Twist Bioscience Corp (TWST) 2025 Q4 法說會逐字稿

Welcome to Twist Biosciences 2025 fourth-quarter financial results conference call. (Operator Instructions) Please note, this conference is being recorded.

歡迎參加 Twist Biosciences 2025 年第四季財務業績電話會議。（操作員說明）請注意，本次會議正在錄音。

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

現在我將把電話交給企業事務資深副總裁安琪拉‧比廷。請繼續。

Thank you, operator. Good morning, everyone. I would like to thank you for joining us for Twist Bioscience conference call to review our fiscal 2025 fourth-quarter and full year 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.

謝謝接線生。各位早安。感謝各位參加 Twist Bioscience 的電話會議，共同回顧我們 2025 財年第四季及全年的財務表現及業務進展。我們在市場發布前發布了財務業績新聞稿，您可以在我們的網站 www.twistbioscience.com 上查看。

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. We will then open the call for questions.

今天與我一起參加電話會議的有：Twist 的執行長兼聯合創始人 Emily Leproust 博士；Twist 的財務長 Adam Laponis；以及 Twist 的總裁兼營運長 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。接下來我們將開放提問環節。

We ask that you limit your questions to only one, and then requeue as a courtesy to others on the call. 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.

請您將問題限制為一個，然後重新排隊，以示對其他通話者的尊重。本次通話正在錄音。音訊部分將存檔於我們網站的投資者關係版塊，並保留兩週。

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 and financial periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected.

在今天的演講中，我們將做出符合美國聯邦證券法定義的前瞻性陳述。前瞻性陳述通常與未來事件或未來的財務或經營績效有關。我們對這些問題的預期和信念可能不會實現，實際結果和財務期間會受到風險和不確定性的影響，這些風險和不確定性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 our press release we issued earlier today as well as more fully described in our filings with the Securities and Exchange Commission. The forward-looking statements in this presentation are based on information available to us as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law.

這些風險包括我們今天早些時候發布的新聞稿中列出的風險，以及我們在提交給美國證券交易委員會的文件中更詳細描述的風險。本簡報中的前瞻性聲明是基於截至本簡報發布之日我們所掌握的信息，除法律要求外，我們不承擔更新任何前瞻性陳述的義務。

We'll also discuss adjusted EBITDA, a financial measure that does not conform with generally accepted accounting principles. Information may be calculated differently than similar non-GAAP data presented by other companies. When reported, a reconciliation between GAAP and non-GAAP financial measures will be included in our earnings documents, which can be found on the Investors section of our website.

我們也將討論調整後的 EBITDA，這是一個不符合公認會計原則的財務指標。本資訊的計算方法可能與其他公司提供的類似非GAAP資料有所不同。如有報告，我們將在收益文件中提供 GAAP 和非 GAAP 財務指標的調整表，您可以在我們網站的投資者關係部分找到這些文件。

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

接下來，我將把電話交給我們的執行長兼聯合創始人艾米麗·勒普魯斯特博士。

Thank you, Angela, and good morning, everyone. Today, our team delivered a record quarter with $99 million in revenue, exceeding our guidance. This represents an increase of 17% year-over-year and our 11 quarter of consecutive growth. For the year, we reported $376.6 million in revenue, growth of 20% over fiscal 2024. Gross margin for the quarter came in at 51.3%.

謝謝你，安琪拉，大家早安。今天，我們的團隊實現了創紀錄的季度業績，收入達到 9,900 萬美元，超出了我們的預期。這比去年同期成長了 17%，也是我們連續第 11 個季度成長。本年度，我們的營收為 3.766 億美元，比 2024 財年成長 20%。本季毛利率為 51.3%。

For the year, gross margin was 50.7% compared to 42.6% for fiscal 2024, demonstrating the leverage of fixed cost with higher volume and reflecting our focus over the last year on continuous margin improvement. I'd like to underscore that over the course of fiscal 2025, we grew our business 20%, leveraging our proprietary silicon deep-base technology platform to deliver high-quality products and services rapidly to our growing customer base.

今年毛利率為 50.7%，而 2024 財年為 42.6%，這表明固定成本與銷售成長之間存在槓桿作用，也反映了我們過去一年對持續提高毛利率的關注。我想強調的是，在 2025 財年期間，我們利用自主研發的矽基深層技術平台，快速地向不斷成長的客戶群提供高品質的產品和服務，實現了 20% 的業務成長。

Importantly, through the addition of new products and solutions, we expanded our market share with an eye towards addressing new supermarket in the year ahead. Our commitment to commercial excellence continues to ensure we meet and exceed our customers' expectations.

重要的是，透過增加新產品和解決方案，我們擴大了市場份額，並著眼於在未來一年開拓新的超市市場。我們始終致力於追求卓越的商業表現，以確保滿足並超越客戶的期望。

Today, with our differentiated manufacturing technology, our innovative R&D for the continuous introduction of new products, our base of more than 3,800 customers across multiple industries, our hundreds of SKUs having a wide range of levers applications and an increasing market share in multiple markets, we're operating with incredible execution and financial discipline. I know adjusted EBITDA breakeven within our reach by the end of fiscal 2026. This year, we'll focus on setting the stage for future growth acceleration.

如今，憑藉我們差異化的製造技術、不斷推出新產品的創新研發、遍布多個行業的 3800 多家客戶、數百種 SKU 涵蓋廣泛的槓桿應用以及在多個市場不斷增長的市場份額，我們以驚人的執行力和財務紀律開展運營。我知道到 2026 財年末，我們就能達到調整後 EBITDA 的損益平衡。今年，我們將著重為未來加速成長奠定基礎。

Turning to our results. SynBio revenue came in at $39.5 million, up 17% year-over-year. Our growth in Synbio to be led by the Express portfolio, which remains best-in-class in terms of price, turnaround time and scalability. Two years after launch, our customers have come to depend on the rapid on-time, high-quality and exceptional experience they receive from Twist as their new normal and what they expect regularly.

接下來來看看我們的結果。SynBio 的營收為 3,950 萬美元，較去年同期成長 17%。我們在合成生物學領域的成長將由 Express 產品組合引領，該產品組合在價格、週轉時間和可擴展性方面仍然是同類最佳。推出兩年後，我們的客戶已經習慣了 Twist 提供的快速準時、高品質和卓越的體驗，並將其視為新的常態和他們定期期望的服務。

We have decreased the turnaround time for gene fragment, clonogenes, high-throughput DNA preps and high-throughput IgG proteins, and we now run assets and provide antibody characterization data as part of our offering for many customers.

我們縮短了基因片段、克隆基因、高通量 DNA 製備和高通量 IgG 蛋白的周轉時間，現在我們為許多客戶提供資產運行和抗體表徵數據服務。

One area of substantial growth for Synbio and Biopharma offerings came from customer treating Twist to power their therapeutics discovery initiatives both traditional drug discovery and AI-enabled discovery because our platform delivers precision, scale, and speed at enabling economics.

Synbio 和 Biopharma 產品的一個顯著成長領域是客戶利用 Twist 來推動其治療藥物發現計劃，包括傳統藥物發現和 AI 賦能的發現，因為我們的平台能夠以經濟高效的方式提供精準性、規模和速度。

While traditional discovery continues to be a focus of many customers, the rapid expansion of AI-enabled drugs core create powerful new opportunities and amplifies the value of our technology. Recently, this AI-driven discovery fueled significant growth for Twist.

雖然傳統發現仍然是許多客戶的關注重點，但人工智慧賦能藥物的快速發展創造了強大的新機遇，並放大了我們技術的價值。最近，這項人工智慧驅動的發現推動了 Twist 的顯著成長。

In fiscal 2025, orders from customers working on AI discovery projects grew more than $25 million versus fiscal 2024. These projects primarily fall into the Synbio and Biopharma bucket today, and a customer pursuing AI-enabled discovery delivered our single largest purchase order to date. And the emergence of dozens of new organizations across pharma, biotech, and big tech pursuing new discovery approaches expands the market opportunity for Synbio and Biopharma groups today.

2025 財年，從事人工智慧探索專案的客戶訂單比 2024 財年增加了 2,500 多萬美元。目前這些項目主要屬於合成生物學和生物製藥領域，一位致力於人工智慧驅動發現的客戶為我們帶來了迄今為止最大的採購訂單。製藥、生物技術和大型科技領域湧現數十家新的組織，致力於探索新的發現方法，這擴大了當今合成生物學和生物製藥集團的市場機會。

Relatively, as we have moved further up the value chain from fragment to genes to prep to protein to delivering characterization data and beyond, the strategic connection between our Synbio and Biopharma groups tightens.

相對而言，隨著我們從片段到基因，再到製備到蛋白質，再到提供表徵數據及更遠的環節，價值鏈不斷向上發展，我們的合成生物學和生物製藥團隊之間的戰略聯繫也日益緊密。

More customers now leverage both products and services to accelerate discovery and identify breakthrough therapeutics. This growing convergence highlights the power of our integrated platforms and reinforces Twist’s unique position to serve the full spectrum of innovation in discovery, with more products and services to facilitate this growing opportunity coming in the months ahead.

現在越來越多的客戶同時利用產品和服務來加速發現和識別突破性療法。這種日益增長的整合凸顯了我們整合平台的強大實力，並鞏固了 Twist 在服務於發現領域全方位創新方面的獨特地位，未來幾個月還將推出更多產品和服務，以促進這一不斷增長的機會。

Over the last several years, our product introductions have focused on pharma and biotech customers pursuing therapeutic discovery as well as academic research. As we analyze the future market opportunities, we believe these continue to be ripe areas of focus for additional tools and services. Moving forward, we have a robust roadmap and planned product introductions to augment our portfolio that we believe will continue to drive revenue growth in 2026 and in the future.

過去幾年，我們的產品推出主要針對從事治療藥物研發和學術研究的製藥和生技客戶。在分析未來市場機會時，我們認為這些領域仍是需要更多工具和服務的重要關注方向。展望未來，我們制定了穩健的路線圖和計劃推出的產品，以擴充我們的產品組合，我們相信這將繼續推動2026年及以後的收入成長。

Turning to NGS, we reported revenues of $53 million, growth of 16% year-over-year, driven largely by continued commercial success from our diagnostic customers’ clinical assays. Our NGS products are an integral component within many commercial diagnostic workflows. We call that we provide tools for customers offering tests for therapy selection, liquid biopsy, comprehensive genome profiling, rare disease, non-invasive prenatal testing, and population genetics.

轉向 NGS，我們報告的收入為 5300 萬美元，同比增長 16%，這主要得益於我們診斷客戶在臨床檢測方面持續取得的商業成功。我們的 NGS 產品是許多商業診斷工作流程中不可或缺的一部分。我們稱之為我們為客戶提供的工具，這些工具提供用於治療選擇、液體活檢、綜合基因組分析、罕見疾病、非侵入性產前檢測和群體遺傳學的測試。

In addition, we continue to support minimal residual disease customers with several of these groups targeting commercial launch in late 2026 and planning commercial scaling into 2027. And we are beginning to see conversion of the microarray to Flex Prep Plus Sequencing Workflow. Introduced about a year ago, we believe this product provides significant potential growth opportunities both for population genetics and ag bio applications.

此外，我們繼續為微小殘留疾病患者提供支持，其中幾個群體計劃在 2026 年底進行商業化推廣，並計劃在 2027 年擴大商業規模。我們開始看到微陣列向 Flex Prep Plus 定序工作流程的轉換。該產品於大約一年前推出，我們相信它在群體遺傳學和農業生物應用方面都具有巨大的潛在成長機會。

During the quarter, we had two significant population genetic wins, with the final growing in serviceable opportunity for the $500 million market that uses SNP microarray technology today. Customers in both segments run millions of samples, so once converted, the business is bulky. We have maintained our sequencing agnostic strategies throughout our NGS product portfolio with all sequencing platforms.

本季度，我們在人口遺傳學領域取得了兩場重大勝利，其中最後一場勝利為目前使用 SNP 微陣列技術的 5 億美元市場帶來了可服務的機會。這兩個領域的客戶都會進行數百萬次的樣品測試，因此一旦轉化，業務規模就會非常龐大。我們在所有 NGS 產品組合中，對所有定序平台都堅持了與定序平台無關的策略。

While the majority of our customers continue to use the Illumina platform and we have an active OEM agreement with Illumina, we also see growing interest in other platforms. To this end, we announced an advancement of our agreement with Element Biosciences last month that enables us to gain exclusive access to Element’s new Trinity Freestyle workflow, facilitating the use of Twist’s full lineup of library preps for the IVT system.

雖然我們的大多數客戶繼續使用 Illumina 平台，並且我們與 Illumina 保持著有效的 OEM 協議，但我們也看到人們對其他平台的興趣日益濃厚。為此，我們上個月宣布了與 Element Biosciences 的協議的進展，使我們能夠獨家使用 Element 的全新 Trinity Freestyle 工作流程，從而方便 Twist 為 IVT 系統提供全套文庫製備方案。

Together, Element and Twist shorten the workflow from sample sequencer from more than 20 hours down to five hours, a true time savings. In addition, we are powering the gene-by-gene population genetics test that runs on the Ultima Genomics sequencing platform. This complements our work with PacBio, Oxford Nanopore, and others.

Element 和 Twist 的結合，將從採樣音序器到最終成品的整個工作流程從 20 多個小時縮短到 5 個小時，真正節省了時間。此外，我們正在為在 Ultima Genomics 定序平台上運行的逐基因群體遺傳學測試提供支援。這與我們和 PacBio、Oxford Nanopore 等公司的合作相輔相成。

We continue to see traction building for our RNA-seq workflows, having customers who offer diagnostic tests as well as labs offering clinical services with growth expected across all areas of our NGS portfolio in 2026.

我們的 RNA-seq 工作流程持續獲得市場認可，客戶包括提供診斷測試的客戶以及提供臨床服務的實驗室，預計到 2026 年，我們 NGS 產品組合的所有領域都將實現成長。

Looking at Biopharma services, we reported $6.4 million in revenue, an increase of 22% year-over-year. Importantly, orders of approximately $11.5 million for the fourth quarter of fiscal 2025 reflect a large order that spans both SynBio and Biopharma from a key account that we do not expect to repeat every quarter.

從生物製藥服務來看，我們的收入為 640 萬美元，年增 22%。值得注意的是，2025 財年第四季約 1,150 萬美元的訂單反映了來自一個重要客戶的大額訂單，該訂單涵蓋合成生物學和生物製藥領域，我們預計不會每個季度都重複收到此類訂單。

More customers now partner with Twist across the full design, build, test, and learn cycle for developability assays and characterization data. This trend continues to grow, especially among AI-driven drug discovery companies. Many of these customers operate without a wet lab and rely on Twist to execute the critical experiments that bring their designs to life.

現在，越來越多的客戶與 Twist 合作，參與整個設計、建置、測試和學習週期，以獲取可開發性分析和表徵資料。這一趨勢仍在持續成長，尤其是在人工智慧驅動的藥物研發公司中。這些客戶中有很多沒有濕實驗室，依靠 Twist 來執行關鍵實驗，從而實現他們的設計。

We help them move fast, generate robust data, and advance programs with great confidence. We see much more integration between our Synbio and Biopharma businesses as customers increasingly use both our products and services to power their discovery pipelines.

我們幫助他們快速行動，產生可靠的數據，並充滿信心地推進專案。隨著客戶越來越多地使用我們的產品和服務來推動其研發流程，我們看到合成生物學和生物製藥業務之間的整合程度越來越高。

To capture this opportunity, we aligned our sales organizations to deepen collaboration and fully leverage the synergies between the two. We also received valuable feedback from investors that our Synbio and Biopharma names for revenue grouping feel more clear.

為了抓住這個機會，我們調整了銷售組織，以深化合作並充分發揮兩者之間的協同效應。我們也收到了投資者的寶貴回饋，他們認為我們用 Synbio 和 Biopharma 來劃分收入類別的名稱更加清晰明了。

Reflecting this progress and feedback, we will combine Synbio and Biopharma revenue for reporting going forward under the term DNA synthesis and protein solutions, indicating synthesis and manufacturing of sequences for DNA, RNA, proteins, and data for customers going through the design, build, test, learn cycle.

鑑於此進展和回饋，我們將把合成生物學和生物製藥的收入合併，並統稱為 DNA 合成和蛋白質解決方案，表示為正在經歷設計、構建、測試、學習週期的客戶提供 DNA、RNA、蛋白質和數據的序列合成和製造服務。

DNA synthesis and protein solutions more accurately represent our customer base, and we intend to provide additional insight into industry groupings that better reflects how we serve a broad range of customers.

DNA 合成和蛋白質解決方案更準確地代表了我們的客戶群體，我們打算提供更多關於行業分組的見解，以便更好地反映我們如何服務廣泛的客戶群體。

Our NGS tools will now be called NGS applications as these products and services facilitate DNA reading sequencing workflows. Beginning in the first quarter of fiscal 2026, we will be breaking out industry groupings into therapeutics, diagnostic, industry and applied markets, as well as academics and government.

我們的 NGS 工具現在將被稱為 NGS 應用，因為這些產品和服務有助於 DNA 讀取定序工作流程。從 2026 財年第一季開始，我們將把產業分組細分為治療、診斷、工業和應用市場，以及學術界和政府。

In addition, something that is underappreciated about Twist is the number of organizations that buy products from Twist and then resell them under a different brand name. As such, we will also share global supply partner revenue encompassing distributor and OEM partners as part of our industry breakdown. These new groupings enhance transparency and better align with how our business operates, providing investor insight into our strong growth engine.

此外，Twist 的一個被低估的特點是，許多組織從 Twist 購買產品，然後以不同的品牌名稱轉售。因此，作為行業細分的一部分，我們還將分享包括分銷商和 OEM 合作夥伴在內的全球供應合作夥伴收入。這些新的分組提高了透明度，並更好地契合了我們業務的運作方式，讓投資者深入了解我們強勁的成長引擎。

I would now like to turn the call over to Patty for commentary on our growth initiative for 2026.

現在我想把電話交給派蒂，請她對我們 2026 年的成長計畫發表一些看法。

Thanks, Emily. As we close fiscal 2025, it's remarkable what we have achieved in the last year, and I'm even more excited about what is to come. While my comments during earnings throughout the last year focused on margin initiatives, we have now crossed the important threshold of 50% margin, almost 20 margin points increase over the last two years. We expect to continue to remain above 50% margin moving forward. And this year, my remarks will focus on our growth plan.

謝謝你，艾米麗。2025 財年即將結束，我們在過去一年中所取得的成就令人矚目，我對未來更加充滿期待。雖然我在過去一年的財報發布會上主要關注利潤率提升措施，但我們現在已經突破了 50% 的利潤率這一重要門檻，在過去兩年中利潤率提高了近 20 個百分點。我們預計未來利潤率將持續維持在50%以上。今年，我的演講將重點介紹我們的成長計劃。

Today, I'd like to talk about remarkable and differentiated product introduction for our NGS product line aimed at empowering our customers in an area of increasing importance for cancer diagnosis, monitoring and treatment.

今天，我想談談我們為 NGS 產品線推出的卓越且差異化的產品，旨在幫助我們的客戶在癌症診斷、監測和治療這一日益重要的領域中取得成功。

I'm pleased to share that we're in the final stages of optimizing an express product for minimal residual disease, or MRD, which we expect to introduce commercially in early calendar 2026. As you know, MRD for therapy selection cancer monitoring and early treatment of recurrence offers tremendous promise.

我很高興地宣布，我們正在對一種用於檢測微小殘留病灶（MRD）的快速產品進行最後優化，預計將於 2026 年初正式推出。如您所知，MRD 在癌症治療選擇、癌症監測和復發早期治療方面具有巨大的潛力。

We already work with many MRD customers providing library prep and target enrichment panels for tumor-informed and tumor-naive panels as well as whole genome sequencing approaches. And we continue to hear from customers developing tumor-informed assays that we gain better sensitivity and specificity using hundreds or thousands of sequences specific to a patient's tumor.

我們與許多 MRD 客戶合作，為腫瘤相關和腫瘤陰性樣本提供文庫製備和標靶富集面板，以及全基因組定序方法。我們不斷聽到開發腫瘤資訊檢測方法的客戶回饋，使用數百或數千個針對患者腫瘤的序列，可以獲得更高的靈敏度和特異性。

The data presented at recent medical meetings back up these beliefs. Reportedly, recent studies also show that physicians desire the capability to sequence the cancers present and have a test in hand for a patient with cancer within a four-week window. While we currently manufacture enrichment panels within about five business days, we see the desire for delivery of a tumor-informed panel as fast as 12 hours.

近期醫學會議上公佈的數據也支持這些觀點。據報道，最近的研究還表明，醫生們希望能夠對存在的癌症進行測序，並在四周內為癌症患者提供檢測結果。雖然我們目前大約需要五個工作天才能生產出富集面板，但我們看到客戶希望在 12 小時內交付腫瘤相關資訊面板。

Using our proprietary DNA systhesis platform, we developed a process to do just that. Manufacturing ship an individualized panel as fast as 12 hours after receiving the sequence data.

利用我們專有的DNA合成平台，我們開發了實現這一目標的流程。生產部門在收到序列資料後最快 12 小時內即可出貨客製化面板。

Our MRD Express solution provides a speeden simplest of a tumor naive test while maintaining the precision and sensitivity of a tumor-informed as something not possible using any other method of DNA synthesis.

我們的 MRD Express 解決方案提供了一種最快、最簡單的腫瘤檢測方法，同時保持了腫瘤檢測的精確性和靈敏度，這是使用任何其他 DNA 合成方法都無法實現的。

Taking a step back and looking at the broader implications, we all move family and friends and maybe many of you personally impacted by cancer diagnosis. In the midst of the storm, turnaround time is critically important, both to determine treatment I create a personalized panel to monitor recurrence of disease.

退一步來看，從更廣泛的影響來看，我們都會搬家，家人和朋友都會受到影響，也許你們中的許多人都會受到癌症診斷的影響。在風暴之中，週轉時間至關重要，既是為了確定治療方案，我也創建了一個個人化的小組來監測疾病復發。

At Twist, we believe it's our responsibility to respond rapidly, potentially offering a path to enable reduced treatment time or pursue therapy at an earlier stage of disease. This higher calling motivates all of our twisters to go above and beyond for our customers to play a role in transforming cancer into a manageable chronic condition.

在 Twist，我們認為我們有責任迅速做出反應，從而有可能縮短治療時間或在疾病早期階段進行治療。這種崇高的使命感激勵著我們所有的員工竭盡全力為客戶服務，為將癌症轉變為可控的慢性疾病貢獻力量。

On the business side, we believe Twist MRD expressed has the ability to support our customers in changing the diagnostic and treatment paradigm, lowering the operational barrier of entry for personalized MRP. We've been able to shift through our synthesis platform along with automation, delivering personalized panels and a time line equivalent to a tumor naive workflow.

在商業方面，我們相信 Twist MRD 表達能夠幫助我們的客戶改變診斷和治療模式，並降低個人化 MRP 的營運准入門檻。我們已經能夠透過我們的合成平台以及自動化，提供個人化的面板和與腫瘤初始工作流程相當的時間軸。

We believe our connection to the customer, our ability to turn a customized panel is used 12-hours, all underpinned by our proprietary platform will enable increasing availability of tumor-informed cancer acids. On top of this, we have the capacity today to serve these markets, future-proofing customer supply chain constraints and vulnerabilities.

我們相信，我們與客戶的聯繫，我們能夠將客製化面板在 12 小時內投入使用，所有這些都以我們專有的平台為基礎，這將使腫瘤資訊抗癌酸的可用性不斷提高。除此之外，我們現在有能力服務這些市場，以應對客戶供應鏈未來的限制和脆弱性。

With that, I'll turn the call over to Adam to discuss our financials.

接下來，我會把電話交給亞當，讓他來討論我們的財務狀況。

Thank you, Paddy. Revenue for the fourth quarter increased to $99 million, growth of 17% year-over-year and approximately 3% sequentially. For fiscal 2025, revenue increased to $376.6 million, growth of 20% year-over-year.

謝謝你，帕迪。第四季營收增至 9,900 萬美元，年增 17%，季增約 3%。2025 財年，營收增至 3.766 億美元，年增 20%。

Gross margin came in at 51.3% for the fourth quarter of fiscal 2025 with the margin for full year of 50.7% and an increase of 8 margin points versus fiscal 2024, with approximately 90% of revenue growth in FY25 dropping to the gross margin line, supported by our continuous process improvement efforts.

2025 財年第四季毛利率為 51.3%，全年毛利率為 50.7%，較 2024 財年成長 8 個百分點，2025 財年約 90% 的營收成長轉化為毛利率成長，這得益於我們持續的流程改善工作。

Taking a deeper dive in our revenue. Synbio revenue increased to $39.5 million, growth of 17% year-over-year. For the full year, Synbio revenue increased to $145 million compared to $123.5 million in fiscal 2024, an increase of 17%. The NGS revenue for the fourth quarter grew approximately $53 million compared to $45.5 million in the fourth quarter of fiscal 2024, an increase of 16% year-over-year.

深入分析我們的收入。合成生物學收入增至 3,950 萬美元，年增 17%。全年來看，Synbio 的營收從 2024 財年的 1.235 億美元成長到 1.45 億美元，成長 17%。NGS 第四季的營收約為 5,300 萬美元，而 2024 財年第四季的營收為 4,550 萬美元，較去年同期成長 16%。

For the quarter, revenue from our top 10 NGS customers accounted for approximately 39% of NGS revenue. For fiscal 2025, NGS revenue increased to $208.1 million, growth of 23% year-over-year. We served 588 NGS customers in the quarter with 159 having adopted our products.

本季度，我們前 10 大 NGS 客戶的營收約佔 NGS 營收的 39%。2025 財年，NGS 營收增至 2.081 億美元，年增 23%。本季度我們為 588 位 NGS 客戶提供了服務，其中 159 位採用了我們的產品。

For biopharma, revenue was $6.4 million for the quarter, a growth of 22% over the same period in fiscal '24, with orders of $11.5 million. We had 84 active programs as of the end of September 2025 and we started 47 new programs during the quarter. Compared to last quarter, these programs are more substantive as we see a shift to AI discovery-driven projects. For fiscal 2025, revenue was $23.5 million, growth of 15%.

生物製藥業務本季營收為 640 萬美元，比 2024 財年同期成長 22%，訂單金額為 1,150 萬美元。截至 2025 年 9 月底，我們有 84 個活躍項目，並且本季我們啟動了 47 個新項目。與上個季度相比，這些項目更具實質性，我們看到項目正在向人工智慧發現驅動型項目轉變。2025 財年營收為 2,350 萬美元，成長 15%。

Looking geographically. Americas revenue increased to approximately $57.3 million in the fourth quarter compared to $52.7 million in the same period of fiscal 2024, growth of 9% year-over-year.

從地理位置上看。美洲地區第四季營收增至約 5,730 萬美元，而 2024 財年同期為 5,270 萬美元，較去年同期成長 9%。

For the fiscal year, the Americas accounted for 60% of revenue. EMEA revenue rose to $34.6 million in the fourth quarter versus $25.5 million in the same period of fiscal 2024, exceptional growth of 35% year-over-year. For the fiscal year, EMEA represented 33% of revenue. APAC revenue increased to $7.2 million in the fourth quarter compared to $6.5 million in the same period of fiscal '24, an increase of 9% year-over-year. APAC accounted for 7% of our revenue in fiscal 2025. China continues to be a relatively small portion of our revenue at approximately 1% of total revenue for fiscal 2025.

在本財政年度，美洲地區佔總收入的 60%。EMEA 地區第四季營收增至 3,460 萬美元，而 2024 財年同期為 2,550 萬美元，年增 35%，增幅顯著。在本財年，歐洲、中東和非洲地區佔總營收的 33%。亞太地區第四季營收增至 720 萬美元，而 2024 財年同期為 650 萬美元，年增 9%。2025財年，亞太地區占我們營收的7%。中國在我們2025財年的收入中所佔比例仍然相對較小，約為總收入的1%。

Moving down the P&L. Operating expenses, excluding cost of revenues for the fourth quarter were $80.8 million compared with $74.3 million in the same period of 2024. Operating expenses, excluding cost of revenues for fiscal 2025 were $327.3 million, which marks our third consecutive year of relatively flat operating expenses, excluding cost of revenues.

向下移動損益表。第四季營業費用（不含營業成本）為 8,080 萬美元，而 2024 年同期為 7,430 萬美元。2025 財年的營運費用（不包括收入成本）為 3.273 億美元，這標誌著我們連續第三年營運費用（不包括收入成本）保持相對穩定。

Looking at our progress and our path to profitability. For the fourth quarter of fiscal 2025, adjusted EBITDA was a loss of approximately $7.8 million, an improvement of $9.2 million versus the fourth quarter of fiscal '24. For fiscal '25, adjusted EBITDA was a loss of approximately $46.9 million, an improvement of approximately $46.6 million versus fiscal 2024. Cash flow from operating activities continued to improve, and we are driving to breakeven.

審視我們的進展和實現盈利的路徑。2025 財年第四季調整後 EBITDA 虧損約 780 萬美元，較 2024 財年第四季改善 920 萬美元。2025 財年調整後 EBITDA 虧損約 4,690 萬美元，較 2024 財年改善約 4,660 萬美元。經營活動產生的現金流持續改善，我們正朝著損益兩平點邁進。

For the 12 months ended September 30, 2025, net cash used in operating activities was $47.6 million. compared to $64.1 million for the equivalent 12-month period in 2024. Capital expenditures in fiscal 2025 were $28 million, reflecting our investment in growth for fiscal 2026 and beyond. We ended the fiscal year with cash, cash equivalents and short-term investments of approximately $232.4 million.

截至 2025 年 9 月 30 日的 12 個月期間，經營活動使用的淨現金為 4,760 萬美元，而 2024 年同期為 6,410 萬美元。2025 財年的資本支出為 2,800 萬美元，反映了我們對 2026 財年及以後成長的投資。本財年結束時，我們持有現金、現金等價物和短期投資約 2.324 億美元。

As Emily mentioned, beginning next quarter, we will provide new revenue by industry for the following categories with increased clarity around our key customer groups and transparency on how we are progressing as follows.

正如艾米麗所提到的，從下個季度開始，我們將按行業提供以下類別的新收入，並提高我們主要客戶群的清晰度，以及提高我們進展的透明度，具體如下。

Therapeutics customers, which includes both large pharma and early-stage biotech. Diagnostics customers who use our products to deliver a clinical report for a patient, industrial and applied customers, including agricultural bio. Academic research and government customers. Global supply partners, which will include distributor and OEM partners servicing customers across a variety of industry.

治療藥物客戶，包括大型製藥公司和早期生物技術公司。診斷客戶使用我們的產品為患者提供臨床報告，工業和應用客戶，包括農業生物技術客戶。學術研究和政府客戶。全球供應合作夥伴，包括為各行各業客戶提供服務的經銷商和 OEM 合作夥伴。

We believe these new categories will provide added color and metrics for investors to track our progress in reaching different end markets and customer segments. We do intend to share a retrospective view on the new industry group performance in our fiscal first quarter reporting.

我們相信，這些新類別將為投資者提供更多色彩和指標，以追蹤我們在拓展不同終端市場和客戶群方面的進展。我們計劃在第一財季報告中分享新產業集團績效的回顧性分析。

Turning to guidance for fiscal 2026. We expect total revenues of $425 million to $435 million, growth of approximately 13% to 15.5% year-over-year. For our DNA synthesis and Protein Solutions Group, we expect revenue of $194 million to $199 million, growth of 15% to 18% over fiscal 2025, reflecting strong demand from our AI discovery customers.

接下來展望2026財年業績。我們預計總營收為 4.25 億美元至 4.35 億美元，年增約 13% 至 15.5%。對於我們的 DNA 合成和蛋白質解決方案集團，我們預計 2025 財年的營收將達到 1.94 億美元至 1.99 億美元，成長 15% 至 18%，這反映了我們人工智慧發現客戶的強勁需求。

For NGS Applications Group, we expect revenue of $231 million to $236 million, growth of 11% to 13.5% over fiscal 2025. We see a path back to 20% growth year-over-year by Q4, as we expect the large diagnostic customer will begin ramping their commercial volume in the second quarter.

對於 NGS 應用集團，我們預計 2025 財年營收為 2.31 億美元至 2.36 億美元，成長 11% 至 13.5%。我們認為，到第四季度，年成長率預計將恢復到 20%，因為我們預計大型診斷客戶將在第二季度開始提高其商業產量。

As added color, our NGS forecast assumes approximately 1 to 2 points of growth for MRD in fiscal '26. With the ramp for this particular product group coming in late '26, into '27. We expect gross margin to be above 52% for fiscal 2026, and we expect to exit fiscal '26 with our fourth quarter achieving adjusted EBITDA breakeven.

為了增添色彩，我們的 NGS 預測假設 2026 財年 MRD 將成長約 1 至 2 個百分點。此特定產品系列的量產計畫將於 2026 年底至 2027 年啟動。我們預計 2026 財年的毛利率將超過 52%，我們預計 2026 財年第四季將實現調整後 EBITDA 收支平衡。

For the first quarter of fiscal 2026, we expect revenue of $100 million to $101 million, growth of 13% to 14% compared to the first quarter of fiscal 2025. Our guidance includes the expectation that our Q1 revenue will be impacted by a large cancer diagnostics customer who is transitioning their assay from research to commercial with a reacceleration of purchasing in the second quarter of fiscal 2026. We also see significant revenue from the record AI drug discovery order since that our two product groups will be relatively equivalent to the first quarter.

我們預計 2026 財年第一季的營收為 1 億美元至 1.01 億美元，比 2025 財年第一季成長 13% 至 14%。我們的預期包括：第一季營收將受到一家大型癌症診斷客戶的影響，該客戶正在將其檢測方法從研究階段過渡到商業階段，並將在 2026 財年第二季重新加速採購。我們也預計，創紀錄的人工智慧藥物研發訂單將帶來可觀的收入，因為我們的兩個產品組將與第一季大致相當。

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

就這樣，我把電話轉回給艾蜜莉。

Thank you, Adam. Our team executed exceptionally well through 2025, delivering strong results and building the foundation for what comes next. At Twist, we often say after a strong finish, we go again. We see substantial opportunity ahead across all our markets. Staying close to our customers continues to be our greatest competitive advantage. It allows us to anticipate emerging needs and identify the next set of products that will move the needle for growth.

謝謝你，亞當。我們的團隊在 2025 年表現出色，取得了顯著成果，並為未來奠定了基礎。在 Twist，我們常說，在取得一個好的成績之後，我們會再次全力以赴。我們看到所有市場都蘊藏著巨大的發展機會。與客戶保持緊密聯繫仍然是我們最大的競爭優勢。它使我們能夠預測新興需求，並確定下一批能夠推動成長的產品。

Like our customers, we have an unbiased set of ideas and a disciplined approach to prioritization. Over the past two years, we deliberately focused on gross margin expansion, and with gross margins now above 50%, we have successfully positioned the business for continued profitable growth. As we reallocate R&D resources towards growth, we’re investing in innovation that we believe will drive sustained top-line acceleration. Our roadmap remains robust and well-sequenced to deliver growth over the next several years.

與我們的客戶一樣，我們擁有一套公正的理念和嚴謹的優先排序方法。過去兩年，我們著重提升毛利率，目前毛利率已超過 50%，成功為業務的持續獲利成長奠定了基礎。隨著我們將研發資源重新分配到成長領域，我們正在投資我們認為能夠推動營收持續成長的創新。我們的路線圖依然穩健且條理清晰，能夠確保未來幾年能達到成長。

Looking forward, we expect balanced growth across our DNA synthesis and protein solutions and NGS applications, with some normal quarterly variation. We are advancing new products that support customers leveraging AI in drug discovery, as well as those using traditional therapeutics development methods.

展望未來，我們預期DNA合成和蛋白質解決方案以及NGS應用將實現均衡成長，並伴隨一些正常的季度波動。我們正在推動新產品的研發，這些產品既支持利用人工智慧進行藥物發現的客戶，也支持使用傳統療法開發方法的客戶。

Fiscal 2026 is about translating our margin strength into durable revenue growth. We know where we need to go, and we are already on our way.

2026財年的目標是將我們的利潤優勢轉化為可持續的收入成長。我們知道我們要去哪裡，而且我們已經在路上了。

With that, let’s open the call for questions. Operator.

那麼，接下來就讓我們開始提問吧。操作員。

(Operator Instructions) Catherine Schulte, Baird.

（操作說明）凱瑟琳·舒爾特，貝爾德。

Maybe first on gross margins, guidance for the fiscal year implies low 60s incremental margins off of 25%. So it would be in that 75% to 80% range if we did it off of '24. I think the expectation was you’d flow more of the '25 upside through. I guess the question is, is this pricing-driven? Do you have some manufacturing investments that you’re making? When do we get back to the kind of 75% to 80% incrementals?

首先來看毛利率，本財年的預期毛利率在 25% 的基礎上略微提高到 60% 左右。如果以 24 年的數據為基準，那麼結果應該在 75% 到 80% 的範圍內。我認為大家的預期是，你會把25年的上漲潛力更多地釋放出來。我想問的是，這是價格驅動的嗎？你們在製造業有哪些投資計畫？我們什麼時候才能恢復到75%到80%的增量水準？

Catherine, this is Adam. Thanks for the question. Very much encouraged by the progress of the team over the last two years. The 20% growth in gross margin has been extraordinary. While we expect to continue to see the 75% to 80% on average, we are lapping some tough comps, particularly given what we saw in Q3 of this year. For the last quarter, we dropped, I think it was over 80% of gross revenue growth drops to gross margin line.

凱瑟琳，這是亞當。謝謝你的提問。過去兩年團隊的進步令我深受鼓舞。毛利率成長20%堪稱驚人。雖然我們預計平均仍將保持 75% 至 80% 的水平，但考慮到今年第三季的情況，我們面臨著一些嚴峻的比較基數。上個季度，我們的毛收入成長下降了超過 80%，毛利率也隨之下降。

And generally, I'd expect that to continue to hold in the future. And if you look at that two-year metric, it absolutely will, but there will be some noise. And I'd say it is more around the specific customer mix that we see in any given quarter that drives it more than anything else. But we expect it to continue to expand -- that said, we will continue to focus on revenue growth as well as gross margin and optimize for the gross profit.

總的來說，我預計這種情況在未來仍將持續。如果你看一下兩年的指標，一定會如此，但也會有一些波動。我認為，真正驅動因素更多的是每季具體的客戶組成，而不是其他因素。但我們預計它將繼續擴張——也就是說，我們將繼續專注於收入成長和毛利率，並優化毛利。

Okay. Great. And then for NGS, I think that guide came in a little bit below street for fiscal '26. Can you just talk through the drivers there and maybe get a little more granular on the expectations for that customer ramping moving into production.

好的。偉大的。至於 NGS，我認為該指南在 2026 財年的表現略低於市場預期。您能否詳細解釋一下其中的驅動因素，並更具體地說明客戶逐步擴大生產規模的預期目標？

And I think the guide implies 11% to 13% or 14% growth for NGS. How should we think about long-term growth for that business? Is this kind of the new baseline that we should be thinking about?

我認為該指南暗示 NGS 的成長率為 11% 到 13% 或 14%。我們該如何看待該企業的長期成長？這是我們應該考慮的新基準嗎？

I'm happy to take that one. In terms of growth for NGS, we're very excited about the prospects. We mentioned it on the call last quarter. That we have a customer transitioning from their verification and validation that there would be an air pocket in Q4, and that would continue through Q1. We expect that, that customer will ramp as well as our customers.

我很樂意接受這個任務。就NGS的成長前景而言，我們感到非常興奮。我們在上個季度的電話會議上提到過這件事。我們有一位客戶正在驗證和確認，第四季會出現一個空檔期，這種情況會持續到第一季。我們預計，該客戶的業務成長速度將與我們的客戶一樣快。

A couple of points of commentary and color that we provided, we expect to be back to 20% growth by fourth quarter in the NGS business as well as we expect to continue to see growth from MRD and other new product introductions and we've assumed about 1% to 2% of overall growth from the MRD business products in 2026.

我們提供了一些評論和見解，預計 NGS 業務將在第四季度恢復 20% 的成長，同時預期 MRD 和其他新產品的推出也將繼續帶來成長，我們假設 2026 年 MRD 業務產品的整體成長將達到 1% 至 2%。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

Wondering if you can -- yes, thanks. So wondering if you can provide a view in into SynBio and with the new segmenting, can you elaborate a bit on the biopharma order -- what -- obviously, that's driven by AI, but just trying to understand how sustainable this is how much of a momentum, what are you hearing from the customer development teams? How meaningful the AI contribution could be in fiscal year '26.

不知道您是否可以——好的，謝謝。所以，我想請您談談合成生物學以及新的細分市場，能否詳細闡述一下生物製藥的訂單情況——顯然，這是由人工智慧驅動的，但我只是想了解這種趨勢的可持續性如何，發展勢頭如何，您從客戶開發團隊那裡聽到了什麼？人工智慧在 2026 財年能做出多麼有意義的貢獻。

Puneet, thanks for the question. We've been talking for a few quarters strategically how important the biopharma business is and the close ties to the SymBio product offering and I think you're starting to see real validation of that with the order described in our comments today.

Puneet，謝謝你的提問。過去幾個季度，我們一直在策略上討論生物製藥業務的重要性以及它與 SymBio 產品供應的緊密聯繫，我認為今天我們在評論中提到的訂單開始真正驗證了這一點。

It leverages everything that we're good at. Our knowledge from a single gene all the way through to discovery what we're seeing with the AI potential, it's our throughput and scale that really enables and supports that offering. So we continue to be very optimistic in that space and see a fantastic lineup of the total twist offering, all the way through from one gen all the way through to full discovery basically puts us in a good spot for our future opportunities.

它充分利用了我們擅長的一切。從單一基因到發現人工智慧的潛力，我們的知識積累，以及我們的吞吐量和規模，真正實現並支持了這一目標。因此，我們繼續對這一領域保持非常樂觀的態度，並看到了一系列精彩的扭扭產品，從一代到全發現，這基本上使我們在未來的機會中處於有利地位。

Brandon Smith, TD Cowen.

布蘭登史密斯，TD Cowen。

Great. I also wanted to ask just a little bit more about guidance into next year. Maybe just quickly for -- I know you're not guiding to GM during Q1, but can you give us a sense of how you're thinking about gross margin sequentially from Q4 and then over the course of next year to really get to that 52%-plus on the full year 2026.

偉大的。我還想再問一下關於明年的指導。或許可以簡單回答一下——我知道您在第一季不會指導通用汽車的業績，但您能否讓我們了解一下您是如何考慮從第四季度開始逐步提高毛利率，以及在接下來的一年中如何實現2026年全年52%以上的目標的？

And then maybe just quickly on the NGS portfolio. Anything that you're hearing specifically from customers really that kind of driving some of your assumptions to get to maybe the upper versus lower bound of the guide there?

然後也許可以快速瀏覽一下 NGS 投資組合。您是否從客戶那裡聽到一些具體訊息，這些訊息會影響您對指南中上限和下限的判斷？

Brendan, happy to take the question. In terms of gross margin in the guide, we do see improvements throughout the year. I'd say it is going to parallel with revenue growth being the primary driver of our gross margin expansion as we are continuing to see our efforts from continuous process improvements play out, but we're also continuing to invest in new capabilities across the business to drive our new product initiatives and growth.

布倫丹，我很樂意回答這個問題。從指南中的毛利率來看，我們確實看到全年都有所改善。我認為，隨著我們持續改善流程的努力不斷取得成效，收入成長將成為我們毛利率擴張的主要驅動力，同時我們也將繼續投資於整個業務的新能力，以推動我們的新產品計劃和成長。

And as mentioned in the call, a lot of focus on the AI drug discovery and capabilities to support those customers. In terms of the exit point and also where to go from here, we are -- we do see a path to continued gross margin expansion, not just in 2026, but well into 2027 and beyond, but again, optimizing for that gross profit dollar, not necessarily just the gross margin now that we're above 50% and not looking backwards.

正如電話會議中所提到的，我們將重點放在人工智慧藥物發現以及支援這些客戶的能力。至於退出點以及未來的發展方向，我們確實看到了毛利率持續擴張的前景，不僅在 2026 年，而且會持續到 2027 年及以後。但是，我們再次強調，要優化的是毛利，而不是只關注毛利率，因為我們現在已經超過 50%，我們不會回顧過去。

Vijay Kumar, Evercore ISI.

Vijay Kumar，Evercore ISI。

Had a two-part question on NGS. NGS I think your Q1 guidance, it looks like it's going to be down sequentially, maybe revenue is up mid-singles. And I understand had Q4 had the customer transition impact rate. So why would Q1 growth be below Q4? Is there some additional timing elements on Q1 NGS and sort of later on the MRD Express.

關於NGS，我有一個包含兩個部分的問題。NGS，我認為你們第一季的業績指引看起來會較上季下降，也許年中營收會有所成長。我了解到第四季客戶過渡影響率的情況。那麼，為什麼第一季的成長會低於第四季呢？Q1 NGS 和 MRD Express 之後是否還有一些額外的計時元素？

Did I hear you correctly that sensitivity on the tumor-naive assay would be as good as tumor informed and -- is there any data that you've highlighted, what kind of interest are you seeing in this product.

我理解你的意思是，在未接受腫瘤檢測的情況下，檢測靈敏度將與接受腫瘤檢測的情況一樣好，你有沒有重點介紹一些數據，你認為這款產品有哪些值得關注的地方？

All right. Well, maybe I can start with the NGS guidance, and I'll let Patty talk to the MRD elements of it here. In terms of NG's guidance, thank you for the question on -- we gave the update back in Q3 call that we had a customer transitioning from commercial and validation, the commercial ramp. -- And that impacted Q1 and it's going to continue to impact Q4. And we expect to see a sequential growth from that point for the NGS business starting in Q2.

好的。好吧，或許我可以先從 NGS 指導入手，然後讓 Patty 在這裡談談 MRD 的相關內容。關於NG的業績指引，感謝您提出的問題－我們在第三季財報電話會議上已經更新過，有一位客戶正在從商業化和驗證階段過渡到商業化產能爬坡階段。 ——這影響了第一季的業績，也將持續影響第四季的業績。我們預計從第二季開始，NGS 業務將持續成長。

So we will continue to see that air pocket continue in Q1 and then in Q2 and beyond, we'll see the sequential growth such that by the time we get to Q4, we're expecting to be back at 20% year-over-year growth in the NGS business.

因此，我們預計第一季將繼續出現這種成長停滯，然後在第二季度及以後，我們將看到環比成長，到第四季度，我們預計 NGS 業務的年成長率將恢復到 20%。

I'll let Patty talk the MRD question first.

我先讓帕蒂回答MRD的問題。

Thanks for the question. I think when we look at recent medical conferences, I think you've seen the tumor-informed approach is leading to increased sensitivity in the assay. And that's got us excited about potential and the clinical endpoint and for the patients that are going through a tough time -- so we see sensitivity enhancements from tumor informed. And again, our scale and speed, we think, is really going to help enable the segment of the market that's focused on that approach.

謝謝你的提問。我認為，從最近的醫學會議來看，腫瘤資訊導向的方法正在提高檢測的靈敏度。這讓我們對潛力、臨床終點以及正在經歷艱難時期的患者感到興奮——因此，我們看到了腫瘤訊息帶來的敏感性增強。再次強調，我們認為，我們的規模和速度將真正有助於推動專注於這種方法的市場區隔。

Subbu Nambi, Guggenheim.

蘇布南比，古根漢美術館。

Paddy, just a follow up on that MRD. MRD Express is an exciting launch next year. Could you speak to who the end user is. Is it almost sounded in your description electric is executing the MRD assay for the physician or delivering the talent hospital to run in-house? Or is it the same customer as your NGS diagnostics?

Paddy，關於那個 MRD，我有個後續問題。MRD Express將於明年推出，令人期待。您能談談最終用戶是誰嗎？你的描述中是否幾乎聽起來像是說，電力系統正在為醫生執行 MRD 檢測，或為醫院提供內部運作的技術支援？或者，它和你們的 NGS 診斷是同一個客戶嗎？

So a great question, and thank you for the opportunity to clarify. Twist's role in the community is an enabler, okay? We don't run the test. We supply our customers and our partners to enable them to drive their assets to the clinic. So again, our role will be to supply and enable them.

這是一個很好的問題，感謝您給我這個機會來澄清。Twist 在社群中扮演的是推動者的角色，懂嗎？我們不進行測試。我們為客戶和合作夥伴提供物資，使他們能夠將資產運送到診所。所以，我們的角色依然是為他們提供物資和支援。

Perfect. So how will you approach pricing for the MRD Express? What are the expected margins here? And I'll hop back in the queue.

完美的。那麼，你們將如何為 MRD Express 定價？這裡的預期利潤率是多少？那我再重新排隊。

Yes, good question. Pricing has not been set at this point. We go from our basic principle, Subu, which is we’re here to enable our customers at scale to truly drive their product to market. We think with this product in particular, truly impact the impact of MRD to healthcare. We’ve listened closely to the customer base. I think we understand the value to this market segment of speed and this 12-hour turnaround time. I think our operating scale and, quite frankly, de-risking any vulnerabilities in supply chain is good value. We’ll share that value with our customers as we go forward and enable them to drive best-in-class differentiated assays out to the market.

是的，問得好。目前尚未確定價格。Subu，我們秉持的基本原則是，我們致力於幫助客戶大規模地將產品推向市場。我們認為，這款產品尤其能夠真正影響 MRD 對醫療保健的影響。我們認真聽取了客戶的意見。我認為我們理解速度和 12 小時週轉時間對於這個細分市場的重要性。我認為我們的營運規模，坦白說，降低供應鏈中任何脆弱環節的風險，都是非常有價值的。我們將與客戶分享這項價值，並幫助他們將一流的差異化檢測方法推向市場。

Matthew Larew, William Blair.

馬修·拉魯，威廉·布萊爾。

You reiterated the expectation to hit EBITDA break-even in the fiscal fourth quarter. But obviously, you're starting a little bit lower on the top line. Given growth is contingent on the expectation of that NGS customer ramp and MRD contribution how much rating room do you expect to have in the fiscal fourth quarter? And I guess how airtight are you going to hold yourself to hit in that mark? I guess that's the first question.

您重申了在第四財季實現 EBITDA 收支平衡的預期。但很顯然，你的起點比平均低一些。鑑於成長取決於 NGS 客戶成長和 MRD 貢獻的預期，您預計在第四財季還有多少成長空間？我想問，你打算如何嚴格要求自己，才能達到那個目標？我想這是第一個問題。

And the second is, Adam, just what does the guide include in terms of the macro picture, given we've seen perhaps some recent positive updates relative to your pharma and biotech customers -- and perhaps there may be some more certainty for our academic customers coming over the next few weeks or months.

第二個問題是，亞當，鑑於我們最近可能看到了一些與你的製藥和生物技術客戶相關的積極消息，而且在接下來的幾週或幾個月裡，我們的學術客戶可能會獲得更多確定性，那麼從宏觀角度來看，該指南究竟包含了哪些內容。

Thanks, Matt, and I say I never want to predict the macro environment. So we always will be on the air on the side of caution and that assuming things don't improve from where we are today. So we've got -- we obviously left our sales assumption that the environment stays relatively stable.

謝謝你，馬特，我說我從來不想預測宏觀環境。因此，我們將始終秉持謹慎的態度，並假設情況不會比現在好轉。所以，我們顯然保留了銷售方面的假設，即市場環境保持相對穩定。

And in terms of the growth opportunities, we do assume that acceleration of the commercial customer, the customer is ramping its commercial product today. We also have only assumed 1 to 2 points of growth for the year from our MRD products.

至於成長機會，我們確實認為商業客戶的加速發展，即客戶目前正在擴大其商業產品的規模。我們也預計，MRD產品今年的成長幅度僅為1%到2%。

We know that, that ramp is going to come. We're extremely excited about it. The difficulty is always in timing that we want to make sure we're on the right side of that timing, but we are extremely excited for that ramp and the opportunity it brings to the business. not just in '26, but in many years to come.

我們知道，那條坡道一定會建成。我們對此感到非常興奮。困難始終在於時機把握，我們希望確保時機正確，但我們對此次產能擴張及其為業務帶來的機會感到無比興奮，不僅是2026年，更是未來許多年。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

I got a few questions. So thanks for, I guess, getting us in. So First, on SynBio, you had an academic promotion that removed the express gene pricing premium for academic customers in response to funding pressure. Is that promotion still in place? And if so, how much longer do you plan on running it and then building off of that how should we be thinking about price per gene '26 versus '25. So that's the first topic.

我收到了一些問題。所以，我想說，謝謝你們讓我們進來。首先，在 SynBio 上，為了應對資金壓力，推出了一項學術推廣活動，取消了學術客戶的快速基因定價溢價。這個促銷活動還在進行嗎？如果是這樣，你們計劃運行多久？然後在此基礎上，我們該如何考慮 2026 年與 2025 年的基因價格差異？這是第一個話題。

The second is there's obviously been a lot of focus on Q1 guidance, specific to NGS and the sequential step down. As you have pointed out to others, you have repeatedly noted over the course of the last several months, a patient dynamic within NGS -- is the guidance simply a function of that? Or is there any change in underlying trends or demand.

第二點是，顯然大家非常關注第一季業績指引，特別是 NGS 和逐步降級方案。正如您在過去幾個月中反覆向其他人指出的那樣，NGS 中的患者動態——指導是否僅僅是這種動態的體現？或者說，潛在趨勢或需求是否改變了？

The third topic, which I think is a pretty important one, and I'm not sure this is the right forum. And if it's not, we can certainly come back to this at our conference next week. But I believe one of the challenges that investors have with Twist is defining the market opportunity. In the newly named DNA synthesis segment, what is the size of the market opportunity and how penetrated are you?

第三個主題，我認為相當重要，但我不太確定這裡是否是合適的論壇。如果不是這樣，我們當然可以在下週的會議上再討論這個問題。但我認為，投資者對 Twist 面臨的挑戰之一是確定其市場機會。在新命名的 DNA 合成領域，市場機會有多大？您的市場滲透率如何？

And on the NGS side, specific to MRD and MSA, what is the market size? How penetrated are you? And what is average twist revenue per assay. I think that would make this -- those are questions that I think if people have the answers to, it would help with modeling and frankly, help people basically develop some more conviction in the long-term growth trajectory of the business.

就 NGS 而言，具體到 MRD 和 MSA，市場規模有多大？你被滲透到什麼程度了？每次檢測的平均扭曲收入是多少？我認為，如果人們能夠回答這些問題，將有助於建模，坦白說，也能幫助人們對企業的長期成長軌跡建立更多信心。

Thanks, Doug. Great question. This is Emily Leproust and good job, squeezing three questions in one. So maybe briefly on SynBio, you're correct that we had an academic promotion where we got customers expressed for the price of standard that has been widely successful. We're in the new year, and the price has not changed. It is just working for us commercially. And you can see in the number of gene that the growth in engines from in Q4 was really strong, thanks to that.

謝謝你，道格。問得好。我是艾米莉·勒普魯斯特，幹得好，一口氣問了三個問題。所以，關於 SynBio，您說得對，我們曾經進行過一次學術推廣活動，客戶以標準價格購買了產品，而且這次活動取得了巨大的成功。新年伊始，價格卻沒有變動。它只是在商業上對我們有效而已。從基因數量可以看出，第四季引擎的成長非常強勁，這都要歸功於此。

So we are not announcing whether or not it will close. But as long as it's working, we'll keep doing it and it is working. As far as the Q1 guide, yes, it's purely a pacing dynamic in Q1. There's a lot of excitement and we are winning on many fronts. Of course, we've been very, very strong in liquid biopsy and the MRD bespoke that we're enabling now with adding 12 to 24 hour express delivery. I think that will be a long-term catalyst. Our FlexPrep launch is starting to work well for the biomarket and the preparation generic market.

所以我們目前不宣布它是否會關閉。但只要有效，我們就會繼續這樣做，而它確實有效。至於第一季的指導方針，是的，第一季純粹是節奏控制的問題。氣氛非常熱烈，我們在很多方面都取得了勝利。當然，我們在液體活檢和 MRD 客製化方面一直非常非常強大，現在我們又增加了 12 至 24 小時的快速送達服務。我認為這將是一個長期的催化劑。我們的 FlexPrep 產品上市後，在生物製劑市場和製劑仿製藥市場都取得了不錯的成效。

So that's another source of longer -- long-term strength. We worked really hard to integrate into a number of sequences, the workflow of Twist and the Elements IBT really shortens the time between the sample and being on the sequencer. And since you’re doing all the washes after the capture on the sequencer, you can be on the sequencer in as low as five hours. There are lots of good things that are happening in NGS, and we definitely do not see a lower demand. It’s just that it’s the law of big numbers.

所以這是另一個更持久的實力來源。我們付出了很多努力，將 Twist 和 Elements IBT 的工作流程整合到多個序列中，這確實縮短了從取樣到進入音序器的時間。由於所有清洗操作都是在音序器上完成錄製之後進行的，因此最快可以在五個小時內完成音序器操作。NGS領域正在發生很多好事，我們絕對沒有看到需求下降。這就是大數定律。

There’s big customers that have an air pocket, and we’ve seen some very good growth coming back in Q4 for NGS. The last question around defining market, we totally hear you. Now is not the right forum, but I think we’re looking at ways to help our investor base be as excited as we are about the market. We’re very far from penetration, and we have differentiated product.

有些大客戶存在市場空白，我們看到 NGS 在第四季度出現了非常好的成長。關於市場定義的最後一個問題，我們完全理解您的意思。現在不是談論這個話題的合適場合，但我認為我們正在尋找方法，幫助我們的投資者群體像我們一樣對市場感到興奮。我們距離市場滲透還很遠，而且我們的產品是差異化的。

So to us, that means that we have a lot of growth coming. It is true that we are a tools company. Right now, diagnostic company at the moment, they deserve it. They worked on their business models. Their reimbursement is really good. And so in comparison, right now, maybe our growth compared to diagnostic companies is a little bit lower.

所以對我們來說，這意味著我們將迎來巨大的成長。我們的確是一家工具公司。就目前而言，這家診斷公司理應獲得這樣的待遇。他們致力於完善商業模式。他們的報銷待遇真的很好。因此，相較之下，目前我們的成長速度可能比診斷公司慢一些。

But compared to tools company, I think we are, -- I do not want to sound arrogant, but I think we are doing really, really well against our competitors. I do not want to say that we are wiping the floor with them, but we are doing really well. And we hear you on finding a metric.

但與工具公司相比，我認為我們——我不想顯得傲慢，但我認為我們相對於競爭對手來說做得非常非常好。我不想說我們把他們打得落花流水，但我們的確做得非常好。我們明白您需要尋找衡量標準。

Like you said, the average test revenue per patient in NGS. We are looking at metrics. Part of the issue, as you may appreciate, is some of the test people pay more than average, and some of the test people pay less than average. That depends on the test complexity. If you have a test that uses 3 million oligos, you are going to have to pay more than if you are using 50,000 oligos.

正如你所說，NGS 中每位患者的平均檢測收入。我們正在關注各項指標。您可能也意識到，部分問題在於一些測試人員支付的費用高於平均水平，而一些測試人員支付的費用低於平均水平。這取決於測試的複雜程度。如果你的測試使用了 300 萬個寡核苷酸，那麼你支付的費用將比使用 5 萬個寡核苷酸的測試要高。

The problem is if we have a price per test that’s public every quarter, we may have half our customers being really, really unhappy, even though the value we provide is fair. So, thinking about it, and not the forum, but we understand that we want to articulate our market sizing better to help our investors.

問題是，如果我們每季都公開每次測試的價格，即使我們提供的價值是公平的，也可能有一半的客戶會非常非常不滿意。所以，仔細想想，雖然不是在論壇上討論，但我們明白，我們需要更好地闡明我們的市場規模，以幫助我們的投資者。

Luke Sergott, Barclays.

盧克·塞爾戈特，巴克萊銀行。

This is Sam on for Luke. Could you talk a little bit about the new DNA synthesis and Protein Solutions segment and the rough split between biopharma and synthetic genes in the '26 guide. The combined segment guide came in above Street expectations. And I'm just wondering where that's coming from and if it's driven by that large AI program.

這裡是Sam替Luke發言。您能否談談 2026 年指南中新增的 DNA 合成和蛋白質解決方案板塊，以及生物製藥和合成基因之間的大致劃分？綜合分部業績指引超乎市場預期。我只是想知道這是從哪裡來的，是不是由那個大型人工智慧程式驅動的。

Thanks for the question. I think the impetus was twofold. One, there was, I think, some confusion with our customer base around SynBio. Sorry. And maybe an underappreciation of how much we’re doing in therapeutic discovery and development. That’s number one.

謝謝你的提問。我認為原因有兩方面。第一，我認為我們的客戶群對合成生物學有些誤解。對不起。或許我們低估了我們在治療藥物發現和開發方面所做的貢獻。這是第一點。

Number two, more and more as our sales team go to talk to customers, there was, in practice, very little separation from someone who buys a piece of DNA, so DNA synthesis, or someone who wants the protein or the characterization. As it’s one continuous workflow, some customers stop at fragments, some stop at genes, some stop at proteins, some want the full characterization. It just made sense to put them together. And as far as the numbers, yes, maybe we are getting a little bit ahead of what people thought. I think it’s just a reflection of this business is doing quite well.

第二，隨著我們的銷售團隊與客戶交談，實際上，購買 DNA 片段進行 DNA 合成的客戶，與想要蛋白質或進行表徵的客戶之間，界線越來越模糊。由於這是一個連續的工作流程，有些客戶在片段分析後就停止，有些客戶在基因分析後就停止，有些客戶在蛋白質分析後就停止，有些客戶則希望進行完整的表徵。把它們放在一起是理所當然的。至於數字方面，是的，我們或許比人們預想的要稍微領先一些。我認為這恰恰反映出這家公司經營狀況良好。

There are a lot of synergies between the DNA synthesis piece and the protein piece. A few years ago, some people were asking us, "Why don’t you spin off biopharma?" We knew that it had strategic benefits. We are seeing it now. It is not the 1 plus 1 equals 2. It is the 1 plus 1 equals 3.

DNA合成部分和蛋白質部分之間存在著許多協同作用。幾年前，有人問我們：“你們為什麼不剝離生物製藥業務？”我們知道這具有戰略意義。我們現在就看到了這一點。這不是1加1等於2的問題。這是1加1等於3。

As far as your question around where is the growth coming, is it coming from DNA and protein? Frankly, the reason we are putting it together is because, one, we do not know, and two, it kind of does not matter. What is important is that growth is there, and we meet customers where they are. Customers may change from quarter to quarter. Some quarters, they buy the DNA, and some quarters, they buy the protein. We will meet them where they are, and we provide great value. Our products are differentiated. We win no matter where they want to be. And we are looking forward to capturing that growth.

至於你問的生長源自哪裡，是來自 DNA 和蛋白質嗎？坦白說，我們之所以把它整理出來，是因為，第一，我們不知道；第二，這其實並不重要。重要的是成長動能依然存在，而且我們能夠滿足客戶的需求。客戶群可能每季都會發生變化。有些部門購買DNA，有些部門購買蛋白質。我們將根據他們的實際情況提供服務，並提供極具價值的產品。我們的產品具有差異化優勢。無論他們想去哪裡，我們都能贏。我們期待抓住這一增長機會。

Mark Ettock, Stephens.

馬克·埃托克，史蒂芬斯。

Maybe just a few quick ones from me. Just given this 1 to 2 points of growth from MRD, is it possible to frame up the proportion of MRD revenues in -- fiscal 2025. And I'll stop there and follow up.

我可能就簡單說幾句。鑑於 MRD 僅成長 1 到 2 個百分點，是否有可能確定 2025 財年 MRD 營收的比例？我就先說到這裡，稍後會跟進。

Happy, Matt. Great to hear you, and happy to share -- what we've said in the past is our MRD business is relatively small, it's a lot of small numbers and that we are growing significantly faster than the overall business. kind of applying that rule, it's a relatively small percentage of our overall NGS business in 2025, but it is growing much faster than the overall NGS business, and we expect that trend to continue, not just in 2026, but well beyond.

開心，馬特。很高興聽到這個消息，也樂於分享——我們之前說過，我們的MRD業務規模相對較小，樣本量也很小，但我們的成長速度遠超整體業務。依照這個規律，到2025年，MRD業務在我們整體NGS業務中所佔比例仍然很小，但它的成長速度卻遠超整體NGS業務，我們預計這種趨勢不僅會持續到2026年，而且會持續更長時間。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

Thanks for the follow-up again. I appreciate you providing a lot of input. But I just want to boil down to a key question. What is the real NGS underlying growth ex this large customer in the first quarter and the fiscal year '26?

再次感謝您的跟進。感謝您提供的許多意見。但我只想歸結為一個關鍵問題。剔除這位大客戶後，NGS在第一季和2026財年的實際潛在成長是多少？

Puneet, if you step back a bit and look at where we were in 2025, the overall growth of NGS being around 23% neutralizing for the growth from the one customer, it would be closer to 20%. And if you go into 2026, I'd say the same general dynamic applies as well.

Puneet，如果你稍微回顧一下我們 2025 年的情況，NGS 的整體成長率約為 23%，扣除單一客戶帶來的成長，成長率將接近 20%。如果展望2026年，我認為同樣的整體趨勢也適用。

Vijay Kumar, Evercore ISI.

Vijay Kumar，Evercore ISI。

Sorry, on this Q1 NGS question. The -- is the customer headwind? I know you've had the customer headwind in the back half, right? Is that worsening in Q1? Is that what's driving the Indus assumption? And because we already had the headwind in Q4, right? Like why would it worsen sequentially? .

抱歉，關於Q1 NGS這個問題。——是客戶方面的阻力嗎？我知道你們後半段遇到了客戶流失的阻力，對吧？第一季情況是否惡化？這就是促成印度河文明假說的原因嗎？而且因為我們在第四季就已經面臨逆風了，對吧？為什麼情況會逐一惡化？。

Vijay, I think you're asking the right question. The air pocket from Q4 is continuing into Q1, but then it will significantly reverse as we expect the ramp to begin starting in Q2 of 2026.

維傑，我覺得你問對了問題。第四季的空檔期延續到了第一季度，但隨後將出現顯著逆轉，我們預計從 2026 年第二季開始將出現爬坡。

And ladies and gentlemen, this concludes our Q&A session. I will pass it back to Emily Leproust for final comments.

女士們、先生們，我們的問答環節到此結束。我將把這個問題回饋給艾米麗·勒普魯斯特，請她提出最終意見。

Thank you for your questions and for your continued support. With our strong execution in 2025 and a clear path to profitable growth in 2026, we remain focused on delivering differentiated products and services for our customers. and sustained value for our shareholders. Thank you.

感謝您的提問與一直以來的支持。憑藉我們在2025年的強勁執行力以及2026年實現獲利成長的明確路徑，我們將繼續專注於為客戶提供差異化的產品和服務，並為股東創造持續價值。謝謝。

And this concludes our conference. Thank you for participating. You may now disconnect.

我們的會議到此結束。感謝您的參與。您現在可以斷開連線了。