Emily Leproust, CEO of Twist Bioscience | 44th Annual J.P. Morgan Healthcare Conference 2026

Thank you very much for the invitation and the introduction. I'll start by saying that I'll be making some forward-looking statements today. So at Twist, we are an emerging leader in life science tools. We're global and we outperform in the multi-billion dollar markets that we serve. And the key technology for us is a semiconductor approach to DNA synthesis. Our products are actually very diverse. We serve many applications. One of them is DNA synthesis and protein solution that you may know formerly as GenScript and BioArma. The other is NGS application formerly NGS. And the key applications we serve are the drug discovery, diagnostics, the chemical production. So the production of chemicals through yeast, algae, E. coli in a way that's more sustainable and enabling our customers to make sure that our food security is there through the engineering of traits in plants and animals. We serve the top of the top institutions in multiple markets. We have almost 4,000 customers and the key for us is about innovation. We enable our customers to accelerate discovery, to improve their performance, to reduce their supply chain risk at attractive economics. And the way that resonates really well with our customer is that we future-proof their supply chain. I mentioned that the key technologies are silicon chip. From our second chip, we derive an unfair advantage in making oligonucleotides, as are small pieces of DNA. And we have a very simple strategy and that is to load more on the chip. Very similar to an airline that wants to fly full planes, we want full chips. And so therefore, we've developed a wide variety of products that serve many applications, many customers, many markets, but it all comes down to the same chip. And here I'm showing you the product lineups that we had in 2021. And over the next animation, what we're showing is how that product lineup has evolved over the last five years. And so you can see that we have way more products. And so we're an NPI machine that builds on top of that unfair advantage. And now that product lineup is a moat and I'll discuss in a few slides. It also enables us to extend our SAM. As you can see here, this is the markets that we serve. DNA synthesis and protein solution more than 4 billion dollars of SAM and NGS application more than 3 billion of SAM. And as you can see at the bottom, it's quite important messages. In 2020, our SAM was $2 billion. In 2025, it's $7 billion. So what happened was number one the market grew but more importantly we added new products through our NPI machine that enabled us to go into new markets and we estimate that in 2030 our SAM will be more than 12 billion. Thanks to that product introduction we have delivered revenue growth. Here I'm showing some of the bright spots in our product lineups that are growing really fast that enabled us to deliver more than 20% year-over-year growth last year and there are no other life science tools company that do that. Our ambition is to make sure that we have durable topline growth going forward. We do that in two ways. Number one going back to innovation. We enable innovation at scale both in the solutions we provide to customers in the value that we provide and the impact that we enable them to have on the business. So innovation is our first driver. Second innovation is execution. We are very powerful advantage in the superior solutions that we launch, the exceptional customer service that our customer get from us, the operational excellence that we provide and what we do is customized biological reagent at scale. We're leveraging automation and that operational excellence is key to our success. And last but not least is our financial discipline and we are reiterating today that we'll be adjusted EBITDA break-even in Q4 2026. This is a key milestone for the company. We're doing the things on the left to do that and after that we want to drive durable profitable growth. In terms of financial performance, you can see here the revenue growth for the last few years. Since 2023 we've made a key effort in ramping gross margin. Last year we got gross margin above 50%. We're not going back. But now we focus more on revenue growth rather than gross margin growth. You can see that opex has been fairly flat. So as we run revenue, as we run gross margin and our discipline in opex, our adjusted EBITDA loss is shrinking and that's where we really think that in Q4 this year we'll be just EBITDA break-even. Double clicking on quarter performance. Now we pre-announce today our Q1 numbers. Q1 ends in December for us and now we have 12 consecutive quarters of revenue growth at a CAGR of 24% over 12 quarters. So really, really good, very unique in life science tools industry. We are not changing the way we are reporting the industry group and at the bottom we're showing the new groups. Diagnostics is the biggest group. Therapeutics coming second for more than 25% growth. Academic is small. We are underexposed but 13% growth is better than our competitors in the funding environment last year. Industry and applied if we removed the one customer that we discussed previously was actually 20-23% growth. And we're introducing a new category of global supply partner. And those are on the left 18 companies that are reselling Twist DNA or Twist products under their brand. And then on the right our network of distributors. It's a great way for us to run revenue to load more orders on the chip in a way that's very profitable. And now mixing the two our industry mix with our product mix. You can see that the therapeutics is mostly DNA synthesis and protein solution. Diagnostics is mostly NGS application. And we're sharing the numbers for the other industry groups. We're now going to share these numbers every quarter or maybe not every year but we thought that for the first time it was a useful addition. So now diving a little bit deeper in the two product groups. First DNA synthesis and protein solution. On the right here, you can see the products and the services that we sell. So, it's a very extensive menu. We win products because of our speed, cost, scale, quality, and frictionless e-commerce. Usually, you don't have to pick two out of five. We deliver five out of five. And then in the antibody service area, we win because we are the one-stop shop. You come to us, you give us a target, we give you a drug, and we can use AI, in vivo, in vitro. We have the full suite. Our strategy in growing there is to expand wallet share once we've landed a customer. On the right you can see the value chain. Sometimes we land customer the gene fragment or DNA prep or IgG and then we upsell them mostly in the area of therapeutics. And to try to help illustrate the dynamics we are sharing actual revenue number from two different customers. Both of them do drug discovery. You can see that the top one they use gene fragment, the bottom one they use clonal genes. So different customers do science differently. In Q1 2024 as we launch express gene you can see the top customers were able to expand our revenue into different part of the organization and the revenue overall grew and then the bottom customers you can see that when we launch high throughput IgG that's something that was well matched for what they were looking for. So hopefully it shows a different dynamics that happens with different customers that may be doing the same thing. What we say is that if you put five drug discoverers together you'll get six opinions on how to discover drugs and we meet them where they are. A big growth opportunity for Twist last year has been AI drug discovery. On the left you have traditional drug companies that need more data to feed and build their model. And on the right you have AI and tech companies that don't even have a wet lab they just have a dry lab and those companies now come to us where instead of selling them DNA we can now sell them data and our platform is uniquely positioned for this AI moment because people need a lot of data points, they need them fast, they need them high quality at a great economics and this could turn into the killer application that drives massive volume to Twist. This platform in practice how it works at the bottom the customer they do the engineering principle of design, build, test, learn. They design the sequence, it comes to us, we do the building in days, we do the testing in days and they get delivered data between five to 10 days depending on the details of what they want to do. They can either characterize a few hundred sequences as they used to or they can build large language models with thousands if not tens of thousands of data points. $25 million of our $66 million of growth in FY 2025 came from selling data and AI. So we believe this is here to stay and very useful to us. Moving to our NGS application there. The products that we sell are on the right side as well as our services. So we have the full suite of panels, library prep kit, other products as well as services. We win in products because mostly of our quality. When we sell to customers, quality is paramount and with high quality of our product, what happens is they have to sequence less and as they sequence less, they get better margin. So it's great win-win. And then on the service side, we win because we ourselves sequence tens of thousands of samples every day in the previous product group I mentioned and therefore we have experience for massive high throughput sequencing of samples. The samples we sequence are small. It's two megabase genomes, but it's applicable to other genomes and our service partners benefit from that experience. The growth strategy there is to scale with our customers. And so as we land MRD customer, liquid biopsy customer, rare disease, NIPT, agri genomics and we either win through a service lab or an R&D pilot. Once they're happy, they go through validation and verification, clinical study, commercial ramp, and through those steps, revenue ramps. To help illustrate that ramp, we're sharing the revenue data from four different customers. Starting on the top left for tumor-informed customers, the revenue beginning in R&D phase, it grows in the validation and verification period and then keeps growing in the clinical period and the trend is very smooth because when the patient comes in a panel gets ordered Twist gets paid. For an oncology customer that has multiple tests on the top right you can see that quarter to quarter revenue goes up and down and doesn't mean that their volume is not ramping it is ramping but R&D projects start and stop and that company may decide the inventory level that they want and so in some quarter they may build inventory in other quarter they may remove inventory. Another key aspect is we are known for the DNA and that is dark green and light green those are the panels we sell and this is a big part of our revenue but we also get substantial revenue from our kits, reagents, library preps and other. And one thing that a little bit underappreciated is that powers the continuum of cancer care research. The bottom left you see all the products that we sell for diagnostics and then on the right you see that we also have exposure on the therapeutics department and so when you think of the continuum of cancer care the needle to needle the first needle that is a screening that may find cancer through a blood test to the last needle that provide a personalized neoantigen therapy both will come from Twist and everything between will come from Twist as well. So it's unfortunate that people get cancer. However, as advancement in science is turning cancer into a chronic disease, Twist is powering that full continuum of care. As I wrap up the last few slides, I want to come back on one key aspect of what I discussed and that is the NPI machine. Remember the evolution from 2021 to 2026 of our NPI. Those are the NPI we launched in 2025. Very robust, key to our growth. The last slide in DNA synthesis and protein solution. I won't go through the details, but typically it's a very rapid uptake. We launch it, we get an immediate boost to ourselves. The total market opportunity for each of those launches may not be very big, but they come in quickly. It's a different dynamic in NGS solution. In NGS solution, we launch a kit, it takes a long time. It takes many quarters, sometimes a few years to grow, but once it grows, it grows into really big markets that are very sticky and so different dynamics, but we benefit from both of them. So, looking ahead, we're going to keep that NPI machine going and that means more products, more applications that are sold to more customers and serving more markets. I won't go through the details happy to answer in Q&A but again that feeds into our strategy of loading more on the chip as we load more on the chip the financial performance gets better and better so it's a virtual circle of more product means more revenue better margin and profitability for us. So one question that I sometimes get is as you're successful do you have the capacity to capture the revenue new opportunity and the answer is yes. We leverage automation. Right now we have about 50% of our a bit less than 50% of our existing capacity that is utilized and we will continue to ramp revenue and add capacity ahead of demand. And one thing I'll mention is last year 90% of our revenue growth dropped to the gross margin line. This is fantastic. This is not a long-term trend. We think that the longer term trend is more towards 75 to 80% of revenue growth that will drive to the gross margin line and that is very healthy and it's a benefit of our semiconductor based technology once we have absorbed the fixed cost the variable cost is very small. So to conclude before we go into the Q&A one thing to remember is that we have a differentiated platform to write DNA is based on semiconductor technology. We are serving growing market. We are expanding our serviceable market. We're working with the top company. We're earning more. We're expanding. We have shown that we have durable revenue growth and that now that we have gross margin over 50%, we'll keep focusing on that revenue growth. We have a line of sight for EBITDA break-even in Q4 of this fiscal year which we reiterated and at the end of the day we are serving those big markets and what differentiates us from competition is that we are an NPI machine, we have great operational execution and we deploy commercial violence and so I think there's a very compelling upside to come from Twist. Thank you very much.