It expects to meet the 2022 guidance framework for total revenue and new mobile programs
Year-end cash balance of approx 1.3 billion dollars provides great liquidity and puts Ginkgo in a position of strength to continue building its leadership position despite a challenging macro environment
Strong growth among biopharma customers as Ginkgo has increased its mammalian cell engineering capabilities, including the recent opening of Bioworks7, which is fully dedicated to mammalian cell engineering workflows
Management will highlight news today at JP Morgan’s 41st Annual Healthcare Conference at 11:15 PT (2:15 PM ET)
BOSTON, January 11, 2023 /PRNewswire/ — Ginkgo Bioworks (NYSE: DNA ), building a leading platform for cell programming and biosafety, today announced preliminary performance updates for the year ended December 31, 2022. Among the results, Ginkgo noted that it expects to meet its previously announced guidance ranges for total revenue and the start of new Cell programs in 2022 based on its preliminary unaudited estimates. An overview of the business, including a discussion of Ginkgo’s biopharmaceutical capabilities and end-to-end service offering, will be presented in a presentation today at JP Morgan Healthcare’s 41st Annual Conference.
“I am very pleased with the strong program growth we achieved in 2022 – nearly doubling the number of programs we added in 2021,” he said. Jason Kelly, Co-Founder of Ginkgo and Chief Executive Officer. “We also expect to meet our total revenue guidance for the year, and I’m particularly pleased that we expect our full-year revenue to be more than 35% above the upper end of our initial guidance that we share in March 2022. In the end, we finished the year with approx 1.3 billion dollars in cash, providing a margin of safety to the business as we continue to expand. Significant enhancement of our platform capabilities through investments, acquisitions and scaling enabled this growth, along with significant progress in the biopharma vertical. We are excited about the recent launch Ginkgo Enzyme Services, which covers the complete end-to-end process for enzyme research and development and has specific applications in the production and discovery of biopharmaceuticals. We recently opened Biological works7, which expands our mammalian cell engineering capabilities to serve our rapidly growing Biopharma customer base. I’m proud of our team’s accomplishments in 2022 and excited to drive strong growth and further enhancements to our capabilities and service offerings in 2023.”
Preliminary key performance highlights for 2022
- Ginkgo reiterated its expectation of 55-60 new Cell programs added to the Foundry platform in 2022.
- Ginkgo still expects total revenue of 460 dollars – 480 million in 2022
- The Foundry’s preliminary unaudited revenue is expected to be below previously announced guidance 150 dollars – 170 million dollars in 2022 due to a subset of target milestones that were not achieved in the fourth quarter, although Ginkgo remains confident in its ability to achieve these milestones
- Preliminary unaudited biosecurity revenue is expected to exceed previously announced guidance 310 million dollars in 2022
- Ginkgo has launched Ginkgo Enzyme Services, which aims to solve challenges for research and development teams developing enzymes, from the discovery of new enzyme activity through the optimization of enzyme function and large-scale production
- Ginkgo has opened Bioworks7, which adds 6,600 square feet of biosafety level 2 (BSL-2) laboratory space at Ginkgo’s headquarters in Bostonian Seaport District, expands its mammalian foundry platform to provide significant runway to support new program additions in the pharma and biotech vertical
- In 2022, Ginko finished with approx 1.3 billion dollars cash and cash equivalents, putting Ginkgo in a strong financial position to achieve its strategic goals, while at the same time leading towards profitability
Ginkgo plans to announce revised financial results for the fourth quarter and full year 2022 March 2023at which point it intends to give its outlook for the entire year 2023 and an additional disclosure of Ginkgo’s future opportunities for downstream value stakes.
JP Morgan Healthcare conference o Wednesday, January 11, 2023
As previously announced, co-founder and director Jason Kelly plans to participate in a presentation at the 41st Annual JP Morgan Healthcare Conference Wednesday, January 11, 2023 on 11:15 PT (2:15 PM ET).
Further details, a link to the webcast and a replay of the presentation will be posted on the company’s investor relations website at https://investors.ginkgobioworks.com/events.
About Ginkgo Bioworks
Ginkgo Bioworks is a leading horizontal cell programming platform, providing flexible, end-to-end services that solve challenges for organizations in a variety of markets, from food and agriculture to pharmaceuticals to industrial and specialty chemicals. Ginkgo’s biosecurity and public health division, Concentric by Ginkgo, is building a global biosecurity infrastructure to empower governments, communities and public health leaders to prevent, detect and respond to a wide range of biological threats. For more information, visit ginkgobioworks.com and concentricbyginkgo.comread ours blogor follow us on social media channels like Twitter (@Ginkgo and @ConcentricByGBW), Instagram (@GinkgoBioworks and @ConcentricByGinkgo), or LinkedIn.
Ginkgo Bioworks’ Forward-Looking Statements
This press release, presentation and webcast contain certain forward-looking statements within the meaning of federal securities laws, including statements regarding our plans, strategies, current expectations, operations and expected results of operations, both business and financial, all of which are subject to known and unknown risks, uncertainties and other factors that could cause our actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are generally identified by the words “believe,” “may,” “project,” “potential,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future, ” “opportunity”, “plan”, “maybe”, “should”, “will”, “would”, “will be”, “will continue”, “likely to result” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, presentation and webcast, including but not limited to: (i) volatility in the price of Ginkgo securities due to a number of factors; including changes in the competitive and highly regulated industries in which Ginkgo operates and plans to operate, variations in performance among competitors and changes in laws and regulations affecting Ginkgo’s operations, (ii) the ability to implement business plans, forecasts and other expectations, and to identify and the realization of additional business opportunities, (iii) the risk of a decline in demand for products using synthetic biology, (iv) the unpredictability of the duration of the COVID-19 pandemic and the demand for COVID-19 testing and the commercial viability of our COVID-19 testing business, (v) changes in the biosecurity industry, including due to advances in technology, increasing competition and evolution in the for industry demands, standards and regulations, (vi) our ability to realize the expected benefits of merger and acquisition transactions, and (vii) our final audited revenues and other financial results may differ materially from the preliminary and unaudited amounts set forth herein. The above list of factors is not exhaustive. You should carefully consider the above factors and other risks and uncertainties described in the “Risk Factors” section of Ginkgo’s Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission (“SEC”). November 14, 2022 and other documents Ginkgo files with the SEC from time to time. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to place undue reliance on forward-looking statements, and Ginkgo undertakes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. Ginkgo makes no guarantees that it will meet its expectations.
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