Twist Bioscience falls on lowering FY revenue outlook; announces job cuts
05/05/2023 13:03
** Shares of synthetic biology co Twist Bioscience Corp
TWST.O fall 13.8% to $11.15 premarket
** Co lowers fiscal year 2023 revenue guidance to ~$235
mln-$238 mln vs previous guidance of $261 mln-$269 mln; analysts
on average estimate FY2023 revenue of $264.2 mln
** Co says, as part of its strategic restructuring plan, it
is resizing many teams throughout organization and reducing
workforce by ~270 employees, or about 25%
** Expects to incur pre-tax charges between $9 mln and $11
mln in connection with its strategic restructuring plan
** In Q1, TWST reported a smaller-than-expected loss and
revenue above analysts' estimates - Refinitiv data
** Co also expects Q3 revenue of ~$60 mln-$61 mln, above
estimates of $73.5 mln
** Up to last close, stock had fallen 45.65% YTD
(Reporting by Ashwini Raj in Bengaluru)
((Ashwini.Raj@thomsonreuters.com))