Twist Bioscience Corp (NASDAQ:TWST), a company specializing in synthetic DNA production, has announced the transition of James Thorburn to a Strategic Advisor role. The change, effective from Monday, October 8, 2024, follows the end of Thorburn's employment agreement with the company.
Under the new arrangement, Thorburn will provide consulting services on a month-to-month basis, with a compensation of $25,000 per month. This agreement allows Thorburn to continue his involvement in the completion of certain ongoing projects for Twist Bioscience.
The company, headquartered in South San Francisco, California, operates under the jurisdiction of Delaware and is listed on the Nasdaq Global Select Market. Twist Bioscience has not disclosed the specific nature of the projects Thorburn will consult on or the expected duration of his advisory role.
This development was formally filed with the U.S. Securities and Exchange Commission (SEC) on Tuesday, October 15, 2024, as part of the company's regulatory requirements. The information is based on a press release statement from Twist Bioscience Corp, as required by the SEC.
In other recent news, Twist Bioscience Corporation has made significant strides in its operations. The synthetic biology company reported a robust 28% year-over-year growth in revenue for its fiscal third quarter of 2024, totaling $81.5 million. The company's gross margin also improved notably to 43.3%, with a target set to exceed 50% by the end of fiscal 2025. Projected Q4 revenue is anticipated to be between $82 million and $83 million, indicating an expected 27% increase in total revenue for fiscal 2024.
Twist Bioscience also announced the appointment of Mike Fero, Ph.D., as its new Chief Information Officer. With over three decades of experience in startups, software development, and deep-tech industries, Dr. Fero is expected to enhance the company's technology infrastructure and product execution efficiency.
Financial services firm Baird maintained its Outperform rating on Twist Bioscience. Tracking the company's Express Genes pricing premiums, Baird's analysis showed a consistent demand, particularly from academic clients and the industry sector.
Twist Bioscience also unveiled an expansion in its DNA synthesis capabilities, offering gene fragments up to 5.0 kilobases in length. Additionally, in collaboration with bitBiome Inc., the company launched a Transaminase Enzyme Screening Kit, which aims to provide a more environmentally friendly alternative for synthesizing chiral amines, key components in drug manufacturing.
InvestingPro Insights
As Twist Bioscience Corp (NASDAQ:TWST) navigates this leadership transition, InvestingPro data offers additional context to the company's financial landscape. Despite the recent organizational change, TWST has demonstrated strong market performance, with a significant 174.68% price total return over the past year and a 59.51% return in the last six months. This aligns with the InvestingPro Tip highlighting the company's "high return over the last year."
However, investors should note that TWST operates with some financial challenges. The company is not currently profitable, with an operating income margin of -64.34% for the last twelve months as of Q3 2024. This is consistent with the InvestingPro Tip stating that "analysts do not anticipate the company will be profitable this year."
On a positive note, TWST has shown robust revenue growth, with a 25.37% increase in the last twelve months. This growth trajectory could be crucial as the company moves forward with its strategic projects under Thorburn's advisory role.
For a more comprehensive analysis, InvestingPro offers 10 additional tips for TWST, providing deeper insights into the company's financial health and market position. These additional tips can be particularly valuable for investors looking to understand the full impact of the recent leadership change and Twist Bioscience's future prospects.
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