![]() ![]() ![]() ![]() Twist shipped approximately 152,000 genes during the quarter, compared to 124,000 in 2Q2022. The company shipped various products to approximately 2,100 customers during the quarter, up from 2000 in the year-ago period. Revenues rose 25% on a year-to-year basis to $60.2 million, solidly above the consensus. Twist lost $1.13 a share in the second quarter of 2022 in ways of comparison. On a GAAP basis, the company lost $1.04 a share, which was about a dime better than expectations. On May 5th, the company posted its second-quarter numbers. November Company Presentation Second Quarter Results: The company operates on a fiscal year that begins on October 1st. The stock currently trades at around $13.00 a share and sports an approximate market capitalization of $750 million. The company is broken down into three business lines: Next-Generation Sequencing or NGS, Biopharma, and Synthetic Biology. End users for these products include the industrial, agriculture, and medical sectors. Among the products Twist offers are synthetic genes, tools for sample preparation, antibody libraries for drug discovery and development, and DNA as a digital data storage medium. This somewhat unique life sciences concern is based out of South San Francisco. Therefore, we are going to circle back on Twist Bioscience today. The company has posted a couple of quarterly reports since then, and last week the stock saw an insider purchase. That turned out to be the right call, as TWST stock has dropped just over 60% since our first take on the firm. We should get a new set of data points to analyze, it should be noted, as third-quarter results will be out shortly." However, until management at Twist Biosciences shows significant strides lowering its quarterly cash burn rate and is much closer to getting to break-even status I will be avoiding the shares. We concluded that article back in November with the following conclusion: It has been more than a half a year since our first look at Twist Bioscience Corporation ( NASDAQ: TWST ). Meanwhile, Craig Hallum’s Alexander Nowak argues that "the entire diagnostics space could breathe some relief" after Novitas’ withdrawal of the previous local coverage determination (LCD).There are not nearly as many facts as there are opinions about the facts.”― Craig D. "No doubt this is good news," the analyst added, reaffirming his Buy rating and $32 per share target on the stock. Noting "as we digest this bizarre twist from Novitas and the surprise from CMS," Lake Street analyst Thomas Flaten raised his estimates for Castle ( CSTL).įlaten pointed out that Novitas would continue to cover Castle’s ( CSTL) Dx-SCC test contrary to prior assumptions. Novitas said it would draft a new policy proposal. The upsurge in CSTL shares comes after regional Medicare administrative contractor Novitas decided to withdraw a draft policy that would have declined coverage for Castle’s ( CSTL) cancer test. Update 10:45 AM EST: Adds comments from Craig Hallumĭiagnostics firm Castle Biosciences ( NASDAQ: CSTL) added ~41% in the morning hours Friday in a move attributed to an unexpected policy reversal regarding Medicare coverage for the company’s DecisionDx cancer test for squamous cell carcinoma (SCC). ![]()
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