Twist Bioscience Corporation

Ladies and gentlemen, thank you for standing by. Welcome to TWIS Biosciences 2025 Third Quarter Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message of eyes and your hand is raised. And to withdraw the question, please press star 11 again. Please be advised that today's conference is being recorded. I would like now to turn the conference over to Angela Bidding, Senior Vice President of Corporate Affairs. Please go ahead.

Thank you, Operator. Good morning, everyone. I would like to thank you for joining us for Twist Bioscience's conference call to review our fiscal 2025 third quarter 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. With me on the call today are Dr. Emily LaProust, CEO and co-founder of Twist, Adam Lapona, CFO of Twist, and Dr. Patrick Finn, President and COO of Twist. Today, we will discuss our business progress, financial and operating performance, as well as growth opportunities. We will then open the call for questions. We ask that you limit your questions to only one and then re-queue as a courtesy to others on the call. The call is being recorded. The audio portion will be archived in the investor section of our website and will be available for two weeks. During today's presentation, we will make forward-looking statements within the meaning of the U.S. federal securities laws. Forward-looking statements generally relate to future events or future financial or operating performance. Our expectation and beliefs regarding these matters may not materialize and actual results in financial periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include those set forth in the press release we issued earlier today, as well as those more fully described in our filings with the Securities and Exchange Commission. The forward-looking statements in this presentation are based on the information available to us as of the date hereof, and we disclaim any obligations to update any forward-looking statements except as required by law. 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 the GAAP and non-GAAP financial measures will be included in our earnings documents, which can be found on the investor section of our website. With that, I will now turn the call over to Dr. Emily Leproust, our CEO and co-founder.

Thank you, Angela, and good morning, everyone. During the fiscal 2025 third quarter, we focused on delivering exceptional value for our customers, expanding our product portfolio, and extending our reach into the long tail of the academic market for our synthetic biology products, and NGS tools. We added hundreds of net new customers and introduced the first in a series of planned portfolio extensions for our SynBio product line, setting the stage for robust and sustained growth. Turning to our financial results, I am pleased to report another quarter of sequential growth and record performance across revenue, gross margin, and adjusted EBITDA. For the third quarter of fiscal 25, We reported record revenue of $96.1 million, an increase of 18% year-over-year. Growth margin for the quarter came in very strong at 53.4% compared to 43.3% for the third quarter of fiscal 2024, demonstrating the leverage of fixed costs with higher volume, some benefit from mix, as well as our ongoing commitment to continuous improvement. Revenue for Symbio was $35.2 million, reflecting 7% year-over-year growth. As previously communicated, results for the same quarter last year included a significant order from a large contracted customer and an anticipated event that was not expected to recur in fiscal 2025. At the same time, several of our largest U.S. academic customers continued to place orders with twists, demonstrating sustained engagement while managing evolving funding dynamics. In response to this shift, we accelerated our strategy to increase market reach driving a strong influx of net new customers to the platform and expanding our commercial footprint across a broader segment of the Symbio landscape. To better illustrate the momentum of our Symbio group, excluding the one-time contribution from a large customer in the prior year quarter, underlying revenue grew more than 20% year-over-year. This growth highlights the strengths of our customer relationships, the increased demand for twist offering, and the impact of our efforts to diversify and extend our customer base. Turning to NGS, we reverted $55.3 million in revenue, an increase of 27% year-over-year, with trends coming primarily from our customers' commercial essays for diagnostic tests, as well as growth in smaller accounts. Landing these smaller customers remains critical to our long-term growth strategy, as these accounts have the potential to become large accounts in the future. We continue to work with many minimal residual disease customers in various stages of their development and commercialization. We see this growth level inflicting over time, following a similar pattern of growth that we have seen from our customers offering liquid biopsy tests. Turning to biopharma services, our revenue was $5.6 million, growth of 10% year-over-year, with orders of $6.2 million. We remain cautiously optimistic as the funnel of opportunities continues to build. We continue to see synergies between our biopharma services and our SYNBIO business, particularly within large pharma accounts where we see them purchase products and contract services to support their ongoing research efforts. In addition, the exponential growth of AI drug discovery generates significant opportunity for us as we offer a spectrum of products and services to accelerate this new wave of growth for the industry. I would now like to turn the call over to Paddy for commentary on operations and innovation. Thanks, Emily.