Twist Bioscience at 45th Annual William Blair Growth Stock Conference: Strategic Advances

Twist Bioscience (NASDAQ:TWST) presented at the 45th Annual William Blair Growth Stock Conference on Tuesday, 03 June 2025, highlighting its strategic focus on growth and innovation. The company discussed both opportunities and challenges in expanding its SynBio, NGS, and Biopharma solutions. While the company aims for margin expansion and adjusted EBITDA breakeven, it also faces a challenging macro environment.

Key Takeaways

• Twist Bioscience is leveraging its DNA synthesis platform to drive innovation in high-growth markets.
• The company reported Q2 fiscal year 2025 revenue of $92.8 million with a gross margin just under 50%.
• Twist is focusing on the liquid biopsy and MRD markets, emphasizing bespoke solutions with quick turnaround times.
• Operationally, less than 50% of the "factory of the future" capacity is currently utilized, with significant room for growth.
• The company aims to reach adjusted EBITDA breakeven by expanding its product range and customer base.

Financial Results

Twist Bioscience reported solid financial results for Q2 fiscal year 2025, achieving $92.8 million in revenue. The gross margin was just under 50%, indicating strong profitability potential as revenue grows. However, the company recorded a net income loss of $39.3 million and an adjusted EBITDA loss of $14.8 million. Research and development expenses were just under $24 million, while selling, general, and administrative expenses totaled $63.7 million. The company’s cash and cash equivalents stood at $257.1 million.

Operational Updates

• Twist’s "factory of the future" is operating at less than 50% capacity, with the ability to scale production significantly.
• The facility has a capacity of over $700 million, with options for further expansion.
• Geopolitical factors, such as tariffs, are providing favorable conditions for the company’s operations.
• The factory can produce 3 million clonal genes per year and write a million oligonucleotides per chip run.

Future Outlook

Looking ahead, Twist Bioscience is committed to enhancing its platform, introducing new products, and maintaining strong operational and commercial execution. The company expects continued revenue growth and margin expansion, with a focus on capturing market and wallet share. Achieving adjusted EBITDA breakeven remains a key target.

Q&A Highlights

• The company sees budget pressures as opportunities to offer more competitive pricing and faster turnaround times in the SynBio space.
• Growth in the NGS market has been significant, with a focus on MRD and bespoke tumor-informed panels.
• Twist discussed the dynamics of the MRD market, highlighting its low-cost entry and quick turnaround offerings.

For a detailed account of the conference call, readers are encouraged to refer to the full transcript below.

Full transcript - 45th Annual William Blair Growth Stock Conference:

Matt, William Blair: Okay. Here we go. So good morning, everyone. Thank you for for joining us, for the Twist management presentation. Normally, Emily Leprouse, the company’s CEO and founder is here.

She has two sturdy replacements in her stead as she recovers from a ski accident. We wish her well. Doctor. Patty Finn, President and COO and CFO Adam Laponis are here with us today as well as Angela bidding from IR. So thank you to the team for being Two quick notes, the breakout session following this is in Jenny B.

You can track with us up there if you’d like. And then a second for a complete list of our disclosures or possible conflicts of interest, please visit our website at williamblair.com. If we do wrap up early, we may take a couple of questions. But for now, I’ll turn it over to Patti. So thanks very much for being here.

Patty Finn, President and COO, Twist Bioscience: Thanks, Matt. And that’s the first time we’ve been called a sturdy replacement. Thank you for the choice of words. And I thank you for your time and attention today. And I’ll start with our legal comments.

Observing forward looking statements will be a test on the slide at the end. Okay. So Twist Bioscience, we’ve revolutionized DNA synthesis, miniaturizing DNA synthesis onto a silicon platform where one chip allows us to write 1,000,000 oligonucleotides in one run. Unprecedented scale, unprecedented quality, the DNA that we produce is absolutely best in class, which creates many, many opportunities for expansion of our product portfolio. We started with DNA as an opportunity to expand into RNA and proteins, which allows us to drive more products to more customers, serving more applications into high value, high growth markets, all underpinned by our DNA written on our silicon platform.

As we drive forward as a business for approximately ten years into being a commercial entity, we continue to show growth. And we have multiple advantages, starting at the very top of the organization, where our understanding of end markets is incredibly deep. The company was founded by scientists and engineers, leadership of the team has strength in DNA synthesis, and our knowledge across the markets we serve is very, very broad, but also very, very deep. And that understanding of the end market allows us to take our platform and drive through a culture of innovation to make great new products happen to serve these customers. The technology is proven.

We have capacity to make 16,000,000 oligonucleotides per day incredible diversity, which allows us to drive strongly differentiated products into the market, partnered with excellence in commercial execution is going to set us from where we are today on our drive to $1,000,000,000 of revenue. And it’s my favorite financial slide up into the right. And we’re driving towards profitability. We continue to see revenue and margin growth. The high fixed cost business model that we have is absolutely working.

We’re validating that every quarter as the revenue lifts. Now some data to show later, you can see margin expand. We have strong operational and commercial execution serving our customers. Our knowledge of our platform and applications allows us to improve and continuously upgrade the platform and drive new products to market, which allows us to take market share. But in addition to that, we take our unfair advantage, high throughput DNA synthesis to allow us to expand our share of wallet that we take with our customers.

And that’s underpinned of course by the wonderful opportunity to drive into growing markets. And so we are going to smash through that door and get across to adjusted EBITDA breakeven. Excuse me. And I like these slides just given the numbers behind my earlier comment, consistent execution driving up and to the right with revenue. You can see the margin continue to expand.

It starts from a low spot in fiscal year twenty twenty three Q2, which scaled up with our new factory and quite frankly, we’ve grown into that capacity. And then you can see the discipline in spend holding pretty flat across SG and A and R and D expenses. So as the revenue has grown, the margins expanded and we’ve showed good discipline in OpEx, you can see that truly the business is taking very, very, very good shape. And then just clicking a little bit closer here, enjoy this slide enormously. It’s good to see quarter by quarter execution.

It backs up and validates the comment that commercial execution is strong from the team. But the other thing this says to me is each and every twister, whichever channel is touching the customer should be a very, very positive strong user experience for our customers. We help them solve their major challenges and retention and quarter by quarter drive and results like that is truly underpinned by attention to detail every single day. That’s when we’re at marketing, selling, making, shipping product, making sure that our customers have that positive experience on our platform. And you can see the breakout by products across our Synbio, next generation sequencing and biopharma segments.

And there’s been multiple growth drivers for us. Near term growth is commercial execution, multi channel development, including a strong digital channel to drive us into the tail of the market. We have geopolitical tailwinds. Tariffs are actually helpful to us. We’re made in America.

We manufacture in South San Francisco and up in the Northeast in Portland. And we have a new product line that’s allowing us to accelerate our business both sides of our customer base, Enterprise selling fast product and express product portfolio is more turns per year, which drives growth, but also being quick allows us to drive into the academic segment into a long tail of life science researchers who want to utilize our platform and our products to drive their research. And from a product standpoint and segment standpoint, we’ve got some really interesting growth drivers. Again, coming back to the earlier comment about our awareness of markets and customer needs, we placed bets many, many years in the rear. Liquid biopsy is a bet that we placed back in 2017, which we’re starting to see come to fruition now.

Our portfolio for pharma the year after to start to build out discovery capabilities and full some bio product offerings to serve the pharma base continues to expand. As a business, we were doing quite well. We’d proven we can make our technology work. We’ve that we can get products out to the market and sell fairly effectively against the competition and serve customer needs. So at that point, we added operational expansion behind the sales team to drive us into the market with the factory of the future in 2022.

And again, scale capacity to make 3,000,000 clonal genes per year, but there’s nothing else like that. We also pointed the platform, again, our ability to write a million oligonucleotides per chip run at the minimal residual disease opportunity that we’re starting to see come to fruition back in 2022. And our expertise in next gen sequencing workflows, we have a product called FlexPrep to help sustain the transition from microarrays used in genomic analysis towards NGS, a very, very interesting upgrade where customers with fantastic economics can get onto the sequencing platform rather than the slightly narrower view of a microarray, so better data quality, improved economics. And the team has really developed a reputation for successful execution of a long game strategy. We’re bound by the classic strategic planning cycles of one year.

We’re not tied to product vitality one, which is what percentage of revenue came from first year NPI launches or new product launches. We truly do play the long game when we think about new product introductions. And we have a very, very clear focus in the life sciences tool space. Three segments for us to think about three product lines for us to think about are Synbio Writing business, our next gen sequencing reading business, and our Biopharma Solutions business. We’re relentlessly focused in this space.

The strong foundation in commercial execution, so it’s multiple channels touching different customer types, inside sales that’s going to help bring on and nurture new accounts, digital marketing to let you know what’s new and improved and how we’re going to help you solve your problems when you’re doing your research, An enterprise account management team backed up with a strong customer success, customer service team to make sure the customer has a positive experience when they come on to the Twist platform. And then two tools to simplify how you purchase from us, Business to business tools that get us into the top procurement systems used across the globe, and then an e commerce platform, which to quote our CEO that the DNA is free, the customer is paying for that user experience. The simplicity of getting onto our platform to buy the piece of DNA that you need for your research is hugely simplified, totally intuitive. I would say so simple, I could use it. And the platform’s proven disruptive products and services, again, underpinned by the ability to write a huge number of oligonucleotides in parallel.

We continue to innovate. I won’t read all of the slide. I’ll pick a couple of highlights per. Again, ability to write oligonucleotides the way that we do at the scale that we write at is going to open up opportunities in the Synbio business for us. In the mRNA space for discovery, for writing long oligonucleotides, higher mass single stranded DNA, which serves a number of very, very interesting applications in the very near future.

Milligram scale plasmid preparation is a market pool dragging us towards scaling up synthesis to a very high grade of quality and ultimately GMP to serve our customer base as we go forward. It comes back to the wallet share expansion strategy I had mentioned earlier. On the NGS or sequencing side or read side of our business, we continue to see opportunities to innovate and deliver great product to the sequencing community. I mentioned very briefly some of our library prep kits with FlexPrep. We have a cell free library construction kit underpinned by our own enzymes that give best in class workflow.

If you’re going to run a sequencing assay, you really do want to make sure you sequence everything that’s in the sample. Now our workflow, our enzymes, and obviously Twist DNA allow us to make sure the customer captures every molecule, gets it onto the sequencer, runs a better assay. There’s more regulated products in our future. Liquid biopsy has been good to us. The clinical space benefits from being on the Twist platform.

And in a B2B and regulated environment, quite frankly, there’s stories in the industry where customers using our product as a business survive. Those that don’t, don’t necessarily make it. That’s underpinned by the fact that we enable better, more cost effective sequencing. And then we have menu expansion. Sequencer is not just a sequencer, it’s a readout platform.

So there’s lots of different workflows upfront of the sequencer, include RNA applications, methylation. And of course, mentioned very briefly, the microarray’s time is up, and it’s time to move that platform from the array onto a sequencer. And we have some fantastic products to support and enable that transition. Then biopharma solutions, just a range and diversity of product, Our combination of in vitro and in vivo discovery is absolutely rock solid and totally differentiated on the market. Our strength utilizing the Beacon platform of discovery is unmatched.

And then we’re adding some new products and innovation around humanized mice to support discovery. And then obviously antigen generation for high throughput IgG or accelerating the pace at which we can support our customers as they go through the drug discovery process. We’ve also added an enzymology capability, and I’m going to read the slide from bottom to top. So our core strength is DNA synthesis, massive molecular diversity. And so what we started to do is utilize our own synthesis capability to allow us to create novel enzymes with features that are interesting to various applications.

So with internal enzyme engineering capability, with the use of AI tools and our knowledge of applications, which partner with high throughput and high speed, that’s what Twist is good at. It’s allowing us to drive really interesting products and improvements into each of our businesses. So in the Symbio right side, if we make our own enzyme, the economics change versus sourcing from outside. If we evolve or screen for features that are enabling, very successful for writing high quality genes. And also it just secures our supply chain, so nice and stable rock solid supply.

On the reading side, it allows us to put our enzymes into kits. It gives us greater differentiation and sequencing workflows, better performance for the customer. And again, source, if you’re in a clinical application, having a single source of workflow solution, is one neck to choke in the event that something goes wrong, and we’ve seen that take great traction with our diagnostic customers. And we utilize the same platform in biopharma to give us further differentiation in our discovery business. So again, DNA synthesis drives novel enzymes, drives interesting applications, which gives us the opportunity to expand wallet share.

When we partner that with what else is it that makes us strong, it’s a broad strategic moat. Obviously, talked about customer needs and the channels. We’ve industrialized the customization of biology. It’s a good analogy. It’s like Starbucks, your coffee is any way that you like.

It’s the same when customers come to buy DNA. There’s so many different flavors of DNA they want to buy that we’ve managed to develop a method to customize and serve that customer need. Digitized operational workflow and supply chain is incredibly important. The capacity to make 3,000,000 genes put in the right nucleotide in the right gene in the right tube to the right customer on the right day with the right invoice requires meaningful infrastructure scaled by automation. That’s really another core competence that we have.

Some of our competition is manual labor to deliver your DNA products. And we are absolutely completely opposed to that. Our methods are all scaled using automated tools, which allows us to drive the 3,000,000 genes, 60,000,000 nucleotides capacity. There’s $1,000,000,000 infrastructure investment underway. So again, that’s going to push us forward commercially.

We have a relentless focus on innovation. We have no place for me too products. We want to disrupt. We want to enable. And it’s exceptional research and regulatory scale, and that’s whether it’s a clinical test that you’re developing or you’re in academic research looking for your next great publication or discovery.

And it’s an incredibly diverse team of expertise with a very unique culture. It’s a very strong foundation, very strong and capable and broad strategic moat. And we’re now positioned to drive volume. Capacity is in place. The factory of the future from 2022, We have low variable cost, heavy fixed cost.

We’re on drive to have $700,000,000 plus in capacity with options to expand depending upon customer need and product mix. We’re using less than 50% of capacity today, but the investments made in automation to drive us through $700,000,000 plus in capacity. Fixed costs hold relatively flat. So that’s good the investments made. The fixed cost is high, but that’s allowing us to drive margin expansion.

And the last bullet point is the most important one from a business standpoint. 75% to 80% of incremental revenue growth is dropping to a gross margin line. And you can see that earlier in the bar graph showing revenue up, margin expanding, strong cash position. So just a slightly deeper dive in the Synbio, the writing side of our business. We serve large end markets, pharma, biotech, industrial, chemicals, agriculture and academic labs with incredibly diverse applications.

So target discovery and validation, antigen production, antibody discovery, look at the pipeline of drugs working the way through the FDA today, it’s predominantly new biological entities. It all starts with a piece of DNA. We can screen and produce at scale of our enzyme protein cellular engineering customer segment, protein expression needs, and then obviously in editing applications. It’s all underpinned by the products listed genes, whether it’s clonal or express, fragments, non clonal multiplex, gene fragments, oligo pools, variant libraries, IgG proteins, so a diverse range of products serving a diverse customer base. But if you look, and the important point in the slide is that all comes back to writing DNA on our silicon platform.

And just a little slide on carbon footprint. Because we’ve miniaturized chemical synthesis of DNA, if you use the old school methodologies, the carbon footprint of making one gene is the equivalent of a 59 mile drive. So old school methods, 59 mile drive. When you’re on the Twist platform, it’s quite a good way to capture what miniaturization means. It’s a 0.092 mile drive equivalent using the Twist platform because the amount of reagent used to make a gene is so incredibly small.

It helps us drive commercial differentiation of speed, cost, scale, quality, user experience, innovation and simple and frictionless ecom. And we expanded wallet share over time. It expands into the customer’s value chain. So it’s a gene fragment, the easiest and simplest product to get onto the platform with a non clonal piece of DNA. Friends don’t let friends clone, so we’ll do clonal genes to help the customer save them time, save them money, give them throughput.

We’ll prep the DNA to get it into any form that you want. We’ll make the IgG, antibody, your protein, whatever it is that you’re looking for downstream of DNA, and we’ll start to do or we’re starting to do antibody characterization. And with every step, you can see us growing with the customer growing into wallet share, and that serves pharma, biotech, industrial, chemical and academic segments. On the sequencing side of the business, fantastic large and high growth markets diagnostics, basic translational research and ag bio. Incredibly diverse applications, liquid biopsy has been very good to us as we’ve grown the business, clinical population, cognitive genomics, oncology research, minimal residual disease, MRD, I’m sure you’re all aware of what’s happening there, rare disease, single cell analysis, variant detection, biomarker identification, trait selection.

Again, a whole series of innovative products, well differentiated products that serve this customer base, it’s fixed panels, custom panels. If we have a scientist that’s come up with a panel of real interesting content, then we make what’s called an alliance panel, where we make those sequences available to the broader community. Then we have workflow solutions, library prep kits underpinned by our own enzymology, our reagents and controls and standards, all wrapped into products that again makes it easy for the customer to buy and utilize our products. And it all comes back again to our ability to write DNA on our silicon platform. And just another one comparing, yes, carbon footprint for the year, if you went back to old school methodology for making DNA, that’s a lot of carbon dioxide equivalents to deliver on annual volume.

And again, can see the difference when you move to the Twist platform miniaturized reagent, massively paralyzed synthesis. You can see the difference in carbon dioxide equivalents for us to deliver on a year’s worth of products. We win in the market based on quality. Our oligonucleotides, our DNA building blocks are of unmatched purity, unmatched quality. It allows us and enables us and enables our customers to use our product to spend less of their budget on sequencing.

So it costs the same to use Twist enrichment products, but the saving for the customer is in the sequencing cost, better enrichment, lower cost of sequencing. And again, for our customers, it can be an extinction event to not be on the platform. Those who use our platform save cost of sequencing, their P and L improves, their business improves. If you’re on some old school methodologies, there’s examples in the market where that’s not been the case. Comprehensive workflows that allows us to take wallet share.

It also allows us to provide best in class support to our customers as they grow. You can customize rapidly the entry to get onto old school methodologies to test your panels. It’s a high barrier. Imagine a few dollars per oligonucleotide. If you want to screen a million oligos, that’s an expensive first experiment.

It’s completely different to get onto our platform, cost effective, quick, superfast throughput. And again, we also have a lovely position in the community. I’m sure you’ve seen this new sequencers hitting the market, where it doesn’t matter what the readout is, a Twist product will say upfront and serve whichever sequencer is doing well in the market. We’re expanding our order volumes as customers scale. We’re here to support the customers as they go out into market.

It’s a cost effective starting point, but the platform scales quite beautifully. So it starts with an R and D pilot, a quick experiment, a few samples, however many probes you need to prove out what product it is you’re trying to make. The customer is going to test or design build test, quickly optimize to where they need to be from panel content. They’ll move to verification and validation, so they start to scale up. They’ll move to clinical studies and ultimately into commercial ramp.

And our platform scales along with the customer, we become a supply chain partner. And as they grow, we grow with them. And as they hit market, the product quality doesn’t flinch, we’re there to support them as they drive forward. Again, that’s whether it’s minimal residual disease, liquid biopsy, rare disease, therapy selection, cancer profiling or NIPT. So again, super quick to get on the platform, super cost effective because we’ve miniaturized DNA synthesis at scale and again excellent awareness of what the customer is looking for to help them get their assay to market.

In Biopharma Solutions, we have a one stop shop. It’s in vitro discovery and optimization, in vivo discovery and screening, in silico lead optimization, humanization lead picking and advancements and improvements utilizing AI and ML tools. And what that means is the customer gives us a target and in return we’re going to give them antibodies either the molecule or the sequences that are going to be tight high affinity binders is going to allow them to move into the preclinical development pipeline. And quite frankly, that can we typically start with hard targets. A few years ago, I think we’re the antibody discovery partner of last resort.

Customers start with something that’s difficult and then we start to win some of the easier business as they repeat and come back onto the platform. And it’s expanding wallet share over time. It’s all underpinned by our ability to write lots of different DNA sequences that allows us to expand wallet share from $100 of a gene all the way up to $0.02 $5,000,000 in a discovery project serving biotech or biopharma segment. And with that business right now, we’re just focused on execution, developing the commercial channel, working out how to sell a very custom discovery project very capably, leveraging our total product portfolio, building our opportunity funnel and driving to revenue. And it’s a very, very strong fit with our Synbio product offering, which has grown well in the health care segment and particularly with pharma.

So it really does build out a strong product portfolio. And maybe this is the summary slide that catches all of my words. You just go across the businesses in the column on the right, obviously sequencing, Symbiowrite, biopharma solutions, panels for target enrichment, library preparation, RNA seq, any workflow upfront of a sequencer can be underpinned by the Twist platform. On the writing side of the business, we’re making oligonucleotides to make variant libraries, the oligonucleotides can be assembled into multiplex gene fragments, regular gene fragments, which move into clonal genes, the genes can be made into antibodies for discovery or into enzymes and proteins, The clonal genes can be made into an IVT template to make RNA. We can do de novo vector synthesis.

The range and plethora of products in the green segment is vast. And they feed into our in vitro libraries, in vivo discovery, partner with AI to create really interesting antibodies that can be characterized. Maybe if I just flick that arrow back, it all comes back to a run for advantage in writing lots of different oligonucleotide sequences per chip run. And to give you a feel for that scale, it’s about 16,000,000 or up to 16,000,000 oligonucleotides per day. So that ability drives us into high value, high growth, high end markets.

And you can see that range of product shows diversity in business and a very, very robust and resilient product offering. Just a couple of financial comments. We finished Q2 fiscal year twenty twenty five, that’s March 31 for us, solid $92,800,000 in revenue. Margin just a smidge under 50%. Adam wouldn’t let me round that one up.

Our R and D expenses control just a smidge under 24,000,000 SG and A at £63,700,000 the net income and loss 39,300,000.0 and adjusted EBITDA of £14,800,000 with $257,100,000 of cash and cash equivalents in the bank. And I think it was May that was the guidance that we gave 94,000,000 to $97,000,000 in revenue broken down by product lines that I’ve just been describing and our expectations around adjusted EBITDA. I think well, the slide speaks for itself. And then $3.72 to $3.79 for our fiscal year against September 30 finish, showing the breakdown per product, the gross margin for the year, and the adjusted EBITDA for the year. Our next chapter, so again underpinned by market understanding, which drives strong differentiated products out to the market through our culture of innovation with our scalable infrastructure.

Again, the infrastructure is built to allow us to create incredible molecular diversity interesting products with the technology that’s proven into multiple commercial channels that are working quite effectively. We have the enormous privilege of serving growing markets or solving humankind’s toughest challenges today. And we’ll continue to take market and wallet share, market share from again our scale, our DNA writing capability, wallet share from continuing to build more value into the products we deliver to our customers. We continue to invest in improving the platform, driving new products out to the market as part of a strong operational and commercial execution. Again, you can see top line up, margin expanding and that will continue revenue lifts, margin continues to expand.

I think that’s probably enough for me from a PowerPoint standpoint. So thank you for your attention. I almost beat the giant clock there, Matt. And then stop right there. Thank you.

Couple of questions.

Matt, William Blair: The question. Synbioside, you’re in the shots on goal business. Right? You’re helping whether it’s academia or biopharma with their basic research. Your five year CAGR there is about 30% at a time where many of your competitors are have been down consistently and frankly most of life sciences has been has been down.

As you think about both this year and perhaps the the pressure points more on academia than my pharma, and then over the next couple years, what gives you confidence that in a challenging macro environment you can continue to achieve that kind of growth?

Adam Laponis, CFO, Twist Bioscience: No, Matt. Thanks for the question. I I think if you look back over the last three years, Twist has done very, very well in that biopharma space when budget pressures were, I’ll call it, budget pressures were in focus. And what we see and saw at that time is what we offer is more shots on goal with faster turnaround times, higher quality, and lower pricing. And so in a budget constrained environment, Twist performs very well.

When we look to the academic markets, we do see the pressures that our customers are under and we’ve been able to respond with some pretty innovative offerings operationally in the last couple of months. But more importantly, what we see is this scenario where we’re underpenetrated and we know we have the opportunity to take share because when your budgets are under pressure, the Twist solution offers you more shots on goal. And so it’s an opportunity for customers to look up and say, maybe I’m going look at my supplier differently and we see an opportunity to take share by being there for our customers and focusing on their needs ultimately penetrating in a market where we have underpenetrated historically.

Matt, William Blair: NGS has grown from 2,000,000 in 2018 to 200,000,000 in the most recent year. Much of that at least some of that has been related to liquid biopsy, a market where there are many emerging and successful players. The next market you highlight is MRD where today there’s really one established behemoth and a number of entities trying to maybe disrupt. So maybe speak to how the MRD opportunity both resembles and might be different than liquid biopsy.

Patty Finn, President and COO, Twist Bioscience: Right. Interesting emerging workflows there. We have offerings for three possible scenarios. There’s a low pass sequencing workflow, which is well served by our novel enzymology capability, best in class ligase captures every molecule brings it onto the sequencer. It’s a very, very enabling offering.

If you see an example where it’s fixed content in a panel like an example, I think the economics of using the Twist platform is tried and tested. And that’s going to be a price sensitive market. So I think there’s a likelihood of success there. But where the platform really shines, truly, truly shines is when you go to bespoke tumor informed panels. That’s what Twist is built for.

It’s very low cost entry to get onto the platform, super quick to turn around up to 10,000 probes into tube as quickly as possible shipped to the customer. I think what you saw at I think was AACR just recently, there was three workflows and the posters and data being presented more specific, more sensitive tests using more complex panels. Quite frankly, is really going to leverage where Twist is strong and we look forward to that opportunity continuing to mature.

Matt, William Blair: Great. Thank you very much. Thanks everyone. We ran out of time, but certainly. So thank you everyone.

Patty Finn, President and COO, Twist Bioscience: Thanks Matt.

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