Twist bioscience reported after the close of the market that its first quarter revenues in fiscal year 2019 almost tripled versus the prior year period. The firm reported total revenues of $11.5 million, compared to $4.3 million for the same period in the previous year. It beat analysts’ average revenue estimate of $9.7 million. Twist’s total revenues included $7.7 million from its synthetic biology business and $3.8 million from its genomics business.
The synthetic DNA firm shipped around 71,000 genes in fiscal Q1, compared to 44,800 in fiscal Q1 2018, and expanded the availability of its 5-kilobase genes to all customers. In addition, the company made progress on its next-generation sequencing target enrichment kits, shipping them to 115 customers during the quarter.
“We accomplished several significant objectives during the first quarter of fiscal 2019,” Twist CEO Emily Leproust said in a statement. The company “focused on expanding our product portfolio, diversifying our customer base and continuing to deliver on our mission to supply DNA for improved health and sustainability.”
Twist’s fiscal Q1 net loss climbed to $22.6 million, or $1.18 per share, from $16.9 million, or $6.42 per share, in fiscal Q1 2018. It missed Wall Street’s estimated loss of $.85 per share.
The firm’s R&D costs increased 70 percent to $7.3 million from $4.3 million in the prior year period. SG&A expenses increased 65 percent to $15.3 million from $9.3 million for the same period in 2018.
As of Dec. 31, 2018, Twist had $66.5 million in cash and cash equivalents and $63.7 million in short-term investments.
Morning, Twist’s stock was down 4 percent on at $20.60.