Twist Bioscience Corporation, a leading biotechnology company, on Monday announced laying off about 25 per cent of its workforce in a bid to accelerate its path to profitability. The company, which enables customers to succeed through offering high-quality synthetic DNA using its silicon platform, is set to say goodbye to some 270 employees in its latest round of layoffs.
Twist said it will focus resources on supporting key commercial and development opportunities that have the potential to deliver significant returns on investment. “Twist conducted a comprehensive review of the business and is downsizing several teams across the organization and reducing its workforce by approximately 270 employees, or approximately 25 percent,” it said while delivering its fiscal second quarter 2023 financial results. Where did you go?
The biopharma team has been resized to focus on revenue-generating partnerships, and Twist said it will moderate its investment in DNA data storage while maintaining its competitive lead.
“We reported a strong quarter, hitting the $60 million revenue threshold for the first time and exceeding our guidance,” said Emily M. Leproust, CEO and co-founder of Twist Bioscience.
“In January, we shipped the first products from the Factory of the Future and are now manufacturing most of our genes, gene fragments and oligo pools at our Wilsonville facility,” Leproust said.
Additionally, Twist plans to maintain its global commercial presence to drive top-line growth while streamlining teams, including R&D, to focus on programs where the company believes that it has a clear competitive advantage and sees the greatest potential for long-term profitable growth. and value creation.
The company’s CEO said, “After a strategic and holistic analysis of the business, we prioritized and reoriented our cost base, and with these significant changes, we believe we are operating from a position of strength.” , acting as a weak organization.”
(With inputs from IANS)
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