士； Twist 財務長 Adam Laponis；以及 Twist 總裁兼營運長 Patrick Finn 博士。今天，我們將討論我們的業務進展、財務和營運業績以及成長機會。

We will then open the call for questions. (Event Instructions) This call is being recorded. The audio portion will be archived in the Investors section of our website and will be available for two weeks.

然後我們將開始提問。（事件說明）此通話正在錄音。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，我們將根據美國聯邦證券法做出前瞻性陳述。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 our 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會受到風險和不確定性的影響，這可能導致實際結果與預測結果有重大差異。這些風險包括我們今天早些時候發布的新聞稿中提出的風險以及我們向美國證券交易委員會提交的文件中更詳細描述的風險。

The forward-looking statements in this presentation are based on information available to us as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law.

本簡報中的前瞻性聲明是基於我們截至本新聞稿之日所掌握的信息，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 a company. When we reported a reconciliation between GAAP and the non-GAAP financial measures will be included in our earnings documents, which can be found on the Investors section of our website.

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公司提供的類似非 GAAP 數據的計算方式不同。當我們報告 GAAP 和非 GAAP 財務指標之間的調整時，將包含在我們的收益文件中，您可以在我們網站的「投資者」部分找到。

With that, I will now turn the call over to our CEO and Co-Founder, Emily Leproust.

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. As we look across today's global landscape, it's clear that we are operating in a time of accelerated change from policy shifts and trade adjustments to evolving financial market and structural transitions in healthcare and academia. The world is transforming at an unprecedented pace.

謝謝你，安琪拉，大家早安。放眼當今的全球情勢，我們顯然正處於一個加速變革的時代，從政策轉變和貿易調整到不斷發展的金融市場以及醫療保健和學術界的結構轉型。世界正以前所未有的速度改變。

At Twist, we are responding proactively. We recognize that such dynamic conditions require both vigilance and vision. We are continuously analyzing the broader environment, identifying not only challenges, but also the strategic opportunities that can strengthen our long-term position.

在 Twist，我們正在積極回應。我們認識到，這種動態條件需要警惕和遠見。我們不斷分析更廣泛的環境，不僅發現挑戰，也發現可以加強我們長期地位的策略機會。

Our approach is grounding in agility, supported by rigorous execution and driven by our commitment to delivering lasting value. Diving into our significant news release this morning, I am very excited to announce that we have spun out DNA Data Storage as an independent company.

我們的方法以敏捷性為基礎，以嚴格的執行為支撐，並以我們致力於提供持久價值的承諾為驅動力。今天早上，當我們發布重要新聞時，我非常高興地宣布，我們已經將 DNA Data Storage 分拆為獨立公司。

The new company called Atlas Data Storage is a pure-play company focused on end-to-end data storage. As many of you know, there are nearly endless applications of synthetic DNA. Since Twist's inceptions, we have prioritized opportunities where there is a significant market potential and where our technology offers a clear competitive advantage and differentiation.

新公司名為 Atlas Data Storage，是一家專注於端到端資料儲存的純公司。眾所周知，合成 DNA 的應用幾乎無窮無盡。自 Twist 成立以來，我們一直優先考慮具有巨大市場潛力且我們的技術能夠提供明顯競爭優勢和差異化的機會。

The market for data storage remains large, and our technology for this application has been proven. However, since May of 2023, we have intentionally constrained our spending in DNA data storage to keep twist over investment in this business to less than $25 million annually. Because DNA data storage is a specialized area, the business, customers, team and investors will look different.

資料儲存市場仍然很大，我們針對該應用的技術已經得到驗證。然而，自 2023 年 5 月以來，我們有意限制在 DNA 資料儲存方面的支出，以將這項業務的扭轉投資保持在每年 2,500 萬美元以下。由於 DNA 資料儲存是一個專業領域，因此業務、客戶、團隊和投資者都會有所不同。

To drive the commercialization, a dedicated team will be needed, which can be more easily accomplished by a pure-play DNA data storage company. We have now reached a point where we believe increased investment is essential to accelerate development with a significant $155 million investment from large venture partners, (inaudible) management, business expeditions capital in (inaudible), Earth foundry, Arcus and other undisclosed investors.

為了推動商業化，需要一個專門的團隊，而純粹的 DNA 資料儲存公司可以更輕鬆地實現這一點。現在我們已經達到了這樣的程度，我們相信增加投資對於加速發展至關重要，我們從大型創投夥伴、（聽不清楚）管理層、商業探險資本（聽不清楚）、Earth foundry、Arcus 和其他未公開的投資者那裡獲得了 1.55 億美元的巨額投資。

As a pure-play DNA data storage company, Atlas Data Storage will have significant capital that will enable the new company to accelerate towards commercialization and drive success. As part of this transaction, Twist will receive consideration of approximately 24% equity interest in Atlas on a fully diluted basis as well as royalties on future commercial sales and up to $75 million in future milestone payments, ensuring we continue to participate in future upside opportunities.

作為一家純粹的 DNA 資料儲存公司，Atlas Data Storage 將擁有大量資本，使新公司能夠加速商業化並取得成功。作為交易的一部分，Twist 將獲得 Atlas 約 24% 的完全稀釋股權以及未來商業銷售的特許權使用費和高達 7500 萬美元的未來里程碑付款，確保我們繼續參與未來的上行機會。

In addition, we will receive $2.5 million upfront cash payment and a $2 million secured promissory note. Importantly, Twist will benefit from technology advancement made by Atlas, where it applies to our product groups.

此外，我們還將收到 250 萬美元的預付現金和 200 萬美元的擔保本票。重要的是，Twist 將受益於 Atlas 的技術進步，並將其應用於我們的產品組。

By operating as two separate companies, we are able to maintain sharp focus with each organization dedicated to developing and commercializing disruptive products and services while prioritizing exceptional customer engagement. Atlas will be led by Varun Mehta, as CEO, who brings extensive data storage experience, including co-founding and leading nimble storage, which was acquired by Hewlett Packard.

透過作為兩家獨立的公司運營，我們能夠保持高度的專注，每個組織都致力於開發和商業化顛覆性產品和服務，同時優先考慮卓越的客戶參與度。Atlas 將由 Varun Mehta 擔任首席執行官，他擁有豐富的資料儲存經驗，包括共同創立和領導 nimble storage（該公司已被惠普收購）。

While at HP, he helped to define storage strategy and introduce new products, including an entirely new product category. George Kalifa, Managing Director of (inaudible) Equity Partners, brings more than three decades of technology operating experience and will serve as Executive Chairman of the Board for Atlas.

在惠普任職期間，他協助制定儲存策略並推出新產品，包括一個全新的產品類別。(聽不清楚) Equity Partners 董事總經理 George Kalifa 擁有超過三十年的技術營運經驗，並將擔任 Atlas 董事會執行主席。

(inaudible), who have been the General Manager of the (inaudible) at West will serve as Chief Technology Officer of Atlas. Turning to our financial results. I am pleased to report another quarter of strong sequential growth and record performance across revenue, gross margin and adjusted EBITDA.

（聽不清楚），曾擔任 West 的（聽不清楚）總經理，將擔任 Atlas 的技術長。談到我們的財務結果。我很高興地報告，本季營收、毛利率和調整後 EBITDA 均實現了強勁的連續成長並創下了歷史新高。

For the second quarter of fiscal 2025, we reported a record revenue of $92.8 million, an increase of 23% year over year and 4.6% sequentially. Gross margin for the quarter came in ahead of our guidance at 49.6%, compared to 41% for the second quarter of fiscal 2021, demonstrating the leverage of fixed cost with higher volume as well as our ongoing commitment to continuous improvement and margin expansion initiatives.

2025 財年第二季度，我們報告的營收創歷史新高，達到 9,280 萬美元，年增 23%，季增 4.6%。本季毛利率高於我們的預期，達到 49.6%，而 2021 財年第二季為 41%，這體現了固定成本與更高銷售量的槓桿作用，以及我們對持續改善和利潤率擴大計畫的持續承諾。

In addition, this is another quarter of showing that, on average, 75% to 80% of incremental revenue drops to the gross margin line. Revenue for SynBio increased to $36 million, a growth of 21% year over year. (inaudible) course of the quarter, we have implemented programs to streamline customer experience and (inaudible) customers.

此外，本季也顯示，平均而言，75% 至 80% 的增量收入下降至毛利率線。SynBio 的營收增至 3,600 萬美元，年增 21%。 （聽不清楚）在本季中，我們實施了簡化客戶體驗和（聽不清楚）客戶的計畫。

I'd like to share two of these programs to give you a sense of how we are meeting our customers where they are today. First, we introduced the Twist Wallet the way for customers to put money into an account as a credit and then order against that crease over a period of time. This allows our customers flexibility for timing of their order and lessens the administrative burden for purchasing.

我想分享其中兩個項目，讓您了解我們目前如何滿足客戶的需求。首先，我們推出了 Twist Wallet，讓客戶可以將錢以信用額度存入帳戶，然後在一段時間內根據該信用額度進行訂購。這使得我們的客戶可以靈活地安排訂單時間並減輕採購的管理負擔。

In addition, given the new normal for academic customers today, we offer a promotional program to enable these customers to other express genes without paying the express premium for a limited period of time. Science does not stop. And we have found that when customers try the express speed, they do get hooked on receiving their products on the express timeline.

此外，考慮到當今學術客戶的新常態，我們提供了一項促銷計劃，使這些客戶能夠在有限的時間內無需支付快遞保費即可表達其他基因。科學永不停歇。我們發現，當客戶嘗試快速服務時，他們確實會對在快速時間內收到產品產生濃厚的興趣。

This promotion allows more customers to try (inaudible), and we believe they may continue even after the promotional period ends. Already, this transition has resulted in many new customers accessing our products. And importantly, it's something tangible we can do to support our customers as they navigate through these times.

這次促銷活動讓更多的顧客有機會嘗試（聽不清楚），我們相信即使促銷期結束後他們仍會繼續嘗試。這種轉變已經吸引許多新客戶使用我們的產品。重要的是，這是我們可以採取的實際措施，幫助我們的客戶度過這段時期。

I'd like to note that both programs illustrate our innovative approach to everything we do at Twist. While innovation drives our product lines, it also feeds into our approach to reaching customers, our user experience and our commitment to play the long game.

我想指出的是，這兩個項目都體現了我們在 Twist 所做的一切事情的創新方法。創新不僅推動了我們的產品線，也影響了我們接觸客戶的方式、使用者體驗以及長期參與的承諾。

Turning to NGS, we reported $51.1 million in revenue, an increase of 25% year over year, with trends coming primarily from our customers' commercial assets for diagnostic tests. During the quarter, we partnered with an additional software vendor to further enable the adoption of our NGS workflows in the AgBio space.

談到NGS，我們報告的收入為5,110萬美元，年增25％，主要趨勢來自於我們客戶用於診斷測試的商業資產。在本季度，我們與另一家軟體供應商合作，以進一步推動我們的 NGS 工作流程在 AgBio 領域的應用。

While the conversion from an NGS (inaudible) time, the resulting opportunities could bring substantive revenue in this $500 million market, where today we have close to the market share. Turning to Biopharma Services, our revenue was $5.7 million, a growth of 21% year over year, with orders increasing to $6.4 million.

雖然從 NGS 轉換（聽不清楚）時間，但由此產生的機會可能會在這個 5 億美元的市場中帶來實質的收入，今天我們已經接近這個市場份額。談到生物製藥服務，我們的收入為 570 萬美元，年增 21%，訂單增加到 640 萬美元。

We remain cautiously optimistic as the funnel of opportunities continues to build. By leveraging our strategic fit across our SynBio and Biopharma Services portfolio, we continue to remain focused on delivering valuable services for our customers.

隨著機會的不斷積累，我們依然保持謹慎樂觀的態度。透過利用我們在合成生物學和生物製藥服務組合中的策略契合度，我們繼續專注於為客戶提供有價值的服務。

I would now like to turn the call over to Paddy for commentary on operations and innovation.

現在我想將電話轉給帕迪，請他評論營運和創新問題。

Thanks, Emily. To underscore what Emily said earlier, Twist was intentionally designed to thrive in evolving conditions. Our foundation rests in a diversified strategy, including differentiation in product lines, customer categories and international markets. What that looks like today is we are employing real-time operational agility.

謝謝，艾米麗。為了強調 Emily 之前所說的話，Twist 的設計初衷就是為了在不斷變化的環境中蓬勃發展。我們的基礎在於多元化策略，包括產品線、客戶類別和國際市場的差異化。今天的情況是，我們正在採用即時營運敏捷性。

We are actively monitoring and refining our commercial and supply chain strategies to ensure continuity, speed and responsiveness across all regions. We are different customer relationships, we are engaging closely with customers and (inaudible) to reinforce trust in our platform, sustain momentum and even co-create solutions.

我們正在積極監控和完善我們的商業和供應鏈策略，以確保所有地區的連續性、速度和反應能力。我們有不同的客戶關係，我們與客戶密切合作，（聽不清楚）加強對我們平台的信任，保持發展勢頭，甚至共同創造解決方案。

We are investing judiciously and strategically to ensure we deliver on our innovative road map to continue to expand our reach, our scalability and the long-term competitive positioning of our offerings. We are relentless in driving executional discipline.

我們正在明智且有策略地進行投資，以確保我們實現創新路線圖，繼續擴大我們的覆蓋範圍、可擴展性和產品的長期競爭地位。我們堅持不懈地推動執行紀律。

We're prioritizing quality, efficiency and innovation to maximize value for our customers while improving operational performance. We are optimizing costs to increase our operational leverage across the company, while, in parallel, fueling long-term growth.

我們優先考慮品質、效率和創新，以在提高營運績效的同時為客戶實現價值最大化。我們正在優化成本，以提高整個公司的營運槓桿，同時推動長期成長。

Automation and scale continued to unlock meaningful cost savings across production while maintaining the highest quality and value as well as R&D velocity for new product introductions. To dive into a specific example that illustrates our focus, for our NGS product line, we know that as our customers begin to launch bespoke MRD assays, we will need additional capacity for this product line.

自動化和規模化繼續在整個生產過程中實現顯著的成本節約，同時保持最高的品質和價值以及新產品推出的研發速度。為了深入說明我們的重點的具體範例，對於我們的 NGS 產品線，我們知道，隨著我們的客戶開始推出客製化的 MRD 檢測，我們將需要為該產品線增加產能。

We've been working with many customers over the course of the last few years as we move from the pilot stage to verification and validation to clinical studies. While some smaller tests are already commercial, we expect others to advance into clinical studies next year and more to be available in the broader commercial market in 2026.

在過去的幾年中，我們一直與許多客戶合作，從試點階段轉向驗證、確認和臨床研究階段。雖然一些規模較小的測試已經商業化，但我們預計其他測試將於明年進入臨床研究階段，2026 年將有更多測試在更廣泛的商業市場上推出。

We also know that the workflow for this product line must be very fast, incredibly efficient and the highest quality as our customers test literally support life or death decisions. With this input, we used a Twist approach to level up our automation within the same footprint, upgrading hardware and software and leveraging an exceptional engineering and software teams.

我們也知道，該產品線的工作流程必須非常快、非常有效率且品質最高，因為我們的客戶測試實際上支援生死攸關的決策。有了這些投入，我們採用了 Twist 方法在相同的空間內提升了自動化水平，升級了硬體和軟體，並利用了卓越的工程和軟體團隊。

With a fixed headcount, we increased capacity by about 200% and lowered turnaround time by approximately 20%. In other words, we did what we're known to do. We see the ramp coming, we plan and we prepare so that our customers can count on us consistently and then we execute to ensure we are delivering. Turning to enzyme development.

在員工人數固定的情況下，我們的產能提高了約 200%，週轉時間縮短了約 20%。換句話說，我們做了我們該做的事情。我們預見了需求的成長，我們制定了計劃並做好準備，以便我們的客戶可以始終信賴我們，然後我們執行以確保我們能夠交付。轉向酶的開發。

We recently developed a proprietary high fidelity preliminaries that we have deployed into select internal SynBio workflows. In addition to reducing supplier dependency, by using this internally developed product in our own manufacturing processes, we enabled enhanced performance and reduced cost. This also opens up differentiated workflow opportunities within our NGS product group they were actively exploring.

我們最近開發了專有的高保真初步方案，並已將其部署到選定的內部 SynBio 工作流程中。除了減少對供應商的依賴之外，透過在我們自己的製造過程中使用這種內部開發的產品，我們還提高了性能並降低了成本。這也為他們正在積極探索的 NGS 產品組內開闢了差異化的工作流程機會。

At this time, I'd like to turn the call over to Adam to discuss our financials.

現在，我想將電話轉給亞當討論我們的財務狀況。

Thank you, Paddy. Revenue for the second quarter of 2025 increased to $92.8 million, growth is 23% year over year and approximately 4.6% sequentially. Gross margin came in higher than expected at 49.6%, primarily due to increased revenue, volume leverage and faster-than-anticipated gains on continuous process improvements within operations.

謝謝你，帕迪。2025 年第二季營收增至 9,280 萬美元，年增 23%，季增約 4.6%。毛利率高於預期，達到 49.6%，主要由於收入增加、銷售槓桿以及營運過程中持續流程改善帶來的收益快於預期。

SynBio revenue increased to $36 million, growth of 21% over $29.8 million for the second quarter of fiscal '24. NGS revenue for the second quarter grew to approximately $51.1 million, an increase of 25% over $40.8 million for the same period last year. For the quarter, revenue from our top 10 NGS customers accounted for approximately 43% of NGS revenue.

SynBio 營收增至 3,600 萬美元，比 24 財年第二季的 2,980 萬美元成長 21%。第二季NGS營收成長至約5,110萬美元，較去年同期的4,080萬美元成長25%。本季度，來自我們前十大 NGS 客戶的收入約佔 NGS 收入的 43%。

We served 610 NGS customers in the quarter with 150 having adopted our products. For Biopharma, revenue was $5.7 million, growth of 21% over $4.7 million for the same period of fiscal 2024. Orders were $6.4 million. We had 95 active programs as of March 31, 2025, and we started 64 new programs during the quarter. Looking at revenue by industry.

本季我們為 610 名 NGS 客戶提供服務，其中 150 名採用了我們的產品。生物製藥業務的營收為 570 萬美元，比 2024 財年同期的 470 萬美元成長 21%。訂單額為640萬美元。截至 2025 年 3 月 31 日，我們有 95 個活躍項目，並且在本季度啟動了 64 個新項目。按行業查看收入。

Healthcare revenue rose to $52.8 million for the second quarter of '25 million compared to $40.9 million in the same period of fiscal '24, an increase of 29% and reflecting the increased uptake of our products by pharma, biotech and diagnostic customers. Industrial Chemical revenue rose to $22.8 million in the second quarter, up 12% from $20.3 million in the same period of fiscal '24.

2025 財年第二季醫療保健收入增至 5,280 萬美元，而 2024 財年同期為 4,090 萬美元，成長 29%，反映出製藥、生技和診斷客戶對我們產品的接受度增加。第二季工業化學品營收增至 2,280 萬美元，較 24 財年同期的 2,030 萬美元成長 12%。

Academic revenue was $16.5 million for the second quarter of '25 million, up 20% from $13.7 million from the same period of fiscal '24, with growth coming from both SynBio and NGS customers. Looking geographically. Americas revenue increased to approximately $55.2 million in the second quarter, up 20% compared to $45.9 million in the same period of fiscal '24.

2,500 萬美元第二季學術收入為 1,650 萬美元，較 24 財年同期的 1,370 萬美元成長 20%，成長來自 SynBio 和 NGS 客戶。從地理來看。第二季美洲區營收增至約 5,520 萬美元，較 24 財年同期的 4,590 萬美元成長 20%。

EMEA revenue rose to $30.6 million in the second quarter versus $22.3 million, up 38% compared to the same period of fiscal '24, strong growth year over year. APAC revenue was $7 million in the second quarter compared to $7.2 million in the same period of fiscal '24. China continues to be a relatively small portion of our revenue at approximately 1.5% of total revenue for the second quarter of fiscal 2025.

歐洲、中東和非洲地區第二季營收從 2,230 萬美元增至 3,060 萬美元，較 24 財年同期成長 38%，較去年同期強勁成長。第二季亞太地區營收為 700 萬美元，而 24 財年同期為 720 萬美元。中國市場仍只占我們營收的一小部分，約佔 2025 財年第二季總營收的 1.5%。

Moving down the P&L. Our gross margin for the second quarter increased to 49.6%, an improvement of almost 9 margin percentage points versus the second quarter of fiscal 2024, reflecting our strong revenue growth as well as our continuous process improvements while holding expenses relatively flat year over year.

降低損益。我們第二季的毛利率增至 49.6%，與 2024 財年第二季相比提高了近 9 個百分點，這反映了我們強勁的收入成長以及持續的流程改進，同時支出與去年同期相比保持相對持平。

With the evolving landscape, we expect our supply chain to be minimally impacted by tariffs at this time. In addition to sourcing our raw materials primarily from US-based providers, our technology miniaturizes the chemical synthesis process for making DNA.

隨著情況的不斷變化，我們預計我們的供應鏈目前受到關稅的影響將最小。除了主要從美國供應商採購原料外，我們的技術還使 DNA 的化學合成過程變得微型化。

So we use significantly less material than a traditional well plate-based approach to DNA synthesis. Importantly, we continue to expect improvements in gross margin after comprehending supplier price increases from tariffs even after the 90-day pause.

因此，與傳統的基於孔板的 DNA 合成方法相比，我們使用的材料要少得多。重要的是，即使在 90 天的暫停期之後，我們仍然預計在了解了供應商價格因關稅而上漲後毛利率會有所提高。

All of these assumptions are included in our guidance. Operating expenses, excluding cost of revenues for the second quarter were approximately $87.6 million compared to approximately $79.8 million in the same period of 2024, driven by a $5.5 million increase in noncash stock-based compensation. Operating expenses included approximately $6.1 million for data storage in the second quarter.

所有這些假設都包含在我們的指導中。第二季不包括收入成本的營運費用約為 8,760 萬美元，而 2024 年同期約為 7,980 萬美元，這主要是由於非現金股票薪酬增加了 550 萬美元。第二季的營運費用包括約 610 萬美元的資料儲存費用。

Looking at our progress and our path to profitability. For the second quarter of fiscal 2025, adjusted EBITDA was a loss of approximately $14.8 million, an improvement of about $11.9 million versus the second quarter of fiscal 2024. Cash flow from operating activities continues to improve, and we're driving to adjusted EBITDA breakeven.

回顧我們的進步和獲利之路。2025 財年第二季度，調整後的 EBITDA 虧損約為 1,480 萬美元，較 2024 財年第二季改善約 1,190 萬美元。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。

We ended the quarter with cash, cash equivalents and short-term investments of approximately $257.1 million. Turning to guidance. We are reiterating our total revenue guide of $372 million to $379 million for fiscal 2025, indicating growth of approximately 20% at the midpoint year over year, which comprehends NIH funding and tariff impacts and the expectation that we will continue to take share in H2 as we have in the first half of the fiscal year.

本季末，我們的現金、現金等價物和短期投資約為 2.571 億美元。轉向指導。我們重申 2025 財年的總收入指南，即 3.72 億美元至 3.79 億美元，這意味著年中值同比增長約 20%，其中包括 NIH 資金和關稅的影響，以及我們預計將在下半年繼續佔據份額，就像在財年上半年一樣。

SynBio revenue guidance of $144 million to $147 million, growth of approximately 18% at the midpoint year over year, reflecting the continued share gains we saw in H1, driven by the Express portfolio. NGS revenue guidance of $205 million to $209 million, growth of approximately 23% at the midpoint year over year. Biopharma revenue guidance of $23 million, growth of approximately 13% year over year.

SynBio 的營收預期為 1.44 億美元至 1.47 億美元，年比中位數成長約 18%，這反映了我們在上半年看到的在 Express 產品組合的推動下持續的份額成長。NGS營收預期為2.05億美元至2.09億美元，年比中位數成長約23%。生物製藥收入預期為 2,300 萬美元，年增約 13%。

For Q3 fiscal 2025, we expect total revenue of approximately $94 million to $97 million, growth of approximately 17% versus Q3 of fiscal '24 at the midpoint. SynBio revenue of approximately $37 million to $39 million, growth of approximately 15% year over year at the midpoint.

對於 2025 財年第三季度，我們預計總營收約為 9,400 萬美元至 9,700 萬美元，與 24 財年第三季中期相比成長約 17%。SynBio 營收約 3,700 萬美元至 3,900 萬美元，較去年同期成長約 15%。

NGS revenue of approximately $51 million to $52 million, growth of 19% year over year at the midpoint. Biopharma revenue of approximately $6 million, growth of 18% year over year. For the full year fiscal 2025, we now expect gross margin of approximately 49.5%, with quarterly sequential improvements.

NGS營收約5,100萬美元至5,200萬美元，較去年同期成長19%。生物製藥收入約 600 萬美元，年增 18%。對於 2025 財年全年，我們目前預計毛利率約為 49.5%，並且每季都會有所改善。

In addition, we expect the margin above 50% in the back half of the fiscal year. We now expect adjusted EBITDA loss of approximately $48 million to $53 million for fiscal 2025, an improvement of approximately $41 million to $46 million versus fiscal 2024. This improvement includes the expected impact of the Atlas Data Storage transaction.

此外，我們預計本財年下半年利潤率將超過 50%。我們現在預計 2025 財年的調整後 EBITDA 虧損約為 4,800 萬美元至 5,300 萬美元，與 2024 財年相比改善約 4,100 萬美元至 4,600 萬美元。此項改進包括 Atlas Data Storage 交易的預期影響。

Starting in Q4 of fiscal 2025, we expect a $5 million per quarter improvement to adjusted EBITDA and cash burn. We expect Q3 fiscal 2025 adjusted EBITDA loss to be approximately $13 million as improvements from the Atlas data storage transaction will be partially offset by transaction-related expenses in the current quarter, with sequential improvement in subsequent quarters. In addition, with the announcement made today regarding data storage, we expect to reach adjusted EBITDA breakeven on an accelerated time line by the end of fiscal 2026.

從 2025 財年第四季開始，我們預計調整後的 EBITDA 和現金消耗每季將改善 500 萬美元。我們預計 2025 財年第三季調整後的 EBITDA 虧損約為 1,300 萬美元，因為 Atlas 資料儲存交易帶來的改善將被本季的交易相關費用部分抵消，且後續季度將持續改善。此外，根據今天發布的有關資料儲存的公告，我們預計到 2026 財年末將加速實現調整後的 EBITDA 收支平衡。

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

說完這些，我就把電話轉回給艾蜜莉。

Thank you, Adam. As you can see, we are not standing still, we are leaning in. We view this environment not just as something to manage through, but the chance to accelerate our impact and strengthen our competitive position. Our leadership team is focused on what we can control. We will make decision back back data and grounded in a culture that has always defined Twist.

謝謝你，亞當。如你所見，我們並沒有停滯不前，而是在不斷前進。我們認為這種環境不僅是一種需要管理的環境，也是加速我們的影響力和加強我們的競爭地位的機會。我們的領導團隊專注於我們能夠控制的事情。我們將根據數據並基於始終定義 Twist 的文化做出決策。

We focus on innovation, resilience and customer impact, our guiding principles of grid impact service and trust resonates in this and in any environment. Twist's ability to adjust quickly and operate with discipline gives us an edge of our competitors who are larger and less nimble.

我們專注於創新、彈性和客戶影響，我們的電網影響服務和信任指導原則在這種環境下以及任何環境中都產生共鳴。Twist 的快速調整和嚴格運作的能力使我們比規模更大、靈活性更低的競爭對手更具優勢。

Our leadership team is actively prioritizing the variables we can control while tracking global shifts to stay ahead of the curve. We continue to take market share, leveraging our differentiated platform with our customers at the forefront of our attention. Our team, platform and mission remains our greatest asset, and we are leveraging all three to support sustainable growth.

我們的領導團隊正在積極優先考慮我們可以控制的變量，同時追蹤全球變化以保持領先地位。我們繼續佔領市場份額，利用我們差異化的平台，將客戶放在我們關注的首位。我們的團隊、平台和使命仍然是我們最大的資產，我們正在利用這三者來支持永續成長。

We know predictabilities on everyone's mind, including all of us at Twist. One thing that gives us confidence moving into the second half of our fiscal year is that we booked more than $100 million of orders in each of the last two quarters.

我們知道每個人心中都有可預測性，包括 Twist 的所有人。讓我們對進入財政年度下半年充滿信心的一件事是，我們在過去兩個季度中每個季度都獲得了超過 1 億美元的訂單。

In addition, our sales teams see strength in the funnel and opportunities ahead. Our view of the future is clear and optimistic. Every employee at Twist is aligned around our high-impact goals and empowered by our team committed to scientific advancement and market leadership. We are moving forward with confidence, prepared to withstand volatility and where possible to turn down volatility into opportunity.

此外，我們的銷售團隊看到了通路的優勢和未來的機會。我們對未來的看法是清晰而樂觀的。Twist 的每一位員工都圍繞著我們的高影響力目標，並得到我們致力於科學進步和市場領導地位的團隊的支持。我們滿懷信心地向前邁進，準備好抵禦波動，並盡可能將波動轉化為機會。

At this time, let's open the call for questions. Operator?

現在，讓我們開始提問。操作員？

(Operator Instructions) Luke Sergott, Barclays.

（操作員指示）巴克萊銀行的 Luke Sergott。

Big news on the DNA storage. So I just wanted to figure out what you guys are -- given all the uncertainty around tariffs, what you guys are baking in there from -- within your guide given the how the quarter played out, what you guys are seeing there?

有關 DNA 儲存的重大新聞。所以我只是想弄清楚，考慮到關稅方面的所有不確定性，你們在指南中考慮到本季的情況，你們看到了什麼？

And if you're also seeing any demand starting to come over from competitors that manufacture in China? Ultimately, this -- the tariff situation serving as a catalyst to push forward a potential there for BioSecure.

您是否也看到來自在中國製造的競爭對手的需求開始出現？最終，關稅情勢將成為推動 BioSecure 潛力發展的催化劑。

Luke, this is Adam. Thanks for the question. A couple of comments here. We did see strong share gains in this quarter across the business. Obviously, our team's innovation and our ability to remain nimble in that, react quickly to some of the macro challenges that we highlighted in the call were a big part of this.

路克，這是亞當。謝謝你的提問。這裡有幾則評論。我們確實看到本季整個業務的份額強勁成長。顯然，我們團隊的創新能力以及我們保持靈活的能力，對我們在電話會議中強調的一些宏觀挑戰做出快速反應，是其中很重要的一部分。

As I look to the -- what's baked into the guide is, we do see opportunity for upside in our 2025 guidance, up 20% growth at the midpoint, but we never want to be on the wrong side of the guide. With today's announcement on the data storage, we're more focused than we've ever been, and we see that path to profitability, but we also want to be understanding and respectful of the fact that there is uncertainty, and we have baked in what we know today around the tariffs.

正如我所看到的——指南中包含的內容是，我們確實看到了 2025 年指南中的上行機會，中間值增長 20%，但我們絕不會站在指南的錯誤一邊。隨著今天關於資料儲存的公告，我們比以往任何時候都更加專注，我們看到了盈利的道路，但我們也希望理解和尊重存在不確定性的事實，並且我們已經考慮到了我們今天所了解的有關關稅的情況。

And in terms of the -- we discussed in terms of Q3 and beyond, we know we're lapping some tougher numbers in Q3, where last quarter a year in SynBio, we had a bump in revenue. But the key for us is we're going to win by winning. We view any market disruptions and opportunity to take share.

就我們討論的第三季度及以後的情況而言，我們知道我們在第三季度遇到了一些更嚴峻的數字，而去年上個季度，SynBio 的收入有所增長。但對我們來說，關鍵是我們要透過勝利來贏得勝利。我們關注任何市場混亂和搶佔市場份額的機會。

And for the last few years, even with restrained budgets in biotechnology, we were able to take share. We see this similar opportunity today in academic research and really encouraged by the performance in Q2 where we saw 20% growth year over year with our academic customers across the board.

過去幾年，即使生技預算有限，我們仍然能夠佔據一定份額。今天，我們在學術研究中看到了類似的機會，而第二季度的表現確實讓我們感到鼓舞，我們的學術客戶總體上同比增長了 20%。

So we're confident moving forward, but we're also understanding that there is uncertainty in the market, but we'll take advantage of that (inaudible).

因此，我們對未來充滿信心，但我們也理解市場存在不確定性，但我們會利用這一點（聽不清楚）。

Matt Sykes, Goldman Sachs.

高盛的馬特·賽克斯 (Matt Sykes)。

Maybe just one on the promotions that you guys are doing at SynBio. I know earlier this year, you rolled out a promotion for academic customers given the stress they're under. And it sounds like if I heard it right, you're broadening that out across the business.

也許只是你們在 SynBio 所做的促銷活動之一。我知道今年早些時候，你們針對學術客戶所承受的壓力推出了一項促銷活動。如果我沒聽錯的話，聽起來您正在將這個理念擴展到整個業務領域。

So I guess my question would be, one, is that 20% growth you saw in the academic market this quarter partly a result of that promotional activity? And were there any visible market share shifts that were helped by that promotion?

所以我想我的問題是，第一，本季度學術市場 20% 的成長是否部分是促銷活動的結果？此次促銷是否對市佔率產生了明顯的變化？

And two, do you expect a similar dynamic if that is the case for the rest of your customers for SynBio? And how long do you believe that you'll stick with this promotional period? And what are the impacts on gross margins for that?

第二，如果 SynBio 的其他客戶也出現這種情況，您是否預期也會出現類似的情況？您認為您會堅持這個促銷期多久？這對毛利率有何影響？

Thank you, Matt. Great question. So one of the reasons why we push for the promotion is really anchored in the performance of the product. When we said that we can ship genes in five to six days, it does what it says on the tube, we do do it.

謝謝你，馬特。好問題。因此，我們大力推廣的原因之一實際上是基於產品的性能。當我們說我們可以在五到六天內運送基因時，它確實按照管子上說的做，我們確實這麼做了。

And we do it not just for one gene, but we can do it for all of our genes so a very, very high throughput. And we saw that there were some confusion worry in the conic field around funding. And so it was a way to do one to (inaudible), one to assist our customers and to making sure that the Express going into more hands.

而且我們不只針對一個基因進行分析，而是針對所有基因進行分析，因此通量非常非常高。我們發現，在資金方面，圓錐領域存在一些令人困惑的擔憂。因此，這是一種一對一（聽不清楚）的方法，一種幫助我們的客戶的方法，並確保 Express 到達更多人手中。

And we believe that's going to help us long term to convert the academic market where we are still at the beginning of that conversion. So in terms of how long it's going to last, we said it will at least last until -- for the next -- until the end of our fiscal year. We want to make sure that our customers know that.

我們相信，從長遠來看，這將有助於我們轉變學術市場，而我們目前仍處於轉變的開始階段。因此，就其將持續多久而言，我們說它至少會持續到下一個財政年度結束。我們希望確保我們的客戶知道這一點。

In terms of impact on margin, I think it's positive. As you know, from the math, if we -- if the sales price is 5% lower than average, but your volume increased more percent, it is positive. And as far as the impact on the quarter, it was not complete impact since we started about midway through the quarter.

就對利潤率的影響而言，我認為這是正面的。如您所知，從數學上講，如果我們——如果銷售價格比平均價格低 5%，但您的銷量增加了更多百分比，那麼它就是積極的。至於對本季的影響，由於我們是從本季中期開始的，所以影響還不是完全的。

But at the end of the day, a lot more academic customers are getting their hands on extra genes and getting -- they're seeing the value of it by doing the reordering. And so we see it as a win for the customers and a win for us as well.

但最終，更多的學術客戶獲得了額外的基因，並透過重新排序看到了它的價值。因此，我們認為這對客戶和我們來說都是雙贏。

Subbu Nambi, Guggenheim Securities.

Subbu Nambi，古根漢證券。

You have been reporting the percent of NGS revenue from your top 10 customers each quarter. How much of the second half guidance is from these top 10 customers, especially in NGS?

您一直在報告每個季度來自前 10 個客戶的 NGS 收入百分比。下半年的指引有多少來自這十大客戶，特別是在 NGS 領域？

Subbu, this is Adam. Thank you for the question. And if I look at the guidance for NGS, I'd say the -- we expect to see growth from both the existing customers in the top 10 as well as other customers who aren't in the top 10 today.

Subbu，這是亞當。謝謝你的提問。如果我看一下 NGS 的指導，我會說——我們預計前 10 名中的現有客戶以及目前不在前 10 名中的其他客戶都會實現成長。

One thing we talk about a lot is it's not always the same top 10 customers every quarter. So we do see a rotation there. We are seeing new customers launching. We haven't baked in any assumed increases for things like MRD in that back half guide. But we do see the top 10 growing at about the same rate as the entire NGS business.

我們經常談論的一件事是，每個季度的前十大客戶並不總是相同的。所以我們確實看到了那裡的旋轉。我們看到有新客戶正在湧現。在後半部分指南中，我們並未考慮 MRD 等任何假設的增長。但我們確實看到前 10 名的成長速度與整個 NGS 業務的成長速度大致相同。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

I want to just dig a little deeper into guidance questions. So the first is on the SpinCo. Are you planning to reinvest some of the spin savings into higher priority R&D initiatives? If we're interpreting guidance right, it seems like that might be the case. So that's the first part.

我只是想更深入地探討指導問題。第一個是關於 SpinCo 的。您是否計劃將部分節省下來的資金重新投資於更高優先順序的研發計劃？如果我們對指導的理解正確的話，情況似乎確實如此。這是第一部分。

The second is on the MRD launches that you referenced. You talked about customers moving into clinical studies. When would they start to build inventory? And how is that contemplated into guidance?

第二個是關於您提到的 MRD 啟動。您談到了客戶進入臨床研究的情況。他們什麼時候開始建立庫存？又該如何將其納入指導之中呢？

And then the third part is on pacing. Guidance implies about 28% of sales in the fourth quarter at the midpoint. That's a smidge more back-end loaded compared to the last two years. Is there anything to read into that?

第三部分是關於節奏。該指引暗示第四季銷售額中位數約為 28%。與過去兩年相比，後端負載略有增加。這其中有什麼值得解讀的事嗎？

Doug, this is Adam here. I'll see if I hit all three parts. Emil8y, I need you to help me out a bit because I'll forget them as I start talking. So in terms of the last one first, I think the pacing is -- we've said consistently that we're going to see sequential growth, and we feel confident in that growth.

道格，我是亞當。我會看看是否達到了所有三個部分。Emil8y，我需要你幫我，因為當我開始說話時我會忘記它們。因此，首先就最後一個而言，我認為節奏是——我們一直說我們將看到連續成長，我們對這種成長充滿信心。

When you look at it year on year, the impact of growth in both quarters is slower than it was in the front half, but it is seeing that sequential increase, and we're seeing that set up nicely in terms of the continued adoption of share taking both in SynBio and the growth in our existing and new customers in NGS.

如果按年來看，兩個季度的成長影響都比上半年慢，但還是呈現出環比成長，而且我們看到，在 SynBio 的持續市場份額採用以及 NGS 現有客戶和新客戶的成長方面，這一狀況良好。

Stepping back into the first two questions, if you could repeat them for me, I'd appreciate it.

回到前兩個問題，如果您能重複一遍，我將非常感激。

Absolutely. Yes. Sorry to rattle through those so quickly. So the first was on reinvestment of spend savings and R&D initiatives. It looks like that's what you're doing, at least partially a small amount.

絕對地。是的。抱歉，我這麼快就講完了這些。因此，首先是支出節省和研發計劃的再投資。看起來這就是你正在做的事情，至少部分地做了少量的事情。

And then the second was on the MRD launches. You talked about customers moving into clinical studies. I'm just wondering when they would build inventory and how is that contemplated in the guidance?

第二個是關於 MRD 發射。您談到了客戶進入臨床研究的情況。我只是想知道他們什麼時候會建立庫存以及指導中是如何考慮的？

Yes. Great question. So in terms of the launch of Atlas Data Storage, we did raise our adjusted EBITDA at the midpoint about $7 million this quarter. That does reflect most of the savings from not having data storage, which is about a $5 million a quarter cash burn in our P&L.

是的。好問題。因此，就 Atlas Data Storage 的推出而言，我們本季確實將調整後的 EBITDA 中點提高了約 700 萬美元。這確實反映了沒有資料儲存所帶來的大部分節省，這在我們的損益表中每季大約消耗 500 萬美元的現金。

So that is contemplated in Q4. In Q3, given the timing of it as well as some transaction-related costs, the impact will be only partial. But we are assuming that most of that savings is dropping to the bottom of the P&L. And then in terms of the MRD, we're not assuming any material launches ramping in the back half of 2026.

所以這是在第四季考慮的。在第三季度，考慮到時間以及一些與交易相關的成本，影響將只是部分的。但我們假設大部分節省都落到了損益表的底部。就 MRD 而言，我們並不認為 2026 年下半年會有任何重大新品發表。

Vijay Kumar, Evercore ISI.

維傑·庫馬爾（Vijay Kumar），Evercore ISI。

I guess just to clarify one on the macro here, Adam, or Emily, if you will. On tariffs, are you assuming no impact at all? Or is there any impact with your offsetting those impacts?

我想只是想在這裡澄清一下宏觀問題，亞當，或者艾米麗，如果你願意的話。關於關稅，您是否認為根本沒有影響？或者抵消這些影響會有什麼影響嗎？

And sticking to that macro theme, academic and government, can you just remind us what is US A&G as a percentage of revenues? I think there's a proposal for NIH budgets being down 37%. So are you assuming second half growth to moderate? Or should that sustain at second quarter levels?

堅持這個宏觀主題，學術和政府，您能否提醒我們美國農業和天然氣佔收入的百分比是多少？我認為有提案稱 NIH 預算將減少 37%。那麼您是否認為下半年的成長將會放緩？或應該維持在第二季的水平？

Thanks for the question. As far as the tariffs, so obviously, the tariffs are on pause now. Even when the tariffs were not on pause, the vast majority of our products were exempt to any tariffs into Europe. As far as China tariffs, first of all, China is a very small number for us.

謝謝你的提問。至於關稅，顯然，關稅現在已暫停。即使關稅沒有暫停，我們的絕大多數產品都免於進入歐洲的任何關稅。就中國關稅而言，首先，中國對我們來說是一個非常小的國家。

And similarly, even now, even though there is big tariffs on most US product into China, DNA-related products are exempt as well now. So overall, we think that if tariffs are back, it will be more of a headwind for our competitors than for us.

同樣，即使現在，儘管大多數美國產品對中國徵收高額關稅，但與 DNA 相關的產品現在也享有免稅。因此總體而言，我們認為，如果關稅恢復，對我們的競爭對手來說，這將比對我們更不利。

And again, as Adam mentioned earlier, we will win by winning. Our products are faster, better, have better scale, we have higher quality, better user experience. And so tariffs, in the end, are a tailwind for us and a headwind for competition, but we will win by winning.

正如亞當之前提到的，我們將會取得勝利。我們的產品更快、更好、規模更佳、品質更高、使用者體驗更好。因此，關稅最終對我們來說是順風，對競爭來說是逆風，但我們會贏得勝利。

As far as academia, we had a very good growth in academia of 20% in the last quarter -- sorry, year over year. So great growth. We are still massively underpenetrated in academia. So we have a big opportunity ahead of us. It's a very similar opportunity to what we had experienced over the last few years with Biopharma when Biopharma funding was under pressure.

就學術而言，上個季度我們的學術發展取得了非常好的成績，年增了 20%。增長如此巨大。我們在學術領域的滲透程度仍然很低。因此，我們面前有一個很大的機會。這與我們過去幾年在生物製藥領域經歷的非常相似，當時生物製藥資金面臨壓力。

Our product quality, the value of our products from a quality to cost point of view was just so positive that we've grown significantly. And we think the same opportunity will happen here.

我們的產品質量，從品質到成本的產品品質價值都非常高，因此我們取得了顯著的成長。我們認為同樣的機會也會在這裡發生。

Matt Larew, William Blair.

馬特拉魯、威廉布萊爾。

Maybe just following up on the question on the environment. You referenced a couple of times on the call that the guidance assumes continued share taking in the back half of the year. And clearly, this has been a story of share taking for many years, so maybe it's not that unusual.

也許只是繼續討論有關環境的問題。您在電話會議上多次提到，指引假設下半年將繼續擴大市場佔有率。顯然，這是一個多年來一直存在的關於份額爭奪的故事，所以這也許並不罕見。

But just the emphasis on that. Can we read into that, that you're observing softer market conditions or softer customer wallets in April versus March and moving on and thus, the share taking aspect is more important? Maybe just speak a little bit to what you're seeing broadly for some of your customers, their spend and behavior relative to what you're seeing in terms of your own activity levels with your customers?

但只是強調這一點。我們是否可以這樣理解，您觀察到 4 月份的市場狀況比 3 月份更疲軟，或者說客戶的錢包更疲軟，因此，市場份額的獲取更為重要？或許您可以簡單談談您對部分客戶的整體看法，他們的支出和行為與您自己對客戶的活動量相比如何？

Yes. Thank you, Matt. I mean it's a very broad question. As you know, we have a lot of SKUs in many different applications, many different geographies. In terms of academia, for sure, it's clear that there is some pressure in academia.

是的。謝謝你，馬特。我的意思是這是一個非常廣泛的問題。如您所知，我們在許多不同的應用程式和許多不同的地區擁有大量 SKU。就學術界而言，顯然學術界存在一些壓力。

However, in a world with funding pressure, I think we have a very strong value proposition. In NGS diagnostics, we don't have the same the same dynamic at all. I'll say that liquid biopsy MRV broadly, genetic testing is doing really well. And so it's a completely different dynamic there.

然而，在一個資金壓力很大的世界裡，我認為我們有一個非常強大的價值主張。在NGS診斷中，我們根本沒有相同的動態。我想說的是，液體切片 MRV 廣義上，基因檢測做得非常好。所以那裡的動態完全不同。

In terms of Biopharma, I think there's a little bit of a continuation of dynamic from the past where they have and they have not in terms of funding. And so for the customers that don't have -- that have tight funding, we resonate really well. Even with the companies that have good funding, they are cautious about budget.

就生物製藥而言，我認為，在資金方面，他們延續了過去的動態，既有資金，也有資金缺口。因此，對於資金緊張的客戶，我們能提供很好的支援。即使資金充足的公司，他們對預算也非常謹慎。

And so in this environment where our brand is high quality, high speed and low cost, I think it resonates really well. Plus we've launched a number of new products over the last few quarters to expand our aperture. For instance, FlexPrep, still early days, but it seems to be doing really well in AgBio.

因此，在我們的品牌以高品質、高速度和低成本為特徵的環境中，我認為它引起了很好的共鳴。此外，我們在過去幾個季度推出了許多新產品來擴大我們的市場範圍。例如，FlexPrep 仍處於早期階段，但它在 AgBio 領域似乎表現得非常好。

Our new library preps are doing great. So overall, yes, there is different and -- almost macro environment for each of the different markets we serve, but I think that's where we are good at. We are not the one size fits all, right? We are a customization of biology company, and we'll meet customers where they are in terms of their funding, what they need.

我們的新圖書館準備工作進展順利。所以總的來說，是的，我們所服務的每個不同市場都有不同的宏觀環境，但我認為這也是我們擅長的。我們並不是千篇一律的，對吧？我們是一家客製化生物公司，我們會根據客戶的資金和需求來滿足他們的需求。

And our products are just based in innovation of, again, speed, quality at very, very competitive, if not leading cost. So I think that makes us, in any environment, we can win, but we adjust and adapt our tactics for each of the products and the markets we serve.

我們的產品完全基於創新，速度、品質都非常有競爭力，甚至成本領先。所以我認為這使我們在任何環境中都能獲勝，但我們會針對我們所服務的每種產品和市場調整和調整我們的策略。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

So just a couple here, if I could. First, I don't know if you provided the US academic growth. I think you provided the -- the worldwide growth. And what are you assuming in the second half for the US academic growth? On the order side, you had more than $100 million you said in the orders in the last two quarters.

如果可以的話，這裡就只舉幾個例子。首先，我不知道您是否提供了美國的學術成長。我認為你們提供了——全球範圍的成長。您對美國下半年的學術發展有何預期？在訂單方面，您說過去兩個季度的訂單超過 1 億美元。

Can you elaborate a bit into what is the assumption there? What's growing within that NGS versus SynBio versus other segment? And then was there any pull forward due to tariffs, meaning European customers assuming tariffs as retaliation retaliatory tariffs? And did you see any impact from that?

能詳細解釋一下那裡的假設是什麼嗎？NGS、SynBio 和其他領域相比，哪些方面正在成長？那麼，關稅是否會導致任何提前，即歐洲客戶將關稅視為報復性關稅？您看到它的影響了嗎？

Yes. So let me start on that with the US academics. We did not disclose the US academics, but we did see strong growth across the board in both NGS and SynBio, and we expect the growth to continue in the second half.

是的。那麼讓我先從美國學者開始談這個問題。我們沒有透露美國學術界的情況，但我們確實看到NGS和SynBio全面強勁增長，我們預計下半年將繼續增長。

With orders more than $100 million in the -- each of the first two quarters, we did see significant growth across all of our platforms, SynBio, NGS and Biopharma products and services, and we expect that to continue. We did not see any meaningful pull forward from tariffs. We see the demand continuing to grow, and we are confident that we'll continue to see sequential share gains in the back half.

前兩個季度的訂單均超過 1 億美元，我們所有平台、SynBio、NGS 和生物製藥產品和服務均實現了顯著增長，我們預計這種增長將持續下去。我們沒有看到關稅有任何顯著的提振。我們看到需求持續成長，我們有信心下半年我們的份額將繼續持續成長。

Sung Ji Nam, Scotiabank.

加拿大豐業銀行的 Sung Ji Nam。

Maybe on the US academic one as well. Could you talk about how important is the academic market for the DNA makers market? And in terms of -- based on all the policy discussions going on, do you have your assumptions in terms of that -- the Express Gene growth opportunity? Has that changed at all, especially targeting the US academic market?

也許對美國學術界也是如此。您能談談學術市場對於 DNA 製造商市場有多重要嗎？就正在進行的所有政策討論而言，您對 Express Gene 的成長機會有何假設？這種情況有變化嗎，特別是針對美國學術市場？

Yes. Thanks. Good question. Look, I think that the value proposition is really starting to resonate. We know there's about a $1.4 billion opportunity to convert the makers into buyers. It's underpinned by economics and speed. From an academic standpoint, in a constrained budget environment, then the Twist value proposition resonates very, very strongly again, either it's more shots on goal.

是的。謝謝。好問題。看，我認為價值主張確實開始引起共鳴。我們知道將製造商轉變為買家有大約 14 億美元的機會。它以經濟和速度為基礎。從學術角度來看，在預算受限的環境下，Twist 的價值主張再次引起了非常強烈的共鳴，要么是更多的射門。

But then secondly, in a situation where you maybe want to focus on higher value research, sending Twist more clonal work to do more cloning and delivering more product to the customer base is actually a very, very favorable offering. So we continue to be very optimistic and bullish looking forward.

但其次，在您可能想要專注於更高價值研究的情況下，向 Twist 發送更多的克隆工作以進行更多的克隆並向客戶群提供更多的產品實際上是一種非常非常有利的做法。因此，我們繼續保持樂觀和看好的未來。

Tom Peterson, R.W. Baird.

湯姆彼得森、R.W.貝爾德。

Congrats on the quarter. Adam, maybe just a follow-up on the adjusted EBITDA commentary. I appreciate some of the color on the OpEx spend for the DNA Data Storage business. I guess what other assumptions underpin the fiscal '26 adjusted EBITDA breakeven target that you've put out? How should we be thinking about core OpEx growth over the medium term?

恭喜本季取得佳績。亞當，也許只是對調整後的 EBITDA 評論的後續。我很欣賞 DNA 資料儲存業務的營運支出方面的一些細節。我想問一下，您提出的 26 財年調整後 EBITDA 損益平衡目標還有哪些假設？我們該如何看待中期核心營運支出的成長？

Tom, thanks for the question and happy to talk about it. So we did announce that we expect to be adjusted EBITDA positive by the end of fiscal 2026. I think given the Atlas announcement, we can see a clear path to that.

湯姆，謝謝你的提問，很高興談論這個問題。因此，我們確實宣布，預計到 2026 財年末調整後的 EBITDA 將為正值。我認為，根據 Atlas 的公告，我們可以看到一條清晰的道路。

What we've said previously is that we see continued sequential improvements, not just in revenue and gross margin, but also in adjusted EBITDA moving forward. And that trend will continue. In terms of investment level, what we've talked about in the past is inflationary levels of investment in OpEx across the business. I think we'll see a general trend similar to that moving forward on the path to adjusted EBITDA positive.

我們之前說過，我們看到持續的連續改善，不僅是收入和毛利率，還有調整後的 EBITDA。而且這種趨勢還會持續下去。在投資水準方面，我們過去談論的是整個業務的營運支出投資的通膨水準。我認為我們將看到與調整後 EBITDA 呈正增長的總體趨勢類似的趨勢。

Brendan Smith, TD Cowen.

布倫丹·史密斯（Brendan Smith），TD Cowen。

Congrats on all the progress. Kind of piggybacking on that last question. I guess with that adjusted EBITDA breakeven now by the end of next year, I just want to ask maybe how do your expectations for profitability of each revenue segment with this new guidance compare to your prior adjusted EBITDA issuance?

祝賀你取得的所有進展。有點像是搭上最後一個問題的便車。我想，到明年年底，調整後的 EBITDA 就會達到盈虧平衡，我只想問一下，根據這一新指南，您對每個收入部門的盈利能力的預期與您之前發布的調整後的 EBITDA 相比如何？

And I guess I'm really just wondering if you can give any additional color on where you see the profitability bar for each segment, just given all the new product launches and internal initiatives you've implemented since that prior issuance?

我真的只是想知道，考慮到自上次發布以來您推出的所有新產品和實施的所有內部舉措，您是否可以對每個部門的盈利水平做出進一步說明？

Brendan, thank you for the question. And we do look at the business in aggregate not as a single segment. But what I've talked about a lot in the past, and I think it will continue on average in the future moving forward is as the gross margin continues to expand above 50%, we won't be happy and we want to continue marching.

布倫丹，謝謝你的提問。我們確實是從整體上看待整個業務，而不是將其視為單一的部分。但我過去多次談論過，而且我認為未來平均會繼續保持這種趨勢，那就是隨著毛利率繼續擴大到 50% 以上，我們不會感到高興，我們希望繼續前進。

And we see about 75% to 80% of incremental revenue dropping to the gross margin line on all of our product lines across the business. And we'll continue to adapt and adjust the investment levels in the OpEx line to meet the growth that we want to attain across different products.

我們發現，我們所有產品線的增量收入中約有 75% 到 80% 都下降到了毛利率線。我們將繼續調整營運支出線的投資水平，以滿足我們希望在不同產品中實現的成長。

So we're pretty pleased with all three, seeing the growth and the contribution to the growth in gross margin as well. And I expect that trend to continue beyond just 2025.

因此，我們對這三項業務都非常滿意，看到了它們的成長以及對毛利率成長的貢獻。我預計這一趨勢將持續到 2025 年以後。

And I'm showing no further questions in the queue at this time. I will now turn the call back over to Dr. Emily Leproust for any closing.

目前隊列中沒有其他問題。現在我將把電話轉回給 Emily Leproust 博士，由他來做最後的總結。

Thank you for your questions and for joining us today. At Twist, we remain committed to transparency, disciplined growth and long-term value creation. We recognize that the world around us is shifting, but our focus is steady.

感謝您的提問以及今天參加我們的活動。在 Twist，我們始終致力於透明度、有紀律的成長和長期價值創造。我們認識到我們周圍的世界正在發生變化，但我們的注意力是穩定的。

We're executing with purpose, investing in innovation and continuing to build a business designed not just to endure complexity, but to lead through it. We appreciate your continued confidence in our team and our mission, and we look forward to updating you on our progress in the next quarters ahead. Thank you.

我們有目的地執行任務，投資創新，並持續打造一個不僅能承受複雜性，還能引領複雜性的企業。我們感謝您對我們的團隊和使命的持續信任，我們期待在接下來的幾季向您通報我們的進展。謝謝。

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

謝謝。今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。