$TWST
Twist Bioscience Corp

2020 Q2 Form 10-Q Financial Statement

#000119312520140790 Filed on May 13, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2020 Q1 2019 Q1
Revenue $21.21M $19.30M $13.56M
YoY Change 55.93% 42.34% 119.87%
Cost Of Revenue $16.47M $13.56M $11.79M
YoY Change 44.57% 15.06% 45.63%
Gross Profit $4.735M $5.733M $1.768M
YoY Change 114.64% 224.26% -191.65%
Gross Profit Margin 22.33% 29.71% 13.04%
Selling, General & Admin $22.49M $27.19M $19.12M
YoY Change 5.47% 42.18% 91.66%
% of Gross Profit 474.91% 474.27% 1081.67%
Research & Development $10.44M $10.63M $8.907M
YoY Change 15.95% 19.33% 89.07%
% of Gross Profit 220.57% 185.4% 503.79%
Depreciation & Amortization $1.730M $1.550M $1.570M
YoY Change 9.49% -1.27% 11.35%
% of Gross Profit 36.54% 27.04% 88.8%
Operating Expenses $32.93M $37.82M $28.03M
YoY Change 8.59% 34.92% 90.83%
Operating Profit -$28.20M -$32.09M -$26.26M
YoY Change 0.27% 22.17% 58.04%
Interest Expense $181.0K $215.0K $340.0K
YoY Change -43.08% -36.76% 7.26%
% of Operating Profit
Other Income/Expense, Net -$56.00K $18.00K -$21.00K
YoY Change -75.33% -185.71% -51.16%
Pretax Income -$28.19M -$31.71M -$25.85M
YoY Change 1.16% 22.66% 53.59%
Income Tax $21.00K $61.00K $84.00K
% Of Pretax Income
Net Earnings -$28.21M -$31.77M -$25.93M
YoY Change 1.04% 22.5% 53.7%
Net Earnings / Revenue -133.01% -164.63% -191.29%
Basic Earnings Per Share
Diluted Earnings Per Share -$674.2K -$855.0K -$929.7K
COMMON SHARES
Basic Shares Outstanding 40.98M 35.45M 28.02M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $311.8M $230.1M $104.3M
YoY Change 92.71% 120.61%
Cash & Equivalents $207.9M $184.4M $28.69M
Short-Term Investments $103.9M $45.70M $75.60M
Other Short-Term Assets $6.300M $4.600M $4.200M
YoY Change 75.0% 9.52%
Inventory $13.16M $10.76M $4.449M
Prepaid Expenses
Receivables $13.35M $14.83M $7.998M
Other Receivables $900.0K $1.400M $0.00
Total Short-Term Assets $344.6M $260.2M $121.0M
YoY Change 88.68% 115.06%
LONG-TERM ASSETS
Property, Plant & Equipment $23.87M $23.27M $14.94M
YoY Change 20.45% 55.73%
Goodwill $1.138M $1.138M $1.138M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.655M $2.424M $1.912M
YoY Change 27.03% 26.78%
Total Long-Term Assets $63.66M $63.67M $19.18M
YoY Change 163.25% 231.96%
TOTAL ASSETS
Total Short-Term Assets $344.6M $260.2M $121.0M
Total Long-Term Assets $63.66M $63.67M $19.18M
Total Assets $408.2M $323.9M $140.2M
YoY Change 97.4% 131.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.973M $6.932M $4.505M
YoY Change -23.77% 53.87%
Accrued Expenses $2.731M $3.491M $2.412M
YoY Change -26.45% 44.73%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.333M $3.333M $3.333M
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $31.38M $30.21M $18.58M
YoY Change 23.3% 62.59%
LONG-TERM LIABILITIES
Long-Term Debt $2.170M $2.925M $5.828M
YoY Change -57.61% -49.81%
Other Long-Term Liabilities $25.70M $95.00K $282.0K
YoY Change 10789.83% -66.31%
Total Long-Term Liabilities $2.170M $3.020M $6.110M
YoY Change -59.48% -50.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $31.38M $30.21M $18.58M
Total Long-Term Liabilities $2.170M $3.020M $6.110M
Total Liabilities $59.29M $59.67M $24.69M
YoY Change 92.5% 141.68%
SHAREHOLDERS EQUITY
Retained Earnings -$434.1M -$405.9M -$259.4M
YoY Change 51.09% 56.47%
Common Stock $0.00 $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $348.9M $264.2M $115.5M
YoY Change
Total Liabilities & Shareholders Equity $408.2M $323.9M $140.2M
YoY Change 97.4% 131.06%

Cashflow Statement

Concept 2020 Q2 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$28.21M -$31.77M -$25.93M
YoY Change 1.04% 22.5% 53.7%
Depreciation, Depletion And Amortization $1.730M $1.550M $1.570M
YoY Change 9.49% -1.27% 11.35%
Cash From Operating Activities -$23.46M -$58.68M -$20.82M
YoY Change 6.25% 181.84% 26.11%
INVESTING ACTIVITIES
Capital Expenditures -$2.840M -$2.740M -$3.770M
YoY Change -45.07% -27.32% 654.0%
Acquisitions
YoY Change
Other Investing Activities -$58.30M $31.50M -$11.39M
YoY Change 232.57% -376.56% -178.01%
Cash From Investing Activities -$61.15M $28.76M -$15.16M
YoY Change 169.38% -289.71% -207.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 108.1M 188.0M -1.630M
YoY Change 28.23% -11635.58% -102.98%
NET CHANGE
Cash From Operating Activities -23.46M -58.68M -20.82M
Cash From Investing Activities -61.15M 28.76M -15.16M
Cash From Financing Activities 108.1M 188.0M -1.630M
Net Change In Cash 23.46M 158.1M -37.61M
YoY Change -40.61% -520.39% -171.86%
FREE CASH FLOW
Cash From Operating Activities -$23.46M -$58.68M -$20.82M
Capital Expenditures -$2.840M -$2.740M -$3.770M
Free Cash Flow -$20.62M -$55.94M -$17.05M
YoY Change 21.94% 228.09% 6.5%

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AccretionAmortizationOfDiscountsAndPremiumsInvestments
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CY2020Q1 us-gaap Related Party Transaction Description Of Transaction
RelatedPartyTransactionDescriptionOfTransaction
During the three months ended March 31, 2020 and 2019, the Company purchased raw materials from a related party investor in the amount of $0.9 million and $0.9 million, respectively. During the six months ended March 31, 2020 and 2019, the Company purchased raw materials from a related party investor in the amount of $1.6 million and $2.1 million, respectively. Payable balances and cash receipts and receivable balances with the related parties were immaterial as of March 31, 2020 and September 30, 2019.
us-gaap Related Party Transaction Purchases From Related Party
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us-gaap Related Party Transaction Purchases From Related Party
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us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
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1522000
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CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2020Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
36461000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
25049000
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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CY2020Q1 us-gaap Operating Lease Liability Current
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7777000
CY2020Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
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us-gaap Litigation Settlement Expense
LitigationSettlementExpense
22500000
CY2020Q1 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
0
us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet
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us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
-227000
twst Paymentd To Repurchases Of Common Stock For Tax Withholding
PaymentdToRepurchasesOfCommonStockForTaxWithholding
1198000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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2833000
CY2020Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
13759000
CY2019Q3 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
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CY2020Q1 us-gaap Other Receivables Gross Current
OtherReceivablesGrossCurrent
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1313000
CY2020Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
319000
CY2019Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
294000
CY2020Q1 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
4440000
CY2020Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
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CY2020Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
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CY2020Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
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CY2020Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
6385000
CY2020Q1 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
11340000
CY2020Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
41999000
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
7782000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
34217000
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
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dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2020
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--09-30
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Entity Registrant Name
EntityRegistrantName
Twist Bioscience Corp
dei Entity Central Index Key
EntityCentralIndexKey
0001581280
dei Entity Shell Company
EntityShellCompany
false
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Small Business
EntitySmallBusiness
true
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
dei Entity Ex Transition Period
EntityExTransitionPeriod
true
dei Security Exchange Name
SecurityExchangeName
NASDAQ
dei Entity Address State Or Province
EntityAddressStateOrProvince
CA
dei Security12b Title
Security12bTitle
Common Stock
dei Trading Symbol
TradingSymbol
TWST
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
CY2020Q1 us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet
-390000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
1522000
CY2020Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
1900000
us-gaap Operating Lease Expense
OperatingLeaseExpense
3900000
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
2300000
us-gaap Operating Lease Payments
OperatingLeasePayments
4200000
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0697
CY2020Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
40978695
CY2020Q1 us-gaap Inventory Net
InventoryNet
10764000
CY2019Q3 us-gaap Inventory Net
InventoryNet
7330000
dei Document Period End Date
DocumentPeriodEndDate
2020-03-31
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2019Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2020Q1 us-gaap Restricted Cash Current
RestrictedCashCurrent
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RestrictedCashCurrent
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CY2020Q1 us-gaap Restricted Cash Noncurrent
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CY2019Q3 us-gaap Restricted Cash Noncurrent
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
185057000
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
47398000
us-gaap Noncash Or Part Noncash Acquisition Payables Assumed1
NoncashOrPartNoncashAcquisitionPayablesAssumed1
203000

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