Twist Bioscience Corp (TWST) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Twist Bioscience's 2025 third-quarter financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們、先生們，感謝你們的支持。歡迎參加 Twist Bioscience 2025 年第三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 like now to turn the conference over to Angela Bitting, Senior Vice President of Corporate Affairs. Please go ahead.

現在我想將會議交給公司事務高級副總裁 Angela Bitting。請繼續。

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 2025 third-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 的電話會議，回顧我們 2025 財年第三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 operating 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 和 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. We ask that you limit your questions to only one, and then requeue as a courtesy to others on the call. The 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。我們要求您將問題限制為僅一個，然後為了方便通話中的其他人，請重新排隊。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. 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.

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。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。

These risks include those set forth in the press release we issued earlier today as well as those more fully described in our filings with the Securities and Exchange Commission. The forward-looking statements in this presentation are based on 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.

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。本簡報中的前瞻性陳述基於截至本簡報之日我們掌握的信息，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. When reported, a reconciliation between the GAAP and 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其他公司提供的類似非 GAAP 數據不同。報告時，GAAP 和非 GAAP 財務指標之間的對帳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 Dr. Emily Leproust, our CEO and Co-Founder.

現在，我將把電話轉給我們的執行長兼聯合創始人 Emily Leproust 博士。

Thank you, Angela, and good morning, everyone. During the fiscal 2025 third quarter, we focused on delivering exceptional value for our customers, expanding our product portfolio and extending our reach into the long tail of the academic market for our synthetic biology products and NGS tools. We added hundreds of net new customers and introduced the first series of planned portfolio expansions for our Synbio product line, setting the stage for robust and sustained growth.

謝謝你，安琪拉，大家早安。在 2025 財年第三季度，我們專注於為客戶提供卓越的價值，擴大我們的產品組合，並將我們的合成生物學產品和 NGS 工具的影響力擴展到學術市場的長尾。我們增加了數百名新客戶，並推出了合成生物產品線的首批計畫產品組合擴展系列，為強勁持續的成長奠定了基礎。

Turning to our financial results. I am pleased to report another quarter of sequential growth and record performance across revenue, gross margin and adjusted EBITDA. For the third quarter of fiscal 2025, we reported record revenue of $96.1 million, an increase of 18% year-over-year.

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 均實現了連續成長並創下新高。2025 財年第三季度，我們報告的營收創歷史新高，達到 9,610 萬美元，年增 18%。

Gross margin for the quarter came in very strong at 53.4% compared to 43.3% for the third quarter of fiscal 2024, demonstrating the leverage of fixed costs with higher volume, some benefit from mix, as well as our ongoing commitment to continuous improvement.

本季毛利率非常強勁，達到 53.4%，而 2024 財年第三季為 43.3%，這表明固定成本在銷量增加的情況下具有槓桿作用，產品組合也帶來了一定的好處，而且我們一直致力於持續改進。

Revenue for Synbio was $35.2 million, reflecting 7% year-over-year growth. As previously communicated, results for the same quarter last year included a significant order from a large contracted customer and an anticipated event that was not expected to recur in fiscal 2025. At the same time, several of our largest US academic customers continue to place orders with Twist, demonstrating sustained engagement while managing evolving funding dynamics.

Synbio 的營收為 3,520 萬美元，較去年同期成長 7%。如前所述，去年同一季度的業績包括來自大型合約客戶的大量訂單以及預計在 2025 財年不會再次發生的預期事件。同時，我們幾家最大的美國學術客戶繼續向 Twist 下訂單，表明我們在管理不斷變化的資金動態的同時保持持續的參與。

In response to this shift, we accelerated our strategy to increase market reach driving a strong influx of net new customers to the platform and expanding our commercial footprint across a broader segment of the Synbio landscape.

為了因應這一轉變，我們加快了擴大市場覆蓋率的策略，為平台帶來大量淨新客戶，並擴大我們在合成生物學領域更廣泛領域的商業足跡。

To better illustrate the momentum of our Synbio Group, excluding the onetime contribution from a large customer in the prior-year quarter, underlying revenue grew more than 20% year-over-year. This growth highlights the strength of our customer relationships, the increased demand for Twist offering and the impact of our efforts to diversify and extend our customer base.

為了更好地說明我們合成生物集團的發展勢頭，不包括去年同期來自大客戶的一次性貢獻，基礎收入較去年同期成長超過 20%。這一成長凸顯了我們與客戶關係的牢固性、對 Twist 產品日益增長的需求以及我們為多樣化和擴大客戶群所做的努力所產生的影響。

Turning to NGS. We reported $55.3 million in revenue, an increase of 27% year-over-year, with strength coming primarily from our customers' commercial assets for diagnostic tests as well as growth in smaller accounts. Lending these smaller customers remains critical to our long-term growth strategy and these accounts have the potential to become large accounts in the future.

轉向NGS。我們報告的收入為 5,530 萬美元，年增 27%，主要得益於我們客戶用於診斷測試的商業資產以及小額帳戶的成長。向這些小客戶提供貸款對於我們的長期成長策略仍然至關重要，這些帳戶將來有可能成為大帳戶。

We continue to work with many minimal residual disease customers in various stages of their development and commercialization. We see this growth lever inflicting over time, following a similar pattern of growth that we have seen from our customers offering liquid biopsy test.

我們繼續與許多處於開發和商業化各個階段的微小殘留疾病客戶合作。我們看到這種成長槓桿隨著時間的推移而不斷擴大，其成長模式與我們從提供液體活檢測試的客戶那裡看到的成長模式類似。

Turning to Biopharma Services. Our revenue was $5.6 million, growth of 10% year-over-year with orders of $6.2 million. We remain cautiously optimistic as the funnel of opportunities continues to build. We continue to see synergies between our Biopharma Services and our Synbio business, particularly within larger accounts where we see them purchase products and contract services to support their ongoing research efforts.

轉向生物製藥服務。我們的營收為 560 萬美元，年增 10%，訂單額為 620 萬美元。隨著機會的不斷積累，我們依然保持謹慎樂觀的態度。我們繼續看到我們的生物製藥服務和合成生物業務之間的協同作用，特別是在較大的客戶中，我們看到他們購買產品和合約服務來支持他們正在進行的研究工作。

In addition, the exponential growth of AI drug discovery generates significant opportunity for us as we offer a spectrum of products and services to accelerate this new wave of growth for the industry.

此外，人工智慧藥物發現的迅速成長為我們帶來了巨大的機遇，因為我們提供一系列產品和服務來加速該行業的新一輪成長。

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

現在我想將電話轉給帕蒂，請她對營運和創新發表評論。

Thanks, Emily. I'd like to take a few minutes to dive deeper into how we think about expanding our product portfolio by focusing on our recent launch of gene fragments ship standard without adapters. In 2023, we began shipping Oligo Pools, gene fragments, clonal genes and more out of our Wilsonville, Oregon facility. Building on this infrastructure, we introduced express genes and expanded that product line to include DNA preps and high throughput IgG protein.

謝謝，艾米麗。我想花幾分鐘時間深入了解我們如何考慮擴大我們的產品組合，重點介紹我們最近推出的無需適配器的基因片段運輸標準。2023 年，我們開始從俄勒岡州威爾遜維爾的工廠運送寡核苷酸池、基因片段、克隆基因等。在此基礎之上，我們引入了表達基因並擴展了產品線，包括 DNA 製備和高通量 IgG 蛋白。

We continue to iterate and add to our portfolio of Synbio products and build on this manufacturing line that truly highlights the power of our platform technology and their ability to leverage the speed, cost efficiency, quality, and diversity to anticipate customer needs. This enhanced manufacturing line for our Synbio products augmented our Synbio contribution margin so that across our business, regardless of product line, approximately 75% to 80% of all incremental revenue drops to the gross margin line.

我們不斷迭代和增加我們的合成生物產品組合，並在該生產線上進行建設，真正凸顯我們平台技術的強大功能以及利用速度、成本效率、品質和多樣性來預測客戶需求的能力。我們的合成生物產品生產線得到增強，提高了我們的合成生物貢獻利潤率，因此，在我們的整個業務中，無論產品線如何，大約 75% 到 80% 的增量收入都會下降到毛利率線上。

Last month, we activated a new growth lever in a high potential area of our portfolio by launching improved adapter of gene fragments. Since entering the commercial market in 2015, we've offered gene fragments as part of our core product offering.

上個月，我們透過推出改進的基因片段適配器，在我們投資組合的高潛力領域中啟動了新的成長槓桿。自 2015 年進入商業市場以來，我們一直提供基因片段作為我們核心產品的一部分。

Historically, our manufacturing process included adapters with an option to remove them, a step that required primer so externally, which extended turnaround times. When one of two primary suppliers stopped shipping to us last year, our team quickly pivoted. In under 12 months, we developed and scaled an internal primary manufacturing process, allowing us to streamline production and enhance control across the workflow.

從歷史上看，我們的製造過程包括帶有可移除選項的適配器，此步驟需要在外部使用底漆，從而延長了周轉時間。當兩家主要供應商之一去年停止向我們發貨時，我們的團隊迅速做出了調整。在不到 12 個月的時間裡，我們開發並擴展了內部主要製造流程，使我們能夠簡化生產並增強整個工作流程的控制。

Today, we offer gene fragments without adapters as a default while providing adapter add-ons is needed, giving customers more flexibility with faster delivery. This initiative strengthens our supply chain, enhances vertical integration, and build on our existing infrastructure. With a modest investment of under $3 million and exceptional execution by our team, we've unlocked an opportunity to grow share in a large serviceable and addressable market.

如今，我們預設提供不含接頭的基因片段，如果需要，我們也會提供接頭附加元件，從而為客戶提供更大的靈活性和更快的交付速度。這項措施加強了我們的供應鏈，增強了垂直整合，並鞏固了我們現有的基礎設施。憑藉不到 300 萬美元的適度投資以及我們團隊的出色執行，我們獲得了在龐大的可服務和可尋址市場中擴大份額的機會。

We view this as a meaningful growth engine for Twist, reinforcing our competitive edge and operational agility. This is a clear example of how we execute on portfolio expansion and product innovation.

我們認為這是 Twist 的一個有意義的成長引擎，增強了我們的競爭優勢和營運敏捷性。這是我們如何執行產品組合擴展和產品創新的一個明顯例子。

Over the next 12 months, we expect a series of new product launches in synthetic biology to unlock new market opportunities and expand our share in existing segments. We remain focused on broadening our offering and driving top-line growth, while continuing to invest in differentiated high-impact innovation that fuels long-term value creation.

在接下來的 12 個月裡，我們預計將推出一系列合成生物學新產品，以開拓新的市場機會並擴大我們在現有領域的份額。我們將持續專注於擴大產品範圍、推動營收成長，同時持續投資於能推動長期價值創造的差異化高影響力創新。

Turning to gross margin. In a little over two years, we did what we promised we would do in 2023, and improved margin from 31% to over 53%. We've driven this initiative through expanded revenue, volume leverage as well as iteration of processes to increase contribution margin. In parallel, we are investing in innovation to sustain continued robust growth across the business for the foreseeable future.

轉向毛利率。在短短兩年多的時間裡，我們實現了 2023 年的承諾，利潤率從 31% 提高到 53% 以上。我們透過擴大收入、數量槓桿以及流程迭代來增加貢獻利潤，從而推動這項措施。同時，我們正在投資創新，以在可預見的未來維持整個業務的持續強勁成長。

As we look towards crossing the threshold of adjusted EBITDA breakeven, we see this as an important operational milestone to validate the strength and diversity of our platform, balanced with physical discipline. Breakeven is not a finish line. It's a platform from which we intend to accelerate. We'll continue to manage the business, redoubling our efforts to continue to drive robust top-line growth.

當我們期待跨越調整後 EBITDA 盈虧平衡的門檻時，我們認為這是一個重要的營運里程碑，以驗證我們平台的實力和多樣性，並與物理學科保持平衡。損益平衡並不是終點線。這是我們想要加速發展的平台。我們將繼續管理業務，加倍努力，並繼續推動強勁的營收成長。

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, Patty. Revenue for the third quarter of 2025 increased to $96.1 million, growth of 18% year-over-year and approximately 4% sequentially. Gross margin came in higher than expected at 53.4%, primarily due to increased revenue, volume leverage, as well as some order timing and mix benefit.

謝謝你，帕蒂。2025 年第三季營收增至 9,610 萬美元，年增 18%，季增約 4%。毛利率高於預期，達到 53.4%，主要由於收入增加、銷售槓桿以及一些訂單時機和組合效益。

Synbio revenue increased to $35.2 million, growth of 7% over $33 million for the third quarter of fiscal 2024. NGS revenue for the third quarter grew significantly to approximately $55.3 million, an increase of 27% year-over-year and 8% sequentially.

Synbio 營收增至 3,520 萬美元，較 2024 財年第三季的 3,300 萬美元成長 7%。第三季NGS營收大幅成長至約5,530萬美元，較去年同期成長27%，較上季成長8%。

Revenue from our top 10 NGS customers accounted for approximately 44% of NGS revenue for the quarter. We served 608 NGS customers in the quarter with 155 having adopted our products.

來自我們前十大 NGS 客戶的收入約佔本季度 NGS 收入的 44%。本季我們為 608 家 NGS 客戶提供服務，其中 155 家採用了我們的產品。

For Biopharma, revenue was $5.6 million, growth of approximately 10% over $5.1 million for the same period of fiscal 2024. We had 111 active programs at the end of June 2025, and we started 88 new programs during the quarter.

生物製藥業務的營收為 560 萬美元，比 2024 財年同期的 510 萬美元成長約 10%。截至 2025 年 6 月底，我們共有 111 個活躍項目，本季又啟動了 88 個新項目。

Looking at revenue by industry. Health care revenue rose to $56.4 million for the third quarter of 2025 compared to $42.8 million in the same period of fiscal '24, an increase of 32%, reflecting the increased uptake of our products by large pharma, biotech and diagnostic customers. Industrial Chemical revenue was $23.1 million in the third quarter, approximately flat $23.2 million in the same period in fiscal '24, reflecting the anticipated step back in one large contracted customer, as mentioned earlier.

按行業查看收入。2025 年第三季度，醫療保健收入增至 5,640 萬美元，而 24 財年同期為 4,280 萬美元，成長 32%，這反映出大型製藥、生物技術和診斷客戶對我們產品的接受度有所提高。第三季工業化學品收入為 2,310 萬美元，與 24 財年同期的 2,320 萬美元大致持平，這反映了先前提到的一位大型合約客戶預期的回落。

It is worth mentioning that we held revenue flat without the large customer speaking to the health and growth of our accounts within the Industrial Chemicals segment. Academic revenue was $15.9 million for the third quarter of 2025, up 7% from $14.9 million in the same period of fiscal 2024, with growth coming from both Synbio and NGS customers.

值得一提的是，在沒有大客戶對我們工業化學品部門帳戶的健康和成長發表意見的情況下，我們的收入保持穩定。2025 年第三季學術營收為 1,590 萬美元，較 2024 財年同期的 1,490 萬美元成長 7%，成長來自 Synbio 和 NGS 客戶。

North America academic revenue grew 10% sequentially with orders up double digits, both sequentially and over prior year. The only area of sequential decline in academic revenue was driven by a dip in EMEA NGS revenue from university-led clinical sites.

北美學術收入較上季成長 10%，訂單量較上季和年比均達到兩位數成長。學術收入連續下降的唯一原因是來自大學主導的臨床站點的 EMEA NGS 收入下降。

Looking geographically. Americas revenue increased to approximately $59.4 million in the third quarter, up 16% compared to $51.4 million in the same period of fiscal 2024. EMEA revenue rose to $30.7 million in the third quarter versus $23.6 million, up 30% compared to the same period of fiscal 2024. Revenue growth reflects ongoing demand dynamics in the region, and we do not believe tariff concerns drove any material pull forward in EMEA.

從地理來看。第三季美洲區營收增至約 5,940 萬美元，較 2024 財年同期的 5,140 萬美元成長 16%。第三季度，歐洲、中東和非洲地區營收從 2,360 萬美元增至 3,070 萬美元，與 2024 財年同期相比成長 30%。收入成長反映了該地區持續的需求動態，我們認為關稅問題並未推動歐洲、中東和非洲地區出現任何實質的成長。

APAC revenue was $5.9 million in the third quarter compared to $6.5 million in the same period of fiscal 2024. China continues to be a relatively small portion of our revenue at approximately 1.5% of total revenue for the third quarter of fiscal 2021.

第三季亞太地區營收為 590 萬美元，而 2024 財年同期為 650 萬美元。中國市場在我們的營收中所佔比例仍然相對較小，約佔 2021 財年第三季總營收的 1.5%。

Moving down the P&L. Our gross margin for the third quarter increased to 53.4%, an improvement of over 10 margin points versus the third quarter of fiscal 2024, reflecting our strong revenue growth and customer base while holding expenses relatively flat year-over-year. We also benefited sequentially from customer mix, order timing and the acceleration of continuous process improvement initiatives.

降低損益。我們第三季的毛利率增至 53.4%，較 2024 財年第三季提高了 10 個多月，這反映了我們強勁的營收成長和客戶群，同時支出與去年同期相比保持相對持平。我們也從客戶組合、訂單時機和持續流程改善措施的加速中受益。

Operating expenses, excluding cost of revenues, for the third quarter were approximately $81.4 million compared with approximately $79.3 million, excluding impairment of long-lived assets in the same period of 2024. OpEx decreased by approximately $5.9 million sequentially. Operating expenses included approximately $1 million for data storage in the third quarter, net of onetime reversals of compensation accruals.

第三季的營運費用（不包括收入成本）約為 8,140 萬美元，而 2024 年同期的營運費用（不包括長期資產減損）約為 7,930 萬美元。營運支出較上季減少約 590 萬美元。營運費用包括第三季約 100 萬美元的資料儲存費用，扣除一次性補償應計費用。

We realized the majority of the OpEx benefit from the Atlas transaction in Q3 and expect we will realize the full benefit of approximately $5 million per quarter in Q4.

我們在第三季從 Atlas 交易中實現了大部分營運支出收益，並預計我們將在第四季度實現每季約 500 萬美元的全部收益。

Looking at our progress on our path to profitability. For the third quarter of fiscal 2025, adjusted EBITDA was a loss of approximately $8 million, an improvement of about $14 million versus the third quarter of fiscal 2024.

回顧我們在盈利道路上的進展。2025 財年第三季度，調整後的 EBITDA 虧損約為 800 萬美元，較 2024 財年第三季改善約 1,400 萬美元。

The Atlas Data Storage transaction resulted in a onetime accounting gain of $48.8 million in Q3. This gain resulted in recording net income of $20.4 million for the third quarter. As part of the Atlas transaction, our investment in Atlas was accounted for as an investment in equity securities and recorded at its fair value. We will assess the value of Atlas on a quarterly basis with any changes in value recorded as other expense. We ended the quarter with cash, cash equivalents and short-term investments of approximately $250.8 million.

Atlas Data Storage 交易導致第三季一次性會計收益達到 4,880 萬美元。這一收益導致第三季淨收入達到 2,040 萬美元。作為 Atlas 交易的一部分，我們對 Atlas 的投資被視為股權證券投資，並以其公允價值記錄。我們將按季度評估 Atlas 的價值，並將任何價值變化記錄為其他費用。本季末，我們的現金、現金等價物和短期投資約為 2.508 億美元。

Turning to guidance. We are narrowing our total revenue guide to $374 million to $376 million for fiscal 2025, indicating growth of approximately 19.7% at the midpoint year-over-year. Synbio revenue guidance of $144 million to $145 million, growth of approximately 17% at the midpoint year-over-year, reflecting the continued share gains we saw in H1 driven by the Express portfolio.

轉向指導。我們將 2025 財年的總營收預期縮小至 3.74 億美元至 3.76 億美元，這意味著年中位數成長率約為 19.7%。Synbio 的營收預期為 1.44 億美元至 1.45 億美元，年成長約 17%，這反映了我們在上半年看到的在 Express 產品組合的推動下份額的持續成長。

NGS revenue of $207 million to $208 million, growth of approximately 23% at the midpoint year-over-year. Biopharma revenue guidance of $23 million, growth of approximately 13% year-over-year. For Q4 fiscal 2025, we expect total revenue of approximately $96 million to $98 million, growth of approximately 14.5% versus Q4 of fiscal 2024 at the midpoint.

NGS營收為2.07億美元至2.08億美元，年增約23%。生物製藥收入預期為 2,300 萬美元，年增約 13%。對於 2025 財年第四季度，我們預計總營收約為 9,600 萬美元至 9,800 萬美元，與 2024 財年第四季中位數相比成長約 14.5%。

Synbio revenue of approximately $38 million to $39 million. NGS revenue of approximately $52 million to $53 million. A key top 10 account is transitioning from validation to commercial deployment, a critical inflection point, unlocking multiyear revenue opportunities and more predictable recurring revenue streams.

Synbio 營收約 3,800 萬至 3,900 萬美元。 NGS收入約5200萬至5300萬美元。一個關鍵的十大帳戶正在從驗證轉向商業部署，這是一個關鍵的轉折點，釋放了多年的收入機會和更可預測的經常性收入流。

We expect a planned $5 million revenue normalization in Q4, and some Q1 impact as this customer optimizes their rollout. This temporary adjustment positions both companies for accelerated growth ahead. We expect biopharma revenue of approximately $6 million.

我們預計第四季度的營收將恢復正常化 500 萬美元，隨著該客戶優化其推廣，第一季的營收將受到一定影響。此次臨時調整將使兩家公司在未來實現加速成長。我們預計生物製藥收入約為 600 萬美元。

For the full-year fiscal 2025, we now expect gross margin of approximately 50.5% to 51%, an increase of 1 margin point over our prior margin guidance and 8.1 points of improvement year-over-year at the midpoint. We expect an adjusted EBITDA loss of approximately $45 million to $47 million for fiscal 2025, an improvement of more than $46 million versus fiscal 2024. We expect Q4 fiscal 2025 adjusted EBITDA will be a sequential improvement over Q3, which, as I mentioned earlier, did include the majority of Atlas gains.

對於 2025 財年全年，我們目前預計毛利率約為 50.5% 至 51%，比我們之前的利潤率預期高出 1 個點，按中間值計算，同比提高 8.1 個點。我們預計 2025 財年的調整後 EBITDA 虧損約為 4,500 萬至 4,700 萬美元，與 2024 財年相比改善超過 4,600 萬美元。我們預計 2025 財年第四季調整後的 EBITDA 將比第三季有所改善，正如我之前提到的，第三季確實包含了 Atlas 的大部分收益。

In closing, I'd like to note that although variability may occur at the product line level, our exposure across multiple end markets and customer types mitigates risk and supports our outlook of continued top line expansion.

最後，我想指出的是，儘管產品線層面可能會出現變化，但我們在多個終端市場和客戶類型的曝光度降低了風險，並支持了我們持續擴大營收的前景。

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. We continue to operate in a fast-moving, ever-evolving environment. At Twist, we view this as an opportunity. Our deep customer engagement drives sharp understanding of market needs. By anticipating our customer needs, we build products fit for purpose that evolve into high-margin competitive portfolios. As innovators, we play the long game.

謝謝你，亞當。我們繼續在快速變化、不斷發展的環境中運作。在 Twist，我們將此視為一個機會。我們深入的客戶參與促進了我們對市場需求的敏銳理解。透過預測客戶需求，我們打造出適合用途的產品，並發展成為高利潤的競爭產品組合。作為創新者，我們著眼於長遠。

Product introductions today generate increasing revenue in three to five years. Our proprietary platform technology provides powerful differentiation. By driving cost and scale efficiency early in the workflow through [meterization] and automation, we embed the structural cost advantages across all product lines, supporting attractive unit economics and scalable margin expansion.

今天推出的產品將在三到五年內帶來不斷增長的收入。我們的專有平台技術提供了強大的差異化。透過在工作流程早期利用計量和自動化來提高成本和規模效率，我們將結構性成本優勢嵌入所有產品線，以支持具有吸引力的單位經濟效益和可擴展的利潤率擴張。

We continue to expand our product portfolio targeting diverse markets to enable resilience and extend our available share. Our mindset enables us to adapt quickly to both challenges and opportunities. We respond to market shifts with speed and creativity. Challenges become catalysts for innovation. Today, we have highlighted several powerful levers fueling our growth outlook.

我們將繼續擴大針對不同市場的產品組合，以增強彈性並擴大我們的可用份額。我們的心態使我們能夠快速適應挑戰和機會。我們以速度和創造力來應對市場變化。挑戰成為創新的催化劑。今天，我們強調了推動我們成長前景的幾個強大槓桿。

We have expanded our base of ordering customers, converting smaller accounts into future growth drivers. We have multiple opportunities in our NGS portfolio, including FlexPrep and MRD. We are seeing compelling synergies between our synthetic biology products and biopharma services, and we believe AI will serve as a catalyst for increased demand across our products and service offerings.

我們擴大了訂購客戶群，將小客戶轉化為未來的成長動力。我們的 NGS 產品組合中有多種機會，包括 FlexPrep 和 MRD。我們看到合成生物學產品和生物製藥服務之間顯著的協同效應，我們相信人工智慧將成為我們產品和服務需求成長的催化劑。

In parallel, our customers continue to scale commercially, further expanding our opportunity. Importantly, we recognize that certain product groups may experience short-term fluctuations, but our diversified customer base and broad portfolio create a resilient growth engine that supports sustained performance and revenue growth across market cycles.

同時，我們的客戶繼續擴大商業規模，進一步擴大我們的機會。重要的是，我們認識到某些產品組可能會經歷短期波動，但我們多樣化的客戶群和廣泛的產品組合創造了一個有彈性的成長引擎，支持整個市場週期的持續業績和收入成長。

Over the past two years, we have made margin expansion a top priority, and our discipline has delivered. We have achieved gross margin above 50%, a level we expect to sustain and grow going forward.

在過去的兩年裡，我們把提高利潤率當作首要任務，我們的紀律也確實發揮了作用。我們的毛利率已超過 50%，我們預計這一水準將在未來維持並成長。

With that foundation in place, we are now rebalancing our focus towards top-line acceleration. As we look to cross adjusted EBITDA breakeven next year and with gross margin now consistently above 50%, we are operating from a position of strength. We see a clear path to driving top-line growth while maintaining margin discipline, delivering quality growth with strong fundamentals.

有了這個基礎，我們現在將重點重新轉向加速營收成長。我們期待明年實現交叉調整後的 EBITDA 盈虧平衡，並且毛利率目前持續保持在 50% 以上，因此我們的經營處於優勢地位。我們看到了一條清晰的道路，可以在保持利潤率紀律的同時推動營收成長，並透過強勁的基本面實現優質成長。

Our team platform and mission remains our greatest asset to best serve our customers. These cost trends drive sustainable, profitable growth and deliver lasting results.

我們的團隊平台和使命仍然是我們為客戶提供最佳服務的最大資產。這些成本趨勢推動了可持續的獲利成長並帶來了持久的成果。

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

現在，讓我們開始提問環節。操作員？

(Operator Instructions) Matt Larew, William Blair.

（操作員指示）Matt Larew，William Blair。

Hi, good morning. Thanks for taking the question. I wanted to start on Synbio. So obviously, the growth high single digits year-over-year, but you referenced a large order closer to 20%. The fourth quarter, I think, also is growth maybe in the low double digits. and the five-year CAGR for that business, of course, more in the 20% range, and you have a lot of new products coming on and you referenced net new customers in academic.

嗨，早安。感謝您回答這個問題。我想開始研究合成生物學。因此，顯然，成長率與去年同期相比只有高個位數，但您提到的大訂單成長率接近 20%。我認為第四季的成長可能也處於兩位數的低點。當然，該業務的五年複合年增長率將在 20% 左右，而且您有很多新產品即將推出，您在學術上也提到了淨新客戶。

So could you just give us a sense, what are you hearing from customers? What have order trends been like? Is there anything needed to unlock budgets for customers? How much are you anticipating new products to really start to contribute? I'm just trying to mix and match here between positive and more cautious signals that we're seeing in the numbers.

那麼，您能否告訴我們，您從客戶那裡聽到了什麼？訂單趨勢如何？需要做些什麼來為客戶解鎖預算？您預計新產品將真正帶來多大的貢獻？我只是想將我們在數字中看到的積極信號和更謹慎的信號進行混合和匹配。

Yeah. Thank you, Matt, for a great question. And Synbio is a very important business for us. There are two parts to your question. One, existing products really resonate with customers. Our customers are happy, and we don't have all the customers. Actually, we have a small fraction of the customers who are very well integrated into the big accounts. So there's a long tail of smaller customers that when we reach them, when we bring them on the platform, they are happy and we keep growing.

是的。謝謝馬特，提出了一個很好的問題。合成生物學對我們來說是一項非常重要的事業。您的問題分為兩部分。一、現有產品確實能引起顧客的共鳴。我們的客戶很高興，但我們並沒有得到所有的客戶。實際上，我們有一小部分客戶與大客戶很好地融合在一起。因此，當我們接觸到小客戶並把他們帶到平台上時，他們會很高興，我們也會繼續發展。

And so that's the first opportunity, for us is leveraging the Twist, leveraging our boosted marketing, leveraging our sales team to get people on the platform. The second part is we have a very rich road map of new product introductions that are coming. Patty had mentioned one today with fragment. But obviously, we can't foreshadow to our competitors what we do, but there's a great opportunity for us to continuing to leverage our growth engine, continue to leverage our R&D has been very productive to keep launching highly differentiated products.

所以對我們來說，這是第一個機會，利用 Twist、利用我們增強的行銷、利用我們的銷售團隊來吸引人們加入這個平台。第二部分是，我們有一個非常豐富的即將推出的新產品的路線圖。帕蒂今天曾提過一個片段。但顯然，我們無法向競爭對手預示我們的所作所為，但我們有很大機會繼續利用我們的成長引擎，繼續利用我們的研發成果不斷推出高度差異化的產品。

And to that extent, AI is going to be a great catalyst for us. I think AI is changing a little bit again about how drug discovery is being done and it's driving that customer demand where we have the platform is great.

從這個程度上來說，人工智慧將成為我們的強大催化劑。我認為人工智慧正在再次改變藥物研發的方式，並且它正在推動我們所擁有的平台的客戶需求。

So overall, we're only as good as you are. And so we are definitely going to drive for growth and as you know, the last point I mentioned, when we started two years ago, the gross margin for Synbio maybe was not as great as the one for NGS. And so there's been a very significant effort on bringing the gross margin to where it is today, which is significantly over 50% and will be above 50% for the rest for the foreseeable future.

所以總的來說，我們跟你一樣優秀。因此，我們肯定會推動成長，正如你所知，我提到的最後一點是，當我們兩年前剛開始的時候，Synbio 的毛利率可能不如 NGS 那麼高。因此，我們付出了巨大的努力來將毛利率提高到目前的水平，現在的毛利率遠遠超過 50%，並且在可預見的未來，其餘部分的毛利率也將保持在 50% 以上。

And so we're going to rebalance a little bit our internal effort less on gross margin. We'll keep moving forward, but a bit more on both. So overall, very, very bullish for the future of Synbio.

因此，我們將稍微重新平衡內部努力，減少對毛利率的關注。我們將繼續前進，但會在這兩方面取得更多進展。整體而言，我們對合成生物學的未來非常看好。

Subbu Nambi, Guggenheim.

蘇布南比 (Subbu Nambi)，古根漢美術館。

Adam, you have been more prudent with your guidance, especially when it comes to the NGS segment and not factoring in clinical diagnostic product ramps until they have materialized, which we think makes sense given this is out of your control. That said, you still had some internal expectations of when the assays would launch. So we were curious to know how this played out in 2025 so far. Did these launches tend to be more delayed than expected or on time or sooner?

亞當，您的指導更加謹慎，特別是在 NGS 領域，並且沒有將臨床診斷產品的增長考慮在內，直到它們實現為止，我們認為這是有道理的，因為這超出了您的控制範圍。話雖如此，您仍然對這些偵測何時啟動抱持著一些內在的期望。因此，我們很好奇想知道到 2025 年為止這種情況將如何發展。這些發表會比預期延後、準時或提早嗎？

And then as you look into 2026, would you change your approach here? Thank you.

那麼展望 2026 年，您會改變方法嗎？謝謝。

Thank you for the question. We spent a lot of time talking about the forward-looking part of NGS and a lot of excitement around the future of NGS growth. As I said on previous calls, we won't change our methodology moving forward, but we never want to be on the wrong side of the guidance, particularly around a new product launch. Our product launches in the second week versus the 11th week of the quarter going to have a meaningful impact.

謝謝你的提問。我們花了很多時間討論 NGS 的前瞻性部分，並對 NGS 未來的發展充滿期待。正如我在之前的電話會議上所說的那樣，我們不會改變我們前進的方法，但我們永遠不會違背指導方針，特別是在新產品發佈時。我們的產品在本季的第二週而不是第 11 週推出，將產生重大影響。

As you saw in the upfront section of the call, we talked about one account going through a meaningful transition towards commercialization this quarter coming up in Q4. And so that is in line with our expectations for the year, and we incorporated that into our guidance for the year, but it is also one that it will slow down and reaccelerate and really speaks to the long-term commitment and growth opportunity with this account for NGS.

正如您在電話會議的前言部分所看到的，我們談到一個帳戶將在本季度第四季度經歷向商業化的重大轉變。因此，這符合我們對今年的預期，我們也將其納入了今年的指導中，但它也將放緩並重新加速，這確實體現了對 NGS 帳戶的長期承諾和成長機會。

When I look at other launches coming, a lot has been said around MRD. And I think what I'd say today is, MRD is a very small percentage of our NGS business in 2025, and we expect a significant ramp in 2026. But remember, we're dealing with a lot of small numbers. And while MRD revenue today is growing faster than the overall NGS business, and we expect that trend to continue in FY26 and beyond, it's still a relatively small portion of our NGS business.

當我看到其他即將發布的產品時，人們已經談論了很多關於 MRD 的事情。我認為今天要說的是，到 2025 年，MRD 只占我們 NGS 業務的一小一部分，我們預計 2026 年這一比例將大幅提升。但請記住，我們正在處理很多小數字。儘管目前 MRD 收入的成長速度快於整體 NGS 業務，並且我們預計這一趨勢將在 26 財年及以後持續下去，但它仍然只占我們 NGS 業務的一小部分。

And so I think as we look forward to 2026, we have a number of MRD customers that are finalizing their tests and going through clinical validation, and we expect commercial launch in '26 and '27, which we believe will continue to drive our annual growth well in the future (inaudible)

因此，我認為，當我們展望 2026 年時，我們有許多 MRD 客戶正在完成測試並通過臨床驗證，我們預計在 2026 年和 2027 年實現商業化，我們相信這將繼續推動我們未來的年度成長（聽不清楚）

Luke Sergott, Barclays.

巴克萊銀行的盧克‧塞戈特 (Luke Sergott)。

I just wanted a quick cleanup and then to follow up there on the NGS side. So on the customer pushout that you guys said $4 million to $5 million from 4Q, is that all any timing there that we can expect in '26? Or we get a little bit of that in at the back half of 4Q just from a modeling sense?

我只是想快速清理一下，然後在 NGS 方面進行後續處理。那麼，關於你們所說的從第四季開始向客戶推出 400 萬到 500 萬美元的計劃，這是我們在 26 年可以預期的全部時間嗎？或者我們僅從模型角度在第四季後半段就能得到一點這樣的資訊？

And then on the NGS strength, you guys are -- the clinical piece is clearly one of the strongest parts of that market. And so just an update there, how much of that business comes from the clinic side?

然後就 NGS 的優勢而言，你們——臨床部分顯然是該市場最強大的部分之一。那麼，現在更新一下，有多少業務來自診所方面？

And the reason I'm asking is just because you guys are also talking about penetrating the academic government market given its weakness there and you're just commercially [violent]. So trying to figure out, is that NGS piece -- can you penetrate that A&G market with the NGS piece, given it's considered more crowded and definitely close to commoditized with the NGS side?

我之所以問這個問題，是因為你們也在談論如何打入學術政府市場，因為那裡的市場比較薄弱，而且你們只是在商業上[暴力]。因此，試圖弄清楚，NGS 部分——您能否利用 NGS 部分打入 A&G 市場，因為該市場被認為更加擁擠，並且絕對接近 NGS 方面的商品化？

Luke, this is Adam. Great question. Thank you. For the NGS, the one category going to that transition, we expect a $5 million air pocket in Q4, and we expect some additional impact in Q1 of next year. That being said, we are very confident in the guidance we gave this quarter as well as continued sequential growth in 2026 quarter-over-quarter.

路克，這是亞當。好問題。謝謝。對於NGS（即將進入這一轉變的一個類別），我們預計第四季度將出現 500 萬美元的虧損，我們預計明年第一季還會產生一些額外的影響。話雖如此，我們對本季給予的指導以及 2026 年環比持續成長非常有信心。

In terms of the other dynamics of the clinical, I'll pass the ball over to Emily.

至於臨床的其他動態，我會把責任交給艾蜜莉。

Yeah. Thanks, Luke. In terms of NGS, 100% right that the strength has been in the clinical adoption. We've made a big bet 2017, 2018 at the time of the IPO, and it's paid off. We continue to see future strength. MRD, we've discussed it just now on the previous question, is going to -- it's still small, but it's growing, and it will become a meaningful significant part of our growth.

是的。謝謝，盧克。就 NGS 而言，其優勢在於臨床應用，這一點 100% 正確。我們在 2017 年和 2018 年 IPO 時下了大賭注，現在獲得了回報。我們繼續看到未來的力量。我們剛才在回答上一個問題時已經討論過 MRD，它現在規模還很小，但正在成長，並且將成為我們成長中一個重要組成部分。

And so I think as far as the foreseeable future, clinical strength is going to continue to be key to our growth. And those -- [unfortunately], for patients, but from a business point of view, it's a very recession-proof type of business.

因此我認為，在可預見的未來，臨床實力將繼續成為我們成長的關鍵。不幸的是，對於患者來說，但從商業角度來看，這是一種非常能抵禦經濟衰退的業務類型。

At the same time, we're investing into broadening our market access. We've launched FlexPrep. It's squarely focused on AgBio. We've mentioned multiple times that we think the days of the microarrays are numbers and Twist with NGS is going to drive the transition in AgBio. So we've invested in our enzyme portfolio to use in our NGS kits, and that's going to give us more strength outside of clinical in the research market.

同時，我們正在投資擴大我們的市場准入。我們已經推出了 FlexPrep。它主要關注農業生物技術。我們曾多次提到，我們認為微陣列的時代已經過去，而 Twist 與 NGS 將推動 AgBio 的轉變。因此，我們投資了用於 NGS 試劑盒的酵素組合，這將使我們在臨床之外的研究市場中擁有更大的優勢。

So I would say in the short term, for sure, the clinical strength is going to continue to be the great growth engine. In the medium to longer term, we are seeing green shoots outside of clinical trends that's going to diversify even more our portfolio and our growth opportunity.

因此我想說，在短期內，臨床實力肯定會繼續成為巨大的成長引擎。從中期到長期來看，我們看到臨床趨勢之外的復甦跡象，這將使我們的產品組合和成長機會更加多樣化。

Vijay Kumar, Evercore.

維傑·庫馬爾（Vijay Kumar），Evercore。

Hey guys, thanks for taking my question and congrats on a nice execution here on gross margins. Maybe back on this prior question from Luke on this customer transition. I thought I heard a $5 million number. Is that the dollar revenue impact in Q4? Is that what's driving this NGS step down Q-on-Q?

嘿，大家好，感謝您回答我的問題，並祝賀您在毛利率方面取得了良好的表現。也許可以回到盧克之前關於客戶轉變的問題。我以為我聽到的是 500 萬美元的數字。這是第四季美元收入的影響嗎？這是導致 NGS 逐季下滑的原因嗎？

And related, I think you said you expect those revenues to be recognized in Q1. So is all $5 million coming in Q1? And should seasonality, should we be expecting normal seasonality just because of this of revenue push out when you think of the cadence from Q1 to Q2 of next fiscal? Thank you.

與此相關的是，我認為您說過您預計這些收入將在第一季得到確認。那麼，全部 500 萬美元都會在第一季到帳嗎？當您考慮下一財年第一季到第二季的節奏時，我們是否應該僅僅因為收入的增加而預期正常的季節性？謝謝。

Hey Vijay, this is Adam. Thanks for the question. What we've contemplated in the guidance is a $5 million step down in Q4 for that one customer sequentially versus Q3, and that's incorporated and that's driving the NGS guidance. In Q1 and beyond, we do expect overall sequential growth in the business, but we expect some of that slowdown from that customer to also occur in Q1. So hopefully, that clarifies that (inaudible)

嘿，維傑，我是亞當。謝謝你的提問。我們在指導中考慮的是，第四季度為該客戶減少 500 萬美元，與第三季度相比，這一數字已納入其中，並推動了 NGS 指導。在第一季及以後，我們確實預期業務整體將持續成長，但我們預期該客戶的成長放緩也將在第一季出現。希望這能澄清這一點（聽不清楚）

But we are committed --

但我們致力於--

And we're committed to sequential growth in Q1.

我們致力於第一季實現連續成長。

Puneet Souda, Leerink.

Puneet Souda，Leerink。

Hi guys, you have Michael on for Puneet this morning. I was wondering if you could talk a little bit about the US academic market. I think you noted 10% year-over-year growth, which sounds pretty positive given the backdrop. I wonder if you could attribute that to share gains that you're pursuing with the waivers or if the end market has evolved differently than you expected?

大家好，今天早上 Michael 為 Puneet 節目做了一個報告。我想知道您是否可以談談美國學術市場。我認為您提到了 10% 的同比增長，考慮到當時的背景，這聽起來相當積極。我想知道您是否可以將其歸因於您透過豁免所追求的分享收益，或者終端市場的發展是否與您的預期不同？

Yeah, thanks for the question. Good results is underpinned again by our core value proposition in a tough market. Our technology advantage gives us a product and a value proposition that resonates with the customer. More shots on goal for the same budget spend is really what's driving our growth and share grab in that segment. And when you couple that with -- that's people trying the platform -- and you couple that with a product portfolio that's shown some good breadth and really solving customer problems, some runway to build from here.

是的，謝謝你的提問。在艱困的市場環境下，我們的核心價值主張再次鞏固了良好的表現。我們的技術優勢為我們提供了能引起客戶共鳴的產品和價值主張。在同樣的預算支出下實現更多目標才是真正推動我們在該領域實現成長和搶佔市場份額的動力。當你將它與人們嘗試的平台結合起來，並將其與已經展示出良好廣度並真正解決客戶問題的產品組合結合時，你就可以從這裡開始建立一些跑道。

And Michael, just to clarify, the growth in the US, both on orders and on revenue was up 10% sequentially (inaudible)

Michael，需要澄清的是，美國訂單和收入的成長都比上一季成長了 10%。（聽不清楚）

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

Hi, this is Madeline Mollman on for Doug. You mentioned in the prepared remarks that the timing of orders benefited gross margin. Is it possible to give us a sense of how much of the strength in the quarter was due to that versus volume and leverage? And then as we look past 2025, is the Q4 exit rate of 51%, 52% a good jumping off point for 2026?

大家好，我是 Madeline Mollman，代表 Doug 報道。您在準備好的評論中提到訂單的時間有利於毛利率。您能否讓我們了解本季的強勁表現有多少是源自於銷售和槓桿率？然後，當我們展望 2025 年時，第四季的退出率為 51% 或 52%，這是否是 2026 年的一個好起點？

And then just a point of clarification on the $5 million normalization, was that contemplated in the prior guidance?

然後，關於 500 萬美元的正常化，需要澄清一點，這是否在先前的指導中有所考慮？

This is Adam, and thanks for the question. On a full-year basis, the normalization was contemplated into the guidance. The timing was always the big question mark for us. In terms of the gross margin benefit, when you dissect the Q4 guidance that 51% to 52%, you see basically the majority of that step back 1 to 2 points, you can attribute to some of the timing elements of the benefits we saw in Q4.

我是亞當，謝謝你的提問。從全年來看，正常化已納入指導範圍。時機對我們來說始終是個大問號。就毛利率收益而言，當您剖析第四季度的指導意見（51% 至 52%）時，您會發現其中大部分回落了 1 到 2 個百分點，您可以將這歸因於我們在第四季度看到的收益的一些時間因素。

We do expect improvements in gross margin moving forward. So when I look at '26 versus '25 in aggregate, there's no going backwards from the 50% that we can across it, but we expect continued improvement year-on-year in the gross margin.

我們確實預計未來毛利率會有所提高。因此，當我將 26 年與 25 年進行比較時，我發現 50% 的毛利率是不會下降的，而且我們預計毛利率將逐年持續提高。

But as Emily mentioned, we are putting a lot of that energy that is driving the gross margin into continuing to meet customer unmet needs, but continue process improvements and new product introductions. So we are focusing on growth while also continuing to expand our gross margin.

但正如艾米麗所提到的，我們投入了大量精力來推動毛利率的提高，以繼續滿足客戶未滿足的需求，同時繼續改進流程和推出新產品。因此，我們專注於成長，同時也持續擴大我們的毛利率。

Tom Peterson, Baird.

湯姆·彼得森，貝爾德。

Congrats on a solid quarter. I was just wondering, as we think about the gross margin progression in the fourth quarter and into 2026, as well as some of the comments on the adjusted EBITDA breakeven target by '26 end, how should we think about the balance of reinvestment back into the business here over the next 12 months or so?

恭喜本季業績穩健。我只是想知道，當我們考慮第四季度和 2026 年的毛利率增長，以及對 26 年底調整後的 EBITDA 盈虧平衡目標的一些評論時，我們應該如何考慮未來 12 個月左右對業務的再投資平衡？

How are you contemplating that versus further adjusted EBITDA improvements? And just how should we think about your OpEx investment priorities over the next 12 months? Thanks.

與進一步調整 EBITDA 改進相比，您如何考慮這一點？那麼，我們該如何考慮未來 12 個月的營運支出投資重點？謝謝。

Tom, thank you for the question. And we are looking towards the future, I think there's a couple of things on 2026 to say. One -- first is we'll be giving full formal guidance when we close out Q4 in November, and we will initiate then. But we do expect continued sequential growth across the business in every quarter. We also expect improvement year-on-year in the gross margin line, and we are reestablishing our commitment to being adjusted EBITDA positive by Q4.

湯姆，謝謝你的提問。我們展望未來，我認為關於 2026 年有幾件事要說。首先，我們將在 11 月結束第四季時提供完整的正式指導，然後啟動。但我們確實預期每季業務都會繼續連續成長。我們也預計毛利率將年比有所改善，並且我們正在重申到第四季度實現調整後 EBITDA 為正的承諾。

All that is to say is the investments we see in OpEx are going to be modest. We still see the number-one driver of our path to profitability is the continued revenue growth of the business, but we will be looking to ensure that we continue to accelerate growth and where there's opportunities to invest efficiently and profitably, we absolutely (inaudible)

也就是說，我們看到的營運支出投資將會是適度的。我們仍然認為，獲利道路上的首要驅動力是業務的持續收入成長，但我們將努力確保繼續加速成長，並且當有機會進行有效且有利可圖的投資時，我們絕對（聽不清楚）

Brendan Smith, TD Cowen.

布倫丹·史密斯（Brendan Smith），TD Cowen。

It's Chad Wiatrowski on for Brendan. Now that Atlas, the spinout is executed, I just wanted to take this opportunity to ask about M&A. What do you view as maybe potential white space in the business today? Is that something you're thinking about? Or is the focus in the near term as you march towards profitability just to continue to launch new products, which you've obviously been doing pretty efficiently in terms of R&D expense?

查德·維亞特羅斯基 (Chad Wiatrowski) 替補布倫丹 (Brendan)。現在 Atlas 已經分拆完畢，我只是想藉此機會詢問一下有關併購的問題。您認為當今商業領域可能有哪些空白？這是你正在考慮的事情嗎？或者，在你們邁向獲利的過程中，短期內的重點是否只是繼續推出新產品，而從研發費用方面來看，你們顯然已經做得相當高效了？

Yeah. Thanks for the question. I think we have just relentless focus on the drive to adjusted EBITDA breakeven. We've a good track record in delivering just sequential performance over the last few years, and there's no reason for that to continue or not to continue, excuse me. We're building the muscle to learn what's going out in the market and think about inorganic augmentation of the product portfolio. And so -- but for the near term, we're concentrating just on our game.

是的。謝謝你的提問。我認為我們只是堅持不懈地致力於實現調整後的 EBITDA 損益平衡。我們在過去幾年中一直保持著良好的業績記錄，沒有理由繼續或不繼續這種業績，對不起。我們正在努力了解市場動態，並考慮對產品組合進行無機增強。所以——但就短期而言，我們只專注於我們的比賽。

Tom DeBourcy, Nephron Research.

湯姆·德布爾西（Tom DeBourcy），腎元研究室。

Just around, I guess, international growth, I know it's been a little lumpy over time, but just wanted to understand how the company is adapting its platform and addressing regional market demand and maybe challenges given tariffs and other situations internationally and I guess, your opportunity to grow there?

我想，就國際成長而言，我知道隨著時間的推移，它有點不穩定，但我只是想了解公司如何調整其平台並滿足區域市場需求，以及在國際上可能面臨的關稅和其他情況方面的挑戰，我想，您在那裡有機會成長？

Yeah. Thanks, Tom, for the question. Obviously, there's some uncertainty around tariffs, but we have a good advantage is that we have a low variable cost in our platform. And for us, very important is to drive volume. And the last quarter or so, there has been tariff on, tariff off.

是的。謝謝湯姆提出這個問題。顯然，關稅方面存在一些不確定性，但我們的一個很好的優勢是我們的平台的變動成本較低。對我們來說，提高銷量非常重要。上個季度左右，關稅一直在上調和下調。

But I think we were able to navigate that, and we're able to take more than our fair share. I think Patty mentioned earlier that -- and I'll reiterate because it's just very important, is what we offer to our customers is fast, high quality and lower cost DNA than the competition, and which means that any time there is a funding issue from -- because of government funding or due to tariffs, we are in a better position to take advantage of it because we offer more short-term goals for a given budget.

但我認為我們能夠解決這個問題，並且能夠獲得比我們應得的份額更多的利益。我認為帕蒂之前提到過——我要重申，因為這非常重要，我們為客戶提供的是比競爭對手更快、更高品質、更低成本的 DNA，這意味著任何時候由於政府資助或關稅而出現資金問題，我們都能更好地利用它，因為我們為給定的預算提供了更多的短期目標。

So we'll keep leaning into our differentiation into our opportunity, and we are committed to delivering continued sequential growth quarter after quarter. And it's all thanks to the very varied market that we serve, the hundreds of SKUs that we have thousands of customers. We have a very resilient growth engine, and we keep leveraging.

因此，我們將繼續利用差異化優勢抓住機遇，並致力於實現逐季持續成長。這一切都歸功於我們所服務的市場非常多樣化，數百種 SKU 以及數千名客戶。我們擁有非常有韌性的成長引擎，我們將繼續發揮其作用。

Rachel Vatnsdal, JPMorgan.

摩根大通的 Rachel Vatnsdal。

This is Jaden on for Rachel. I just had a quick one on Synbio for the quarter. I was wondering if you could speak more about what drove weakness on Synbio versus what you were originally guiding for of $37 million to $39 million?

這是 Jaden 為 Rachel 表演的。我剛剛快速回顧了本季的合成生物學情況。我想知道您是否可以進一步談談導致 Synbio 銷售額低於您最初預測的 3700 萬至 3900 萬美元水平的原因是什麼？

Yeah. Thanks for the question. So we knew we had a tough comp because we had a big contract with customers that didn't repeat quarter-over-quarter. And so we knew we had to bring more customers on the platform, which we did. We added hundreds of customers.

是的。謝謝你的提問。因此，我們知道我們面臨嚴峻的競爭形勢，因為我們與客戶簽訂了大合同，而該合約的季度環比沒有重複。因此我們知道我們必須為平台帶來更多的客戶，我們也確實這麼做了。我們增加了數百名客戶。

However, those are new customers, and we are still learning with them. And so there was a little bit of uncertainty in the forecast in terms of the speed at which they will ramp up. So if you exclude that one tough comp, the business is absolutely reaping more than 20% growth.

然而，這些都是新客戶，我們仍在向他們學習。因此，對於它們的成長速度的預測存在一些不確定性。因此，如果排除這一強勁對手，該業務絕對會實現 20% 以上的成長。

So overall, the business is doing really, really well. And that is before the full introduction of the NPI road map that we have. So overall, I think the future opportunity in Synbio is brighter than ever. And it happens at a time where we have a gross margin -- contribution margin for Synbio that is very close to NGS and at a time when we've crossed the initial threshold of 50% gross margin for our business.

所以整體來說，業務發展得非常非常好。那是在我們全面推出 NPI 路線圖之前。所以總的來說，我認為合成生物學的未來機會比以往任何時候都更加光明。此時，我們的 Synbio 毛利率——貢獻利潤率非常接近 NGS，而且我們的業務毛利率已經突破了 50% 的初始門檻。

And so now it's really time for us to put the foot on the gas in terms of commercial execution. And just go find all those new customers that are not yet customers because we know that once they are on the platform, and they're very happy and they are very sticky with the potential to create growth.

因此，現在確實是我們在商業執行上加強的時候了。去尋找所有那些還不是客戶的新客戶，因為我們知道，一旦他們進入平台，他們就會非常高興，並且非常具有黏性，具有創造成長的潛力。

So overall, that platform with the hundreds of applications and thousands of customers is going to give us resilience and growth.

總的來說，擁有數百個應用程式和數千個客戶的平台將為我們提供彈性和成長。

Thank you. I show no further questions at this time. I would now like to turn the call back over to Emily for closing remarks.

謝謝。我目前沒有其他問題。現在我想將電話轉回給艾米莉，請她做最後發言。

At Twist, we turn complexity into opportunity with a strong platform, definitive execution, and a relentless focus on customer-driven innovation, we are making high-value products that scale with margin. With gross margins now consistently above 50% and adjusted EBITDA breakeven in sight, we are operating from a position of strength. We are well positioned to accelerate growth, deliver impact, and to create lasting value. Thank you.

在 Twist，我們憑藉強大的平台、明確的執行力以及對客戶驅動型創新的不懈關注，將複雜性轉化為機遇，我們正在製造可隨利潤擴展的高價值產品。目前，我們的毛利率持續維持在 50% 以上，調整後的 EBITDA 可望實現盈虧平衡，我們的經營狀況十分穩健。我們已做好準備，加速成長、產生影響力並創造持久價值。謝謝。

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

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。