$TWST
Twist Bioscience Corp

2019 Q1 Form 10-Q Financial Statement

#000119312519034010 Filed on February 11, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q4 2017 Q4
Revenue $13.56M $11.49M $4.313M
YoY Change 119.87% 166.45% 155.21%
Cost Of Revenue $11.79M $11.86M $7.498M
YoY Change 45.63% 58.14% 50.26%
Gross Profit $1.768M -$365.0K -$3.185M
YoY Change -191.65% -88.54% -3.48%
Gross Profit Margin 13.04% -3.18% -73.85%
Selling, General & Admin $19.12M $15.26M $9.263M
YoY Change 91.66% 64.73% 61.38%
% of Gross Profit 1081.67%
Research & Development $8.907M $7.273M $4.303M
YoY Change 89.07% 69.02% -0.62%
% of Gross Profit 503.79%
Depreciation & Amortization $1.570M $1.472M $1.286M
YoY Change 11.35% 14.46%
% of Gross Profit 88.8%
Operating Expenses $28.03M $34.39M $21.06M
YoY Change 90.83% 63.26% 109.18%
Operating Profit -$26.26M -$22.90M -$16.75M
YoY Change 58.04% 36.69% 25.29%
Interest Expense $340.0K $348.0K $273.0K
YoY Change 7.26% 27.47% -310.0%
% of Operating Profit
Other Income/Expense, Net -$21.00K -$15.00K -$19.00K
YoY Change -51.16% -21.05%
Pretax Income -$25.85M -$22.60M -$16.89M
YoY Change 53.59% 33.82% 25.07%
Income Tax $84.00K $43.00K $52.00K
% Of Pretax Income
Net Earnings -$25.93M -$22.64M -$16.94M
YoY Change 53.7% 33.67% 25.09%
Net Earnings / Revenue -191.29% -197.0% -392.7%
Basic Earnings Per Share
Diluted Earnings Per Share -$929.7K -$1.180M -$636.6K
COMMON SHARES
Basic Shares Outstanding 28.02M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2018 Q4 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $104.3M $130.2M
YoY Change
Cash & Equivalents $28.69M $66.46M $26.29M
Short-Term Investments $75.60M $63.70M
Other Short-Term Assets $4.200M $4.000M
YoY Change
Inventory $4.449M $5.561M
Prepaid Expenses
Receivables $7.998M $6.978M
Other Receivables $0.00 $0.00
Total Short-Term Assets $121.0M $146.7M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $14.94M $13.60M
YoY Change
Goodwill $1.138M $1.138M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.912M $1.816M
YoY Change
Total Long-Term Assets $19.18M $17.79M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $121.0M $146.7M
Total Long-Term Assets $19.18M $17.79M
Total Assets $140.2M $164.5M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.505M $6.725M
YoY Change
Accrued Expenses $2.412M $2.606M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.333M $3.333M
YoY Change
Total Short-Term Liabilities $18.58M $19.00M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $5.828M $6.526M
YoY Change
Other Long-Term Liabilities $282.0K $333.0K
YoY Change
Total Long-Term Liabilities $6.110M $6.859M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $18.58M $19.00M
Total Long-Term Liabilities $6.110M $6.859M
Total Liabilities $24.69M $25.86M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$259.4M -$233.5M
YoY Change
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $115.5M $138.6M -$149.7M
YoY Change
Total Liabilities & Shareholders Equity $140.2M $164.5M
YoY Change

Cashflow Statement

Concept 2019 Q1 2018 Q4 2017 Q4
OPERATING ACTIVITIES
Net Income -$25.93M -$22.64M -$16.94M
YoY Change 53.7% 33.67% 25.09%
Depreciation, Depletion And Amortization $1.570M $1.472M $1.286M
YoY Change 11.35% 14.46%
Cash From Operating Activities -$20.82M -$21.68M -$16.02M
YoY Change 26.11% 35.39%
INVESTING ACTIVITIES
Capital Expenditures -$3.770M $1.922M $1.511M
YoY Change 654.0% 27.2%
Acquisitions
YoY Change
Other Investing Activities -$11.39M -$63.84M $9.730M
YoY Change -178.01% -756.12%
Cash From Investing Activities -$15.16M -$65.76M $8.215M
YoY Change -207.52% -900.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $69.60M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.630M 73.00M 2.662M
YoY Change -102.98% 2642.26%
NET CHANGE
Cash From Operating Activities -20.82M -21.68M -16.02M
Cash From Investing Activities -15.16M -65.76M 8.215M
Cash From Financing Activities -1.630M 73.00M 2.662M
Net Change In Cash -37.61M -14.44M -5.139M
YoY Change -171.86% 181.03%
FREE CASH FLOW
Cash From Operating Activities -$20.82M -$21.68M -$16.02M
Capital Expenditures -$3.770M $1.922M $1.511M
Free Cash Flow -$17.05M -$23.61M -$17.53M
YoY Change 6.5% 34.68%

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CY2018Q4 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1472000
CY2018Q4 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2018Q4 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
CY2018Q4 dei Document Type
DocumentType
10-Q
CY2018Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.18
CY2018Q4 dei Entity Central Index Key
EntityCentralIndexKey
0001581280
CY2018Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y9M
CY2018Q4 dei Entity Registrant Name
EntityRegistrantName
Twist Bioscience Corp
CY2018Q4 dei Entity Small Business
EntitySmallBusiness
false
CY2018Q4 dei Document Period End Date
DocumentPeriodEndDate
2018-12-31
CY2018Q4 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
CY2018Q4 dei Entity Ex Transition Period
EntityExTransitionPeriod
true
CY2018Q4 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2018Q4 us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
0
CY2018Q4 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-8000
CY2018Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-22596000
CY2018Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
43000
CY2018Q4 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-715000
CY2018Q4 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
366000
CY2018Q4 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
53000
CY2018Q4 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
392000
CY2018Q4 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1559000
CY2018Q4 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
39000
CY2018Q4 us-gaap Interest Expense
InterestExpense
348000
CY2018Q4 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-140000
CY2018Q4 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-467000
CY2018Q4 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
135000
CY2018Q4 us-gaap Interest Paid Net
InterestPaidNet
207000
CY2018Q4 us-gaap Investment Income Interest
InvestmentIncomeInterest
664000
CY2018Q4 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
1117000
CY2018Q4 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-65757000
CY2018Q4 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
72999000
CY2018Q4 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-21684000
CY2018Q4 us-gaap Net Income Loss
NetIncomeLoss
-22639000
CY2018Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-63000
CY2018Q4 us-gaap Other Noncash Expense
OtherNoncashExpense
64000
CY2018Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-15000
CY2018Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-56000
CY2018Q4 us-gaap Operating Expenses
OperatingExpenses
34389000
CY2018Q4 us-gaap Noncash Or Part Noncash Acquisition Payables Assumed1
NoncashOrPartNoncashAcquisitionPayablesAssumed1
826000
CY2018Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-22897000
CY2018Q4 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-7000
CY2018Q4 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
63835000
CY2018Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1922000
CY2018Q4 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
220000
CY2018Q4 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
72779000
CY2018Q4 us-gaap Related Party Transaction Description Of Transaction
RelatedPartyTransactionDescriptionOfTransaction
During the three months ended December 31, 2017 and 2018, the Company purchased raw materials from a related party investor in the amount of $0.4 million and $1.2 million, respectively. Payable balances and cash receipts and receivable balances with the related party were immaterial as of December 31, 2018.
CY2018Q4 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
1200000
CY2018Q4 us-gaap Profit Loss
ProfitLoss
-22639000
CY2018Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7273000
CY2018Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
11492000
CY2018Q4 us-gaap Share Based Compensation
ShareBasedCompensation
1864000
CY2018Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y7M17D
CY2018Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
4.67
CY2018Q4 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
69597000
CY2018Q4 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
166000
CY2018Q4 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
48841 shares
CY2018Q4 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
290462000
CY2018Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
15259000
CY2018Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P8Y7M17D
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
10136 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1038532 shares
CY2018Q4 dei Trading Symbol
TradingSymbol
TWST
CY2018Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
25.46
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
9.52
CY2018Q4 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
0
CY2018Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
19187533000 shares
CY2018Q4 twst Deferred Offering Costs Incurred
DeferredOfferingCostsIncurred
1600000
CY2018Q4 twst Conversion Of Convertible Preferred Stock Warrant
ConversionOfConvertiblePreferredStockWarrant
631000
CY2018Q4 twst Stock Issued During Period Value Conversion Of Convertible Warrant
StockIssuedDuringPeriodValueConversionOfConvertibleWarrant
631000
CY2018Q4 twst Underwriting Discounts Commissions And Offering Expenses
UnderwritingDiscountsCommissionsAndOfferingExpenses
10903000
CY2018Q4 twst Share Based Compensation Arrangement By Share Based Payment Award Number Of Options Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfOptionsAvailableForGrant
1038532 shares
CY2018Q4 twst Share Based Compensation Arrangement By Share Based Payment Award Options Available For Grant Forfeited
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAvailableForGrantForfeited
10136 shares
CY2018Q4 twst Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant Options Repurchased
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrantOptionsRepurchased
442 shares
CY2018Q4 twst Share Based Compensation Arrangement By Share Based Payment Award Options Available For Grant Additional Shares Authorized In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAvailableForGrantAdditionalSharesAuthorizedInPeriod
2494700 shares
CY2018Q4 twst Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant Restricted Stock Units Granted In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrantRestrictedStockUnitsGrantedInPeriod
395698 shares
CY2018Q4 twst Stock Issued During Period Shares Conversion Of Convertible Warrant
StockIssuedDuringPeriodSharesConversionOfConvertibleWarrant
0 shares

Files In Submission

Name View Source Status
0001193125-19-034010-index-headers.html Edgar Link pending
0001193125-19-034010-index.html Edgar Link pending
0001193125-19-034010.txt Edgar Link pending
0001193125-19-034010-xbrl.zip Edgar Link pending
d655564d10q.htm Edgar Link pending
d655564dex311.htm Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
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report.css Edgar Link pending
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twst-20181231.xml Edgar Link completed
twst-20181231.xsd Edgar Link pending
twst-20181231_cal.xml Edgar Link unprocessable
twst-20181231_def.xml Edgar Link unprocessable
twst-20181231_lab.xml Edgar Link unprocessable
twst-20181231_pre.xml Edgar Link unprocessable