Twist Bioscience: Notes from the Road: Investor Day in Wilsonville Edition

研报英文原文证据摘录

Twist Bioscience: Notes from the Road: Investor Day in Wilsonville Edition

Barclays | Twist Bioscience

drivers include unannounced new products, continued AI adoption, MRD and diagnostics

scaling, and personalized antisense therapeutics.

On the GM >60% target, we were surprised by the lack of personnel in many of the labs during

the facility tour. The new characterization lab and write room were effectively empty save for

our tour group given the high level of "set-it-and-forget-it" automation. We suspect a potential

NT bottleneck is on the back end, particularly in characterization, given rising AI drug discovery

demand given FoF is only using 4 of its 16 writer space capacity. Expanding back-end capacity

shouldn't be a constraint though, given the ~65k sq ft of idle space (slightly larger than a

football field). Plus, TWST continues to iterate on manufacturing processes, as evidenced by

Gene Lab 1 now delivering double the throughput with only a ~20% increase of the prior

footprint.

In summary, while the silicon chip innovation remains central to TWST’s differentiation, the

company’s operational excellence, particularly its emphasis on speed, workflow optimization,

and continuous process improvement, is where TWST stands out. We felt that the customer

presentations did a great job of driving home the value add TWST is and how its products

enable and are sometimes indispensable to customer products. We think the >15% growth and

60%+ GMs are fairly conservative targets given the above and are confident that the

management team can continue its commercial execution.

Key Takes

AI Highlights

•• Orders growing triple-digit from ~$25M base with no clear ceiling, constrained more by

customer funding than TWST capacity

•• Fast experiment cycles (~20–30 days)