Telesis Bio Inc. Reports Third Quarter 2022 Financial Results
November 08 2022 - 4:10PM
Telesis Bio Inc. (NASDAQ: DNAY), a company enabling customers to
accelerate the reading and writing of biology, today reported
financial results and business highlights for the third quarter
ended September 30, 2022.
“We are continuing to execute to our plan of being
the leader in benchtop automation for synthetic biology, multiomics
and next gen sequencing,” said Todd R. Nelson, Ph.D., CEO and
Founder of Telesis Bio.
Dr. Nelson continued, "Beginning in Q1 of 2023 we
will release additional BioXp® kits that will enable scientists to
begin the cloning, amplification, and mRNA synthesis process from
the customer’s own linear DNA or plasmid DNA. We believe providing
scientists the flexibility to begin with their own materials as an
optional starting point will further expand the utility, speed, and
impact of our systems. This will allow us to deliver increased
value to our customers and to access a significantly larger portion
of the customer base. The new kits will also position us well to
take increased share of the synthetic biology and multiomics
markets, while at the same time growing our revenue, and improving
our margins.”
THIRD QUARTER 2022 FINANCIAL
RESULTS
- Revenue: Revenue for the third quarter of 2022 was $6.7 million
compared to $2.8 million for the same period in 2021.
- BioXp® Revenue: BioXp® revenue, which consists of instruments
and kits, for the third quarter of 2022 was $2.6 million compared
to $1.9 million for the same period in 2021.
- Cost of Revenues: Cost of revenues for the third quarter of
2022 was $3.0 million compared to $1.6 million for the same period
in 2021.
- Gross Margin: Gross margin was 55% for the third quarter of
2022 compared to 42% for the same period in 2021.
- Operating Expenses: Total operating expenses for the third
quarter of 2022 were $14.9 million compared to $10.6 million for
the same period of 2021.
- Net Loss: Net loss attributable to common stockholders for the
third quarter of 2022 was $12.3 million, or $0.42 per share,
compared to $9.8 million, or $0.34 per share, for the same period
of 2021.
- Cash Position: As of September 30, 2022, the Company had $49.9
million in cash, restricted cash, cash equivalents and short-term
investments.
Recent Highlights
- Announced a plan to change its name to Telesis Bio Inc., to
reflect portfolio growth and expansion to include an array of tools
for both synthetic biology and multiomics applications.
- Launched and recorded our initial customer placements of the
BioXp® 9600 system, the second release on the powerful and
versatile BioXp® platform targeting customers seeking a distributed
automation platform with high throughput DNA synthesis and cloning
capabilities.
- Launched BioXp® Error Corrected Libraries, expanding
application of Telesis Bio’s proprietary error correction
technology and enabling researchers to build DNA libraries of up to
64 million variants per well with two-fold greater fidelity than
non-error corrected libraries without compromising on expected
sequence diversity of amino acids.
- Participated in and presented at key industry conferences
including the 7thAnnual CAR-TCR Summit in Boston, MA and World of
Technology & Science Conference in Utrecht, Netherlands.
- Announced development roadmap that beginning in Q1 of 2023 will
release additional BioXp® kits that enable scientists to begin the
cloning, amplification, and mRNA synthesis process from the
customers own linear DNA or plasmid DNA.
- Granted two patents; US 11,408,020 (Gibson assembly®
technology) on August 9, 2022, and US 11,447,755 (Vibrio
technology) on September 20, 2022.
- Continued progress with SOLA on the future BioXp®
Digital-to-Biological Converter™ (BioXp® DBC) instrument for fully
automated manufacturing of on-demand CRISPR-Cas9 guide RNA (gRNA),
and announced initiation of work under a collaboration agreement
with Cellibre to optimize the development and validation of the
BioXp® DBC instrument for genome editing applications.
Updated 2022 Financial
GuidanceThe following statements are based on Telesis
Bio’s current expectations for fiscal 2022. The following
statements are forward-looking, and actual results could differ
materially depending on market conditions and the factors set forth
under “Forward-Looking Statements” below. For the full fiscal year
2022, Telesis Bio provided the following updated financial
guidance:
- Revenue is now expected to be between $23 million and $25
million, an increase from previous guidance of $22 million to $24
million.
- Gross margin is expected to be within the 48% to 52% range,
consistent with previous guidance.
- Operating expenses including R&D and SG&A are expected
to be within the $62 million to $65 million range, consistent with
previous guidance.
- Cash on hand is anticipated to be approximately $40 million at
the end of 2022.
Webcast and Conference Call
InformationCompany management will host a conference call
today, November 8, 2022, at 1:30 p.m. PDT / 4:30 p.m. EDT to
discuss the financial results and other recent corporate
highlights.
The press release and live audio webcast can be
accessed via the Investor section of Telesis Bio’s website at
www.telesisbio.com. The conference call can be accessed by
registering at the following link:
https://register.vevent.com/register/BI49e33f1c6b4f43358b820bbfd7b78ed6
Once registered, participants can dial in with an
assigned personal PIN number or select the ‘Call Me’ option for an
instant dial to your phone. Please log in approximately 5-10
minutes before the event to ensure a timely connection. The
archived webcast will remain available for replay on Telesis Bio’s
website for 30 days.
About Telesis BioTelesis Bio is
empowering scientists with the ability to create novel, synthetic
biology-enabled solutions for many of humanity’s greatest
challenges. As inventors of the industry-standard Gibson Assembly®
method and the first commercial automated benchtop DNA and mRNA
synthesis system, Telesis Bio is enabling rapid, accurate and
reproducible writing of DNA and mRNA for numerous downstream
markets. The award-winning BioXp® system consolidates, automates,
and optimizes the entire synthesis, cloning and amplification
workflow. As a result, it delivers virtually error-free synthesis
of DNA and RNA at scale within days and hours instead of weeks or
months. Scientists around the world are using the technology in
their own laboratories to accelerate the design-build-test paradigm
for novel, high-value products for precision medicine, biologics
drug discovery, vaccine and therapeutic development, genome
editing, and cell and gene therapy. Telesis Bio is a public company
based in San Diego. For more information, visit
www.telesisbio.com.
Telesis Bio, the Telesis Bio logo, Gibson
Assembly, and BioXp are trademarks of Telesis Bio Inc.
Forward-Looking StatementsThis
press release contains forward-looking statements. All statements
other than statements of historical facts contained herein are
forward-looking statements reflecting the current beliefs and
expectations of management made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These statements include statements and guidance regarding Telesis
Bio’s future financial performance as well as statements regarding
the future release and success of new and existing products and
services. Such statements are based on current assumptions that
involve risks and uncertainties that could cause actual outcomes
and results to differ materially. These risks and uncertainties,
many of which are beyond our control, include risks described in
the section entitled Risk Factors and elsewhere in our Quarterly
Report on Form 10-Q, which is anticipated to be filed with the
Securities and Exchange Commission on November 9, 2022. These
forward-looking statements speak only as of the date hereof and
should not be unduly relied upon. Telesis Bio disclaims any
obligation to update these forward-looking statements.
Telesis Bio Inc. Selected
Balance Sheet Financial Data (in
thousands) (unaudited)
|
September 30, |
|
|
December 31, |
|
|
2022 |
|
|
2021 |
|
Balance Sheet Data: |
|
|
|
|
|
Cash, restricted cash, cash equivalents and short-term
investments |
$ |
49,930 |
|
|
$ |
82,806 |
|
Working capital |
|
49,377 |
|
|
|
83,451 |
|
Total assets |
|
88,142 |
|
|
|
116,257 |
|
Total liabilities |
|
34,834 |
|
|
|
25,473 |
|
Accumulated deficit |
|
(105,609 |
) |
|
|
(65,270 |
) |
Total stockholders’ equity |
|
53,308 |
|
|
|
90,784 |
|
Telesis Bio Inc. Selected
Statements of Operations Financial Data (in
thousands, except per share amounts)
|
(unaudited) |
|
|
(unaudited) |
|
|
Three Months Ended September
30, |
|
|
Nine Months Ended September
30, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
Product sales |
$ |
4,723 |
|
|
$ |
2,180 |
|
|
$ |
12,943 |
|
|
$ |
6,099 |
|
Royalties and other revenue |
|
1,952 |
|
|
|
606 |
|
|
|
5,023 |
|
|
|
1,866 |
|
Total revenue |
|
6,675 |
|
|
|
2,786 |
|
|
|
17,966 |
|
|
|
7,965 |
|
Cost of revenue |
|
3,016 |
|
|
|
1,624 |
|
|
|
8,817 |
|
|
|
4,548 |
|
Gross Profit |
|
3,659 |
|
|
|
1,162 |
|
|
|
9,149 |
|
|
|
3,417 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
5,816 |
|
|
|
3,593 |
|
|
|
19,321 |
|
|
|
9,217 |
|
Sales and marketing |
|
3,833 |
|
|
|
2,955 |
|
|
|
11,808 |
|
|
|
7,881 |
|
General and administrative |
|
5,261 |
|
|
|
4,055 |
|
|
|
16,621 |
|
|
|
9,596 |
|
Total operating expenses |
|
14,910 |
|
|
|
10,603 |
|
|
|
47,750 |
|
|
|
26,694 |
|
Loss from operations |
|
(11,251 |
) |
|
|
(9,441 |
) |
|
|
(38,601 |
) |
|
|
(23,277 |
) |
Interest expense, net |
|
(319 |
) |
|
|
(381 |
) |
|
|
(954 |
) |
|
|
(1,001 |
) |
Change in fair value of derivative liabilities |
|
(17 |
) |
|
|
15 |
|
|
|
(21 |
) |
|
|
(1,532 |
) |
Loss on extinguishment of debt |
|
(727 |
) |
|
|
— |
|
|
|
(727 |
) |
|
|
(618 |
) |
Other income (expense), net |
|
6 |
|
|
|
(13 |
) |
|
|
(18 |
) |
|
|
(29 |
) |
Provision for income taxes |
|
(6 |
) |
|
|
(4 |
) |
|
|
(18 |
) |
|
|
(10 |
) |
Net loss |
$ |
(12,314 |
) |
|
$ |
(9,824 |
) |
|
$ |
(40,339 |
) |
|
$ |
(26,467 |
) |
Net loss per share, basic and diluted |
$ |
(0.42 |
) |
|
$ |
(0.34 |
) |
|
$ |
(1.37 |
) |
|
$ |
(1.83 |
) |
Weighted average common shares used to compute net loss per share,
basic and diluted |
|
29,518,955 |
|
|
|
29,299,769 |
|
|
|
29,429,393 |
|
|
|
14,485,161 |
|
Contact: Brent Hunter Vice
President of Finance finance@codexdna.com
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