Tom King

Basically, what Twist does is they make...

DNA for other people.

So you're a researcher.

You send, hey, you say to Tris, please make me this DNA with this code of nucleotides.

And they do that.

The researcher then puts it into a cell and sees what it does.

So they heavily are dependent on

research, the level of research activity.

And as we know, and Carl has said earlier in the show, we've been through what you might call a bit of a biotech winter the last few years.

There's been a fair amount of pessimism in industry, lack of investment, and so on.

But what impressed me about Twist when I looked over their longer-term results is that they've consistently grown revenue consistently.

through this period from 2020 through to last year, adding about $60 million in revenue per year.

Their rate of cash burn has gone down.

They're still burning through cash, but it's getting a lot less.

I would say from a business perspective, it's doing all the right things.

It's

maintained its revenue growth, it's reduced its cash consumption, it's getting towards profitability.

The results they released this morning pretty much confirmed that the trend that has played out over the last five years is continuing satisfactorily.

It's still an interesting company.

It's a lot cheaper than it was at one point in the 2020-2021 period.