Q4 2024 Ginkgo Bioworks Holdings Inc Earnings Call Transcript
Key Points
- Ginkgo Bioworks Holdings Inc (DNA) achieved a significant reduction in cash burn, decreasing from $114 million in Q3 2024 to $55 million in Q4 2024.
- The company ended the quarter with $562 million in cash and no bank debt, providing a strong cash margin of safety.
- Cell Engineering revenue increased by 29% in Q4 2024 compared to Q4 2023, driven by growth with large biopharma customers and government accounts.
- Ginkgo Bioworks Holdings Inc (DNA) added 31 new programs and contracts in Q4 2024, including five new large pharma logos and seven new data points contracts.
- The company has made significant progress in its restructuring efforts, achieving a $190 million annualized run rate reduction through Q4 2024.
- Biosecurity revenue for 2024 was $53 million, down 51% from $108 million in 2023, primarily due to the end of K-12 COVID testing contracts.
- The company reported a total adjusted EBITDA of negative $57 million in Q4 2024, although this was an improvement from negative $101 million in Q4 2023.
- Cell Engineering revenue for the full year 2024 was down 10% compared to 2023, excluding the impact of a noncash deferred revenue release.
- The company faces uncertainties in government funding, which could impact future revenue, particularly in the Biosecurity segment.
- Ginkgo Bioworks Holdings Inc (DNA) is operating in a challenging biotech R&D market, which may affect new business acquisition and revenue growth.
Good evening. I'm Joseph Fridman, Director of Communications and Corporate Affairs here at Ginkgo, where it's my fifth year. During that time, I've had the pleasure and the privilege of working with our Investor Relations team, usually behind the scenes of these earnings calls. And so it's exciting to be supporting you today in this more front-facing role.
I'm joined by Jason Kelly, our Co-Founder and CEO; and Mark Dmytruk, our CFO. Thanks, as always, for joining us. We're really looking forward to updating you on our progress today.
As a reminder, during the presentation today, we will be making forward-looking statements. These involve risks and uncertainties. So please refer to our filings with the SEC to learn more about these risks and uncertainties, including in our most recent 10-K.
Today, in addition to updating you on the quarter and the full-year results, we're going to provide updates on our path towards adjusted EBITDA breakeven, as well as customer progress in our cell
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